All Forum Posts by: Shawn Vassel

I offered 18,900.. The only reason I looked at it is because its a good price and also because I have buyers on my buyers list that purchase condos in this area and within this price range.. Its a great potential rental property or starter home for someone.

After a few months of research and educating myself on wholesaling and the proper way to go about things I finally made my first offer. I know that the first step is often the hardest to make and im so excited that I didnt get caught in the continous cycle of research and more research and even more research and scared to make the first step. I thank the members of BP for helping me get to this point and the continued support over time.

Well here are the numbers.... Its a 1bed 1 bath 900sq ft. condo. The area is ok, not trump towers but its not slum village either, close to highway, shop, downtown and even a mall. The taxes are $355.19 a year and the condo fees are $125 a month. The insurance will run $250-350 a year based on coverages and deductibles. There was a tenant on the property as recent as 2 months ago and they were paying $700/month. Comps for this area are in the 40k-55k range. I know thats a wide range but thats what they are going for. The seller wants 23,500. He lives out of state, has owned the property for about 20 yrs and doesnt want to deal with it anymore, so there is plenty of motivation...

The father who showed me the property did some cleaning and some painting because the previous tenant left the place a mess but there is still work that needs to be done. More cleaning, new carpeting, some work to the bathroom and kitchen to get them up to date. There is a stove and refrigerator being left with the property but those most likely will be replaced. All in all repair costs wont run over 8k for a place of this size.

There are two other bids on the property, one from a cash investor who owns a another condo in the complex and another from a regular person looking to use conventional financing to purchase. If I get the property under contract, I have a good buyers list and a few specific buyers that are looking to buy condos in this area and this is great price. Ill also ask for the information for the other bidder that wanted the property to live in and see if I can work out a lease option with her for this place if my end buyer wanted to sell down the line but this is more of a buy and rent type of property. Two deals on one property doesnt sound too bad tho.

This is an exciting time for me and ill keep you guys in the loop as things progress.

@Jon Holdman Thanks for the clarification. I was reading my local sunday paper and I came across that article and it got me thinking. Im sure your right, if there is a law that prevents this from kicking in then im sure it will get extended. If someone cant afford their mortgage and are being foreclosed on, they def wont be able to afford a extra tax bill.

So I recently read that the real estate tax laws are changing as of Jan. 1st 2013 for those folks whos primary residence is sold through a short sale or foreclosure. They will be now be charged according to their tax bracket federal taxes on the amount that the bank forgives. Source: Hartford Courant sunday edition. Does that mean more motivated sellers for us wholesalers to avoid losing their homes through the bank process??

Ive actually been doing alot more research in mobile and manufactured homes. If you can get one for a good enough price where you can purchase it yourself, then the cash flows are sometimes better than that of stick homes. I havent had any requests from any buyers ive come across but it would be good to have as passive income.

Raymond thanks so much man. Im in the Hartford area which is only about 15-20 minutes from Wallingford. Ill look up a number for him or try and pay him a visit on a day im free. I really appreciate it.

Thanks for the info William. I wasnt aware of that.. I see that you are in CT and im not sure if you do wholesaling or not but would you be able to recommend a competent and knowledgeable closing attorney??

Thanks Troy. I actually just learned about mail merge with word and have been messing with it over the past few hours using data from spread sheets that I created in Excel. It works so well, all I have to do is come up with a really good message and I can have 900 individual letters in 10 minutes or less. I also found some really good handwritten fonts for free online and legal pad paper is fairly inexpensive. Im gonna take the initiative and do it myself and save a few hundred bucks.

Thanks for the response. Im looking at different ways to go about mailing out yellow letters. The info about listsource was helpful as I believe ill use them to gather my mailing list.

How do you go about setting up a yellow letter campaign?? I guess what im trying to find out is whats needed??

Do you order the yellow letters pre-written and have the company you order them from send the letters to you and you mail them out or does the yellow letter company mail them out to your list for you?

Also as a side question to those who have used listsource, are you able to download or print off the list you purchase or do you just have access to the list while online?

Lastly, the information you get from listsource or wherever you get your list from, how do you go about transferring the name and address to the yellow letter you are mailing out?? I know its a lot of questions and what im asking may be a bit confusing but any insight would be greatly appreciated.

Thanks in advance guys..