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When I lived in Texas, one of my most profitable things to do was to get options on a lot of wholesale properties, like 20 in a week, then sell then all in a day by doing a Magic Bus.
What’s a Magic Bus?
I’d rent a large greyhouse style bus ( like the one I own in Panama) then advertise on craigslist and investor group forums that I have 20 wholesale properties for sale with a starting price at less than 50% of market value. The houses will each be sold in one day to the highest bidder. Potential buyers would pay $100 to get on the bus with the opportunity to BID on these houses. We’d drive to the first house, then I’d hand out a bid sheet (which was also the purchase contract) to everyone. I’d give them about 30 minutes to inspect the property then they would fill out their bid sheet and hand it back in when they got back on the bus. Everyone had to turn in a bid sheet, even if their bid was $0.
While we drove to the next house, I’d go through all the bids then announce who the high bidder was.
rinse and repeat at the next house, then the next, then the next.
By the end of the day, I wholesaled 20 houses and made an average profit of $3,000 per house. (all on houses I did not even own)
One time I wholesaled 42 houses in a two day Magic Bus.
How do you get options on a lot of properties fast?The secret to getting options on 20 houses in one week is to focus your marketing efforts on landlords who have a lot of houses they want to unload all at once. I’d get 5 houses from one person, then 8 from another, and 8 from a different landlord. Or sometimes, I’d get an option on 20 houses from ONE landlord.
To find these “tired landlords” I’d contact property managers. I hired someone in to scrape the Dallas and Collin County tax records to find people who owned more than 4 houses in their own name. Many older landlords kept all their properties in their own name (scary).
And the Code Violation list lead to many landlords with 10-20-30 houses in disrepair. If they had one houses on the Code Violation list I knew they probably had other houses in poor condition too.
One time I got a call from a lady in Beaumont Texas who inherited 200 rental properties – all in bad condition.
Another time, right after the housing crash, a hard money lender called me to help sell 80 properties he got back.
Think bigger!!!
It’s the same amount of work to get an Option on one house as it is to get an option on 10 houses at the same time. But you get paid 10 times more money for the same amount of work. By going after package deals, it is a much more efficient use of your time.
For your Premium Members, there is a Special Report about doing a Magic Bus. Click on My Accounts, then look for the Special Report tab on the left side.
This is my bus in Panama used to do my relocation tours.
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