All Forum Posts by: Gavin Welch

Orlando, I agree with Ryan.. An LLc is always a good idea for liability purposes. Secondly, if you are planning on purchasing more properties your llc will have some established credit.

Good luck..

I'm not sure about your state but sounds like you need to move on and get new tenants. Are they reasonable?

I'd talk to them and tell them you are evicting them. Get the rent and tell them they have 30 days to move. Inform them that if they want their deposit they need to be out in 30 days and have the property 'broom' clean. If they abide by this they will get 2 things..

1. A portion of the deposit back.. Note: the 'portion' amount is up to you

2. You won't put an eviction on their record for future landlords to see.

It should work..

If not get the sheriff and get them out..

So tell them either way they will be moving.. The easy way or the hard way.. The only choice is do they want to leave with some of their deposit or not..

message me directly and ill give you a list.. If i do now, it will get flagged

@Peter Whitaker .. A degree, especially one that is paid for is always a great plan.. It can only help you..

Try to learn as much as you can from various sources.. realtors think one way (not always) investors think in other ways. Learn as much as you can from anyone willing to speak. There are a ton of great real estate podcast. Local book store and meet ups are a great source of learning also.

Good luck and thank you for your service to our country. Freedom is not free and we are fortunate to live in the greatest country in the World. Thanks

Gavin

@Account Closed ... It helps build a relationship with the seller...

Sellers do business with people they : know, like and trust.

Its easy to kill a great lead by not handling the seller correctly or getting excited or being to 'slick' and pushy..

My whole point is don't waist your leads you paid for them!! Just because it may not fit a wholesale model does not mean its a 'dead lead' there can still be money to be had.

Get creative..

It depends.. You will learn which sellers are more serious than others.. Obviously if the property is 300 miles away you can forget about that. But you can pre-screen the sellers.. Ask them questions before you go out there..

Like.. What did you pay for it? How long have you owned it? What's your mortgage balance? What do you think the property would bring if you listed it? Have you listed it before?

The pre-screening of the seller will help you a lot. If they are 100K upside down, then don't waist your time.

If you do get out there, then repeat their price and ask "Is that the best you can do?" Then shut up and wait! If they say "ok ill take 100K?" then you respond with.. Ok.. Then wait a minute ask a couple other questions then hit them again with "Is that the best you can do?"

Finally, when they are not budging any lower on the price you use something like. .. "You know I'm a cash buyer and can close fast, but I need to make sure this deal fits our criteria, and we are currently looking at several properties in your area. The bad news is that we can only buy one of those properties. So I want to make sure that when I propose to my partner that we buy YOUR property, that your property is the most attractive. Is that the BEST rice you can do?" THEN SAY NOTHING!!! WAIT!! The pause in good.. Wait for them to respond.. Then when they give you a number.. SAY NOTHING!!! Count to yourself to 50.. Typically, the sellers will lower their price again while you are silent..

Good Luck

G

Welcome Bill, let me know if I can do anything for you..

Gavin

Hey Daniel, Yea the marketing is difficult. I try not to give a price over the phone. I say something like "how can I be sure of the price without seeing your property". The price is the only leverage I have.

I like to have them walk me around showing me the property and telling me the points of the property. While doing this I try to get them to give me a number. Doesn't always work? If, I'm getting no love on the price I move to motivation then go back to price.

Finally, if we get down to brass tacks and they are not motivated and have little to no equity, clearly wholesaling will not work, instead of just letting the lead go, I offer to list the property for them (I have a license) or you can refer to an agent. But if they really have little to no equity, there will not be enough equity to sell to pay the costs, I then suggest a lease option deal or subject to (existing financing). If they agree, I wholesale the lease option to an end buyer.

Leads are expensive and they to make each one a deal...

Good Luck

Gavin

I think you can get a loan as a residence then rent it out.. You'll get a better rate, but not very ethical.

As far as being a landlord goes.. Its fairly easy.. Its a business and treat it as such

Sounds fishy! The broker is being paid a commission..

Were they responsible for the property management as well? Typically, property management is 10%. Although you need to honor the leases that are in force, you are not require to keep the existing management company in place.. Shop around.

Here in FL you have to honor the existing lease agreement until it expires.