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Jackie
I was recently listening to you discuss your Magic Bus concept which I found very intriguing and practical. The idea is to get a bunch of properties under contract and sell to the highest bidder to investors.
Currently I do not have an inventory to unload but I could approach wholesalers and offer this service to.
I wanted to know if I could ask you a few questions that expand on the Magic Bus concept
1. what would be the minimum number of homes to contract for a one day buying tour
2. typically how much does holding a magic bus trip cost?
3. what do you say to a wholesaler to get them to accept your proposal?
4. how do actually close these deals?double escrow, contract assignment
5. when you sell, are you actually doing a outcry or silent auction
HI Nathan,
You’ll LOVE doing a Magic Bus!
I would say that you need at least 6 houses for a one day Magic Bus.
It will cost about $500 to rent the bus if you have a 50 passenger bus
I don’t usually get my houses from wholesalers – I get them from owners
To close, sometimes I do an assignment and sometimes a double close
to sell, I have each person on the bus submit a written offer on a bid sheet that I provide. While driving to the next property I look through the bids to determine who the high bidder is and announce it to everyone on the bus –
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