Biggest bunch (in a while) of Investors who showed up to review our previous 3 Speakers, Wholesale/Flipper Buyer qualifications (5 Essential Questions they MUST answer) and Areas where Condominium Sales are Increasing.
However, by far most of the Interest at our meeting was How to Interview/Qualify your Buyers. The consensus was the 3 Speakers had excellent content/information for us, discounts and folks had already contacted them to work with!
Condo Sales – I had asked for folks to submit their “Farms” which we would analyze for the niches (type and price bracket) with the most sales (so you don’t waste time & money with something that languishes and takes forever to sell). Peabody, Dracut, Lowell and Pelham were used.
We also wanted to follow up from 5/27/14 and find areas where Single Family houses were now priced too high. My basis for this was to download the Median Income for the 351 Cities and Towns in Massachusetts (Pelham, NH was also a request) and compare that Income’s Mortgage Qualifying to an area’s Median house price.
In other words can a Town’s Median income support the Median Home price? When that Median income cannot, it’s been my experience, there’s a Flight to Condos, which then start to rise in price.
Are you tired of meeting the “new kid on the block” that stands up at the meetings and tells us proudly that “I’ll buy anything, anywhere, any condition and any price range! I’m a Wholesale Buyer!” OK so maybe, maybe you take the “Investor’s” card and you call them with a hot deal you’ve got under agreement. And they BUY? No they tell you it’s too much, they’ll pay half that;-(
I hear this story very often, from our members, especially those looking for ease of entry into the Real Estate Wholesaling/Flipping business.
So in order to save you time and angst when you lock up a deal and the Buyer’s from wasting their time I came up with 5 questions that will give you a “Shopping List” of properties these Buyers want and will make offers on, through YOU.
And lastly I was looking for Brad who had a Tenant minding a Pit Bull for her Flight Attendant neighbor in one of his Rental Units. I had been given a list of the Unacceptable Breeds from an Insurance Company. Should be an image on this post.
Need Financing, Listings or quick feedback on a deal? [email protected] 781-405-1845 cell
See you soon, Mike Hurney