All Forum Posts by: Brian Huber

@Ned Carey

 wow findtheseller.com is $20 per search. Ouch! that could get expensive very quickly. I've been using the white pages but only about 10-20% success rate...

Hi, I have several people with whom I'd like to follow up.  Basically, I've had the initial conversation with them, asked about their houses condition, and the majority of these leads are folks who want retail for their house that's in need of extensive repairs. They're holding out for more money, etc.

What does your follow-up phone with these sellers consist of?  Any good phrases/open-ended questions to ask? Anything you can recommend to gently help them realize they're expecting too high of a price for their houses? Haha.

Any insight is appreciated, thanks!

@Scott K.

 I think I'd like to take you up on that:-) My brother lives in Farmington so win-win! Ok, maybe a 2% houses isn't a "dog" but I guess it's not as profitable as one would think.  Case in point, here is one house I found in Lincoln park, MI.  Please let me know if I'm off on my numbers or I'm doing something wrong.

Price: $35,500

20% Down Payment: $7100

Closing Cost: $1065

Annual P&I: $1764 (30yr. 4.6ish%)

Taxes: $1000

Insurance: $804

Vacancy 15%: $1440

Prop Mgmt 10% + One month's rent for placement: $1616

Repair and maintenance reserve: $1200

TOTAL ANNUAL OPERATING EXPENSES: $6060

GROSS INCOME: $9600

NOI: $3540

COC Return: 22%

Cap rate: 9.97%

50% Rule Cashflow: $253

2% Rule: 2.25%

THANKS!

@Account Closed

 I'm not quite following.  How does owner financing alleviate having to be an out of state landlord?

Thanks for the input so far. Are home values a good indicator of whether the neighborhood is A/B vs. C/D?

For example, in Charlotte, the median sales price is $155K.  Should I limit my search to $100-150K houses?  If it gets too expensive, the cashflow will suffer.  It seems like a real tightrope to walk...

Hello all.  I too have been enamored by the thought of this type of investment.  So if $30-60K buy and holds out of state aren't wise, then what IS a good investment?

I live in northern VA where the rents nowhere near cover the mortgage. I've been looking in Michigan, Georgia, and North Carolina. Should I go for something near the median sales price of that city/zip code or a percentage of the median sale price?

Everyone talks about the 1 and 2% rule so if a buy and hold getting the 2% rule is a dog, what would be the definition of a good buy and hold?  Would paying all cash or putting 50% down make a $30-60K buy and hold out of state worthwhile?

Thanks!

Hi, my name is Brian and I'm an investor using creative financing. I'm hoping to find a Realtor might be open to providing some MLS search results of the Raleigh, NC area. I plan to market directly to sellers.

For your trouble, if I close a deal, I can provide a $500 fee for each closed deal. Please let me know if this interests you.

Hi, my name is Brian and I'm an investor using creative financing. I'm hoping to find a Realtor might be open to providing some MLS search results of the Charlotte, NC area. I plan to market directly to sellers.

For your trouble, if I close a deal, I can provide a $500 fee for each closed deal. Please let me know if this interests you.

Hi, my name is Brian and I'm an investor using creative financing. I'm hoping to find a Realtor might be open to providing some MLS search results for the Wayne and Oakland County area of Michigan. I plan to market directly to sellers.

For your trouble, if I close a deal, I can provide a $500 fee for each closed deal. Please let me know if this interests you.

Thank you!

Hi, I have a property in which the city requires an inspection by a city official when a sale occurs. The seller has to order it.

It's $150 and if they request repairs, either the seller makes them or the buyer signs an affadavit agreeing to make the repairs. I don't mind eating the fee but how should I handle it? Have the buyer pay it and reimburse her at closing or something else.?

Thanks!