I’ve been away from the blog for a while because I’ve been so busy restructuring my business, networking with other real estate professionals, doing extensive research and learning all that I can about my local real estate market. When Vegas was leading the country in foreclosures during the last recession, investors flocked to the live auctions downtown, cherry picking houses for pennies on the dollar. But then the large investment firms and hedge funds rolled in, driving up prices and gobbling up inventory. The inside scoop today, according to a local realtor and broker that I spoke with, is that a small group of investors have pretty much monopolized the local bank owned foreclosure auctions. I also came across a local newspaper article that indicates this information is true. These big fish players are exactly the type of cash buyers I would like to have on my list. After just a little bit of digging, I’ve come across three companies that I plan to contact soon. I’ll share my inspiration for finding theses players shortly.
Apparently, Vegas isn’t the only market with a small group of investors locking up properties at live auction events. Elizabeth Faircloth, an investor from New Jersey, experienced it first-hand when she and her husband went to bid properties in their local market that she had been researching for weeks. Faircloth says that she has spoken with numerous investors from around the country that report similar competitive disadvantages. A broker also told me that some of the banks who take ownership back on their properties are actually rehabbing and flipping the properties themselves. I don’t know if this is true so if you have any additional information to share on this subject, please leave a comment below.
When I come across programs that can really add value to your investing business, I like to share them here. This one is particularly useful if you’re a new wholesaler and need to build a quick cash buyer’s list. It’s called the Cash Buyer Ninja and it’s a set of training videos produced by a savvy investor from Florida named Stephanie Davis. Davis dives deep into the county records where she was actively wholesaling, as well as providing tips to other web sites that can help you uncover who the big fish players are in any real estate market. Not all areas keep the same type of records, so you may need to make minor adjustments to the way you search, but Stephanie came up with some brilliant techniques for finding and contacting cash buyers in local markets. Stephanie also shows you exactly how to fill out the contracts you’ll need to put these deals together. Best of all is the price. You can get instant access to this program for only $97.00. In my opinion, it’s worth every penny. The only downside to this program is the lack of contact info and support. I wanted to contact Stephanie just to tell her how impressed I am with the training and how much it has already helped me. And naturally I wanted to become an affiliate since I planned to share the program here. But I haven’t been able to find any contact information. Despite this, I still recommend her program because it is inexpensive, easy to follow and very well put together.
Update: I found Steph Davis on Facebook and follow her now. She is an amazing photographer and super nice!