All Forum Posts by: David Constant

@Manuel Villegas Welcome to the BP community :) And good luck to you as you get started! I'm just a few months ahead of you, but I'm always eager and happy to offer a few tidbits of what I've learned to rookies getting started. First piece of advice: ignore comments like the one above; they're not representative of the greater positive BP community! 

In terms of looking for multi families that prioritize cash flow: I'd recommend looking at two areas in particular --> New Britain (although there's already a lot of investor action in that area) and southwestern CT (New London County). I've got a bunch of connections and leads in those areas, so feel free to DM me and we can talk a little bit more.

Good luck and looking forward to seeing your progress!

-Dave

I've wholesaled a couple of properties in RI in the last two weeks and I've got more leads in pipeline. I'm looking to connect with other investors in the RI market. Does anyone recommend any meet ups, forums, Facebook groups, BP groups, or other ways to connect with RI investors? Reply here or feel free to inbox me. Thanks :)

-Dave

@Jonathan Greene Thanks so much for the insights and perspective - means a lot you took time out to respond to my thread!

I took a quick peek at your web site and noticed you do both on market and off market real estate, and you've coached investors to help them build their business. As I mentioned in my previous post, I'm hungry to learn and I learn best when working with someone. Any chance you'd be able to connect about potentially working together? 

Thanks!

Dave

Hey team -

I recently dove into wholesaling and I wanted to reach out here to see if there's anyone willing to squad up. Here's what I've done so far:

-built my Driving for Dollars list (over 500 properties)
-skip traced local pre-foreclosure and tax delinquency lists

-began cold calling (spent about 15 hours on the phone so far)

I've spent hours listening to Wholesaling Inc., watching videos of Max Maxwell, Sean Terry, Brent Daniels and others on YouTube, and searching through the BP forums. I'm incredibly eager and willing to put the time and energy in to make this happen and I'm looking for someone to learn from/with as I get started. I know myself and I learn best when I'm doing it with someone. And I'm not all about taking for myself: I'm fortunate enough to have a solid W2 job right now so as I am learning, I want to JV deals with you, send good deals your way, etc. I'm not naive enough to think I'm going to keep everything for myself as you teach me the ropes.

I have a couple of warm leads right now - or at least what I think are pretty solid leads - and I'd love to connect with you on the specifics: is it a deal? what should my maximum allowable offer be? is it okay to go under contract but not be able to get into the actual property? etc.

Please respond to this thread or DM me. 

Thanks again!

Dave

@Cody Lewis Thanks for your input! I took a look at those resources - they're really helpful. Have you done any direct mail marketing yourself? If so, how has it gone?

@Cameron Braig Thanks so much! I'll look into BallPoint Marketing. Have you done direct mailing yourself? If so, how has it worked out for you? Any lessons learned?

Hey BP Community!

As 2022 gets started, I'm dedicating my efforts to off-market properties, specifically through direct mail marketing. So far, I've built a list of about 1000 properties in 4 neighboring zip codes. Here's the criteria to make the list:

• current probate court records (searched land records)
• tax liens (searched land records)
  
• lis pendens (searched land records)
  
• Driving for Dollars
• late taxes (searched local tax web site and ID'd owners who have missed 2 consecutive payments)

I'm reaching out here with 3 questions:

1. Do you have any feedback on my criteria above?
2. I'm not sure what to put on the postcard - any suggestions?
3. What other advice do you have about direct mail?

Thanks so much!

Dave

Hey Stephanie - 

I'm in Glastonbury and looking to connect and network with some folks at a local meetup. Are these continuing into the 2022? Thanks!

David Constant

Hey team -

Does anyone know anything about Winsted, CT as a rental market? There are a few properties that I've got my eye on that seem to be really positive - affordable with cashflow - but I don't know the market there well. Does anyone have experience and any insight? Thanks!

Dave

@Filipe Pereira I appreciate your insights and perspective! I'm going to run the #s based off of your recommendations, particularly for rent. I'd rather low-ball my income, high-ball the expenses, and make sure it still works. If it goes up.. great! If not, at least I'm still profitable.

I just spoke to the seller again to get some more info - he's selling because the live-in property manager recently passed away and because the owner is out of state, he's not able to manage the property himself and he doesn't want to find someone new. 

He's got 2 of the 1BR units vacant currently, the other 2 are rented at $600/mo and the 2BR is set to be rented April 1 at $1000/mo with a 3 month lease that then goes month-to-month.

He said he's willing to do seller-financing with 10% down and 7.5% with a balloon payment at 24 months. Those #s just don't make it work for me. I'd have to sink too much of my money into it without the assurance that I'll be able to refinance out in order to pay him off in 2 years. Or am I off in thinking that?

I'm going to see the property on Saturday to assess its current state. 

I'm thinking I could make 2 offers:

Offer 1: he gets his price and I get my terms: buy it at 260000 with 3-5% down and 3-5% interest with a balloon payment at 5 years. This is a win for him because he gets full asking plus the interest for 5 years. This is a win for me because I keep more money in pocket that can then go into repairs which will allow me to increase rent, thus increasing cash flow. This also allows me to pay off more of the mortgage before refinancing in 4-5 years to pay him off.

Offer 2: he gets the terms he wants and I get the price I want: buy it closer to 200000 by using a HML and then take the next 9-11 months to BRRRR it. This is a win for him because he gets more cash now, which allows him to pursue other opportunities. It also reduces his risk: he doesn't have to worry about me defaulting and having to foreclose on me. This is a win for me because I get the property at a price that allows me to BRRRR it and only leave 10-15k in the property depending on what it appraises for.

What do you all think of this plan?