New Year, New Strategy

As most of you know, I have been a remodeler of hundred plus year old highly distressed homes and small multifamily for 23 years now. My strategy has always been seek out and buy properties in such poor condition that no bank will lend on them. I make a deal directly with the owner for sale by owner, no banks and no agents. Then I bring new life to the property by remodeling it myself with a small crew of helpers. I have saved a lot of money by doing most of the work with my own hands. Once the building is fixed up, I keep it as a rental which I manage myself. Here again, I have saved a lot on expenses by responding personally to service calls and handling the day-to-day business myself. Some of these properties I have eventually sold and some I still have.

Things are different now. I am no longer in a position to do the same kinds of physical work I have built my career doing. I now find myself having to pay others to respond to service calls for renters and complete projects that were already in the works when I was injured. This has had a troubling effect on my bottom line.

The time has come to rethink my business strategy. I have been an active member of AZREIA, the Arizona Real Estate Investment Association for several years now. AZREIA is a dynamic organization focused on educating, supporting and encouraging people in all aspects of the real estate market in Arizona. The quality of their substance is unparalleled. I came to the easy decision to lean on my club for guidance.

Drawing on my experience and interests in the world of bringing new life to distressed properties, the obvious next move revealed itself like a wrecking ball. With the guidance of expert mentors and the support of my peers at AZREIA, House of Many Colors is adding the trade of wholesaling to its toolbox.

Moving forward, I will be diligently seeking out off-market properties whose owners need to sell but are challenged by their distressed condition. We will agree upon a cash offer with quick closing. We will make a deal and get that property under contract, no agents, no banks, no appraisals, no repairs, no hassles. Then I will bring the deal to the plethora of investors who are fellow members at AZREIA. I will add a fee for my effort and sell the deal. This is wholesaling and a common way real estate investors make acquisitions.

I am excited for my new endeavor. I know I have a lot of hard work ahead to get this wrecking ball rolling. But the foundation is already there. I have picked up the ball and am beginning to run.

Wholesaling will help me get back on my feet by creating cash flow that I will deposit directly into the On My Feet and Beyond fundraiser. I am excited and grateful to be at the point in my recovery where I can devote more time, energy and brain power to generating fresh and meaningful income to put towards my ultimate goal of treatment at Verita Neuro.