All Forum Posts by: Joel Calkins

Ask a top-producing realtor in your area. Most realtors don't just sell homes but they're professional connectors and usually have a tool-belt of trustworthy contractors to refer out to.

I haven't used them however I've done large-scale direct mail through a company and had no hits.

It's not my preferred method of contact but my best method is to use a colorful envelope so it isn't confused with bills or junk mail and also make sure it's handwritten. That combination has a very good open rate.

So what some people are doing in this crazy market is going through the property for a first or second showing with an inspector or maybe a general contractor. Also, remember that almost everything in a "bid" or contract is negotiable so you can go under contract with an inspection contingency and have the ability to back out if unsatisfactory. Also, consider loading up with other contingencies like "Contingent on approval of a business partner" and that business partner can be your cat to protect your earnest money.

The sellers/listing agent may not be willing to allow an inspection without an offer but these days anything is possible.

The federal court ruled the eviction moratorium to be unconstitutional, I would look more into your specific area to see if you can proceed with this process. For sticky tenants, the easiest thing to do is cash for keys, it's really as simple as putting a dollar amount out and see if they take it and go.

@Ryan O.

Unless you use the car outright for business id use the standard mileage deduction. I believe it’s ¢56 per mile regarding business related trips. I use a mileage and expense tracking app Everlance and it automatically tracks my miles.

Let’s talk Condominium developments!

Here’s the situation. Small town condo development. No new projects set to be built within the near future. 20 or so units 3 Bed 2 Bath.

Right now it’s a patch of dirt but the deck has been site approved as is ready for construction.

Questions:

How is the construction financing market. Who’s offering these arms and what are the expected interest rates or draws?

Pre-sales and marketing the property; how have you creatively marketed a new development? Drone footage, 3D tour, custom furnishing, or other?

Any tips tricks or lessons learned?

If you have ANY information regarding condo development please drop it below ⬇️

@Wes Gibbs

First source your deal origination method. Are you going to drive for dollars, or pay for some distressed property website? Then you need to formulate you pool of cash buyers this can be your local REIA club, Facebook groups, or people here on BiggerPockets.

You also need to understand a little bit about basic contract law and what it means to get a property under contract and how to assign those contracts. You also need some equitable interest in the deal so you will need money.

Start figuring ways to get your name out. Try direct Mail marketing, or Facebook or Instagram ads. You can also think about starting an LLC for liability/tax purposes.

Take a deep look into the contract. Does it state that you can assign the contract to any potential buyers? It'll have some language like "and/or assignee". If you can wholesale and get it off of your hands then go for it, however, you aren't working with a lot of time. Maybe if you have some sort of contingency clause you can get out of the deal without losing the deposit then go that route.

I'll admit I'm in the anti-condo investing school. Rarely have I seen fellow investors make it out big or even break even on condos. I wouldn't argue there aren't any okay condos that can return a profit but I've yet to find an option that works in my market. And appreciation is nice but isn't liquid enough for new investors strapped for cash.

When I talk to new investors I always recommend the house hack to begin REI. For one, you become a homeowner and develop an intimate relationship with the interworkings of a house. And you are close to monitor problems with tenants and other issues.

Wow! I know what I would do.

Take the option that requires less money out of your pocket! And if possible try and get that 20% equity as fast as possible. Granted some loans don't allow accelerated payments so make sure to clarify that with your lender.

Good luck Elizabeth, and thank you for your service!