Most of Casey Ames’ wholesaling deals are within his local area but he is not against investing in other places especially when you are building portfolios.
Casey Ames is a Luxury Home builder, multi-family Developer, SFH developer. He runs a large wholesale outfit averaging over 100 per year. A mentor and has been in the Real Estate business for 5 years.
Taylor Jene Homes builds high-quality homes and renovated older homes with care and a spirit of revival. No matter if starting from bare land or existing structure, President and founder Casey Ames ponders possibilities, develops and embraces a vision, and delivers excellence with quality and creative design.
Constantly improving on processes along with the use of technology and systems, Taylor Jene Homes empowers its crews to execute plans with clarity. Add in the singular focus of subcontractors and trades, city and county officials, professional engineers, and others to do what they do best within the project plan, a well-orchestrated collaboration results in remarkable home and new development creations.
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Jay Conner:
In the areas where you’re investing, you actually live in Boise, Idaho, right? Is all of your investing right around that area or do you invest outside of that market?
Casey Ames:
I try to just invest here. I am not against opportunity in other places, especially building portfolios and the home price here for the amount of money that people can make. And then what their rent would be is pretty high. The cap that they’re buying. And so, if a big hundred unit or something comes up in Mississippi, I don’t have a problem going there to do that. I coach some people out of Utah and some stuff like that, but I try to keep most of my stuff market specific to Boise. We’re busy enough here. I don’t need to be spread out.
Jay Conner:
Got you. Well, let’s talk about finding deals. Would you agree or not agree that it’s more challenging to find motivated sellers now than say it was a couple of years ago? I got the same thing here. I mean in Eastern North Carolina for years I haven’t relied on the multiple listing service to find a deal. The best deals are typically not on the market, what we call off-market houses, but there’s no inventory. And as soon as the house actually is put in the multiple listing services. So I am now having to employ multiple and always high, but even more so multiple marketing channels to find the deals. So with that in, you mentioned a few moments ago that you get a lot of leads just through networking and people know you and that type of thing but as far as consistent marketing. Outside of networking what would you say, is working the best these days either for you or for some of your friends and colleagues?
Casey Ames:
When it comes down to offers out how many offers out are you making and I would argue with some of the best wholesalers in the country, and one of the commonalities is they write more offers than the rest of people. And I always write a lot of offers. And so we will tag the MLS to but when we do, we put out 10 20 offers, you know we searched for different criteria. We searched for how many days on market, if it’s on the market for 20 in a hot market, there’s something going on there. And so we have all those, but I just think that people get a little lackadaisical with, you get a 20 K assignment and then a 30K assignment. Now you got 50 grand in the bank and you take the foot off the gas on, or you might get picky or whatever the case is, but we’re just consistently putting offers out.
I had a metric that I followed that I wanted to put 10 offers out a week for a long time. And I haven’t necessarily done that, but I bet you, I still hit about 10 offers a week. And you know, the other thing that I think is important is to know that your buyers list and to know what you can offer in your buyers’ list. So the market is more markets, right? The two to $300 market is different than the three to five. And the three to five is different than the six to nine. And then million dollar market is a lot different than no’s. And so most of your people are fishing out of that 500 and lower market, 600 and lower. And this, these are obviously my prices right in Boise, but when everyone was hunting down there, I trained up a couple of my students to do the luxury homes, because that’s what we do.
And now we buy them in the million dollar inventory where there’s a lot of inventory in the million dollar houses. Most people just don’t know what they’re going to do. So they don’t list with an agent. I would say about 70% of the offers that we make in the million dollar market have already thought about selling their home and the motivations there to sale but they just haven’t done it yet. They might’ve already called an agent and agents already came out there and gave them a price and they just haven’t listed it yet. So we get a lot of pocket deals that way, where all the luxury agents that deal in the million dollar market and up know that I buy those. And they know that they also have buyers in the same thing. So we have a place here called the Mesa and it overlooks all of Boise.
And I take that place over. I, I love it up there. And so they know that if I do a house up there, they can sell it for top dollar to one of their buyers. So their buyer might be interested in that area, but that old unrenovated house, that the person’s debating, whether they’re selling isn’t the house for them yet. So that agent now calls them and say, “Hey, well, what if I could get you cash? I have a buyer that loves this neighborhood. What if I could get you cash?” He’ll give you a post possession. So he’ll let you rent it out for the next 30 days, 45 days, whatever it takes a while you’re moving your stuff. And then he’ll just give you the cash, no inspections. And so we do that a lot and I get some of the best inventory in those real high price point items. So my advice to some people is just, you might have to switch ponds every now and then. But there’s a good amount of flippers that will love houses in that price point. So you just kind of switch your buyer pool.
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