All Forum Posts by: Jonathan Brown

ok Cool this answers my question because I feel in the markets that I look into I know what rents run for and what ARVs will run. I guess I have looked at hundreds of houses and not deals haha.

So I hear many times from investors to look at hundreds of deals before making an offer. My question is where are these hundreds of deals. I know obviously my situation will be different from others due to my location but its hard for me to run into one deal every two weeks. This is what I mean, I am looking on the MLS everyday and most of the houses are in horrible areas and stay on the mls for a long time or they are overpriced. I look at craigslist and I only see houses in war zones. I drive for dollars every week but usually only find a handful that look empty and out of those maybe 3 that I can send letters to owners. I hear of many people who want to sell their house but everytime they are in horrible areas that everyone avoids so I don't even bother looking. The upside is from the experience that is around me and from doing my own research I have been able to build a strong criteria to focus on and know markets through my realtor who is an investor and people in my real estate club. So I want to look at hundreds of deals and analyze 3 a day but where are they?? Just curious if it sounds like I need to take a different approach or am missing something?

Any advice greatly appreciated

Jonathan

@James Stockton, @Robin Wilk, @michael Reilly  appreciate you guys for the help. Great advice

so I am in the process of a yellow letter campaign and if I start getting calls I know I want to ask the seller if I can view the property  and see if they are interested in doing seller financing. My question is could someone give advice on each step from viewing the property to closing the deal? I have been working hard on my letters and don't want to goof up when I get a potential deal.

Thanks

If I were to put 20% down on a $40000 house what would be a good amount of money to have besides the down payment and repairs to have as extra to get through the entire buying process ( due diligence etc)?

Any help greatly appreciated

Hey BP community

I recently got connected with an investor and he is out of state but wants to invest in more houses in my area (where I am trying to buy my first deal). He sent me a huge list of numbers of owners who may be absent, late on tax payment etc. He told me to make a bunch of calls a day to these owners to see if they are interested in selling their home. He offered to pay me if I close on a deal and help in getting my first deal, I know this technique can be a good way to get creative financed deals. I was just wondering if anyone had any advice on starting on this road of doing tons of calls to owners and working with an investor as his boots on the ground?

would appreciate any advice

thanks

yeah does not sound like a good idea, thanks john

I just finished talking to a local credit union about getting financing to begin the purchase of my first property. It should not be a problem for me to get funding, I was handed the loan application to fill out after we spoke. I spoke with the business section of the bank so I will put the loan under my LLC, my question is in filling out the paperwork or anything of the sort with a bank, what should I be careful of or not fill out in a way that could cause personal liability?

Thanks 

Any help is greatly appreciated

hey guys

I am trying to fully understand the risks associated with real estate when the economy and the potential collapse of real estate is concerned. I understand how money can be lost in a deal due to lack of due diligence or bad analysis but is it just that there is collapse of the industry and loans are called due and people go bankrupt? I ask this because this is what I assume but why do you see seasoned investors buying house after  house by borrowing money and not fear loans being due, is there something they are doing that protects them? This was a question I always had but know I am not shying away just want to understand what fully happens in a collapse and how investors protect themselves