Leapfrog Services Web Site Blog – 31 December 2012
I want to start this blog by thanking all those who have visited our web site.
In keeping my word, I would like this site to be interactive.
In July 2012, my husband and I went driving for dollars. It’s a real estate investor term which means searching for good wholesale deals to sell to other investors. We found a 2 bed/1 bath house for sale. I contacted the listing agent, introduced myself and made an appointment for a walk-thru. After seeing what needed to be done, I crunched the numbers and made an offer which the sellers accepted.
On Labor Day weekend, the property was put under contract while I advertised for cash buyers. Within 48 hours of posting the property, I got a call from an investor who was eager to see the house. Once the appointment was made, the listing agent, my husband and I along with the buyer met for a second walk-thru.
He liked what he saw and put a deposit in escrow till we closed. Once the title search was completed, we closed early October. My buyer paid the agreed amount for my fee and we were on our way! Being thanked by the seller for helping them out of a bad situation made it worthwhile.
Currently, we’re working on other wholesale deals, a bank-owned property, as well as a lease option. In 2013, Leapfrog will move into the foreclosure market as well as commercial real estate. Initially, the Company was presented with wholesale opportunities, so we will continue doing them.
You may have heard the term "ugly houses." These unwanted or abandoned properties have very motivated sellers. Typically, we look for: overgrown grass/weeds outside, overflowing mailboxes, broken out or boarded up windows and doors. The property must have sufficient equity; needing nothing more than fresh paint, new carpets or hardwood floors. Upgrading bedrooms, baths, kitchens, etc. are always necessary since we deal with older homes.
We walk away from distressed properties needing major repairs like plumbing or electrical. Overall, the property must also make sense to our buyers. Once a deal is on the table, it becomes a win/win situation for all parties. Everyone benefits.
In my next blog, I will delve into pre-foreclosures and foreclosures. How to avoid foreclosure at the pre-foreclosure stage and, negotiating with banks by helping them remove foreclosures from their books.