All Forum Posts by: Daniel I.

Welcome to BP! Check out the podcast with Sharad Mehta who does buy-and-holds in NWI if you haven't already. 

If you're looking for properties on the MLS in a hot market, you're not going to find anything below market value. You're either going to have to go off market or a little further out from where you live. If finding a great investment property at a great price was as easy as checking out one house on the MLS, everyone would be doing it. Get to know professionals in the industry and let them know what you're looking for. Network with other investors, wholesalers, agents, and attorneys. Try a direct mail campaign to find motivated sellers. Stick with it and I'm sure you'll find it'll pay off eventually.

@Marvin McTaw @Anthony Davis @Bill Gulley

Thanks again, everyone. So if the seller doesn't want to deal with the eviction, I'll likely have to wait until I close until I can evict? I've heard it can take awhile in Cook County.

Since I'm trying to wholesale it, is it something my buyer could just deal with when they close?

I'll second what the others said and advise you ask an agent in the area to give you an ARV on the summer cottage.

For the multi-unit, yes, market it is a rental. Check out this spreadsheet to help you analyze the numbers: 

https://www.biggerpockets.com/files/user/Mister4cl...

I wouldn't do a $0 EMD just because from my understanding, you need consideration for the contract to be valid. That being said, the lower you can get the seller to accept, the better. Try $10-$100 for smaller purchases. Just don't go out of your way to make a huge point about it.

@Marvin McTaw Wow, man. Thanks so much for such a detailed, step-by-step guide. I can't thank you enough! This is super helpful.

@Anthony Davis I really appreciate you going into detail on this. A lot of people just skim over the process, so it's really helpful to have it all laid out! 

I have a motivated seller who inherited a townhome. It has since gone into pre-foreclosure. There was $49k left on the mortgage and she just heard from the bank that the lowest they'd settle for is $28k. How would I go about getting this under contract and still getting the bank to accept $28k? If she sells it, would the bank then try and get the $49k balance instead?

There's definitely a potential deal here since the property's ARV is probably around $70k, I'm just not certain of how I'd go about getting this done. If any seasoned wholesalers or investors had any advice, it'd be greatly appreciated!

The other caveat is there are tenants living there who are not paying rent and haven't signed a lease. Apparently a lot of drama with them. Would it be best to try and do cash for keys after purchase? Am I able to evict them without a lease in place?

It's all county-dependent, but I had success filing a FOIA request. I paid a $20 fee and was able to receive 140,000+ properties in excel files. From there, narrow down to areas you want to focus on and hit 'em with that direct mail.

Thanks for the insight, @David Dey.

I guess I was mostly just curious about wording for a motivated seller website. Whether I should say "we" and "us" or "i" and "me." Whether I should have a little write-up in the About section that tells the seller a little about me and my personal life or if it should appear as more of a firm or group of people. 

I like what you said about the target audience being someone looking for help. I agree with that 100%. My instinct is to go for the personal route and put a face to the name.

I'd definitely be interested in hearing if anyone else has noticed a difference in marketing or pros/cons for this.

Bump. Anyone?