All Forum Posts by: Account Closed

is it the same thing as a SFR? i read that you cant really do lease options with multi families, is that true?

any tricks to getting multi-families when they have little equity?

well you would know by how motivated they sound over the phone.  im assuming that those mailing pieces also have a home in your area (hense the landlord targeting). 

 i dont think this is something you should worry about at this time. once you find someone who says " i need money i need to sell asap" i am going through a divoce i need to sell asap" this property is a huge pain i need to sell asap" etc.  i would start to think about this, because honestly, its the least of your worries. 

one thing i learned about real estate is , DONT over think it.

at the point where they say that they need to sell, ask them what their bottom line is. if its not cheap enough for you say "is that really the lowest you can go"? when you talk to them, they need to convince themselves that they need to sell it.

@Antoine Belt

 i am not sure how much that changes the comps. it all depends on the neighborhood.  up here in new england, one side of the street can be completely different from the other side as far as comps go. 

Just remember... Just because someone put one million dollars into a house that is in the projects, doesnt mean its worth a million dollars.  tons of people get that misconception and it gets me really frustrated because they try to call me the donkey

i would try connecting with a cash buyer through craigslist ( or if you have another source) to see what he thinks .  if you can show him that you are a hard worker and that you are willing to bust your balls to find a deal for the both of you i am sure he will give  you a chance and show you the ropes

well if they live that far away im assuming you wouldnt take a plane to sign a contract unless it was for a hundred grand.

weed them out over the phone. you can figure out their motivation . if they arent, move on. if they are, check it out and proceed

by the way. ill use myself as an example. when negotiating, the only number i heard was 117k.  when a seller says "  i would like to sell it for around 120- 125k" the only number you hear is 120k.

so in future, when you are negotiating with a seller. dont say " i can offer you around 100-105k".

not saying you did that. just figured id throw that little advice out there

not enough margin for myself. if expecting to hold the property for five months and paying taxes, there is little to no profit. especially if you are going for a 5k cut of the deal. now youd be selling the contract for 107k.   any repairs needed or anything that goes bad, now youre in the hole.

some people itch for a deal really badly, but i wouldnt put it under contract . i would find the buyer first

i like what bill said. sell the contract back to him for a small fee.  depends on how desperate this guy sounds. if not you can be nice.  you put a lot of time into this guy im assuming. you should get some money

@Matthew Paul

yes, i consider retail within 20k = no deal. not sure what yours is...

if you are renting it out i dont think you can get hard money. they have pretty high interest rates but are good because they can give you the cash within a week. 

theyre mainly for fix n flip.  if the owner offers financing for 40% i dont see why not,but i could be wrong

@Derrick Strope

i have done it first hand because that is how i got started so i know it works. need to a build a relationship with them first and gain some experience. 

@Jose Fuchen

go on craigslist to talk to sellers. try and figure out their motivation of how badly they want to sell. start learning how to analyze a deal.  like i said, 99% of them are going to be bad leads, but its practice.

when you are talking to them, ask them what they want to sell their house for. ill have zillow open to check the zestimate since its really quick (DONT USE THIS FOR COMPS).  i use zillow strictly to see if they are within 10-20kk or so of what they are asking. if they are close to that number, it means its probably going to be a no deal.

if you are looking to build your buyers list, craigslist is a good place as well. most of the ads on there are " we buy houses cash, blah blah blah". send them a message, tell them that you are a wholesaler and are looking for a cash buyer to buy some of the great deals you are finding.