3 Best Ways to Get Deals in This Market
My business is fluid and changing real time just like yours. But it’s still moving is still getting done money is still rolling in deals are still happening. So if I can do it I know you guys can. The only way you lose is if you quit you need to have marketing stamina and you need to keep making offers
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What is up everybody what is up? Welcome back to the science of flipping podcast. I am your host, Justin Colby. And this episode is all about what to do in the economy, because this is a great time to be buying real estate, where a lot of the other gurus are telling you recession fear. No, no, no. This is when you can gain authority credibility influence you become the guy or gal that gets the deals remaining consistent. So check out this episode because you’re going to hear the top three reasons I believe this is an incredible market for you to keep running as hard as you can. Alright guys, so as always, this is brought to you by our main sponsor Minute Pages, if you go to minutepages.com These websites are all for real estate investors. There’s automatic SEO built in is that a fraction of the cost and it gives you the credibility, influence and authority that you need in your marketplace. It’s always important because no matter who you’re talking to, their first thing is to Google you so if you don’t have a website for yourself or your business, you must get one go to Minutepages.com and get your website. Alright guys, welcome back to this episode, as you see if you’re watching this on YouTube, which you should be watching this on YouTube youtube.com/JustinColby. So everyone, everyone everyone is talking about the economy in real estate and is changing, I have three simple things that I want you guys to do. The very first thing is do not quit, you only lose when you quit. The reality is the market is shifting. But that’s why you need to be a dynamic real estate investor, you need to move with the markets. If you are a one trick pony that only makes offers at you know 70% or 80% of ARV minus rehab minus wholesale fee, then you might not be getting the deals that you need. You need to be dynamic, you need to change your offer formula, you need to figure out what is going on on the sale side. Part number two, you need to understand your buyers. If you’re local to a market that you do a lot of deals in or that’s your one market and you’re not national, then I’d be reaching out to every single buyer that you’ve sold a deal to already. If you haven’t sold the deal to a buyer, I would be reaching out to all those buyers that you still need to connect with. Because what you need to understand is their new Buy Box, some of them have decreased drastically some have stopped buying. Others are actively buying like me yours truly, I’m looking to take advantage of a market that is on a downward trend. I personally am looking to buy as many rentals as possible. So if you have buyers like me on your buy box, then you understanding my Buy Box and what I’m looking to buy what I’m not looking to buy why then you can easily keep the business running and still be making a great amount of money as a wholesaler. So do not freak out because the only way you lose is if you quit, you need to understand, you know as you are changing your formula as the offer price again, most mail formulas are 70 to 80% of ARV minus rehab minus wholesale fee will change it be fluid and dynamic. So you’re not just a one trick pony with how you make offers. I shot an episode last week just about creative finance deals and the best way to structure the creative finance deals. Whether it’s a seller finance note, whether it’s a sub two, whether it’s a rap, I went into detail on my last episode. So listen to that if you haven’t or watch it even better on youtube.com/JustinColby. By the way, if you are watching these, make sure you give this video like and make sure you are subscribed. So And lastly, the three things that I want you to keep in mind of is that you need to keep making offers because your competition isn’t the one thing I know to be true the best way to start to analyze these deals because the market is shifting and you’re going to you know Point number two is talk to your buyers to help understand where they’re at, well, then you’re going to talk to them, but based around the comps, right the comps are what is kind of hurting us right now as investors, meaning the rollback or the you know, depreciation of the house, if you will, that isn’t going to show up yet in comps in the statistics that are going to help support you of what you’re trying to do. So you need to immediately take anywhere from 5, 10 Maybe even 15% off of the ARV value that you see on your comps. Now I’m having my team do more 5 to 10% above 15% depending upon the price point is just such A big discount right at $300,000 home at 15%. You’re taking $45,000 off the ARV.
I don’t know if we’ve seen that kind of drastic rollback yet maybe Phoenix in Vegas, but I would encourage you 5to 10% off of what you see as ARV when you’re running comps, then you need to keep marketing. You need to keep making offers because there’s no way for you guys to get deals if you stop making offers. I don’t care if you’re using privy which is an incredible deal. We just got another deal in Vegas done on privy on the MLS, by the way $15,000 assignment fee on the MLS yesterday that just got sold to a buyer. So deals are there 100%.
