All Forum Posts by: Corey Kenney

What does everyone recommend for scoping properties from the birds eye view. I just bought a new HP desktop for my business and when I try to use google maps/earth or something similar I feel like I’m led down a rabbit hole to download extensions and then it never works for me. Is there a paid software or system that I should use or am I just doing something wrong here?

@Frank Patalano

I personally am waiting on my HELOC to process And I also plan to borrow from my 401 to cover my percentage of my first flip. The longer I wait the more money I can borrow which makes it hard for me to rush into any deal knowing that the more skin I can put in the game the less I will have to pay to a hard money lender. My HELOC will be for 40K which I plan to allocate to my rehab costs and just finance the purchases. My goal is to start with flips until I have enough cash to buy my first rental outright then continue the BRRRR strategy for passive income but still maintaining a low volume of flips because that's where I feel I can profit the most, at least in my market. Maybe it's like this everywhere but in NJ we have such a variance in property type and size and most importantly value that it makes it difficult for me to assess ARV confidently. I can have a $350,000 property literally right next to a $150,000 and sometimes being on one side of the street can make or break your resale price. Adding even more confusion is when I look at comps that have some upgrades compared to one that has none but more sqft. Or I look at a comp and think was the property actually worth that or did they find a sucker to pay that price and I may not be that lucky. This is not going to stop me in anyway but I feel like it just requires more analysis and creates more of a risk for me when even a 20-30k swing could eat up all of my profit on a flip. Lucky for me the more I analyze the better I will become and that's my plan and my goals definitely support that. Other than that financing is financing and grinding for deals..well you get what you put in. So as long as I continue to network with the right people and apply the 3ft rule to everyone else I don't see any obstacles that can't be overcome.

Am I wrong to think that anyone advertised on the BP platform would be trustworthy,vetted and experienced in this type of work? I would just like to understand if I still need to proceed with caution or can I say well they are preferred by bigger pockets if they are being advertised here. How many of you are using companies found here? Should I expect to pay more when dealing with the companies provided or have you experienced the opposite? Please share any feedback you may have. Thanks in advance.

@Greg Dickerson

Greg I have not attempted to generate any leads online yet even though I know most advertising is handled online these days. What would you recommend for online lead?

@Geordy Rostad

That makes sense Geordy and in this particular case the son is one of the 3 siblings two sons and a daughter. The daughter is the executor who is dragging her heel with the selling of the property from what the other neighbors have told me. I see a great opportunity knowing that the other two want to sell I just need to get through to the sister in some way.

Looking for insight on the way to structure my letters. I know the point is to get the call so I can pursue face time but I just don’t know what the best approach would be. Is it keep it simple and to the point. “Hi my name is.. and I’m a local Real Estate Investor and I’m interested in purchasing your property, fast close, no realtors, no showings just CASH for you to do as you wish”

Or should I give information regarding whatever their current situation is, so they can make an informed decision without fear of the unknown.

I sincerely believe that I can help every person I send a letter to in one way or another so do I just tell them that?

If I am sending a letter to next of kin or an executor do I mention the death In the family and express my sympathy? I only ask this because two properties I am looking at currently the original owner passed away. 1 happens to be my next door neighbor that I did not know personally but I have spoke to her son who comes to cut the grass every few weeks.

My belief is that if the first correspondence really sits well with them and they feel comfortable I won’t even need the next 3 letters..? Thanks in advance

@Pete Bauer

Thanks to all for the feedback, that’s what my gut was telling me. I try to operate with a “Would I?” mentality.

I read to not use websites to incorporate but everything looks to be legit from what I can tell but you never know. Do I need an attorney to handle my business, looking to make an S-Corp for my flip properties to offset some of the taxes at the end of the year because I still have a 9-5. If anyone disagrees with this strategy please share.

I came across a potential flip last night and at first glance the property looked to fit my criteria. Before I proceeded to run the numbers I noticed that right next door is a funeral Home, a nice one I might add but never the less still a funeral home. There is a large parking lot that is in between the potential property and the front of the funeral home as the funeral home is the corner lot and is probably 4x the size. Currently there is a chain link fence between the two property lines and next to the fence in what would be the back yard area is a huge detached garage for the Hearse. Am I correct in thinking that this will turn off even some buyers and if i put up a 6ft privacy around the rear of the property would you say that would help or does it not even matter? Thanks

@Mike Lynch

Call OSHA have them come in and evaluate your claims to unsafe work environments for both parties, if there is a hazard to be seen they’ll find it. Other than that you will need your attorney to fight for what you think is right.