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Amateur Wholesaler

I was approached recently by a local wholesaler who had a “Deal” for me to look over.  The numbers he presented me with were great – who wouldn’t want a house valued at $120k that only needs $10k rehab and purchase price is $65k?  I assumed the numbers were slightly inflated and exaggerated, but I wanted to do some homework to see if there was some meat left on the deal.  He wanted me to move quickly on the deal or his other buyers were going to take it.  It was only a matter of minutes to realize that the deal was no good.  The neighborhood where the property was located has only had two properties sell over $100k in the last 6 months and they were much nicer properties.  Looking at the comparisons, the house was valued at about $85k for a quick sale and it needed closer to $20k in rehab.  Not even a chance of making a penny on this deal.

 

I don’t call myself a wholesaler, but my company has wholesaled several properties and I can assure you that when we wholesale a property, the investor who buys the property has an investment that is going to make them money.  Getting good comparisons on the property and accurately estimating repairs is key to showing the real value of a deal.  Wholesaling a property such as the one mentioned above will destroy your credibility in the Real Estate community and is a very short sided approach to wholesaling.  As a favor, I provided the gentleman with accurate comparisons, and a repair estimate that showed the real value of the deal in hopes that he would not try to pass it on to another investor.  I gave him some advice if he were to ever present a deal to me in the future.  I haven’t heard from him anymore.  If you are a wholesaler and have a property you want to sell, or just have a question about, please feel free to contact us.  We are constantly looking at wholesale deals to rehab.

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Back to Basics

Lately, we have been trying to find new ways to build our company and find new ways to generate income through Real Estate.  We have explored several different strategies and spent countless hours and dollars on educating ourselves on strategies that we aren’t exactly experienced with and may or may not ever use.   We have had some success exploring different housing markets and strategies outside of our comfort area and also have had some setbacks.  Recently we have been reflecting on what our core competencies are as a company.  We looked at our strengths and our past successes since becoming a company.  We have had much success in our three years of rehabbing properties with homes in our concentration areas of the city, within a reasonable price range and a reasonable amount of rehab.  The homes are easy to comp, are relatively low risk and provide a good return on investment.  The inventory is ample and the deals are a plenty.  So why are we looking for new ways to make money in Real Estate?  I don’t know….

Why not take what we know and take it to the next level?  There is nothing wrong with sticking with what you know.  To be a successful Real Estate investor, you don’t have to be involved in every aspect of Real Estate especially if you are working with limited resources.  Take what you are good at, perfect it, and scale it.  I look forward to getting our business ‘Back to Basics’ and taking it to the next level.  Besides, if this strategy dries up and is no longer profitable, you’re only one seminar away from learning a new way of making money in Real Estate.

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Sherry Ln Property (Sold)

Take a look at our most recent completed project.  This will be a very nice starter home or rental property.  This property is located in a quiet neighborhood, on a larger corner lot with vinyl fenced backed yard.  It has hardwood floors through-out, updated kitchen with Stainless Steel Appliances and offers a large sunroom off the back.

After Photos:

After Photos:

Before Photos:

Before Exterior Video:

[youtube]http://www.youtube.com/watch?v=Q-yUPNRSH7U&feature=related[/youtube]

Before Interior Video:

[youtube]http://www.youtube.com/watch?v=A42k3OFuWlM&feature=related[/youtube]

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Westridge Property (Sold)

Just finished the rehab on this property in the Centergrove area.   It turned out better than we could have imagined and was sold before it was finished.    Check out the after photos to see the transformation.

Before Photos:

Before Exterior Video:

[youtube]http://www.youtube.com/watch?v=txXuKSl_fJs[/youtube]

Before Interior Video:

[youtube]http://www.youtube.com/watch?v=pZz5JXIKUi4&feature=related[/youtube]

 After Pictures:

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Franklin House (SOLD)

We just got this property listed.  It has an all new kitchen and has been updated throughout.  Take a look at the after photos to see all the changes that took place to make this house look awesome and leave us a comment on how you think it turned out.  Contact us today for your own personal showing of this property.

After Photos:

Before Photos:

After Interior Video:

[youtube]http://www.youtube.com/watch?v=3Gp91LbDiTs[/youtube]

Before Interior Video:

[youtube]http://www.youtube.com/watch?v=pjqO732xKjQ[/youtube]

After Exterior Video:

[youtube]http://www.youtube.com/watch?v=IVAoPyrXH3A[/youtube]

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Lilac (SOLD)

Wholesale Property.  We purchased this property with the intent to rehab and flip it, but we got an offer to sell it before we even started work on it and sold it that way.  All of our properties are for sale as wholesale deals before we start work on them, so if you see a property of ours that you like get in touch with us about putting something together.  We generally have properties available that we have bought at an awesome deal and can sell to you for your next rehab project or at the very least can find you a property to rehab.

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Country Club (SOLD)

Wholesale Property. We purchased this property with the intent to rehab and flip it, but we got an offer to sell it before we even started work on it and sold it that way.  All of our properties are for sale as wholesale deals before we start work on them, so if you see a property of ours that you like get in touch with us about putting something together.  We generally have properties available that we have bought at an awesome deal and can sell to you for your next rehab project or at the very least can find you a property to rehab.

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Geist House (SOLD)

Check out our latest completed property!   This is an amazing five bedroom, five full bath house near Geist Reservoir.  The rehab on this property turned out great and we couldn’t be more pleased with the way the property looks.   This one will not last long.  Schedule your showings today with Jason at the Red Oak Real Estate Group.

After Photos:

Before Photos:

After Video:

[youtube]http://www.youtube.com/watch?v=0zHFMCpeCwA[/youtube]

 

 

Before Video:

[youtube]http://www.youtube.com/watch?v=Vl_Z3VAv6Q4[/youtube]

Before Basement:

[youtube]http://www.youtube.com/watch?v=sXqXn3nhKTw[/youtube]