All Forum Posts by: Bill Florence

I do not know anything about this property or location so I will not pretend to be an expert here so these are just wild ideas for empty land maybe in that zone category - leases for billboard, restaurant pop-up (temporary), fruit stand, farmers market (seasonal), RV / boat storage, manufactured home park, pay parking lot for bus. You could also improve the property for tap, sewer, sidewalk, foliage, zoning adjustments for certain types of development to make it more attractive to developers...just throwing things out. Fun to think about. Good luck.

Welcome ! This is a great place to enter the water ;)

The compromise is how much risk you are willing to assume. Are all of the repairs really necessary for a rental and inspection? Can they be done properly for $8k not 16k? Also with a seller like that make sure your title company has done a thorough job. I also would guess you get to keep the earnest money if seller defaults past a certain milestone, leverage to you, no ? 

To me personally the %ARV I use to screen properties for potential but not base offers as every property and negotiation is unique. Also, if your agent is unwilling to do as you ask then find another IMO.

I have a business model and it only works if I follow the business model. No emotion.

Welcome Bryan !

I have vacation resort property (not in CA) and it has payed for itself year after year and

we get to enjoy it too ;)

Best

Hey Rick,

Congrats ! 

A few thoughts - and I mention marketing techniques because most of the wholesale "deals" I see locally (exceptionally strong market) are not really good deals IMO. Also, sometimes wholesalers have preferred buyers so not everyone gets to see the class "A" properties (nothing wrong with that, just business). 

You can call on FSBO's. As an investor you might have a foot in the door since you are not presumably an agent/broker. Also, some licensed brokers deal heavily in wholesale properties if their state allows. I am working with just that in another state and I found this person in a REI club meeting. You can also be the one to post your own bandit signs, not my thing personally but hey, if it works ! And consider marketing to probates, tax delinquencies, foreclosures, etc.

Best

Circumventing the brokers (agents) to get to the lenders/sellers typically will not work because they contract with brokers to price and sell the properties. Maybe large companies, funds will buy properties in bulk from lenders but that is another topic. You could just work with a buyers agent and send listing agent offers. I think (not positive) seller agent should have an obligation to present the offer regardless of price. I have negotiated successfully doing that - offer low, wait, try again, wait - sometimes if the bank/lender/seller doesn't get a lot of activity and/or the property sits past their internal timelines (maybe 30,60,90+ days) they will come to the table. Best of luck.

Yuk, the ugly side of land lording. You could try to leverage the HOA (if there is one) or you could bring in a PM to manage the properties and situation, maybe even on a temporary basis. Best of luck.

Hello JD

Well yes and a lot. It can also happen when purchasing properties with renters in place but I have had college students have their parents co-sign the leases too. In those instances I perform due diligence on everyone since multiple parties are involved and possibly remote. I perform preliminary background checks including social media searches on all new prospective tenants and lease signees'. Also personally speaking, I would never arrive unannounced to check on a tenant. However I would sure make a call or arrange a meeting, especially if it looked like the lease terms were being violated. 

Best

Hello Diante

In my location the county website does not offer full title search capability so I go down to the county and run searches, it is free here. Also consider not all liens will always be recorded, such as possibly mechanics liens.

Best,

Bill

Welcome Tom ! 

I am also new to the site and it looks like there is a ton of knowledge here. So should be a good place for you to gain some insight.

Best, Bill