Today I visited a property to assess it as a potential deal. The house is located in a revitalizing area that is appreciating in value. There are newly built homes all around this one, to the left and right of it. The potential ARV is approximately $250,000. I was very hopeful that this would be a great deal! However, it's in bad, bad shape. The house would need heavy demolition and to be gutted. There is asbestos siding (which has special instructions for discarding), but it can have siding applied over it, which costs less. All major mechanical systems would have to be completely replaced (electric, plumbing, HVAC) along with subflooring, all new kitchen, bathroom, all walls and ceiling need new drywall, the oil tank currently used for heating, and more. My contractor wasn't available today for the walkthrough, but I may just pass on this deal anyway due to the likelihood of finding additional issues that would drive up renovation costs and potentially delay the project (adding to excessive holding costs) to get proper permits and inspections. Generally, my calculation for an offer that I intend to Buy & Hold is 75% of ARV - Repairs = Max Allowable Offer. In this case it would be $250,000 - $138,040 = $111,960. The repair cost that I used was a general total of about $140/SF. I found this deal by Driving for Dollars. On my drive in a good neighborhood, I had noticed a For Sale sign with a phone number attached to the front porch of this property. The number wasn't in service, so I did a public record search of the owner's information and found a P.O. Box for him. I sent my hand-written letter about two weeks ago, and last week his daughter reached out to me. The owner, her father, had passed away a couple of years ago and the property just got out of probate. So, I arranged to walk the property today. I'll need to crunch exact numbers on what renovations/repairs for this property will cost and speak with some hard money lenders, then I can make a decision about whether to renovate or pass.

Hey future millionaires! I just added a module in the Classroom called Recordings and Zooms. This module is open to everyone in the community and will contain all recordings and Zoom calls. If you miss a calendar event or Zoom call and/or would like to see the replay, it will be located here: https://www.skool.com/millionaire-investing-roadmaps-9340/classroom/80fbaceb?md=551fcbd57e5f4690afbe263645d6cb8c Today I hosted a Zoom call that shows me making cold calls to property owners! This is an area that some wholesalers and real estate investors feel nervous about. Join me as I place calls and hopefully help you see that as long as you are your authentic friendly self, it's not as difficult as it seems. Once you make your first 10-20 calls, it will become much easier. When you make your first call to a property owner, there are really only 4 things you need to ask: 1. Are you the owner of the property? 2. Are you interested in getting a cash offer? 3. Why do you want to sell? 4. What is the ballpark price you would like? Let me know if you have any comments or questions!