Rob (TK) McGregor
Houston, TX Active 3 years, 8 months agoForum Replies Created
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Posts
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Hi Beverly
My mom and i have done a lot of theses type of deals. You need to remember Highest bidder sales are just one tool in your tool belt. They won’t work on all situations. We have found that highest bidder sales work best when you have a house that need cosmetic work. Now we have done them on pretty houses. but most of our really good one can through houses that need some work. ie – 160k house that needs 20k. Starting bid at 60k, ended at 115k. contract set for 80. This is a typical one.
I find that if you go after house and try and get them under contract to flip. 1 out of 5 will be a highest bidder. but we live in Houston TX so your market may be different. I would try out of city owners, code violation, tax delinquent or abandon houses.
Hope this helps.
Welcome Ronald Williams
Great to see you take the step to learn. Don’t worry the fear will fade when you get educated on how real estate works. Like anything in life. The unknown is scary. Just ask Jackie where you should start. She is the queen of Knowledge. Plus we are all here to help you if we can.
TK
Hey Don
They are great to work with. The VA will most time try to help the home owner (Vet). Well in the cases we have done. I have been told that as long as the loan is paid they are not concerned with who lives there or whos name the title is in. As long as the vet is not being scammed. this was when we were helping the Vet owner finance the house to another buyer. BUT LIKE ALL LOANS it is the person who you work with at the bank that can make it easy or hard. It also help that the vet is nice and like able. If the vet has been in default after default. they problem wont want to work with them.
Hope this helps
TKI think they are great. We have been looking at them in Houston for our homeless vets. There are parts of the city that would love this. just like in Kansas.
City Builds Tiny Village For Homeless Veterans With 50 Tiny Houses So They Could Live There For Free
There are a lot of places doing this now.
TK
Welcome William
There are a lot of different ways you can make money on house you cant Flip. 1) Highest bidder. You can have a highest bidder sale for the most down on an owner finance or lease option. 2) Owner Finance. You could owner finance the deal from the seller and then rent or wrap it. 3) Lease option. You can set the home owner up with a lease option buyer. If there is not enough room to stay in the deal. And a lot more. but we need more information to give you solid advice.It is great that you are starting to expand your horizons.
Remember each method of buying and selling is a new tool in your tool belt. The more tools the more work you can do.
TK
We have got great responses.
We are looking at the first week of September. It would be Fly in on the 26th stay one night in Panama City. The to the resort on 27th. 4 days of learning and then back to the airport on the 1st. Labor day week end. What are everyone’s thoughts? We have one of the best SEO experts and Web advertising genies in the country that has said he would speak and share his know how. Plus one or two speakers on how to do Lease option and owner finance Virtually. We also have a lot of marketing experts we are talking to. Also we have a person who does tax liens and per foreclosures virtually. Plus a lot more. Our goal it to have people site with the speakers and learn first hand how it is done. In the next 2 week we should roll out all the details. Can’t wait to see you all there!
TK
Hey Jeff
The HDS System is awesome. They work great. As for your realtor problem. We have always called it a HBS and have had one or two realtors tell us it is illegal. I simple said. “show me where it states i can’t sell my house how i choose? and or “you can call and try to report us. but it isnt illegal and the house will be sold by next week. wouldnt you rather make an offer and get a deal. ” Now this is in Texas. But we very rarely have any problems. We have done a lot of HBS and love when we get the chance. We are about to do our 2nd this year. The first we make $32k in less then a week. It is great to hear some one else using the system.
TK
It was a great week end sale. We got a highest bid of $103,500. We are purchasing it for $60,000 today and on Thursday we are closing with the buyer. With closing costs this is a $38,000 profit. If we rehab it the numbers would have looked like
$60,000 Purchase price
$70,000 Rehab
$10,000 both closing costs
$10,000 holding and miss.
______________
$150,000 in total
$210,000 sale
______________
$60,000 profit and 4 to 6 months.
I LOVE THIS STUFF!!!!!Yes. wait till the roof is done and all work is completed. also you should have an inspection report done to show the good and bad. this will cover your butt in the long run. REMEMBER This is all about HIPE! you want to get as many people there as you can. the longer you can advertise the more people will know. The best ones are always the ones that you took your time. Make sure it is done right. Later when you get better and more under your belt you can do them faster.
TK
