All Forum Posts by: Account Closed

@Davere Currie

1. Pay a small fee (~$150) to a local NY Real Estate Lawyer to advise you if Wholesaling is legal in NY. If so...

2. Purchase a target list (i.e. Listsource.com) for your target area (~$150), for people who have more than 60% equity in their house and meet any criteria you believe would make them sellers (i.e. Elderly, out of town owners, etc). 

3. Mail out 1k yellow mailers to each address (~$750)

4. Network extensively in online and local investor groups. Take names, numbers, and emails - build your buyers list.

5. Listen to the BP Podcast episodes with Michael Quarles - the guy is a machine and his tactics are solid. 

6. Negotiate with potential sellers. Lock them under contract. Sell the contract to someone on your buyers list for a markup ($5k and up). Profit. 

Just remember to be up front about what you are doing. You are NOT an agent. You work extensively with investor partners to bring them deals and that is why you want to buy their property. 

@Ned J. my understanding is that Rentometer pulls in historical data from the MLS, Zillow and also Craigslist. I believe the MLS are actuals reported and Zillows are as well (but likely some are Zestimates). Nonetheless, it's a great tool to have in the box.

@David de Luna for $45 a year, what is the downside? I subscribed last year and paid $100. I think it is a great tool. I can massage the data in several different ways and view the properties on zillow/realtor/redfin to see what condition they are in. From there, I can adjust my rent. On my first property, I used an Agent. They wanted me to rent that property out for $900/month. I said no way because the rentals in the area commanding $900 are no where near as updated as mine. I asked $1150 and settled on $1100. Local Property Managers/Realtors are not always aligned with your goals. They may just want the management contract. 

@Mesha R. My father and I are actively flipping in the Bossier Area (specifically 71112 and 71111) and Green Acres. We are also interested in Shreveport properties south of King's Hwy but North of Pierremont and between I-49 and HWY 1. DM me for contact info. Thanks!

@Mesha R. I am an investor in the Bossier area and have a BRRRR project underway. did the loan officer you spoke with indicate if the 80%ARV refinance was a 'Cash Out Refinance' or just a traditional refinance? If it was a Cash Out Refinance, I'd love to have his information!

I am in the Austin Area and would love to join a Mastermind. The only one I have found though is GoM1 - of which there is very little information about online except for the videos they put out.  Can we start a list of Mastermind groups - both small and large - to help others like me who are having difficulty finding the right one to join?  Maybe this list could be a feature of Biggerpockets @Mindy Jensen - just a thought?

@Niti Jamdar I know Caliber Home Loans here in Texas/Louisiana has a portfolio product that they hold internally and does not count against your 10 limit. Not sure if they operate in the area you are investing in though. Otherwise, introductory calls with local credit unions in large metropolitan areas would be a good start. 

@Alex Shin After re-reading all the comments, it appears there are a couple steps to perform first. 

1. Confirm if this property is subject to Adverse Possession. Consult a lawyer.

2. Confirm if the property is subject to Rent Control.

If these two items pave the way to a clean break with the current occupants, then tell Kait that you will buy the property but can make no promises on the fate of the current occupants. If she doesn't sell it to you then she isn't stressed enough. If she does sell to you, then immediately increase rent and notify them that if rent is not paid timely they will be legally and forcefully evicted. No BS. 

@Alex Shin what condition is the property in? There may be opportunity for "Constructive Eviction" which occurs when a landlord is aware of a property condition and allows deterioration to the point that the building is uninhabitable and the tenants are forced to leave.

@Costin I. I invest out of state in the Bossier City, Louisiana area. Specifically 71112. I've been meaning to attend the W2 investors meetup to meet you - my apologies for dragging my feet for so long! Let's set something up soon. I'm currently looking more local near Anderson Mill and MOPAC/183