What is the best exit strategy in closing a real estate deal?
If you are interested to know more, watch this short video as Brett Snodgrass & Jay Conner give their insights into this relevant question.
Brett Snodgrass is CEO of Simple Wholesaling and has been a full-time real estate investor for 10+ years. He specializes in wholesaling, wholetailing, creative financing, and scaling a business from a one-man-band to an amazing full team running 100s of deals per year.
Brett’s amazing team buys and sells 300+ properties per year and builds passive streams of income by creating 50+ creative financing deals per year. In a five-year timespan, Brett has gone from a one-person team to a full-time staff of 10+ team members and has tripled his deal flow.
For more valuable information click on this link and watch the complete episode: https://youtu.be/nGLOKBWxC18 – “Finding Purpose And Success with Brett Snodgrass & Jay Conner”
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner:
Now, Brett, you and your team, you’ve got multiple exit strategies. You have multiple exit strategies, meaning you’re controlling a house, meaning you’ve done marketing. You and the team have found a house. Now you got it under contract to purchase multiple exit strategies. You could do what we call, stay in the deal. You could actually do what we call, take it down. In other words, you actually close on your own contract that you’ve got under the purchase. So you can stay in the deal. Or as you said, wholesaling. You can assign that contract to another real estate investor and you’re going to collect an assignment fee. You’re going to sell that contract. Now they’re going to take it down. You can, or you can stay in the deal two different ways. You can stay in it on whole tailing where you just clean it up. As you said, sell it to an end-user or you do a major rehab. What’s your criteria on deciding what is your exit strategy from those choices?
Brett Snodgrass:
Yeah. I think it’s just whatever season that you’re in. Like I said, I like the quick nickel. So our first strategy is if we get our house on our contract and we can assign the property. We won’t market it, but we’ll send it out to some buyers. Like we know our buyers pretty well so we’ll send it out to a few of them that think that would be interested. And if they’re interested, then we’ll just sign, the contract. If they’re not interested, or if it’s a deal that we don’t really know if you know a buyer for that, then we’ll go ahead and close on it. Clean it out and then we’ll list it. We don’t do a lot of major rehabs right now just because just the season that we’re in and the market that we’re in, it’s almost like we don’t really have to do that just because there’s buyers out there.
The inventory is really low so we feel like we can make maybe not as much money but we can make close to as much money as if we just cleaned it up and sold it to an investor. And we didn’t have to spend that four to six months and the headaches and the stress of fixing up that property. Sometimes we do sell and finance it, but honestly, those just come. It’s not like we market it that way, but we just, we have some couple of agents and a couple of buyers that buy that way. And then that just kind of comes here and there. So we don’t do a lot of full rehabs just because of the season that we’re in, but this is a market changes. Who knows two years, we might be doing all four rehabs. I don’t know, we’ll see.
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