How to wholesale crappy houses
Craig Fuhr, a successful investor in Baltimore, MD and I got together to check out some potential leads in Indianapolis. It became apparent after a couple hours that the properties we were investigating were in border line neighborhoods (i.e. crap real estate). Stuff was worth $1-5k at most. I encounter this everyday in Detroit but having a flip video on hand, we were able to document how I negotiate warzone (Steve Cook’s Zone 1 neighborhood scale areas) and fringe warzone properties (Zone 2). Most of these properties were a Zone 2. We quickly noticed that a certain investor in Indy loves crap. After driving by 5-6 of their properties, I decided to give them a call. By the way, I did end up talking to them later on in the day.
Thanks,
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Dude, you guys crack me up! Was that a real phone call? Awesome!
Did you guys end up flipping him any of the crap houses you saw together?
…jp
Ps…Favorite line: “…even longer (voicemail message) than the great Shaun McCloskey…” – CLASSIC!
jp moses | REI Tipss last blog post..6 Figures-A-Month Investor Reveals New “Secret Profits Formula”
jp moses | REI Tips | Dec 24, 2008 | Reply
That was a real phone call….or voice message. I’m going to load up another video we did later on that day where I had him on speaker.
We didn’t end up selling him any houses. I think he had too much inventory!
bobnorton | Dec 24, 2008 | Reply
The cheapest house we bought here in Phoenix recently was $32K; we put about $40K of work in it and recently got it appraised for $175K. It was defiantly a crappy house, but still a good deal. Have you checked out any deals in Phoenix yet? Great site A++++
Sean Terry | DealMakers Blog | Dec 29, 2008 | Reply
Sean – that sounds like a great spread. Was that in South Phoenix? I went to school at ASU and know the area a little. Crappy houses in Phoenix are more like crappy pieces of plywood with some tin on top. Thanks for visiting. I’m checking out your blog now.
Bob
bobnorton | Dec 29, 2008 | Reply
Bob- I loved the vid… You and Craig should give me a call if your investing in indy… I can help you guys out, and we can make some money… I hope that the Flip VIPS meetings are going well, and I hated that I had to drop it, but shoot me an email and we can put something together…
My Best,
Dustin
Dustin Phill | Dec 30, 2008 | Reply
Bob
I just cleaned the underpants I was wearing during that call. That was truly one of the funniest experiences of my life. One that I’ll never forget.
Craig
http://craigfuhr.com
Craig Fuhr | Jan 19, 2009 | Reply
Dustin-
I totally forgot that you were out there. I don’t think we’ve ever spoken directly, but I appreciate the heads up. Send me a Private Message through flipping homes and lets talk.
Bob
bobnorton | Jan 20, 2009 | Reply