All Forum Posts by: David Bennett

@Sean, 

I agree with Richard C. I grew up in Brookline and it's a nice small town (it's wierd to see it referred to here in BP - it's a very small town and most people think you're speaking of Brookline, MA when the town name is mentioned!). Taxes are high of course due to lack of business; I'm not sure what the trend is now, though, i.e., if business is growing. The high-school for Brookline is in neighboring Hollis which is also a nice town and closer to Nashua. 

Also agree with Richard's mention of Milford. Milford will always have the well-known (to the area) center of town with (a?) nice small restaurant(s) while being close to Nashua and slightly larger and more busy Amherst (you may want to check out Amherst as well by the way). 

good luck!

-Dave

And I was yelling at my poor old iPhone 4s! so glad this was fixed....

Hi Donald, 

before you get much further I would suggest you call a RE attorney to discuss the RE laws in your state and how wholesaling can be done (if it can) legally in your state. In some states, there is a fine line regarding the legality of wholesaling, and in some states it is illegal.

Best regards

Hi Mark, 

I would say if you have *no* experience in RE at all then consider purchasing a duplex or multi-family and live in the other side (duplex) or one of the units (multi) and rent out the other(s) if you have the means. 

And, decide on a particular investment path such as buy&hold, rehabbing/flipping, and in either residential (good for beginners) or commercial (more for advanced investors). 

Lastly read as much as you can on this site and in book form. For buy&hold consider the books "The Weekend Millionaire's Weekend Investing Program" by Roger Dawson and Mike Summey or "Hold" by Steve Chader; for flipping consider "Flip" by Rick Villani. Of course, there are a ton of other books. 

Good luck!

@ Steven Picker, 

thank you that was my question too! And, to go further on Steven's point: I assume the rules are state-dependent? Or is there one fundamental common rule among states stating (clearly or not) that to legally wholesale you need to be a licensed RE agent? 

@Stephen Hudley 

thank you for elaborating on the seller's story. Good work!

Best regards

@Stephen Hudley, 

congratulations in finding this deal. Seems like you will make a nice profit and hopefully the owner will benefit nicely as well. 

With that said, I want to mention that I hope people will consider the human factor here as well as the profit factor; with the human factor perhaps outweighing the profit factor. I have personal family experience with this sort of hoarding behavior and I can assure you, the underlying disease (perhaps in this case obsessive compulsive disorder or schizophrenia-related mental illness) is devastating as you probably can guess. 

I'm sure noone who posted here meant any offense to the property owner when referring to the status of the home and, of course, we're all interested in how the deal was formed so having this post focus on the detailed RE aspects and not the human aspect is understandable. However, it would be nice to know how the property owner will benefit from the sale of the home - after all, we as investors are not only after profit right? Helping people out of seemingly insurmountable situations can be as rewarding as a "home-run" deal.

Best wishes

Welcome to BP: 

first, type in "wholesaling" in the search box at the upper right-hand corner of the BP web-page. Then read/listen to everything you can. 

second, attend a local real-estate investing club meeting if one exists in your area.

In the meantime, while you're driving (or as a passenger) keep your eyes open for distressed/apparently abandoned properties and make a note (mental or otherwise) of the address. One of these could end up being your first wholesale deal.

good luck

@Herbert Reihner

Hi, welcome to BP. 

Quick advice: 

1) read as many posts on BP related to flipping as possible

2) listen to as many BP podcasts on flipping as possible

3) repeat 1 & 2....

And/Or: If you haven't already done so you may want to read "FLIP" by Clay Davis. If you're keen to listen to books, you could "read" it for free by doing a free trial with Audible.com. 

Best of luck!

-Dave

@ J. Scott, 

can you comment on the number of motivated sellers you reach via online vs. direct mail (and I assume you've optimized both methods) ...? 

thank you 

-Dave