All Forum Posts by: Joshua H.

I found with my properties that the utility companies have a landlord friendly turnover. When the tenant leaves the bills automatically switch to you. I don't do anything else with the utilities except change the thermostat temp. 

Hello Rhonda! I have done a good amount of research into this method. I have not actually sent out post cards, though I've done a few direct mail. I have also found list sources expensive... I looked on many sights that you can order the postcards and they'll send them as a package and those are still very expensive.

The cheapest that I have found was indirect mail using USPS. The thing with indirect mail is that it may indirectly direct the individual to call due to peer pressure. Odds are that a close neighbor/relative may know about their situation and may bring up the postcard you sent as a solution.

 My conclusion from my research from starting small is that all other avenues are more expensive for direct mail services. If you have the time, making your own postcards yourself and shipping to the addresses that meet your criteria best is more cost effective for a smaller budget.

I hope something here helps! This was just my conclusion, so please keep an open mind to other alternatives! Hope you find one!

Josh

Hello all!

Thank you in advance for viewing this question. I have two properties under owner-financing and I am looking to personally move into a pre-forclosed property via subject-to the existing mortgage held in a trust. Assuming I find something that meets my criteria anyways.

My question is about how to approach and appeal to the homeowner. Do any of you have experience based on subject-to? Any insights that you would like to speak of based on experience about the process? 

Again, I do plan to make the property my primary residence so that does negate some ethical issues. I plan to be able to make all the back-payments and potentially give the seller some money to find a new place if that is a need.

My original idea was to show up in person to find out what their needs are, see if I can potentially solve their needs with subject-to, and be as frank as possible about the process. If the property met my criteria and the owner was not fond of the idea, I planned on following up with a personable hand-written letter.

Thanks again for viewing! 

Joshua Hankle

Owner financing is the way to go if you can come to decent terms. You don't pay closing fees until the end of the last payment. Of course you'll have to show someone that they'll get much more money over time and there's a reason why banks are in business. I found some long-term hard money lenders through real estate meetups, they charge 8-12% though. I found a number of lenders through Craigslist... but I would do my homework on those guys. That might help you out while you're building relationships with smaller banks/credit unions.

Hope something there helps!

For a flip:

That would depend on your area as well. What area are you purchasing this property? If the cost brings you to at or over 70% of the value of other homes, I'd pass on by. I wouldn't think it as a deal.

Long Rental:

That is not a deal IMHO. There are a lot of steps to your plan, many steps open to more risk of something going wrong. You are also sacrificing a lot of time into attaining $200 a month. I really think that you could find a better deal unless your looking in Fox Chapel/Squirrel Hill or something. 

If it was in Oakland near the universities, I would consider something like... renting out a per-room basis at $450 - $550. That would bring you up to $1,350 - $1,650. Just something similar I was thinking about when looking at other properties.

Either way, let us know how it turns out man. There may be something here that we can't see or maybe the repair costs aren't as high. If anything, you could present your data to them and name your price for what you would purchase it for.

Kill it,

Josh

@Jeff Copeland @Andy Madden 

Thank you both for the information. Andy, I checked out their website and I can see that I will be busy for awhile digesting this data haha. I checked a few other older posts with other links to similar broad sources but this is certainly better!

I wish you both the best of luck!

Hello all!

I have recently acquired 2 rental properties in Pittsburgh, PA. While I have done my own property analysis, I am looking to do a more in depth analysis of my general area. What I am looking to do is to develop a business trend model and break that down further by type of business, general population expansion and settlers, foreign inflows of people, bank and credit default rates, credit amounts, income and employment trends, home price trends, and maybe even break that information down by county.

I just do not know where to look and there isn't any analysis similar to what I am looking to do. I was hoping that someone here can point me in the right direction in-order to do an in-depth analysis.

Also, if anyone would like to add anything they think would be important, I would like to discuss it! Thank you all in advance and taking the time to read up to this point!

Jeremy Pace Thanks for the information! With my current tenant yes. With the potential tenant with section 8 the only thing that we did was fill out the voucher and submit it. So we are waiting on the inspection now!

@john 

@John Van Uytven Thanks. Yes it certainly has been busy. Actually finding and sitting down to sign the lease was very rewarding. I will be happy when HUD eventually gets around to the other property. Having to get a hold of anyone there is NEARLY IMPOSSIBLE haha

@Jeremy Pace I intend to get licensed as soon as I can. I'm sure there is a lot of work that needs to be put into that. Given my workload now I don't think it'll be an issue when I'm not taking an accreditation course and other initial work