All Forum Posts by: Joe Melvin

Hahaha. JD That's funny man. I followed this topic because I was really curious too. Me personally, I prefer to stay ahead of maintenance. I recently purchased 5 properties from an absent owner. I can tell you that chasing failing systems is not a good way to run your business. With 5 properties in various conditions. There are times when I think I'll never get them right. 

@Dev Horn That is exactly how I thought I was going to go about it. Reach out to sellers. Inspect the property. Make a solid offer based on what I saw. I can't say that approach doesn't work. It could be that the calls I'm getting aren't serious calls. That will always be the variable no matter which strategy I use. Thanks for the input 

Thanks @Joe Villeneuve. Seems like I need to be better at getting info on the call before making an offer. 

I've recently started marketing for properties and received a good response. However the sellers aren't interested in setting up a time for me to inspect the property. They just want an offer. I did do a drive by on a few but this says more about neighborhoods than specific houses and their rehab needs. I have sent some LOI's to sellers based on the drive by and a worst case scenario estimate for rehab. This obviously resulted in very low offers that were not well received.

So my questions are. What am I missing? Should offers be based on best case and then adjusted down? Are these leads not the type of leads needed for the buyers I currently have? 

Thanks, Joe

Also. When looking for tenants or accepting applications. As the rent price drops. Usually the quality of tenant drops too. It's an unfortunate stereotype but one that I've found true nearly 100% of the time. 

I watched a duplex sit on the market for nearly a year. Then after doing the numbers, and getting through the negotiation. At the closing table the seller offered to sell 4 more properties all on seller financing.

Hey guys, my name is Joe Melvin. I've been investing in real estate since 2005. My wife Amy and I currently own & manage 10 properties in Southern Indiana. I discovered BiggerPockets about a year ago and have occasionally frequented the site to search for answers about rentals or if I was daydreaming about flipping/wholesaling. The site has taught me so much as a passive member that I knew it was time to step it up. This spring I upgraded to the Pro account and began dedicating time to learning through the site and podcasts. As a full time investor I'm looking forward to connecting, learning, and sharing with everyone and hope that I can add value to this already great community. 

Thanks, Joe