So this is a follow-up to an article last week about buying properties in the MLS. I was laughing as I started to write it knowing that Josh Dorkin has a real pet peeve when it comes to two-part articles. I almost named it “Part2” just to have a little fun with him. I think in this case though, he would approve. This article is not so much a part two as it is a response to so many great questions, so let me jump right in.
I think the prevailing question I received last week was “How in the heck do I make 100 real estate offers a week?” and there were many off-shoot questions from there. I am going to try and write this so that it progresses from what you do as a beginner to what you do as an experienced investor. Understand right off the bat that as a beginner you are looking for one property. That is what you need to find in order to get started. Stop dreaming about 10 properties and 20 properties. Heck, stop thinking about two. Just remember that you need ONE property to get started. In order to find that one property you have to make offers.
Track Every Piece of Data
We started making offers in the MLS from day one and we tracked everything. A simple spreadsheet was how we operated for years. We kept a record of every offer we made. We tracked the address, zip code, date of the offer, square footage, offer price and offer price per square foot. The price per square foot is a common denominator that you can …read more