I spent the day yesterday with an investor couple who are looking to buy a few more investment homes. They like buying $70,000 homes that take about $5000 to clean up and then rent out for over $1000/month. They have been successful with a few that they bought earlier this year and are ready to pick up a few more.
They picked out 22 homes from the daily updates that I set up for them to receive. The day before I set up the tour with calls to the agents or the sellers.
The homes were spread out quite a bit, from Sugar Hill to Lawrenceville on down to Snellville. We traveled a total of 65 miles.
I met them at the first one up in Sugar Hill, then they followed me to the second one in Lawrenceville where we parked their car and all went in my car from there on.
Many of the homes were either short sales or foreclosures. Unfortunatley, many of the foreclosure homes didn't have good pictures. It was amazing on a few. They were really torn up and a mess but not a word or picture saying how bad the condition was.
I took note of the time and milage just to give you an idea of what is possible when you are organized. I didn't tell the buyers that we were on any kind of schedule. I wanted them to take the time that they needed. If we didn't hit some horrible traffic between #18 and #20 we would have completed the tour within my standard time frame of allowing 15 minutes per home. Instead, we averaged 15.6 minutes per home. Not too bad considering that the homes were spread out quite a bit.
This is just another example of how my 12-12-3 system works. That's where I recommend that a buyer see 12 homes in 3 hours two days in a row and then make offers on their top 3 picks.
This morning they emailed me their t op 4 choices. I sent them the comps for each and how much the rents are for those neighborhoods. We'll make offers and see which ones we end up with.
| Home # | arrive | depart | odometer reading | observations | ||
| 1 | 11:00 | 11:04 | 154 | too dark | ||
| 2 | 11:30 | 11:35 | 166 | New listing, agent didn't put lock box out yet. | ||
| 3 | 11:43 | 11:45 | 168 | agent didn't get seller the message | ||
| 4 | 11:48 | 11:54 | 169 | driveway too steep | ||
| 5 | 11:58 | 12:05 | 171 | possibility | ||
| 6 | 12:18 | 12:31 | 175 | possibility | ||
| 7 | 12:42 | 12:43 | 178 | off market, agent never called back | ||
| 8 | 12:53 | 01:00 | 181 | good but pricey | ||
| 9 | 01:10 | 01:15 | 184 | too much work needed | ||
| 10 | 01:18 | 01:24 | 185 | water issue | ||
| 11 | 01:31 | 01:32 | 188 | very steep driveway | ||
| 12 | 01:38 | 01:42 | 189 | power lines too close | ||
| 13 | 01:49 | 01:57 | 191 | too much work needed | ||
| 14 | 02:02 | 02:05 | 192 | too much work needed | ||
| 15 | 02:13 | 02:27 | 194 | Very nice | ||
| 16 | 02:35 | 02:38 | 196 | moldy smell | ||
| 17 | 02:43 | 02:46 | 197 | one big mess | ||
| 18 | 03:00 | 03:10 | 199 | good possibility | ||
| 19 | skipped because it had a contract already | |||||
| 20 | 03:50 | 03:57 | 212 | very pricey | ||
| 21 | 04:03 | 04:05 | 214 | too much work needed | ||
| 22 | 04:21 | 04:28 | 219 | too dark and dreary |
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Tim - you must have been exhausted at the end of the tour, but it is worth it if you get a home into escrow. All in a day's work.
Fun blog to read, definitely looks like your 12-12-3 system is working! Best of luck with those offers!
Tim - I like the system you have set-up. Another day in paradise, eh? Hope you and yours have a wonderful New Year!