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All Forum Posts by: Dory Peters

Dory Peters has started 3 posts and replied 244 times.

Post: I have sellers out of state but no buyers.

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89
Originally posted by Antonio Bodley:
I'm good to go on the fax machine part. It's finding the right people that will take action to close on the deals that I need to be concerned about. I use online media everyday. How do I find sign posters on Craigslist? What does my ad need to say to attract these sign posters? I never heard of anyone doing that. Not in my area I haven't.
Originally posted by Delondon Dear:
If you have an out of town deal you will have to do everything via fax. To find buyers you will have to use online mediums. Or you can higher sign posters to market for you for really cheap. Craigslist is the way to find these sign posters.

Tyrone Taylor is based in AL, and he has several videos online that address the questions that you've raised.

Post: Owner Finance Contract Template or Example

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

You might consider doing one of the following options: 1) hire a real-estate attorney to draft that P&S, note, and mortgage/DOT; 2) have your title company to handle drafting the note and mortgage/DOT; or 3) get the GA REPC (or the same purchase agreement that GA Realtors use) and fill out the section on seller financing (which might be contained in an addendum).

Post: 30 Story Building Completed in 15 Days in China (video)

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89
Originally posted by Ryan B.:
All I can say is WOW!!!

That's an understatement!

This video really has inspired me; it's time to take a trip to China. :D

Post: I have sellers out of state but no buyers.

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

No offense, but I don't believe that wholesalers or doing deals remotely are the problem. I conduct the bulk of my business remotely, and I periodically work with wholesalers to co-wholesale some of my deals.

The problem is twofold: 1) your end-buyer (who appears to have been a tire-kicker) might have made promises that he/she could or did not keep, and 2) you mentally already cashed the check before you had it in hand.

I live in DC. I've learned through the years that people (especially some politicians--but I won't go there) will lie to you whether you're dealing with them face-to-face, via e-mail, or via phone. Some do it intentionally, and others have extenuating circumstances.

Additionally, sometimes we'll hear/read one thing, and process something else. In that case, the person didn't lie; rather, we simply misunderstood him/her.

Sure, I've had potential buyers flake out on me in the past too, but I didn't let those experiences sour me on the process. I learned to screen them better. I also learned to continue to market a deal until it closes, or until my buyer is willing to let his/her deposit go hard.

Post: What would you do?

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89
Originally posted by Patrick Snyder:
Sounds like you are in a good situation. if it were me, I would use some equity from your primary residence to buy another property, which would generate a decent cash-flow, which you could use to pay off the other loans quicker. Since property A will be paid off in 6 years, and the rents more than cover, I would keep accumulating. With property B, raise the rents ASAP to help you out, too.

I like Patrick's suggestion, but I'd approach the deal slightly differently. I'd tap 50% to 60% of the equity ($145K to $174K) in the free and clear property. I'd use that cash to obtain an unsecured business LOC (for at least $2M). I'd use that $2+M to acquire a portfolio of distressed properties (that I could get for at most 50% of the ARV). I'd flip all of the properties in that portfolio, and use the proceeds to pay off the LOC and all of the other loans. Plus, I'd still have a nice chunk of cash remaining--most of which I'd reinvest.

Then I'd rinse and repeat only having more cash and equity to work with.

Post: Finding a good agent out-of-state

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

I invest locally and remotely. My process for building my team is the same whether I'm working locally or remotely. Yes, I'll do some market research in an area before I'll invest there.

If I know anyone in that area, then I'll first ask for referrals for an agent. If I don't know anyone in that area, then I'll check out some of the REI clubs in that area, and ask for referrals. Additionally, I like to do some data mining on the public records to see where the buyers (whom I intend to target) are buying, and I'll use the results to determine which agents are killing it.

Next, I'll take the results from the referrals and my research, and I'll interview all of the potential ones. I'll go with the one whom I like and connect with the best.

Post: Mobile Homes and Mobile Home Park Investing

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

Wow Jim! I didn't realize that you're also a part of BP nation. :) I've read several of your posts elsewhere, and I like your approach.

Post: Question for Experienced Investors please..

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89
Originally posted by Roy Stevens:
The $100-$300 cash flow/month won't match the $25,000 from a flip - not until years have passed.

Why wait years when one could get $25+K/month cash-flow right now with the right commercial property?

Also, flips don't necessarily have to be a short-term strategy. For example, consider a flip that's sold with creative financing.

Post: Best way to contact homeowner?

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

I use the public records, e-mail campaigns, connections, a few cold calls, websites, and driving for dollars to find most of my leads. I occasionally will also use cards as Tony suggested.

Post: What Do YOU Do to Determine Rents?

Dory PetersPosted
  • Real Estate Investor
  • dc, Washington D.C.
  • Posts 392
  • Votes 89

I call property managers, check ads (and occasionally will cold call a few of them), reach out to REI clubs in that area, check the public records (in some areas), collect the data via rental applications (if I already have a deal at least under contract), chat with some of the staff in the local HUD office, court records (especially eviction related dockets), etc.

Additionally, you'd probably be surprised how many times I've been able to glean a golden nugget or 2 while chatting with some people at Home Depot.