All Forum Posts by: Account Closed

The property owner was very relieved that someone, anyone, was helping them deal with their situation. The agent I referred them to is very experienced, and I thought it was a good way to start a good relationship by sending the agent a referral.

I plan to follow up with the agent to find out how she helped the property owner. The agent is also involved in the local business council, and my other projects (websites) have come up in discussion. Im confident that good things will return to me, if I am willing to pass them on as well.

I had been dealing with a distressed homeowner with a property that I ended up just passing on to an agent in the area whom Ive been networking with.. It was just not something I wanted to deal with since my buyers are. Then a few days later, I get an email from the property owner who was very happy to have seen my sign on my truck that day. That email made my day!
:D

Might be ok if your not specific about where your trying to buy property. However, I suppose if yourfacebook or other social media outlet is specific to your area in some way, then yes. At least, this is my situation - trying to buy within a few selected areas, because that is where my buyers are interested.

I could go as high as maybe $300-400/month for now, Im just starting out. Yes, I do have a website to send them to and a form they can fill out. Should they be sent directly to the form, if the url is easy to type ?

As opposed to bandit signs or even direct mail? Would like to hear more from those who get more than the occasional lead from internet based marketing efforts. Would also like to hear from those who have tried but have since switched to something else such as newspaper ads and/or direct mail.

Bandit signs for me are not really doable in my case since my farm area is getting rather nasty toward them. Also its too far of a drive in friday evening traffic to put them out every weekend.

There is definitely no equity.

Concerning the seller getting the appraised value lowered - I did some more digging on the county website. It appears that almost all the properties that are in the same mobile home park, also had a similar drop in appraisal value.

Also, the seller informed me that they are financed through (bank name left out) a major bank. So, maybe a short sale is possible...

Is it just me or did mobile home appraisals take a huge nose dive from 2007 - 2008 in Texas?

someone called the number on the sign on my truck. Hooray! Now the bad part.
:cry:

When I first started looking into REI, I thought about how I would react when I got my first call. and came to the conclusion that I would probably pass on more deals than I tried to do. At least at first.

Property is 3/2 mobile home in rural area on 2 acres. Even though its in the nicest mobile home park in the area, its still a mobile home and wasnt something I had planned on dealing with.

Seller owes aprox $130K.
County appraised value is $81K
Sellers purchased in 2005
County appraised value in 2007 was $126K
Seller mentioned that they just wanted someoen to assume their payments (uhhh ya I would too).
Did not mention short sale to seller when we spoke.

Options:
(1) Run, dont walk away from this deal
(2) Offer to handle short sale for seller and see where it goes
(3) Simply refer them to a realtor in the area

If I went the short sale route, I would intend on doing a "short sale flip" with a double close once I had a buyer lined up and using a transactional lender. Of course, I would put in plenty of exit strategies for myself, in case I couldnt find a buyer.

Ok lets hear it!

Is it legal to require a certain credit score along with filling out a credit app, for prospective tenants? Thats one way Ive thought of keeping my rentals trouble free.

Lets say someone wanted to make a living from rentals alone. Lets say $60K/yr is the target. If you cash flow each property @ $200/month minimum, you could calculate how many properties you would need. However, then you soon get to a number that is too large to manage yourself, so you consider a management company, which adds more costs. Then you need to factor in vacancies, repairs, etc.

If anyone is making a living from rental income, Id like to hear from you. I could see it supplementing a regular income, but it seems it would take an awful lot of units to make the numbers add up. Then there is the paperwork on all those properties. Geesh!

Bump again. Ive been trying to get my card formatted and using a address list im using, but with out much luck. At the end of the process of configuring your card, it then decides how and where to put the address block. Im now back to looking at click2mail and using a simple yellow postcard.