February 2016

There's money out there looking for a home

While you're posting pictures of your lunch, I'm banking six figures from my social media account.

I was browsing one of my preferred social media sites as I do most evenings when I happened across a post that went something like this;

$350,000 cash, looking for SoCal deals

As a wholesaler, if that doesn't get excited you need to check your heart rate! I decided to reach out to the poster and see if he was interested in a deal I had. It was a beat up, sucktion 8 occupied rental house I owned over in Moreno Valley. I mean, this place was disgusting. It was so bad when I bought it (the same tenant was already there) that I decided to keep her on because if I kicked her out, it would cost me $40,000 just to get the place decent again. I don't think I've been in a more filthy house that actually had someone living in it. 

What is more amazing is that every year she somehow passed the home inspection. Now, whenever I speak to a home owner that has a sucktion 8 tenant and they tell me, "It's in pretty good shape. It passes the inspection every year." I know that doesn't mean a thing.

This buyer went to see the house, spoke with the tenant and made me an offer I couldn't refuse. I actually wasn't quite sure it would close, but sure enough he did. We had a few minor pot holes. I won't even call them speed bumps. Overall though, it was a good experience working with this new buyer and I decided to move him up a few notches on my wholesale buyer's list. I also updated my 2016 Goal List to move that $350K from his bank account to mine. For more on that, read March's D.O.T.M. when you're done with this one!

What are you looking for and doing on social media? Are you using it to your advantage or letting it consume your time? Please leave any comments below, share this post with others and head over to my blog for more insights on investing in real estate.

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