All Forum Posts by: Mike Delprete

You may notice trends like lower caps in nicer area and higher caps in tuffer area's. It just depends whats going on in your market. Here in Phoenix all cap rates are crazy anywhere you go even in the sub markets. 

If your looking to buy and hold you should know the cap rate your comfortable with as an investor and stick to that #. 

Start with contacting your cities zoning department.

I would do a few things:

1) Leave a note on the door stating you interested in buying.

2) Send a letter to the property. The mail my get picked up or forwarded to family members. 

3) Intlelius.com - You can potentially get name, #, email of the owner. They also provide family members information which would be good for this situation. 

Hope this helps

I just purchased a rental property with tenants in place going month to month. I don't want to change anything just keep everything as is. I plan to introduce myself and let them know where to send rent. Is their anything else I should be doing to make this a successful transition?

michelle,

Does easy sign work well for your option contracts? Also how is the reaction with sellers not signing paper im sure its new for most sellers?

2 months and about $1,000 in expenses

My first deal was a wholesale deal. Found a motivated seller with a condo using my bandit signs. Locked it up for 12k and sent a hand written letter to all the owners in the complex. Sold it to an investor for 17k. My mistake was at closing she asked me to pay title ins and I just said yes. I Didnt want to do anything to lose my first deal..lol Lost $1k on that deal. Remember "buyer pays all closing costs"

When assigning you'll have one set of closing costs which the buyer should pay. On a double close theirs two sets of closing costs. Every deal is different you can do a few things to pass the costs on just depends on the situation or you can cover out of your assignment

I love bandit signs.. I made a video how to cut your cost down so you can get more for your money

http://www.youtube.com/watch?v=o-qn5nj3wTw

Havent heard of it maybe I'll check it out