Las Vegas Real Estate Investor Training-Part Two
Making Things Happen on the Turn
Day two got off to a great start! The Fantastic Four made it out to Brent Tyler's office where we started to review the short sale and potential subject to leads that had started to roll in. We had over 70 responses to follow up with. I chose to have Jackee Benson post some Craigslist ads to find potential buyers for the subject to's that we were working.
After reviewing some of the leads, I had Brent print up the complete list of short sales so that I could cross reference the list with the responses and track follow up. This took us quite a while to do and and as we were going through the emails, I would respond to each realtor exactly what we were looking to accomplish.
After getting through half of the responses, I let the group break for lunch while I worked on a couple items and modified the list. I had already received some great responses on potential properties, so when the group came back from lunch, I had Brent pull comps on three of the properties. I had been sent two condos and a single family residence that had been sent to me that looked like they were in good condition, and so we planned on heading out to walk and review the properties.
We arrived at the first condo (after spending about 30 minutes trying to find the single family home that had horrible driving directions on the MLS listing), which turned out to be a nice two story, two bedroom, two bath condo that was on the market for $40,000 and could rent for around $800 a month. We decided that we would make an offer around $10-$15,000.
We then headed to see another two bedroom condo. This condo was also in excellent shape and listed for $65,000. This property would also rent for around $800 a month and was in a nice area. We reviewed the comps and decided to make an offer for right at $15,000. While not a lot of investors like condos, I actually like them as long as I can get them cheap and that they are in high rental areas. Both of the condos fell into this category.
After reviewing the condos, we turned back around and found the single family home that was listed for $95,000. After finding the property, I had to use my limited spanish speaking ability to visit with the homeowner to allow us to enter and view the property. The property was in excellent condition and the three bedroom, two bath home was in move condition and Jackee commented that she would move into the property today if she were buying it!
After looking at all three properties, we discussed strategies and then headed back to the Golden Nugget to make the weekly coaching conference call.
Single Family Home REO Review
Small Condo Walk Through
Short Sale Condo Review
Las Vegas Inner Circle Day Two Wrap Up
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