All Forum Posts by: Derek Curtis

@Paul Amegatcher @Steven Leigh I appreciate the responses. I did have a realtor pull comps and I attempted my own through Zillow. My realtor and I had difficulty as not a lot of properties have sold in this area at this price range. This probably means it is not an investor friendly location.

Regardless, the comps we did find ranged from $330,000 - $470,000 with an average of $337,000.

Seeking advice!

A gentlemen contacted me about selling his lakefront investment property. He had purchased the home 2 years ago for $100,000 from the bank as a foreclosure. He did a lease option on the home for $180,000, of which $25,000 was advanced. The tenant stayed in the property 18 months and paid $`1,000 per month. The tenant just went through a divorce and up and left this past week.

The home is 4 bedrooms/4 bathrooms, 4,700 sq ft, 3 levels with finished basement. It has a 2 car garage and 1200 sq ft guest house. The house sold on the MLS in 2007 for $335,500 after 191 CDOM. In ground pool in the basement.

The home needs significant repairs. The basement has water damage/mold from years of unfixed leaks. It appears the leaks come from the roof, in the center of the home as an addition has been built. HVAC needs updated (1995). The chimney is falling away from the house. Plumbing and electrical appear in order. Would of course need paint and new carpet in the bedrooms.

The gentlemen said he would take $160,000.

Being a new investor I would like to hear my BP family's thoughts on the deal. At the beginning of starting my business, I am not super concerned about making a lot of money. I am more concerned about my name/reputation.

I second @Mindy Jensen, would love to hear the details!

@Mindy Jensen  I do, but towards the end of the call (when I realized I screwed up) I asked if he minded if I had the address to look the place up. He declined and said that he may contact me again in the spring.

@Steven Hickox thank you, I will do exactly that next time.

@Phil Reames that was the exact response I needed! I shut the guy down before knowing anything.

@John Horner I'm hoping that my phone starts ringing more and more so I can get more practice!

Thank you all for the responses. I appreciate it.

A week ago I finally began marketing in my area. Today I saw the first fruits of that labor with 3 potential leads, the last of which was my first phone call from a sign that I had posted! The gentlemen asked if I bought houses in a town that is around an hour and a half away from where I live. My first reaction was to say "no." After talking a little more I found out that the house was inherited from past parents, needed repairs, needed cleaned up, and that they just wanted to wash their hands of the situation.

Gahh! Why did I say no?

I then mentioned that maybe I could find another investor that could help him with his situation. He said no, that he might wait till Spring to contact anyone about it again.

I'm hoping that as time goes on that I'll get a little smoother on the phone? Here was my first opportunity, to not only help someone out of a situation, but to perhaps make my first deal. On this note, do any of you wholesale properties far from where you live? Any tips for improving my phone game? Thanks in advance!

@Justin Lloyd I actually just began my first marketing campaign here in town a week ago. Whilst far from successful, I have at the least gotten started. The best thing that I did was join the REI group in January. I've met so many other investors and have learned a lot. You should check it out and see what you think!

Read The Ultimate Beginner's Guide to Real Estate Wholesaling.

"30 Days to Cash" is a DG book that you can download for free. It includes a 30 plan for actuation starting from scratch with figuring out "why" you actually want to invest in Real Estate. Lots of good free information out there!

@Jephney Herring Welcome to the site. I am in the same exact boat as you. Working with a mentor and starting my first advertising campaign tomorrow! Look forward to hearing more from you.