All Forum Posts by: Gary Alford

Hey Eric,

Welcome to the site! The podcast are a must, the amount you will learn is amazing. just start from 1 and work your way all the way through. You will feel like getting out there and tacking on the world after the first few. Then make sure you do not hesitate to ask questions in the forums because people are more than happy to help on here. Just make sure to search the topic first before you post as a lot of questions have been asked already. 

We are in the same area so feel free to reach out to me if you ever need anything. Good luck to you on your journey. 

Gary

Whats up BP, 

It has been a while since I posted and while compiling my weekly list of evictions to mail this weeks marketing to I thought it would be nice to know how others handle this. 

So through the court records I get owners that went to court that week for evictions. When I look them up some of them come back owning a nice amount of properties, like 10+. Would you guys come at these owners as if they were sellers or someone you want to add to your buyers list? I have actually approach them as seller and have not gotten one deal from them and their motivation level is normally pretty low. Then on the other hand I have added a few quality buyers from these type of owners. What have been the best approach for some of you?

Hello All,

I am taking my licensing class now but trying to find a good place to hang my license after I pass my test. It will not be mainly used for agent purposes but mostly for investing so not looking for a realtor office that forces me to join HRRA. The fees are just high and I have no desire to join. I would like a smaller company preferably in Virgina Beach, Norfolk, or maybe Chesapeake. Prefer it to be ran by a broker that actually invest and understands investing and does not have just that average agent mind set. I wouldn't even mind virtual offices although I would prefer a physical local one. I want to have flexibility to actually do creative things and put deals together while staying within the law and not be limited by a scared and to cautious broker. Any recommendations would be greatly appreciated. 

Thanks

Hey BP,

I was doing my daily Craigslist Lead search and came across someone with a crazy situation that I could use some help with. 

The owners were married and bought a house back in 1980 something. They divorced and the lady took off and has not been heard from in years. Meanwhile the husband stayed in the house and paid it off. In January he deeded his interest in the house to his grandson using a quitclaim deed but the ex-wife is still on title. They do not want the house nor do they even want to drive to it. They have sent mail to the last known address, used lexis nexis to do a search and they have not been able to come up with anything to find her.

Has anyone had a deal like this before? How did you handle it? Would definitely love to hear from the lawyer and closing agent types out there. Is there some type of legal way to force a sale? I was thinking about going ahead locking it into contract, finding the buyer and letting my attorney work out the kinks. Even if it takes a couple of months. What do you guys think? Any help, advice or experiences would be appreciated.

Thanks 

Oh yeah this is in Waldorf, MD

The OP made some valid points but as a wholesaler our purpose is partly to provide a service to our end buyers. So to not know your numbers and present the buyer with enough information to be able to give it a quick look over to know if its even worth looking into further when they receive countless emails from people all day is crazy. If we are to be building a true business we should be adding value to those we serve. So how do you know you have a deal if you do not have a ballpark at least of what repairs are and how much it can sell for after. I'm not saying repair estimates should be perfect because they're not going to be but they should be close. 

However, I myself have come to realize how flawed the 65% rule can be and that it does not apply to all buyers. I have buyers that say as long as they make 25k minimum they will take it and they use cash not hard money. If most or all your buyers are using hard money then that is the rule you use but if they are real cash buyers then they can pay more. The BP calculator doesn't even use the 65% or 70% rule. 

I'm not super experienced with hundreds of deals under my belt or anything but this is just my 2 cents.

Hey April,

Welcome to the site. I love when local people find their way here, I even try to tell as many people that I can. You have already received a lot of great advice so I will not keep repeating the same things but I am around if you ever need any help. Just make sure you start networking and telling everyone you meet what you are doing and looking for. The TRIG meetings are great and you should also check out PREIA

http://www.meetup.com/va-preia/events/220465562/?a...

Good luck and see you around!

Hey Kyle,  when are you suppose to be moving to the area?

I would say you for sure have a deal here with him only owing 30k! And it looks like your ARV is somewhere around 230-245k. What did those comps look like also matters though. Were they rehabs? How far away are they?

However, If you take 230k/.65=149.5k. For repairs base it off of what he says it needs or if he does not know I start with around 20-25k. Subtract that and your fee and you have your initial offer. It would be easier if you could have gotten a asking price out of him then you could have landed maybe around that if reasonable but either way i would probably be offering around 90-100k just to get negotiations going. Hope this helps! There is much more experienced people here than me so maybe they will chime in and help you out. 

Welcome to the site! Good luck on your first property.

Gary

I have heard a lot of good things about LT from a couple of different people. That's who I plan to use.