I picked up my bandit signs today. I had originally planned on putting out all 100 throughout Champaign County advertising Shane’s St. Joseph, Illinois property. However, I just spoke to the guy selling the Clock Street rehab house and he says that, “we may have an agreement” (I still may use all 100 for Shane’s property though, my buyers’ list will explode from this). Yesterday evening, I faxed a counter-offer for $3,800 with a closing date of 90 days. He originally wanted $8K and then $5K, the $3.8K counter was after my original $2.5K offer with 60-day close. I spoke with him this morning and I haven’t received the fax back yet with the offer signed by him. He has three days to do it, but I honestly don’t even care. I’m almost disappointed that I didn’t lowball him with a $3K counter offer.
I’ve been met with so many naysayers about this property that I’m a little reluctant to take it on. But on the other hand, I really just don’t give a @#$%! The way I see it, IT’S ONLY MONEY and plus these naysayers aren’t as dope as me! That’s honestly the way I feel. I’m so confident in myself I KNOW I’ll make it happen. Just wait, I bet before the end of the year I’ll be blogging about how many investors want to work with me! If I’m this cocky with a negative $25K net worth, just imagine how I’ll be when it breaks positive and grows exponentially! I’m seriously a really humbly arrogant individual. And I mean that in a non-oxymoron way.
If I get the property under contract the first thing I’m going to do is further approximate the repair costs. I’m going off of the sellers word that it needs $15K of work, so in my head I added $5K. Which would make the repairs amount to $20K plus my asking of…hmmm…I think $6K is fair. That would put the rehabber in for $26K and the ARV is approximately $50K, so minus some (unexpected) nominal costs here and there, a rehabber could walk away with at least $20K.
The owner also spoke of some future developments in the plans for the lot across the street and I believe him because they just built a “Family Dollar” store a block away. So that is a definite plus for the ARV, as the city is trying to turn that rough area around. I’ll really need to compile some facts to help sell this property. It will be just like a research project in college, piece of cake. I’ll need to get; some good comps, contact info of available contractors, prospective Section 8 tenants, the plans from the city on when/what will be built across the street, property management quotes, etc. I’ll need to supply all pertinent information so that I can make the decision a no-brainer for a prospective rehabber.
If I get this contract, I’ll be putting in another order for 100 more bandit signs, so I can advertise the house for sale. And I’ll be making some flyers advertising the house for rent. I’ll be doing whatever it takes to get the thing flipped.
With the profits, I think the first thing I’ll do is get Colin Egbert’s Web 2.0 course. I’m doing a lot with Facebook, CraigsList, Twitter, Articles, etc. But I only have am 70% sure of what I’m doing. I understand a lot about SEO due to my IT background, but Colin’s course seems to be a must have for anyone wanting to build a buyer’s list that is stacked with non-local and even international investors. Speaking of Web 2.0, I’ve had a lot of luck using Twitter thus far. I found an IT guy to outsource some web development work to, and I also found a VA in the US who I may use in the future for special projects. I just bought TweetAdder this morning and it is pretty cool thus far, I’ll keep yall posted.