All Forum Posts by: Benjamin Barredo

@Clay Smith You're speaking in another language. I wish I could say those things and know what I'm talking about. lol

@John DeVito What is a "seller's concession"?

@Joe Fairless Did you just apply for this credit line? Last time I applied for a credit card I only got $500 dollars. That was your fourth house though, so I'm sure your other three properties played into it, right?

My credit is waaaaaay better than back when I could only get a $500 card, but I don't think I could get that much.

Also, everyone acts like it's so easy to get your family to give up money. Is it? Maybe it's because my family is poor but I brought up the idea of them moving their 401K to a self-directed so they could partner with me on some real estate ventures and they rolled their eyes. lol

Hello everyone,

I have a question. I have a possible deal I'm working out. It's a mobile home on a private lot.

The assessment says the lot is retailed at roughly $30k (with a tax value of about $7k). The seller says she's wants $32k minimum. I'm thinking of trying to get her to owner finance and I'll put a rent to own strategy on it.

My question is - can I refinance on the land at 80/100 like a home? I forgot to say that the deal comes with 2 lots, both valued at about $30k. So, if this is true for refinancing, I could refinance on both lots in a year and pull a decent pay-day out of it and pay off the seller.

What do you think?

Hello everyone,

I have a question. I have a possible deal I'm working out. It's a mobile home on a private lot.

The assessment says the lot is retailed at roughly $30k (with a tax value of about $7k). The seller says she's wants $32k minimum. I'm thinking of trying to get her to owner finance and I'll put a rent to own strategy on it.

My question is - can I refinance on the land at 80/100 like a home? I forgot to say that the deal comes with 2 lots, both valued at about $30k. So, if this is true for refinancing, I could refinance on both lots in a year and pull a decent pay-day out of it and pay off the seller.

What do you think?

Hello BP Investors.

Ben Barredo here from Knoxville, TN with a question. I have a friend that handed me some leads for Mobile Homes he didn't want.

I have been talking to a lady who owns a property with her brother in a rural area of Tennessee. There's a Mobile Home built in '92 on the property that is now on permanent foundation (called a Modular Foundation Home or something). It's a double-wide, 3/2 on a privately owned (no mortgage on anything) .52 acre lot just a few blocks from boat docks and a lake. She has 2 half acre lots in the deal. She wants 39.9k for the package but is willing to drop 32.5k (and only after 2 talks and I haven't even plugged holes in her ideas about it's worth yet). She also says that there have been some major repairs and renovation done to the roof, HVAC, plumbing, and stuff in the last 3-4 years (different dates on different elements).

Here's my question, the double wide isn't going to be worth much of anything. She agrees there but she thinks the one half acre lot is worth 30k.

I've copied the assesser's information at the bottom of this post. What's it telling me?

If this land is worth that much, can land be refinanced like homes? My idea was to get her to seller finance, put in some RTO tenants, and then refinance after a year. Is this possible though? I have no idea. This is the first deal I've worked on - EVER!!!!!

@Brian Gibbons, can you explain that strategy a little more? Of all the podcasts and things I've listened to, I haven't heard that one.

@Mike B. All of what you said is great ideas. I am currently Driving for Dollars. I have 500 business cards on the way to my house now with my own unique logo created on a website for $30 bucks. I thought about putting yellow letters in mailboxes but I didn't think about bus stops and laundry mats or other places. Thanks a lot man. As I get my savings up and/or bring in money from deals, I will invest in a stronger marketing campaign but I love your ideas. Thanks.

@Nick Schulze That sounds like a great idea. In my town pre-foreclosures for my city is that I have to go to the records office in person and search from their computers. I just jumped on another webpage and search "Tennessee Sheriff RE Sales" and actually got sent to a page that would show me what was coming up for sale in 2017. If they are coming up for sale, does that mean they're already foreclosed or in the Pre-stage? What exactly am I looking for?

@Trey Foradory I am definitely mailing those people. That's exactly my attitude. I'm not waiting until I have a mailing list of 1,000 names. I work 50 hours a week and have to give my wife and daughter attention too. And you're definitely right. It only takes that 1 to change everything. I love the shirt idea. I'm stealing that. You get yours made online?

@Chris Boyd I am working on mentors, in the meant time I still find great advice and guidance on BP forums.

@Rick H. Thanks. It sounds like a very complicated thing, dealing with lawyers or estate managers, blah blah blah. I did get off the phone with my city/county records of deeds office. In my town I have to go down to their office and search pre-foreclosures on their computers. She asked me if I knew how to do that because they don't take the time to show people how to find them (is that normal?). Is there a certain way to search out pre-foreclosures on a government computer? What words/phrases should I look for?

A little about my goals: I want to pick up rentals until I can use the passive income to create a lifestyle I want. Since I don't have a lot of money now, I am trying to jumpstart things by wholesaling until I get the money to incorporate flips and then use both to finance my rentals. So right now my focus is trying to network for buyers and also hunt down deals without spending a lot of money on direct marketing (hence...I have none). So I'm doing a lot of driving for dollars, researching myself online, and sending out handwritten yellow letters to these people. Problem is I don't know what their motivations are because, well, I'm throwing darts in the dark. The only thing I do know is if they're absentee or O.O. and what the home looks like and what it's possibly worth.

Thanks @Jimmy Cantave.  Any specific phrases or words that would help me on my search?

hey, I have another real estate investment video other than BP a chance and it was on wholesaling probates. This guy talked for an hour and a half and explained nothing but why wholesaling is awesome and how awesome probates are. 

The guys name is Steven Howell - stay away from his wholesaling video. He's just selling himself as a mentor. 

Anyway. The video at least peeked my interest about probate homes but since I didn't find relief I came home to BP. 

Can anyone tell me how this works? Where to find them, how to speech approach them, etc? 

Thanks

Okay, so I'm driving for dollars and compiling my own DM list but it's slow and it's going against my personality type. I like results, I like to know that I'm making progress and I've been compiling this list from my recent drives and it's taken me 2 weeks to get 57 people.

I have a tight budget right now. I can scrape and save and wait until I have a couple grand to spend on direct marketing letters or I can?????

Help me out. Any tips on how to generate leads on a tight budget. Say less that $500 to start? I mean, as soon as I get that $5000 check from my first deal, I'll pump all of that into a campaign that'll get me 3 or 4 more of those checks. But for now, I'm a newbie that is tired of waiting to save a little more, or this or that. I want to take action. I set short term goals based on the 10x Rule and I don't want to fall short.

Thanks