All Forum Posts by: James Gilpin

@frank Chan Thank you for the reply. If I am able to go forward with the project I will take these things into account.

James Wise Thank you for your response I really appreciate it. After doing some more reading on BP I read about a lot of people doing a ‘master lease option’ or ‘sandwich lease’ in this way but mostly for commercial property. It didn’t sound as if they were all licensed. Would this type of deal also be illegal without a RE license? Thanks!

Hi All, My good family friend has a property in a student area that he has asked me to rent out and look after for him. He was thinking a 3 year lease. He has told me that I can lease the property off him and then sub lease each room individually to friends. Basically after I rent each room out I will have a little bit of cash left over to keep. My questions are: Do I need a license to do this? Does his landlord insurance cover the sub-tenants if they were to damage the building? Could I be held liable for anything for the sub-tenants if the were to get injured or anything? Should I have something in the original contract in case I can’t fill the rooms? It seems like a great way to build some small cash flow with nothing down but want to make sure myself and the owner are clear for any liability. Thanks!!

Hi All, I am looking at potentially doubling up on my marketing but want to hear some feedback in regards to budget. My plan is to direct mail (yellow letter) landlords in my area with the proposal of a long term lease (master lease) or to buy as-is for cash. I have 800 properties to begin with which I plan to mail every month for 6 months. This coming out at $4,272 through yellowletter.com My question, is this too much or too little? I have a decent amount of savings but can't afford to just blow $4,500 with no return. Does anyone have any experience with master leases or offering multiple options in one mail campaign? Thanks all!

Ned Carey Hi Ned, thank you for input. I am sure as I called the number and spoke to the lady. March 30th is the first deadline or if they ask for an extension is goes to June 30th. When I cross referenced my data with county records there were 53 properties that went foreclosed on March 30th and then the rest I contacted... bad timing as if I had started a month or two earlier I may have been able to reach them in time! What avenue have you seen best results? Our plan is fix and flip/hold or if not enough spread/rents then to wholesale. Thanks!

Adrien S. Thank you for the feedback and I will definitely look at this approach. People seemed angry that I knew about their situation, almost like I am 'sneaky'. If they ask about how I know what would you answer with? Public records, assistant passed on addresses...? Thanks!

Nick Colamarino What other avenues have you used to generate leads? I have only just started so my thinking was with the June 30th tax deadline that these leads would be the most motivated. I read about burned out landlords and vacant properties but struggle to find the best way to find/get contact info for them.... Any others? Thanks guys!

Michael Lucero Thank you for the response. In Kent County it is 3 years so they literally have until June 30th until they are out. I crosschecked with county records to make sure they were all 3 years. I will definitely look at using a timescale sheet in my direct marketing 👍🏻

Hi All, I have a list of 48 property owners who are due to be foreclosed on June 30th. Rather than mailing them letter I went and hand posted them just as it is my first time marketing and wanted to get a feel for sellers. I was able to speak to 8 owners in person of which none of them seemed motivated. I explained I was looking to buy properties in the area for cash, as-is, no repairs, no commissions and no need to pay off delinquent taxes... the responses were 'not right now', 'I'm never selling' and 'I'm leaving this to my family once I go'. Most of the properties need to pay $5-$8k within 2 weeks of which (no disrespect) none of them looked like they had that cash lying around. SO... WHY ARE THEY NOT MOTIVATED AND HOW DO I GO ABOUT GETTING THE PROPERTIES? Any insight would be appreciated! Thanks!

Hi All, I have done a couple of flips from vacant houses I found driving for dollars. I saw a video on YouTube of an investor buying a property for $140k which the seller states has $120k owed and missed two payments. The investor claims the property to be market value at $185k. My question would be, how do I go about finding sellers who have missed payments who are motivated but have not yet been foreclosed? I am struggling with understanding what/how lis pendens or notice of defaults work and the steps of making deals that are not in auctions? If anyone has insight or a direction for me to learn I'd be very grateful. Thanks! P.s. Michigan laws.