All Forum Posts by: Anson Young

DeAnthony, thats a BIG subject for sure, at least 1/3rd of a book's worth :-)

Quick version?  Find similar properties that have sold in the last 6 months, no further than .5-1 mile away, try and match as closely as possible the year built, bed/bath and square footage.  Same neighborhood and same "model" built is ideal, but not always achievable. Try and get as close as possible.  Find 3-5 of these similar properties.  Now you can average out the prices, or compare/contrast them to your subject property (if yours has one more bedroom, its worth more, but smaller so worth a little less, etc)

Good sites to do this on are: redfin, zillow, realtor.com 

Alexis, of course!! Starting meetups is awesome for sure!  Sounds a lot like a BNI group/referral group which there are a ton of.  In those groups there is typically ONE person from each profession in the group, so 5 agents arent fighting over referrals, etc.  Would yours be more open?  

Either way, I like the idea.  If you dont have one in your area, start one! 

Patrick, this is very common.  The wholesaler wants to make sure the buyer is committed to the purchase, and with non refundable earnest money, that is a pretty good way.  There might be some wiggle room with the wholesaler, but generally not.  For example, when I wholesale, its non-negotiable.  If you want the property, its expected that since you are an experienced investor, that you are serious and the best way to show that is with money that is non-refundable.

On the buy side, with my private money lenders, I'll fund the earnest money, and get it back at closing.  Of course, if I back out, I'm personally out the money I put down, and possibly damaged my reputation with that wholesaler.

Hope this helps!

Try the "network" tab at the top, then "events" - there HAS to be events setup in the orlando area from members here on BP.

John, for the first part: paperwork.  The contract can be your state real estate contract (find it online), or it could be the 2 page contract you can find at office depot.  Either way you go, read through them thoroughly so you know what the important parts are, and if you have to explain anything to the seller.  Contracts are pretty easy to find, harder to understand for sure.

2nd part- wholesaling - You will want 6-12 investors already talked to and ready to go, you DONT want to be scrambling last minute trying to sell a contract with all of your dates and deadlines on the contract ticking down.  You really dont want to hurt the seller in any way due to your inexperience.  Finding them?  Networking locally and here on BP, find out what they are buying and where, and go find that for them!

hope this helps!

Bryan, contacting the seller directly is an amazing way to go when it comes to finding deals!  Pre foreclosure can be tough since they are on a strict timeline, and if you arent experienced, you wouldnt want to get them into any more of a predicament based on your inexperience.

THAT said, I typically DONT mention the foreclosure when contacting them directly.  Since pre-foreclosure list is a public list, you wont be the only one contacting them.  Agents, investors, etc are hitting them up, guaranteed.

Go up to "network" tab above, where you can see preferred agents in your area.  They are agents right here on BP, great way to find a dozen or so to network with for sure!!

Hope this helps!

Saidah, congrats on getting the ball rolling!  I'd read up on everything you can, and also get to know your market.  Start with Brandon's book on rental property investing, and network with investors and agents in your area to get a good idea of areas to invest, what numbers look like in your area, etc.

Roberta, 1% is a good rule of thumb, obviously there are exceptions and Brandon cant speak specifically about every situation.  In his experience, in general, 1% is tight.  But in some markets (like mine), finding a 1% deal is really tough and .75% is much more common.  

If you are comfortable with the profit after expenses, and it makes sense to you, then it makes sense for you.  If you are counting on appreciation for that to make up for anything lost, its a risky game for sure.

Ah, missed the mini split, my apologies.  These other guys got it pretty on the head!