Our Buying Criteria

The information below is intended to assist our partners in their search for properties that will turn into deals. A referral/lead should be submitted HERE for a property if it falls into one of the following categories.

Will Consider

We will consider any house, built after 1945, that is being sold for 30 to 40% off the Zillow estimate (Zestimate).  We will always consider a vacant house. Remember, we buy properties that are on sale. If the property is full retail price we will not buy it.

Will Buy

We are looking for single family homes that have 3 bedrooms and 2 bathrooms, with a 1 or 2 car garage.  The house needs to have been built between 1960 and 2006. We prefer the house to be mostly brick, but some brick is a requirement. The Zestimate for the house needs to be between $80,000 and $220,000. We are looking for a 30% discount on the property.

What houses to find:

  • Houses that no one knows about
  • Houses directly from the person that owns them
  • Houses that fit our buying criteria and have a motivated seller who needs to sell quickly

Please do not submit referrals if houses:

  • Are older than 1945
  • Have a realtor sign in the front yard (homemade “For Sale” signs are OK)
  • Are for sale on the Internet (MLS, Realtor.com, Craigslist, Zillow)
  • Are listed on the county website as a pre-foreclosure or tax sale property

To find the Zestimate:

  1. http://www.zillow.com/how-much-is-my-home-worth/
  2. Enter the property address
  3. You will find the Zestimate in the middle of the first page

Ways to find good deals

  • Talk to people, tell people you work for a local investor that buys houses where the owner needs to sell quickly or the house needs some work.
  • Get on Facebook and tell everyone in your circle of influence to be on the lookout for a house or homeowner that needs help.
  • Drive around and look for the worst house in the best neighborhood. If you are driving around and all the houses look great, move to a different area. If you are driving around and all the houses look terrible, move to a different area. Keep your eyes open for:
    • Vacant Houses
    • Run-down or dilapidated houses
    • Boarded-up Houses
    • Grass or Yard Overgrown
    • Mail/newspapers piling up
    • Drain pipes not connected to gutters
    • Broken windows
  • As you talk to people, keep your ears open for:
    • Bankruptcy / Foreclosure / Behind on mortgage payments
    • Death / Probate / Inherited property
    • Divorce
    • Tired landlords
    • Evictions
    • Neighbors complaining about a house
    • Relocating on short notice / Job loss
    • Any other circumstance that might require a quick sale
  • Look for homemade For Rent or For Sale signs. The uglier the sign, the uglier the house, the better the chance for us to serve them. Call the number and ask the person if the house is for sale and what is the lowest they would take. Write down the info and compare the number to the Zestimate. If there is a 30% discount or close to it, submit the lead. Also make sure to take pictures of the house if you can.
Examples

Will Buy – College Station 77845 – Perfect House

3 beds/2 baths, 2 Car Garage – 1,448 sq.ft., Built 1975
Zestimate $125,701

You should be in a neighborhood where the houses look like this:

college station house

 

Will Consider – Bryan 77802 – Not our first choice, but would strongly consider

3 beds/2 baths, 2 Car Garage – 1,344 sq.ft., Built 1953
Zestimate $112,973

This is a great house that we would consider. Houses before 1960 like this one usually have vinyl or wood siding. Since it is still newer than 1945, we would consider it:

bryan house

We are not looking for properties that everyone already knows about. You can find ones that fit the criteria we are looking for. If you have questions give us a call.