You are not the only hunter running around here. 70 properties EVERY DAY are purchased by investors. There are bullets flying everywhere. The average investor has to put in 6 offers to get one property. If you are intimidated by this, please go find another market.
Why do we have to visit so many properties?
About 3 of them will be gone by the time you have dinner. You will have to make about 6 offers on the properties that are left in order to have a chance of getting one. Making one offer after visiting a few properties is a wasted effort.
Do I have to bid over list to get a property?
Sometimes. Generally, a property that's in "A" condition can be purchased at about 8% over list. A property in "F" condition can be killed at about $15% below list. By using a shotgun and bidding on 6 properties with a wide scatter pattern, you will get one.
What happens if I get multiple offers accepted?
- The first thing to know is that this never happens. Offers are accepted / rejected over a 3 week period. They don't come back all at once.
- We write contracts that expire in a day. Consequently we are not obligated if we get an answer a week later.
Do I have to give you a deposit for each offer?
No. We use one deposit (aka EMD) check for all your offers. Once an offer is accepted, that check will be deposited to a title company.
How do I prepare the deposit?
You will make a cashier's check made to "TITLE or YOUR NAME" in the amount of $3000. The reason why it's made out to both Title and your name is because if we don't get an offer accepted, it will be easier for you to cash it. We don't know the name of the title company yet so that's why the check is made out to "TITLE or YOUR NAME". NOTE: The cashier's check must be drawn on a US bank.
Why do we have to start so early in the summer?
It gets ridiculously hot in the summer. By 2pm it can get to 115 degrees (46 degrees celsius). We have had a few occasions of investors passing out. We start at 7am and finish at about 3pm during July, August, September. If you have issues with this, you either need to come in the fall/winter OR find another company to work with. We are not ambulance drivers.
What are my chances of getting my favorite property?
Less than 10%. Do not fall in love with these things. There are about 20 other investors & primary home buyers that love it as much as you do. They often love it more than you do so let it go.
What's the biggest mistake investors make while hunting?
They will hold out for a response for their favorite property and reject others that were accepted. The offer on their favorite property gets rejected 2 weeks later and they end up with nothing. If you are not prepared to mentally let go of which property you are going to get, then you will have to sign up for paying way over list to get your favorite.
What happens if my hunting trip is unsuccessful?
Don't be embarrassed. 1 out of 3 investors who go hunting fly back home empty handed. They were either unprepared, made low offers or held out for their favorite property which was rejected. If you are unsuccessful, you are welcome to go computer hunting. You can hunt properties that have been visited 24x7 by telling us how much you want to bid on them.
Can I submit offers electronically?
Yes. There are few ways for you to sign electronically but it's a good idea to see a sample contract BEFORE you go hunting. We gave up on posting samples online because our association changes them too frequently. Just ask for one please.
Can I go on vacation after I go hunting?
Maybe. If you do not have access to the internet every day, you should not go hunting UNLESS you give us power of attorney. Generally, it's just not a good idea as there are many fire drills during the escrow process. If we can't get answers from you within 24 hours, you may have to start all over again. Back to Top
You are not the only one hunting.
For some reason, many investors come into town believing they are the only hunters roaming the city. They are shocked to discover bullets are flying eveywhere and 140 properties get bagged every single day. Every day. On the weekends, they pull up to a house and there is another agent with a client coming or going.
We will not take you hunting without proof of funds.
No exceptions. We don't care if you are the Dalai Lama with a Black American Express card. Your hunting trip will be cancelled if you don't show up with ammunition. 3 of the properties we visit while hunting will be gone by the time you have dinner. We will be putting in offers that evening if you are serious about buying a property.
Wrap your mind around these numbers.
140 properties in Las Vegas are purchased every day. Half of those were investors like you. 70% of the investors who come to Las Vegas walk away empty handed. 30% of the investors who actually close a property saw at least 20 properties and put in 6 offers. The 70% of the investors who walk away empty handed didn't read our website OR didn't believe what we say. Since you just read this, your chances went up dramatically. Congratulations!
Take notes and rate properties as we go along.
We will give you more tips on rating properties when we go out in the field. At the end of the day, you will be shooting at the top 6 properties and you will bid on them according to the property rating. When you are exhausted at 3pm, you will discover why we did this. Your notes are necessary to remember which properties you want to bag. Keep in mind that 3 of the 20 properties will be gone by the time you have dinner.
We will be starting early. NO EXCEPTIONS.
It gets seriously hot in the summer. We do not take pleasure in watching an investor collapse in the heat. Most out of town investors go into a coma by 3pm in August. Trying to think clearly in a house that's 115 degrees with pet urine-soaked is extremely difficult. Hunting in the evening is useless as 90% of the properties don't have electricity. We start early because we have to, not because we want to torture you.
Don't fall in love with a property.
You will bid on at least 6 properties because the chances of you getting the one you are in love with is less than 5%. If you fell in love with a property, this means 20 other people also fell in love with it. There will be 20 other people stepping all over themselves to get it. Unless you pay 20% over list, you will not be guaranteed to get the property. Your top rated property already has 10 offers on it.
If you are a number cruncher and need to spreadsheet this stuff, bring your laptop.
Nearly every hotel and coffee shop in Las Vegas has free wireless. If you really need to crunch more numbers than the ones we have provided, you need to get on it while you are in town. For every day you need to think about it, you lose 3 opportunities to make an offer. This means that by the end of one week, every property we showed you will be gone.
There is a major element of luck in getting a property.
There are so many variables in choosing and getting a property, that there is no way to predict which property you will get. For example, you may be the third highest bidder on a property and still get it because the top 2 bidders went MIA. Many investors are shocked that they bid 20% over list on their favorite property and didn't get it. Listing agents don't tell us who or what the highest bidder is simply because they are not the decision makers AND it's illegal for them to tell us. You will be blasting a shotgun into the tree - something will fall out.