All Forum Posts by: Chris Pohlson

@Andy Cross Yes, I switch it up.  I'm trying to find that magic combination of words that gets me 20 leads a week. :)  For real though I'm just trying to keep it fresh.  Next week I'll probably touch on our honesty and integrity and the fact that we're local.  If I were in our potential lead's shoes, my biggest hesitation would be that these "cash for homes" guys were trying to scam me.  I want to eliminate that objection right away.

@Andy Cross Your mentor may be right if you're just concentrating on wholesaling.  I have quite a bit of cash on hand.  That said networking is networking.  I'll connect with anyone I can at this point and I've gained some pretty good market insight from my meetings with RE agents.

Here's my craigslist ad this week: "If you need to sell your home quickly, we'd like the opportunity to make you a cash offer. We buy homes AS IS. No need to make repairs. No realtor fees. No commissions. If you're behind on your payments, we can help. Visit (website) and fill out our contact form."

Most of the leads I've gotten have gone to my website and filled out the contact form.  They don't respond to the ad via email.  I post in housing wanted.

@Alma Alejos  Welcome to BP.  I'm new as well but this is what I've done so far:

Go to foreclosure auctions with the intention to learn not buy.  I've met some great connections there.

Start an LLC and put up a landing page website.

Advertise on craigslist every week. (I avg about 2-3 leads a week)

Meet with other BP investors for coffee

Connect with RE agents.

Evaluate properties (I'm walking through two new properties today with my RE Agent)

I've pulled two lists from the county and I'm getting ready to do my first direct mail marketing campaign.

I sat down with a local property manager to get a feel for the rental market and pick his brain on what I should be looking for.

Hopefully some of those suggestions can help get you started.  Good luck!

Cody H. I posted the same question a couple days ago. If you're like me, you're wondering what similar properties like your home will rent for, what you should budget for capex, maintenance, and vacancy, etc. I scheduled a meeting w a couple property management companies to shed some light. Maybe do the same? The ones I contacted were more than willing to help.

@Edward B. Interesting. I figured maintenance and CapEx would be minimal since the home is only 6 years old and I've been the only owner knowing how well it's been maintained. Maybe that shows my inexperience. I appreciate your insight.

@Thomas S. Thanks. Attorney has advised LLC. Although I'm just getting started in real estate, I have a higher net worth that needs protection. Just curious how others handle their single family homes if they are in a similar situation.

Does anyone have any advice on how to turn their primary residence into a rental when upgrading to a new home? I want to keep my first house as a rental but transfer the title to an LLC. I understand that will activate my mortgage's due on sale clause and I would have to refinance that loan? Will I still be able to get a 30 year mortgage? If I had to do a commercial loan and move down to 20 years, cash flow would take a large hit. My mortgage banker suggested a trust. Will that still protect my assets? Anyone have experience with this? Thanks!

@Joe Splitrock I'm just getting started.  Currently trying to finish a foreclosure deal as my first deal (going through the redemption period).  I'm looking at everything from multi to single family to flips.  Just trying to find something that makes sense.

@Joe Splitrock, are you strictly buy and hold or do you flip as well?  I'm having trouble making the numbers work on buy and hold for single family in Sioux Falls right now.  Agree on inflated market.  Below $100k neighborhood gets a little suspect and that worries me.  Think it's a mistake to ignore the "lower income" market?

Originally posted by @Wayne Brooks:

If the owner has a right of redemption, then someone else will likely track him down, give him a small fee to assign his right to them, then they come and redeem from you, for your $1 plus the costs of your insurance, and you're out.  Track down the owner yourself, and acquire his right to redeem, to prevent this.

 Makes sense.  How would I go about doing that?