Newbie in Southbay , Los Angeles

[Eric Mitchell]

Hello to all ,

What a wonderful site to become a member of. Thank you. My real estate goals are quite simple. I want to own SFR and MFU in the " not so desirable areas " of Los Angeles. I have a full time job and a high credit score , so that's my foundation. I am going to drive for dollars and write letters to the owners. Goals are to wholesale SFR and collect 5 - 15 k assignment fee ( I understand this amount can be more or less depending on the equity , deal structure , and strategy used ). If I come across what I may perceive to be a good deal on a Multi-family or SFR , with the help and info from BP of course , I will use either VA or Conventional financing for purchase. I will rent to Sec 8 tenants so I will go directly to Sec 8 and get a full understanding of policy , rules , and regulations. I know by reading BP that I would be required to put 20% down as an investor but I would purchase owner occupant to a tune of 3.5% ( Con ) and possibly 1.5% ( VA ). Once I get a property under contract or get permission from the owner to inspect , I will have a contractor and Sec 8 inspector there to make sure the property will be eligible for Sec 8 tenants if I plan on using a lease option to take ownership. I understand that each scenario will be different and there are going to be times where I will have to just walk away. I will document my journey on BP for all to enjoy. By the way , I am already pre-approved by a mortgage banker.

[Eric Mitchell]

Hello everyone. I went to the home and rang the door bell. No answer of course. To be honest , I had mixed emotions. Glad and disappointed at the same time. So plan B went in affect. I wrote this letter

Dear Homeowner,

Hello. My name is Eric and I would like to purchase your home. I will offer fair market value of your home based on homes sold in your area with the same bedrooms, bathrooms , and square footage. That price minus any mortgages, property tax , liens , judgments , and/or delinquencies will be my offer price to you. If you are interested in discussing actual numbers and time frame that you will be satisfied with please call me @ ( # ). Looking forward to hearing from you soon. Take care.

Sincerely

Eric

I put this letter in a envelop and taped it on their front door. On the envelope I wrote " YOU JUST GOTTA TAKE A LOOK INSIDE " with a big smiley face that I drew on it. I haven't receive a call yet but I will give it a few days. In the mean time I am looking for the next one that meets my criteria. I will keep you guys informed as promised. Good evening.