Jay made a $7,000 profit using 100 bandit signs!
I put out about 100 bandit signs. The seller called and did not originally leave a message, but I called his number back anyway and set up an appointment.
They bought the house all cash about 6 years ago and are looking to move back to South Carolina from Atlanta next year after their son graduates high school. They did not want to have to fix up the property or deal with realtors when selling the house (unsuccessfully tried to sell retail within the past 3 years) so decided to go the investor sales route.
The house is 4,200 square feet on a corner lot with a full basement suite. Lots of space and a great yard in a nice community. ARV is anywhere from $260K-$300K depending on how nice of a rehab is performed (Needs $60K-90K in work) They seller originally wanted $140K and I got him to sign for $130K.
I called in a guy I know who is an investor and contractor to do an inspection two days later. I paid him $300 to take pics/measurements, tell me any major issues with the house, and give me a repair estimate for the entire job. I took this info back to the seller and got him to lower his price to $118K and we signed a new contract on a Saturday.
I marked it up $7,000 and went to a local REIA meeting on that Monday and was able get the speaker to feature a property analysis of my house during the meeting. After doing a training on how to evaluate this property for 30 minutes, he told everyone in the audience how it was great deal and proceeded to call me up to sign a contract to buy it right on the spot. He did his inspections on Thursday and asked me to drop it another $5K if he could close it within a week. I was able to convince my seller to drop the price again to $113K and we closed as soon as the title came back clear.”