All Forum Posts by: Andrew Parrish

Hey All,
  There is this home that I am interested in in a nicer neighborhood and it is pretty distressed. I have found some info on the home and it turns out the owner "lives" there on paper but this property isnt fit to live in in current state (Front door open, broken windows, landscape overgrown, etc.). How would I be able to track her down to see potentially what she and if she wants to do anything with the property? I have tried social media platforms and tried knocking on the neighbors door on my last pass through. Thank you!

@Kelli Leong

I could knock because it is close enough. I plan to continue to drive for dollars and add to my spreadsheet. When I branch to different towns I will create new spread sheets for that location. I wanted to also keep track how frequent I mail to each property or is does that matter? Could I send mailers and then also knock the same house I sent? Thank you

Hey All,
   Earlier today I was driving for dollars for the first time and found about 15 properties that fit my criteria. I have compiled some data and put it into a spreadsheet to create my list. This list will be used for my mailers. How often should I send mailers? and how long should I wait between letters to the same property? Does color paper matter? Red ink? envelope not sealed? What are some of the methods guys? Thank you in advance!

Hey Josh,

  Thank you. This home will not qualify for traditional financing so I am trying to be creative. I want the equity so I can use it to acquire more units.   

Hey Grant,
This is where my disconnect is. I don't quite understand how the process works. I am not really concerned with the remodel as much. I have access to cash and have a fairly high cc limit. So I am in front of the man and trying to buy his home and we start to agree on terms and what not. My problem is how do I get the deed so I can borrow against this asset when I refinance when I still owe him money. The thought is if he does want to do seller financing and hypothetically accepts lets say 5k and we agree on 150k total. I will owe 145k and wont be able to refinance because he still holds the deed until I pay it off right?

Hey everyone! This is my first post and it may be long winded to get back story so I apologize in advance. I have been reading and listening to podcasts and reading every day for the past 3 months. I have a question about buying my first property off market. I have a pretty good chunk of change saved up, a job, a veteran, very low debt to income ratio, and a decent credit score. I have been actively searching for deals but I wanted to wait until March to use my VA loan or do an FHA loan. I have been listening to a lot of podcasts and reading and have been learning about subject to and seller financing. A couple days ago I decided I might as well try trying to talk to people about buying their distressed homes so I can gain confidence and get the awkwardness out of the way. In 3 days I have talked to two people and one guy said he would sell his duplex for 225k which would not even be close to being a deal in my area and the second guy agreed to have a conversation to see if I can help him. He seems like he is very confused and conflicted about the property because in the past he has put up signs and then taken them down the next day. I talked to him outside of the store and we exchanged info on the property. The conversation pretty much summed up is he said he owns the property, gets a lot of mailers and that he doesnt want to sell using a real estate agent. I told him we could figure something out that would workout for both of us and that only if he felt comfortable. He seemed pretty willing to work with me so far. So here is the problem. I have wanted this shot at this duplex since I started listening to bp podcasts because it fits my criteria perfect. It does need some serious work but I know this property will be a great investment opportunity. This property will not qualify for traditional funding and he does own it. I am thinking a reverse mortgage would be perfect because I would have no problem qualifying for a mortgage on the property fixed up. My question is if he agreed to something like seller financing where If I gave him 10k and agreed to lets say 750 a month for the next x amount of years. How do I get the title so I can do the reverse mortgage and cash out to pay for my remodel and get a down payment for the next property? Like can I do the BRRR method while I still owe him money? I know it sounds confusing but I dont know how to word it to look it up. Any opinions, thread referrals, pm welcomed. Thank you in advance!