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All Forum Posts by: Brad Jacobson

Brad Jacobson has started 22 posts and replied 325 times.

Post: How to word a Purchase Contract for wholesaling

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414

You might want to consider local resources for this situation.  Local RE attorneys deal with local laws and statutes.  I'd recommend finding a local attorney and/ or a local wholesaler and follow their lead on proven contracts.  

If it's your first deal, I'm a big fan of partnering so you not only make a pretty penny but you'll also get a step-by-step training on the process for future deals.

Good luck!

Post: Pay off car loan or save?

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414
Quote from @Jared Hottle:

I think I would channel some @Scott Trench set for life and look for an older reliable vehicle and sell what you have especially if you could break even or make money on it in the current market conditions. This will give you freedom and peace of mind as you look to expand your portfolio and more runway potentially as you look to expand your rental business. 


 I was going to respond with the Set For Life answer but you nailed it.  I agree 100%

Post: leavrage and syndication

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414

This is a great question.  I'm looking forward to seeing the responses of everyone.

Personally, I've found the local RE investor market to be a much smaller group of people than I originally expected.  The majority of the developers and big players all know each other and there's a lot of trust and friendship throughout the community.

In your situation, I'd just be up front with your investor friend and ask him or her how they expect to cut you in.  If they're a real developer, this will not be their first time and they'll already have the process laid out.  Learn the process, follow the process, and if you're successful in finding private money for them, you'll not only get a little cut but you will have established yourself amongst the local players.  That's the big key for new investors. 

Good luck!

Post: 👀 What is your vision for the long term?

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414

I've taken this question seriously over the past few months.  Thanks for posing the question!  Here's the plan I've decided to laser-focus on:

1. Acquire at least 20 doors in my local city by age 35 (I'm 29 now and have five currently).

2. Sit on the 20+ for five to ten years, until the equity position is large enough for next step.

3. Sell all but my favorite ten doors and use the proceeds to pay the ten off free and clear.  

Retire on ten doors, free and clear.  Current rent in my market is about $1,500 per door on a MF, I figure it'll be $2,000-2,500 in ten years.  If I have an annual rent income of at least $200,000 (assuming I set aside at least $40,000 for annual repairs), I can be satisfied with that and enjoy whatever work-life balance I prefer.  

Feedback welcome!

I'd recommend putting 110% of your efforts into finding a deal, probably raw land.

As a new investor, you're not going to be able to take down a development BUT you can very easily find someone to take it down for you if you bring them the deal.  You'll also be rewarded with a nice finder's fee and maybe even a small percent cut of the final development.

Go out and rub shoulders with land owners - farmers, trusts, local RE meetups, local chamber of commerce, whatever.  Find someone interested in selling.  Then, find developers, build the right relationship with them, and make their day with an awesome connection to a willing seller.

Good luck!

Post: Need advice on a deal

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414

I'd hold firm to your original offer.  Plead your case that you offered your max in good faith and would love to make it happen.  Just don't forget that you should plan on $10,000 or so to sell so you're working with really thin margins!

Post: Are there any real investors out there?

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414
Quote from @Chris Jenkins:

I recently put up for sale my rental property. I have since been overwhelmed by the amount of calls and texts from people obviously in real estate guru courses. People calling me from call centers and people calling me with their guru on the phone with them. It's fracking nuts! Is their anyone left out there that just has the money or financing to just buy?

You have plenty of sellers out there feeling jealous of your situation right now!  

It sounds like your listing appears attractive to beginning investors, could be because the price is too low or the verbiage is too investor focused.  I agree with @Chris Jenkins that it might be worth considering listing with an agent or reworking the way you have it listed.  Make sure that property gets the attention and proper marketing it deserves so you're attracting real home buyers and not just tire kicking investors.  

Note that owner-occupants will almost always pay more than an investor.  

Good luck!!

Post: How To Be The First To Know About A Home In Pre-Foreclosure?

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414
Quote from @Paul De Luca:

@Brad Jacobson

Good to know! I've been calling pre foreclosure leads but I didn't know that. Aren't NODs or lis pendens notices public information though? Just curious why you'd have to go to a local title company.


 Hey Paul,

I think they are public info, so there should be other ways to get it.  Personally, I don't know the process for getting the info as one of my preferred title companies has always made it easy for me ha.  I recommend that route if available.

Good luck
 

Post: How To Be The First To Know About A Home In Pre-Foreclosure?

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414

Hey Taylor,

The easiest and most effective way is to go to a local title company and ask them to set you up with your county's "NODs" or "Notice of Defaults."  These are the letters that get sent to homeowners who are at least three mortgage payments behind.

There hasn't been a lot over the past 2.5yrs because of all the Covid relief money but NODs are absolutely the best way to get ahead of foreclosures.

Good luck!

Post: Line Of Credit? HELOC? Cash Out Refi? Need help!

Brad JacobsonPosted
  • Realtor
  • Ogden, UT
  • Posts 338
  • Votes 414
Quote from @Mike Finn:

@Brad Jacobson Got it, thank you! So should I google for local credit unions and go down that path?


 Yes, Google or visit the branches that are convenient.  Having one on one chats with the officers would likely prove useful as well.