All Forum Posts by: Anthony Davis

@Mark P.

Welcome aboard!

I am fairly new to BP as well, but have found it to be a very great platform.

Stay tuned in, utilize keywords, and build your network.

When facing expensive real estate, just brainstorm on strategies that you could utilize if you had the money. Once you come up with ideas, market for cash buyers in your local area to see if you can find folks that could implement one of your strategies. Add a marketing fee in the deal for your efforts, before passing the deal to the end buyer (You could label the fee with whatever suits you). The important thing is to find a very good REAL ESTATE ATTORNEY, then set an appointment to meet-ask a lot of questions to gage the experience level and volume of business. They will handle your contracts after you make them privy to your plans!

Best Of Luck!

Anthony Davis

Real Estate Investor

@Jose Tamayo Jr

No need to reply as soon as the call is received.

What you want is a means to capture the number and if possible, the name of the person who called. It is normal business practice to call within 24-48 hours of the inquiry, so no worries. Most folks call for additional information, or out of curiosity.

Utilize an answering service, such as COA Network, if it is feasible. There is a minimal monthly fee, but your subscription provides much more than a number. If you have a home office number/land line, have all calls forwarded there during your work hours.....after work, just discontinue forwarding. You could also utilize the number of a very close friend or family member for forwarded calls, until you get a better system worked out for you.

As far as your answering message box, you can introduce yourself, then ask for call back information to see what the response will be. Play with your messaging, until the volume picks up for you. Leave out the details for now, because you have peaked the callers interest before they have spoken to you.

I hope this is helpful in some way!

Anthony Davis

@Jeb Brilliant 

The house could have a market value of 50k with an asking price of 25k, because of repair that needs to be done. The repairs may only be known to the seller(s) and Realtor if one is involved with the listing.

The sellers are definitely motivated! At first look, this seems like it could be a great deal.

Anthony Davis

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@Kevin Kovalsky

Always use a real estate attorney to close your deals.

Good title companies that have real estate transactions in volume numbers can produce smooth closings. Some may not be familiar with your particular situation, so inquire about their past experiences.

Title companies should not be used for assignment transactions, so just make sure you have exit strategies built in to your contract.

The state that you are buying in should have a general contract that realtors utilize for offers. Staples, a Office Max, or dome other big box business store may sell real estate contracts. Also, Google or bing, your "state and purchase contract or state and offer to purchase contract" to see if the state's contract is available online.

Also, when using a Realtor, Real Estate Attorney, or Title Company ask the questions concerning the closing process that you are uncertain about. 

You could call an re attorney to ask about the steps before moving into the contract phase, or set up an appointment and let the attorney know that you are considering buying in the near future and wanted to be as knowledgeable as possible to ensure a smooth closing. 

I hope this helps in some way if not but to create a spark of thoughts for ya.

All the best,

Anthony Davis

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@Derek Daun

Hey Derek, no one can give you an exact answer, because the answer would require knowing what company and what hard money lender you are considering.

Companies in the business of lending or individuals in the business of lending will create an offering package that can be desirable in one regard, while being less than desirable in other regards. For example, you could find two hard money lenders. One offers an application fee that is less than desirable along with 2 points to be paid upfront. The other hard money lender could supply 100% of the transaction, while asking for zero fees upfront, but the loan has to be paid back in less than two years.

Similar scenarios could be given for conventional lenders. You should definitely seek out experienced mortgage brokers, and have them look for "no seasoning" loan packages if you are thinking about refinancing. That way you do not have to wait before refinancing.

So, yo recap, only you will know the exact answer based on your choices concerning the purchase funds. Hard money can be considered in a cash offering to the sellers, but as far as you are concern, it will be a loan (financing).....both you guys are correct hahaha!

Anthony Davis

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@Graham Rushing

Have you been exposed to the real estate wholesaling strategy or the sandwich lease strategy?

Anthony Davis

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Hey Matt M,

I live in North Carolina. I became a full time real estate investor this year.

I am strictly a real estate wholesaler at this time, because I love the thought of creating income out of thin air!!!!

I have read your post and nearly all of the replies thus far; and all of the folks have given you good information to consider. However, with real estate you have to decide what is best for you based on your OVERALL CURRENT SITUATION. I also developed analysis paralysis, while reading books, attending webinars, emailing, and talking to folks.

Dear Matt, with your income, and available funds to begin investing, my suggestions are as follows:

#1 Join your local rei association. (Here, you will network with like-minded individuals that have different levels of knowledge. You will also, find cash buyers who can guide you towards areas to target for investing purposes).

#2 Create real estate investing business cards. (Make them memorable......by choosing a good, but short, simple message........bold yellow color- at least on one side........great "feel" choice; then, send some to local probate attorneys....... reo, foreclosure, and/or distressed asset management officer of local banks.......pre-foreclosure homeowners (which your county may have a publication of, if not call throughout local courthouse until you find the right office for a list of them-a subscription may be available for a couple hundred dollars/year). This is enough different sources for now to "take off" at warp speed!

#3 Create a free account with Zoho or another (crm). (Use this for information management). I started out with blank index cards hahahaha!

#4 Keep TRACK OF EACH CALL MADE AND DATE OF EACH MAILING TO LOCAL PROFESSIONALS. Follow-up each week or two- You goal is to make them know your name and what you do. (You are a real estate investor in your city, state)!

#5 Use Zillow, Forsalebyowner.com, and other by owner sites to call property owners in your target areas. Record property basics, asking price, and will they take just what they owe on property. (Learn how to find fair market value either online or your chosen realtor!) 

#6 Always multiply your fair market value by either .65, .70, or .80 to get a reasonable deal for yourself or to pass along to another real estate investor!!!!

#7 After number six, make your offer!!!!!!!!!!

#8 Repeat process, repeat process by contacting new people as you expand speed, knowledge, and CONFIDENCE!!!!!!!!!!!!

Anthony

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