Filthy Riches – Making Money By Selling Unwanted Ugly Houses
Hyatt Place Columbia/Harbison
1130 Kinley Rd
Irmo, SC 29063
October 11, 2018 (Thursday)
6:30 PM – Registration, Networking, Deal Presentations, Announcements
7:15 – 9:00 pm – Filthy Riches – Making Money By Selling Unwanted Ugly Houses (Presenter: Larry Goins)
Do you regularly drive by houses that are run-down and unwanted? Do you often think to yourself, “Hmmm, it would be nice if someone either fixed them up or bulldozed them to make the area look nicer?”
These houses are everywhere and are usually vacant or low-grade rentals because, after all, who would want to own them other than people who either unwillingly inherited them or who are slumlords? There’s probably no way we’d want to buy them to flip since it would be really tough finding buyers for them.
Is there a way to actually make money by buying and selling these unwanted properties? The answer is a resounding YES. We CAN make money from buying and selling these turds.
This is the “dog with fleas” property that Filthy Riches has based its success upon. These unwanted properties are everywhere. It’s the type property that everyone else avoids – including real estate agents, if they can help it. After all, who wants to be saddled with an ugly, dilapidated structure like this?
This is where the creative real estate investor (you) comes in.
Once you’ve found the area you want to focus on, start looking for houses $25,000 or less. From here, it’s time to utilize the following formula: offer 18-22% of the asking price in cash. There may be times when you have to use a higher percentage or can get away with a lower one, but 18-22% is a good starting place.
Don’t get hung up thinking that you’re going to get laughed at when you make an offer at 18-22% of the asking price. Agents need to move these “dog with fleas” properties because it just looks bad having them on the books. Of course, there will be some Realtors that tell you that your offer is ridiculous. But the more you hone your negotiation skills and practice this formula, the more Realtors will be willing to listen to what you have to say.
The reason this price range is a good choice, especially for a new investor, is because of the spread it can generate. If you are buying a home for $5,000, you can realistically plan on reselling it for six times the price.
If you’re serious about becoming a creative real estate investor, you can see how easy it is to find those oft overlooked, “dog with fleas” properties that Realtors and banks want to unload.
This is one of the many tips and ideas you’ll find in Larry Goins’s Filthy Riches program. Don’t miss this meeting if you want to learn how to make money by flipping houses that nobody else wants! RSVP now before you forget!
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• Networking with, and guidance, by experienced investors
• Discounts with national supply houses and vendors through National REIC
• …and much more!
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