All Forum Posts by: Breon Smith

Its in NEW TOWN 32209 zip, property management in place for one of their quadplexes that property is cash flowing for $1,650 rent roll is $2,000  same type of apartment on the same street and this is what management is telling me. 

Hi BP, I was wondering if I should buy this rental property or wholesale it ? Its in Jacksonville, Florida in a low income area but a renters area, they are asking $60,000 and it needs about $ 30,000 in repairs,  a multi-family property quadplex (four-plex) it will cash flow around $1,650 monthly.They have property management in place for their other properties, I can use the same management if I desire. I'm leaning more towards wholesaling it, what do BP WORLD think?

welcome to bp, you can use Bernards Law Real estate attorney ( Dunns avenue) or Sunshine Title ( 0ld Kings Road South suite #100) they are investor friendly.

Sorry for the late response, tax appraisal for your county, just type in ( your county name) tax appraisal. Example: duval  county tax appraisal 

Welcome to BP, I'm also new to BP and wholesaling ( 2 months, 2 deals) I'm also from Jacksonville, Fl nice to see some hometown investors.

1. I hand write just one letter leave the name and address on the letter blank and make copies ( yellow or white paper doesn't matter as long as they get the message, I bought a 4 n 1 print,fax scan, copy machine and whatever else it does at wal-mart for $60 works fine)

2. Pretty much anything that let them know I want to buy their home ( I looked at other people letters to get an ideal and change some wordings that I felt the owners would be comfortable with reading).

3. Driving in neighborhoods looking for vacants or for sale by owner, also putting in random addresses in the tax appraisal looking for owners with different addresses who have own their home 8 or more years. example 1111 investor rd. and I check every owner address that starts with 1111( its time consuming but thats how I got my first deal and its free). 

In Jacksonville you can find little sub division thats surrounded by war zones ( the neighborhoods are not very bad just a little things here and there) and the sub divisions are very quit with working class citizens with a lot of southern hospitality. They want their neighborhood looking decent and they will tell you which homes are abandon. They'll also let the owners know that you want to buy their home.

My first deal came from looking at addresses on the tax appraisal ( owner with a different address) sent a letter and they called, didn't have to talk the price down he was motivated to sell at a low price and everyone else wanted to get him even lower. I didn't have a clue on the comps it was a duplex but I did have info on what each unit rented for. I showed it to about 6 buyers ( 2 buyers at the same time 1 buyer later that day I also showed them my other deal I had got under contract lots of driving back and forth). The last buyer who saw the property called the next morning and said they would buy, 1 week later the deal was done.

I drive for dollars ( looking for vacants or for sale by owners) also when I'm  looking up an address on the tax appraisal I check every address that pops up and usually look for out of towners who have  had a property for 8 years or longer ( its a way to get free leads for me).

I'm in jacksonville 

yellow paper 50 sheets $1 at dollar tree, envelopes small size 80 $1 at dollar tree

post stamps 20 for around $10 or 100 for around $47 ( just say $50 to be safe)

gas $10 don't be afraid of war zones ( lots of vacants and some buyers do buy for rentals in those areas). Also have a friend drive or write the address ( my wife and I tag team).

All my deals have been in war zones 

Hi Brock, Im also new to wholesaling ( 2 months reading and learning, 2 months active with sellers) I've done a deal a month ( 2 months active with sellers).

1.  wait till you do a couple of deals to see if you like the wholesaling process.

2. yes direct mail campaign ( just do whats in your budget all it takes is one seller willing to do a contract) you can mail 10 or 1,000 letters it only take one seller to comply.

3. direct mail and bandit signs ( small budget)

4. just ask real estate attorneys do they work with investors, if they do they can write you a contract or find one on the web and run it by an RE attorney thats what I did.

5. It is legal, you're assigning your interest in the property. you don't have to have proof of funds if the seller doesn't ask for it . They didn't ask me for POF, but I am working on a deal with a seller who wants $1,000 in escrow ( I'm not going put $1,000 in escrow on a home that is not permitted to be a multi-family).

Other then that go to some REI meetings continue to ask questions and you'll be fine. I'm still learning, oh yea don't be afraid ( educate yourself and be active).