All Forum Posts by: Andrew Zannotti

@Ethan Board I would approach the owner about doing an owner finance deal on this. Sell it to him or her as an opportunity to continue to get a direct monthly payment and you take all of his or her headaches away.

@Joseph Chew everyone above has already made good points so I won't beat a dead horse with what they said. I will add a few things that I do think may be worth thinking through.

Have you thought about purchasing a duplex to move into as your first investment, live in one side and rent out the other and potentially even sublease rooms on the side you are in. Has much lower initial cost to entrance.

Depends on where in Texas you are trying to buy as to whether 100K is doable for a purchase. I live in Killeen Texas and I have my second duplex under contract here at 51K and it will need about 20K in rehab to get it to $1100 a month rent. I buy specifically in C areas because I have a PM that is good at screening tenants and staying on top of stuff so it works for me but it takes time to find someone that is willing to do that kind of stuff.

With what you are looking at starting with MLS will be really tough to get into at that price. Don't be afraid to drive neighborhoods, look at distressed properties and knock on doors and look for owners and talk to them about buying, that how I got my most recent duplex. It takes more time and more effort but your aren't competing with other if you find your own seller.

Be patient and learn everything you can and don't be afraid to hussle, get at there and look at properties and network. I strongly recommend joining your local REI group and attending the meetups religiously. And last, keep posting questions on here, no one has came into this business and done everything on thier own without learning from someone else, that's what this forum is for.

@Jennifer Schelkopf this is a great post and I love seeing what people are doing.

I started the year deployed with the goal of learning the out of state investor process while gone but I wasn't able to get anything under contract while gone.

I made it home in mid October and me and a buddy that I was deployed with have tried to hit the ground running.

We have duplex under contract that should close this week or next week. We got this but driving for dollars and then cold calling. 51K with 20K in rehab needed, currently both units are rented at $650 but once we rehab we will be able to get the rents to $1100 a month. Should work out to be a pretty close to a perfect BRRRR.

We found a SFH and a quad that we put under contract. 3 out of 5 units are rented, it's currently bringing in $1600 a month. We have to get one other unit in the quad that's good to go rented and rehab the other and it will be bringing in $2600 a month when fully tented. The HM lender we were planning to use didn't work so we are having to work through this one, honestly it's a bit stressful.

We found a duplex on Zillow that we got under control as a FSBO, the owner. 25K needs about 20K in rehab. The owner agreed to take 10% down, 6 months interest only payments, with a 6 month balloon where we pay the remaining 22500 when we refinance it. It should bring in $1300 a month.

Not saying this to brag but the opportunities are definitely out there when we put in the work and I can't wait to see you posting about your next purchase!!!

Andrew

@Jayson Greenblatt totally misread your post, sorry. Yeah, that one makes absolutely no sense then. Please let me know if you figure out the why the why because thats the first I've heard that one.

It could be as simple as they need a specific amount of money for something they have already planned for and the difference between what they have planned happening or not may be that additional $17,250 in the down payment. I haven't been successful at an owner finance yet but I would ask the question of do they have anything in particular they need to money for if it's a huge deal for you and see how you can accommodate them.

@Braden our system in Texas doesn't quite give us that much information but I could probably dig deeper and build out a system similar to that to use where I am. Have you had success so far following that route?

@Pete Harper that actually makes alot of sense. I've looked at the tax sale list but I haven't thought to take it the step further like you have. Thanks for the info, I'm gonna definitely dig into that.

@Pete Harper I'm really trying to do pretty much what you have already started on. Would you elaborate on how you are finding the people you are sending letters to that are in this category?

Hello everyone!

First, I wanted to say thanks to everyone on here because I've learned so much from these forums over the last 2 years.

Recently I started working towards going directly to seller because MLS prices in my area are making it insane to compete with people looking to invest from more overpriced areas out of state.

I currently live in Killeen, Texas. This week I've looked at 2 VA for closures, we put an offer in on one and got outbid and the other wouldn't have made sense.

The big takeaway from it was the realization that both of these could have been great deals and wins for the homeowners if we had been able to speak with them prior to them going into foreclosure.

My question for the group is does anyone specifically market to houses that are heading towards foreclosure? If so, how do you identify those properties and what systems do you have in place to make contact with those owners.

Any tips and recommendations would be greatly appreciated!

Andrew

Cheers everyone!

First, I wanted to say thanks to everyone on here because I've learned so much from these forums over the last 2 years.

Recently I started working towards going directly to seller because MLS prices in my area are making it insane to compete with people looking to invest from more overpriced areas out of state.

I've been using profit drive so far to skip trace owners and I've had maybe a 2% contact rate with phone numbers traced and almost all email addresses have come back undeliverable.

Is this the norm for in terms of the accuracy that people are getting or does anyone have a better recommendation? Does anyone have any better systems or programs that they would recommend?

Thanks in advance!

Andrew