Lots of bids

I am trying to bank on the law of averages, but I have to say, this is becoming annoying.  last week I bid on 58 properties, and thus far this week 10 bids are in. Something has to happen and soon, I feel it. 

I am wondering just how many bids will equate to an accepted bid?
Furthermore, how many accepted bids will result in the the purchase then flip of a property?
Add to that, suppose that the ratio is something to the extent of 100:3 x 3:1, this would mean that in order to make an income of appx. 20k, I would have to close roughly 3 per month. 3 per month would mean looking at and doing the comps on about 300-400 properties a month!

Thats alot of properites, it takes me hours to do 20 comps.  How would I ever "get-er-done"?

sounds like a few months in trenches and then off to hire a small staff.  Well lets stop speculating for now, and get back to placing bids.

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law of average

so I'm banking on the laws of average to pull through for me. I have teamed up with a few realtors to find properties. they find them for me and then take care of the bidding processes. I've bid on 58 properties this week. I have roughly 60 more to look at and do comps.

I hope that I can get an accepted offer next week. I have some buyers lined up ready to take them off myhands, so let's hope for the best. I will keep u all posted with my end results as far as developing a rule of thumb for the avg number if bids, vs accepted offers vs flips..

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Keep Focused

I have put way too much focus on just one project!  Not good.  I need to be more active because after all this is a numbers game.  The more properties you work the better your chances of closing a deal.  I have decided to start buying my own REO's but my bread and butter is wholesaling.   It is just the same as when you are a licensed real estate agent.  Your rentals are your livable income because they are very prevalent, and sales, although they have big payouts, can sometimes be few and far between, and always take much longer to close.  Sales as an agent take time and typically are to many degrees difficult.

I feel that the same applies here, due to the fact that in this market there are a ton of investors looking to buy, and a lot of sellers looking to get out of a jam, and most importantly there is no other investment other than time and effort.  But with flipping REO's you need to have the investment capitol for each property, some you may want to or need to put money into and overall it is a much longer process, or at least for those of us that don't have a ton of liquid assets right now. 

Tomorrow I will look for a ton of new properties to wholesale as well as begin on the first steps in buying REO's.  I don't really know the first step But come tomorrow I WILL!

Fingers Crossed

There is a property I have been working for a while. its a 3 fam that can be converted into a four fam, 9 bed rooms, 3 bath and a 5 car garage, zone r6.

Now, this is an approved short sale with an asking of 365k, but I got a direct link with the owner and I have it for 340k. This house is in its own little up market with an ARV of 600k-650k.


I've been working this one for about 2 weeks before I gave up on it when out of the blue 2 works later I got an offer on it, some my fingers are crossed, I should have a good idea of weather or not the good lord will allow for me to get a big pay day this week, will keep yall posted.

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Bumps In The Road

Where I am now on my quest to become a guru is "wholesaling" properties, otherwise referred to as "bird-dogging". in the last week I missed out on 24k due to negligence! I could have been 24k richer, instead I'm 24k exhausted.

The short end of the story is 3 deals that didn't go through because I wasn't dealing directly with the end seller, rather I dealt with liars that claimed to have full control of the property, and buyers that lied about having liquid assets that the didn't.

The most frustrating situation occurred as follows. found a package deal, 2 brown stones on bushwick ave, collectively valued at 1.1M, had 2 very hungry investors, POF and LOI ready. the morning the contract waS to be signed I find out the the property is sold. Add to this nonsense, had the deal gone through, the investment firm with the "control" of the property was charging outrageous broker points on the property.

end result, no sale, no cash for my bank. but here is the great and very valuable result.


1- I learned to never attempt to do business without having the contract sent to me for my personal review BEFORE I shop it around.

2- GO STRAIGHT TO THE SOURCE! I will still try to wholesale deals because they are everywhere and you can make a few grand on them quite often. But now I'm going to start going straight to the bank for my own REO's.

now I'm going to either get my hard money lenders to outright buy the REO and double close. and or hold the REO with 5k-10k and double close.

so overall the week was great.

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