All Forum Posts by: David Gunn

Hi Sterling. I'm sorry to see that nobody replied to this post. How did your Lease Option go? I'm in the process of doing my first one and was looking for some insight. Take care and Happy New Year!

Good work L.D. Way to jump right in there. If I can be of any help, let me know. Mmm, Chocolate chip cookies are my favorite.

Welcome to BP L.D.

You have definitely chosen the right website to learn from and Indianapolis is a great market to invest in. BP has everything you need to learn to invest. Check out the EDUCATION drop down above and go through the FREE COURSE. That will give you an idea of the areas that interest you. You can also click on the link below.

https://www.biggerpockets.com/courses/a-beginners-...  

Feel free to look me up when you get to town. I'll help any way I can. 

Yes, he is a wholesaler. It's always $2k no matter what property he sends me. He writes it on the bottom of every email. Good point about the clauses. I'll be sure we ad appropriate clauses to our offer. 

Thanks.

I've got a seller who is asking for $2,000 Non-refundable EMD. I'm new at the buying game and would like to know if this is standard. When I do my due diligence and find out that the property is not a good value for me then wouldn't I be out $2K?

@Benjamin Barredo First, you could purchase an absentee owner direct marketing list from a list company (personally I like ListSource), you will just need to narrow down your criteria. My last list was around 1,000 names for about $170. Then you could either mail out all those letter by hand or spend a little for a company to do it for you, say like...GoBig Printing or somebody like that.

Second you can make your own bandit signs or have them printed but that can get kind of pricey. The generally give you a greater response than yellow letter campaigns.    

Third, if your low on cash, Craigslist is free and there are a lot of homes on there that you could send letters to.

Hope this helps. I wish you well.

Welcome to BP. It's a great way to make connections and to learn. I'd recommend going up the the Education tab and going through the FREE COURSE. That will give you an idea of what area you want to pursue further investments. What type of properties are you managing and how many currently under your care?

Thank you all for your input. You have supported my and my partners conclusions. I will punt these to a realtor friend and see if he can help them on the retail market.

Needing some assistance on writing offers. Matt Theriault from Epic Real Estate Investing says to write an offer to everyone. He uses a 3 option close, so, that's what I plan to do. My wholesaler partner says they are not deals and doesn't want anything to do with them. He wholesales only. I want to buy and hold these two and need practice writing offers. 

Here is what I have.

Property #1 is a SFR on the 200 block of Blue Ridge Rd Indianapolis, IN. Seller is not too motivated as he wants full price ($185,000) less discount for not involving a realtor and doesn't want to remain on the loan. Comps in the area are $185-190K. It's his only rental and want to be rid of it. Currently renting for $1450 but market rent is $850 according to Rentometer.com. I know I can rent for $1000. Owner owes $142,000 and monthly payment is $1275 w/PITI and $842 without. Repairs would be about $8-12K. How do i come up with 3 different offers?

Property #2 is a SFR on the 1200 block of N Holmes Indianapolis, IN. Seller owes $34k and doesn't want any profit. Just wants someone to take it over. Comps are $25,000-$45,000. Probably about $10k of work. Rent in area is $550 and I can rent it for $1000 for student housing because of an organization I work with. Monthly payment is $450 w/PITI. These are my first two deals I'm working on. How would I structure 3 different offers on these properties?

There are probably other questions that need asked and answered so please let me know what I'm missing.