All Forum Posts by: Brandon Johnson

@Marcel B.

I'm not sure if by forums you mean the FilePlace aswell. You can get there by clicking 

Tools > File Place: Free Forms and Files > Contracts

https://www.biggerpockets.com/files/category/contracts

I've seen two of Brandon Turners rental property calculation videos and the total amount put away for both maintenance and CapEx is 15-20% of the monthly rents.

Take largely into consideration how old parts of the property are. Bigger ticket items being the roof, water heater, furnace.

If you know you need to replace something soon, say a roof in 4 years, determine the cost for replacement and spread how much you need to save over 4 years.

@Don Chambers

Your letter will get anyone and everyone who thinks they can get a whole lot for their house to call you. Regardless, qualifying your leads is something you will have to worry about either way. Michael Quarles has several qualifying questions that he will ask a seller before ever going to see their home. He is a guest on podcast episode 77 & 81. He gives away loads of useful information.

https://www.biggerpockets.com/renewsblog/2014/07/0...

I derived the question I now ask from him.

1. Do you have a house to sell?

2. Is you home currently listed with a real estate professional?

3. In today's market what do you think your home would sell for?

4. Knowing I can pay all cash, ect.... Whats the least amount of money that you'll sell it for?

He states that he ask 5 qualifying questions in total. I'm not sure what the fifth is.

If you were to do the loan for 60K and the borrower ran away with it, what would the home in it's current condition sell for? Will it sell for 240k or more? 

The borrowers knowledge and skill level are also something to consider. Do you trust that this person can do what they're promising. I'd have a lot of questions after someone underestimated by 60k on a rehab.

I think this all depends on how close you are with this realtor. Being only 3 months into a relationship and being a current costumer I don't see her offering her services 100% free. 

If you find the deal on your own, maybe you can receive free consultation by letting her know you would again use her property management for that purchase.

If you're thinking about multifamily property, buying a duplex to live in while renting out the other half might be a good idea. It could really help to knock out some of your mortgage payment. 

If it's listed as REO then it sounds like the bank has already foreclosed on it.

You'll be hard pressed to wholesale a bank owned property unless you buy it outright with your own cash and then resell.

As a good rule of thumb you should avoid trying to wholesale properties that are already listed on the market. You're looking at the same deal as everyone else and their brother. Good wholesaler secure deals at low prices before they hit the market and before the competition becomes anyone with an internet connection.

Welcome to bigger pockets! Who better to have as a realtor than your very own wife! You guys are already a step ahead in the game.

What kind of investing interest you?

Sounds like your bank simply wants your personal guarantee with your name on the loan and not that of your LLC.

Agents are a dime a dozen, but if you find a good one hold on tight. Referrals will be your best option. Talk to the people you know who have recently bought or sold a house, or go down to your local Real estate group and ask people who they use. Referrals from your local REIA may be the fastest option to find yourself a good investor friendly agent.