All Forum Posts by: Bill Plymouth

@Kyle Mccaw great post.  I didn’t consider that “for rent” signs could invite unwanted attention.  

@Daniel Brown maybe one day 😎.  

@Michael Veloso keep in mind we live in an internet age. Everyone is looking you up if they are doing business with you.  If a lender googled your name they can get led to your BP profile.  Then, they look at your started discussions and see that your intention was to commit mortgage fraud and they won’t service you. 

@Sheila Arca don’t try to force a property to be something it isn’t.  If the numbers don’t work as a rental, don’t try to force it to be a rental.  

Run the numbers as an air bnbAnd a flip.  How much could you expect to charge per stay?  How much is your mortgage going to be?  How long are air bnbs vacant in your area?  For the flip, what’s the actual scope of work? How long will it take to get done?  How much will it cost?  How many days on market will the property sit?  How’s much will it sell for?  

Answer all of these questions and you’ll be able to find out the best use for the property  

@Daniel Brown good luck brother!  Maybe you can structure the deal this way.  Find out how’s much they need each month to comfortably retire and pay them that (for x amount of years) with some small amount of cash down.  You might get a discount if you can meet their basic needs in that way.  You can literally pay them from the income from the business!  Or, you can buy a weak business and value add!  I’m just spitballing. 

@Daniel Brown I’m not going to pretend to know a thing about the self storage business.  I never looked down that avenue.  Are you looking for space to purchase or buying the actual business itself?

Gotcha.  Warm leads.  They may not be “content”.  It’s just an objection.  You have to overcome that.  Why are they content?  Where do they currently hold property?  Have they purchased anything recently?

Keep in mind, you won’t get results from one particular person until after the 5th call or so.  Build rapport and keep calling them every 2 weeks-month or so.  

@Justin Guinyard I love the concept of wholesaling but I feel like it is taught incorrectly.  If you are just “assigning the contract” with absolutely no intention to close if you can’t find a buyer, you can really put people in a tough position.  If you are targeting distressed sellers, this can make their problem worse.  Partner up with a solid private lender so that you can close on properties in the event you can’t find a cash buyer within the contingency period.  Keep in mind, it is legal to cancel a contract.  I’m not saying that it’s is illegal!  Just make sure you aren’t building your empire off the backs of the less fortunate.  If you don’t plan on closing and just assigning the contracts, make sure you have a solid list of cash buyers.  Find out their criteria and focus on properties and areas they buy in.  

@Taran Garza do you have previous relationships with these landlords, or are these contacts made through cold calls?  Tag me in your response so I get a notification. 

@Daniel Brown I talk to a lot of potential off market sellers over the phone via cold calls as an agent.  I never discuss price over the phone on the first call.  I look more for the interest and the appointment.  Find out what their goals/problems are.  If you can help them achieve/solve them you’ll find yourself a deal.  

Also go for The “low hanging fruit” for lack of a better term, people you know have problems.  Behind on taxes?  You’re the solution.  Potential foreclosure?  You’re the solution.  Real estate investing is all about helping people achieve goals or solve problems.