Details
The purpose of this class is to dramatically shorten the time that it takes for you to make a buying decision.
Learn how to identify & critique properties, and make a “quick” buying decision based on your findings. You will be taught what to look for, how to only look at what is necessary, and understand the reasons why this system works. You will now be able to compete with the experienced investors and Wholesalers who place their bids from the front lawn. This is not a “detailed” construction class. This class is designed to help you determine and identify deals both accurately and quickly.
What we will be looking at:
- We will be walking through and critiquing properties that make sense for both Fix & Flip as well as Buy & Hold strategies
- We will also be looking at properties that do not make sense so that you can see the difference.
- We will look at single family homes, condos and town-homes, as well as multi-family units such as 3-plex and larger.
- We will primarily be looking at properties currently available from the Housing of Urban Development (HUD), Bank Owned (REO) and local wholesalers.
What you will learn:
- How to identify “After Repair Values” (ARV)
- How to estimate repair costs with confidence and accuracy in 20 minutes or less.
- The fastest way to determine your Maximum Allowable Offer (MAO), for Fix & Flips and Buy & Holds
- How to “critically” process the entire package from a financial standpoint
- The reasons behind the “mindset” that makes our system work…on a repeated basis
Why are we looking at these properties:
- To understand a “suitable” property. A suitable property is one that will warrant your time and energy to investigate, whether it is for a fix & flip opportunity or a buy & hold strategy.
- To provide you with enough knowledge so that you will be able to quickly estimate the cost of repairs for a variety of properties without relying on contractors, realtors, wholesalers or other investors.
- To understand and recognize the neighborhood and property in which you are standing. A clear understanding of where the property is located will always help to determine the level of “rehab” that is either too much or too little for that particular property. You cannot afford to be wrong in either case.
- The variety of properties that we will visit over the 2-day period will help you to understand when to (and when not to) get in the car. Remember, you want to conserve your energy and use your time wisely as many newer and/or inexperienced investors will waste their time, gas and energy on properties that experienced investors would never have gotten into the car in the first place. We want you to understand the difference so that you spend your time doing deals and making money rather than sightseeing.
- You will come away with a clear understanding as to just exactly what a deal looks like from the perspective of a Fix & Flipper, Wholesaler or someone who wants to Buy & Hold a property for their own monthly cash-flow and long term wealth.
What you will receive:
- A detailed “Repair Cost Cheat-Sheet” that will assist you in understanding the costs associated with some of the common repair jobs that occur on the majority of projects.
- Property Inspection Records that will help you to prepare a repair estimate for each and every property that you look at to keep in your files.
- Techniques and Systems to estimate the rehab cost of any property within an “acceptable accuracy” in less than 20 minutes!
- Lunch & Beverages
