All Forum Posts by: Billy Rogers

I actually know a family that did just this except they built theirs.   They opened a doorway between two units for their family and rented out the other two that were separated by a small courtyard.  It turned out well for them.  If your wife is on board it makes it a lot easier.  If you don't do this, how long is it going to take you to acquire  the 25% down on an equivalent property.   Heck if one kid is gone all the time I wouldn't even combine two units, I'd just make them share a room.   If you really don't like living there, I don't think anyone from the the mortgage company is going to stop by and see if you are still there 7 months after closing.

I would get a good RE attorney to draw up the sale and loan documents to make sure you are well covered.  

It sounds like a good price to me.   Most of the ones I've seen in the stores are over $500.

Loren,

I have no idea about what's a good deal where you live, but I like the idea of getting a 4 plex.  You could easily close the new doorway if you move out and turn it from a 3 unit back to a 4 unit.   I wish I had done this instead of buying my first home. 

Trey,

Congratulations on the deal.   What bank was willing to do a 22K mortgage?

I have a rental near Dallas and I get tons of these mailers, several a week.   For my rentals in Omaha I very rarely get any maybe 1 or 2 a year.   

Marc,

I've never done this, but I've read a lot of posts on BP about direct marketing and wholesaling. From what I've read it is one of the hardest things to do in real estate. Some of the top people like @Aaron Mazzrillo have said that it takes a high volume of mail. I think he said he sends out 100 or 200 pieces of direct mail a day. Another thing most of them say is that if you find a real deal (50% ARV), you won't have any trouble finding a buyer. @Aaron Mazzrillo says he only has one buyer. You can get lists from places like listsource.com and send them to absentee owners.

  Can anyone recommend some good books on developing negotiation skills? 

Mark,

I'll send you my contact in a PM.

I started using ING Direct about 9 or 10 years ago.  It got bought out by Capital One and is now called Capital One 360.  I was worried Capital One would change everything but so far they  they haven't.  There are no account minimums or annual fees.  I've often seen it compared to Ally bank.