All Forum Posts by: Neil Schoepp

Never Split the Difference by Chris Voss

You have the lead flow you don't need a company for that. I'm sensing it may be in HOW you are speaking with them. Chris goes over many things building rapport being one of the many.

A PM is a great source for this info. As a general rule I use 25% per year at a turn cost of 1500. 

Start with a search of the county records. Most counties have free online access. So for example I would type into google ___________ County, {state} GIS this will bring you to their mapping site every county is different so you will have to click on a few links. Look for gis mapping, tax maps, real estate, property parcels, etc. 

Then you should be able to search by address. Now some counties won't list names so you need to copy the control number/map number/tax number every county is slightly different. 

Next search for the county tax assessor click around a bit you should be able to find tax records now search those records by whatever number you have. 

@Mary Lloyd

It sounds like your parents are purchasing a property and using that property as a Primary residence and that you are just being listed on the deed as a partial owner. That you do not have any financial stake in the property. That you are not putting out down payment money or signing loan docs. If that is the case then Mom and Dad claim it as a Primary and you don't claim anything.

If you are securing the debt on the property making loan payments and the such then it would fall into the realm of a second property. You would have to speak with your CPA to discuss exactly what your tax burden would be and the best way to go about mitigating that burden. 

Lastly you don't have to be on the deed to run the show, meaning Mom and Dad can buy the property live there then move and rent the property out using you to run the entire operation of renting the place out. They would be the owners and you would act in the role of the property manager. 

Being listed on the deed in my opinion is a good idea from the stand point of if anything were to happen to your parents you are listed as an owner and this will help with any probate affairs they may arise. That's a legal item and needs to be confirmed with your attorney, but that is my understanding of it.

@Jeremy Christian Hadar is the real deal. I've worked with him on a few different projects and he has taught me a lot about Real Estate. I don't tie my name to someone lightly. 

@Mary Lloyd Primary residence is where you will be residing most of the year. Second home is just that one in which you will visit occasionally. 

The house you are buying with your parents, will you guys be renting this out? WIll Mom and Dad be using it as a primary? Why are you buying it with them? Is it a matter of they need your credit score? or just that your name is on the documents in case something happens to them? 

@Kyle W. Personally I believe this is a great strategy. One of your largest expense line items on smaller (75 and under) is property management. Property management is also the one thing that will make or break you. If you can bring that in house it not only controls expenses but also control quality of service. It's another spoke in your wheel to maximize your expertise.

@Hadar Orkibi may be able to lend some insight.

@Jake Barney

probate is a courthouse records search also start building relationships with attorneys that deal will wills and probate

Prothonotary office is where they file legal papers find your county's office and ask them for the list most jurisdictions call it Notice of Default.

Another way is to Direct Mail. This takes time and some money as you need to mail an area for awhile before getting results. There are services that will help with this. Search yellow letters and direct mail

Network, Network, Network not the old salesman way of shoving your card in someone's face. Look to genuinely help people and spread the word organically. Do Facebook post about what you are doing. A video of a walk through, a post about how if an owner is behind you can offer them options, etc. When someone asks how's it going? Respond it's going great I've been helping people get out from being behind on their mortgages and saving them from declaring bankruptcy. That's a much better response then, I'm good little sore I'm not 20 anymore. How you been?.

@Jake Barney

Your criteria is based upon what you are looking to accomplish. Some investors only specialize in MF others MHP and still others in Condo's. Each have their pros and cons, so I would think about where I want to be 5 years from now and then work backwards.

You state that properties are to expensive in NoVA. Are you looking at just retail properties from the MLS? As investors we find properties with problems to solve. They are in disrepair, the seller is sick of the property and just wants out, the children inherited the property and have no idea how to run a rental, the owner is behind on their debt servicing. Find motivated sellers buy properties under market, stabilize them and refi them out.

Expanding your market is another personal call. I am in Northeast PA and I invest in MF. Good luck finding that up here. I had to look else where, so I invest in SC and Hampton Roads (yes it is much more affordable down there). So if your comfortable investing close to home but not locally that could be an option for you.

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