All Forum Posts by: Allen Fletcher

@Rhonda Shrum

When doing mail campaigns it is important to do some experimentation so you can learn what works best for your market. Congratulations on sending out your first postcard, and I hope your yellow letter campaign works well. Just remember that these forms of campaigns take time and repetition to be effective, you may need to send a property owner 3 postcards and a yellow letter before they decide to call you so do not give up on a method until you have given it a thorough try.

I hope your efforts reward you greatly,

Allen Fletcher 

@Jodi-Ann Bennett

It depends on the type of loan you are getting from a bank. I would look into the details of the specific loan you are trying to get. Some loans (i.e. FHA, VA, HUD, etc.) might have certain stipulations applied. Ask the loan officer which loans would raise a flag and which will not cause problems and then go with one that will not cause issues.

Good luck,

Allen Fletcher

@Dave Richards

What do your numbers say? I would do what it took to get top dollar and still leave room for profit. If that means you do everything then do everything, but if you only need to do a part of the list to get what you want out of the home do that. Just make sure you are completely honest and transparent with potential buyers or else you can be hurting your reputation within your market.

Regards,

Allen Fletcher

@Tom Linnik

Write out all the terms you agreed to among the three of you in a logical way. Have all three of you review it, make changes, review, etc. until all of you agree on the terms. Have a lawyer read over it to ensure that it is legal and binding. Once the lawyer has checked it, have each of you sign it and have it notarized. This process will cost a few hundred dollars and take some time, but it will be worth it if any of the partners try to break the deal later.

Good luck,

Allen Fletcher

@John Cox

BP sells two as a packaged deal both by J. Scott

(https://www.biggerpockets.com/renewsblog/2013/03/2...), titled "The Book on Flipping Houses" and "Estimating Rehab Costs". I would also network with a few contractors in your area and then walk a house or two with them (I usually offer to pay them $25 to walk a house with me if I do not plan on using their services immediately, it helps to keep them willing to deal with you). After reading those and walking a house or two with different contractors you should have the ability to make some decent estimates.

Hope this helps,

Allen Fletcher

@Pam Poe

If you want to pursue this deal go to the city/county/utility company and see if they are willing to deal. You may be surprised that even with that much in leans on the property all parties might prefer just to get a little of what is owed and start to receive normal payments again. The worst that can happen is they say no.

Good luck,

Allen Fletcher

@Dan K.

I have a couple of thoughts and questions that you should answer and ponder.

1) Are you going to self manage?

2) If your goal is to live in Northern Seattle, have you plotted out how you will get there?

3) Why would you start looking so far away from where you live?

4) What financing arrangements have you made?

If you answer these questions you may find that you have answered your own conundrum. No matter where you live there is most probably a property you can purchase within a short distance of you (i.e. no more than 2 hours). Look there first and be diligent and you will increase your chances of success greatly.

Good luck,

Allen Fletcher

@Alex Muirhead

After reviewing the link you posted I think your first choice should be to talk to portfolio lenders in your area. Try reading this:

https://www.biggerpockets.com/renewsblog/2008/07/17/where-to-find-a-portfolio-lender/. The only problem you have is with a regulation put in place by a "company" that purchases loans, so your solution will be to find a lender that does not sell the notes once they have them. Depending on what you want to use the money for, you could even get an equity loan from a private party.

Hope this helps,

Allen Fletcher

@Bob H.

Have you looked under the carpet? Depending on the house and when it was built you may already have hardwood down throughout the house. If not, look around on Pintrest (or get your wife to do so, assuming you are married). You may find a number of ideas that would work very well for a rental. If you do not find something there you can explore the tile border, but that might get tricky.

Good Luck,

Allen Fletcher

@Mark Waldrip

Do you have records (i.e. written documents, recordings, etc.) that all of these conversations took place? When dealing with "evictions" (we will use this word to define anytime you have people living/using a property that you own against your will) it is always important to have thorough documentation and a paper trail. This will help the process speed along and be less of a hassle if it does not go very well.

Before you do anything talk to a lawyer or other legal professional about how evictions work and what counts as a tenant. (In Michigan, for example, a squatter in a vacant property is considered a tenant and must be evicted.) Once you understand these laws and definitions you will know what you can legally do as the property owner.

Hope this helps,

Allen Fletcher