All Forum Posts by: Sam Epperson

I'm wanting to focus on working with investors, and I'm a relatively new agent.

if my goal is to find off market leads, and I want to start with cold calling distressed owners, what exactly am I saying to them?

let's say they've got a property that needs work and they're interested in selling. Do I get them to suggest a price that they would sell at?

then do I take that number and find a buyer at that price?

am I representing only the buyer in this transaction?

or do I ask the owner to let me list it for them, knowing it would only sell at a discount on the MLS?

what are my goals on the cold call? and technically who am I representing??

thanks for the reply! if the HUD's FMR for the area is $1300, but the current landlord is only charging $750, what's the likelihood that an increase to the 1300 rate is approved? would there be any reason that i couldn't raise rents to the FMR?

Just to piggyback on this thread -- I'm seeing a listing in indiana of a portfolio of houses. Most tenants are Section 8 already, but their rents are very low considering both the market and vs HUD's Fair Market Rents.

If i purchased the property and raised the section 8 tenant rents to the FMR, does this have a major effect to the tenant? Is the program likely to pay the difference between their old rent and the new? I don't want to push out all the tenants, but i'm looking for a way to increase this property's value.

example: Section 8 tenant is paying $750. the FMR in the county is $1100.

When seller financing a deal, and you register with the clerk that some amount of ownership has traded, are RE taxes on the property going up?

In my state, property taxes are adjusted at sale to effectively be the price that someone has paid for the property.

Does a seller finance deal trigger this change in tax?

I'm looking at a deal that's been owned long term and the taxes are low. A sale at their price would double the taxes.

@Jason Wolfer hello . I, too, would love to network. There's a REIA meetup next week.

@Jake Mango you might have to look at your numbers again.

$75k isn't getting you much leverage in town. It looks like you might be attempting to buy a property far from campus but still expecting rents from students near campus.

The landlord laws are fine enough, they're certainly strict for rentals. But it's to ensure you're not a slumlord and are providing a home that's in great working order. Safe, clean, everything works, etc.

Property values are high, but the price to rent ratio is hard to pull good numbers from unless you've gotten the grand slam deal of a century. Or unless you want a 5% cap and park your money.

Check out rentometer.com and narrow down the comps for your neighborhood.

Lmk if you want me to drive over there. I live in town.

Tried searching to no avail.

If I'm doing a seller financing on a deal, owner has 100% equity (6unit multifamily), and we agree on terms.

When we record the "sale" is that recorded at the county records office? And then is the tax rate determined by recent sale price?

I'm underwriting a small deal, and fogging up at whether or not to include a higher tax or the current one.

((My future plan is to renovate and refi))

@Rachel H. I've heard a lot of mention of Dodd-Frank laws around selling the homes back to the tenants.

Can I just say "hey it's worth 10k, I'll give you a 2-year note, pay me 24 monthly payments of $416" ??

So I'd have my lot rent plus the 2 years of payments, then they would own the homes?

I've got an off market deal with 9/10 being POHs. It's mom and pop, and he's only charging a standard rent. Not charging "lot rent + home rent".

How do I find the market value of the park owned homes? I'll need this to correctly find the price of the entire deal.

Also, after purchasing the deal, is it best to lease-option the homes back to the tenants? What's the best strategy to offload these homes that I don't want to be in charge of maintaining?

Everytime I think I've found a deal, I'll bring it to my coach and he will say "that's not gonna work, really at all." 

And I'm frustrated. 

im focusing on apartments 5-50 units, stuff that needs work, in great markets. 

"great markets" for me, is positive job growth, population growth, median income over $35k, city over 50k population. 

ill get a deal that fits, then adding proper management and RE taxes, it goes from a 6% to a 2% quick. 

ehat gives??