All Forum Posts by: Benny Gelbendorf

@Benny Gelbendorf It is common for foreclosure agents to not return phone calls. I have seen it for residential as well as commercial. With a $29k property, their commission may be $580 - how many calls would you return for $580. They want an offer, clean offer. Building a team via an inquire over a $29k property is perhaps not the best strategy. I would suggest reaching out to the realtors who sell the completed rehab properties, and rely upon them to reach the REO agents.

Thanks Scott, that's sounds like a sound advice.

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Hi BP'rs,

I'm new to the REI world and after reading / listening to tone of materials I think I'm ready to do my first practical steps.

For that matter, I think having a mentor would serve me best going on my first couple of deals.

My criteria for mentor selection are:

- Experience with "basic" real estate (flips / SFH) as well as advanced investing (MFH / BRRRR)

- Out of state investment experience

- Can provide reference of previous mentees (first option: foreigners, second option: out of state)

- On-demand availability (within reasonable hours) to support decision as deals progress.

Is this realistic? WDYT?

Regards,

1 Vote

Originally posted by @Vinay H.:

I think the realtors are so busy that a call/email from Israel might seem like a scam and not worth responding to.

You should probably send a business-like email, introducing yourself, your objectives and state the capital that you have available to start investing in properties. Provide references to your social media/linked in profile so people can verify your identity.

I am sure if you do that, someone will respond. It may take time.

Also investing in a 29k foreclosed property in South Carolina over the web in Israel is probably risky. You are also in competition with people who are probably expert and in the ground in SC. You should consider a local partner or coming in for a visit to discuss with people face to face and see the area for yourself.

Hi Vinay,

Thanks for the tips. I'll make sure to put it to good use.

As far as the property in SC, I realize it is not realistic for me to purchase it over the web, as is and I am working towards establishing team / partners with boots on the ground. It was just a case study for me, to reach out to realtors and start forming relationship, but I see your point.

Highly appreciate it,

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Originally posted by @Brian Pulaski:

What is the question?

I understood the property is locked for 21 days for people who intend to live there, and I kindly requested for a call-back once those 21 days are over to see if I can bid, or if they can find me similar properties in the neighbourhood.

Once again, it is not about this specific property, it is about establishing relationship with the realtors. Something went haywire along the way.

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Hi BP'rs,

For learning experience, I've tried to do a case study on a certain property in a designated market (Rock Hill, SC).

You can see the property here: https://www.phoenixcarolinas.com/homes/823-Steele-...

The property characteristics are not as important as the fact that I tried approaching to a 3 different realtors who associated with this property by phone and email (more than once) and none of them returned to me.

Now, I have all kind of thoughts on why no one returned to further pursue this, but I wanted to the wisdom of the masses.

Thanks,

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Hi BP'rs,

I've overheard in one of the podcast the ultimate beginners guide should be available in audio version.

Is there grounds to this rumor ?

Thanks,

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Thanks @Mike Dorneman I'll contact local municipality for the fixed expenses and take a constant number when it comes to dynamic (per consumption) expenses.

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Hi BP'rs,

I'm trying to figure out how to evaluate the above expenses as landlord for rentals, before jumping into the deal (for the BP calculator).

Any idea how do I find those ? asking local realtor ? Any good website for getting good-enough estimation ?

Thanks,

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Originally posted by @Jeremy Taggart:

@Eric Schwake ADOM for Verona per the multi list statistics is around 36 days. I wouldn't put too much weight on what grade it has per the county website, as that is pretty general.

Where can I found the statistics on DOM ? How focused is it (zip code, neighborhood, city , county, etc.)

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All Forum Posts by: Benny Gelbendorf

Benny Gelbendorf has started 16 posts and replied 84 times.

Post: On the lookout for mentor

Post: What Did I do wrong ?

Post: On the lookout for mentor

Post: What Did I do wrong ?

Post: What Did I do wrong ?

Post: What Did I do wrong ?

Post: The Ultimate Beginner's Guide to Real Estate Investing is Here

Post: Figuring out electricity, water, sewer and garbage expenses

Post: Figuring out electricity, water, sewer and garbage expenses

Post: Average DOM in Verona Area