All Forum Posts by: Jon Jones

Thanks @Rich O'Neill!  The answers I have gotten in this thread are worth there weight in gold.  I am going to try the handwritten cards for my initial campaign to try and save some money and improve my response rate.  Also just shot you a message, check it out whenever you have time!   

@Brian Tome really appreciate all the info.  Jump started my thinking on all aspects of the acquisition process, especially the advice about returned mailers.  Sounds like your daughter is already getting a few good college courses in Real Estate!

@Brian Tome good thinking! I always hear stories of newbies getting into real estate through some sort of seller finance option, however never really put two and two together as a viable option for myself.  This really opens up my thought process beyond conventional financing.  Thank you for the tip and pivoting my thinking!

Hey BP Community-

I have been looking around the philly subburbs, primarily Delaware County, for the past six months, trying to close my first deal. For my first deal I am hoping to purchase a "lightly" distressed/outdated SFH or duplex property and do a live in flip. I don't feel comfortable borrowing hard money for my first deal and won't be able to work quick enough to make it worthwhile, so I am limited to conventional financing for the time being. Unless someone is aware of another route!

I have a realtor and lender lined up, but unfortunately the market in these areas has just been too hot, as I am sure everyone has heard a millions times this past year, and I just can't make any of the numbers work for the few properties that are on the MLS.

 As a result I am wondering if there is anyone out there who is using a creative strategy to find off market properties that can be conventionally financed. I have though about direct mail campaigns or door knocking to try and find a property that is in good enough shape to conventionally finance, but I wanted to see if anyone else out there has had any better ideas first or experience with that strategy.  I understand this strategy is not going to net me the profits a typical flip, but I think it is a safe place to start

 Appreciate any advice the community has for me on this subject!  Thanks 

Appreciate the insight @Randy Sommers @Kerry Baird. Sounds like this path is not often pursued for a reason. And even more so what I am gathering is a long-term (1+ year)/owner occupied flip is not a viable option if you are looking to purchase off market deals with private capital unless you can find a property to purchase at <70% of the ACV.

The construction loan is definitely my first option if I can find a deal on the MLS/that I can finance conventionally and still make the numbers work.

Curious to know if there are any investors out there that have had luck with finding off-market deals, that they have used conventional financing to purchase!

Hi All-

Looking for some advice on strategies for acquiring off-market/wholesale deals without being able to purchase the place with my own money out-right. I have some cash set aside and I am looking to purchase my first deal. For my first deal, I am hoping to keep my risk as low as possible so I am looking to purchase a live-in flip. Although I have some cash set aside and could finance a conventional deal (<20% down), I know you have to be able to move fast and have cash to purchase off-market/wholesale deals. The reason I would like to purchase an off-market/wholesale deal in my area is because for the most part I can't get the numbers to work for properties listed on the MLS.

I am going to continue to utilize the MLS to look for deals, but am also looking to link up with experienced wholesalers to purchase a property. Since I don't have the cash to purchase a property outright does anyone have any previous experience with purchasing a property using private capital/hard money? Since this is something that is going to take longer than a typical BRRR/flip rehab project, is getting private capital/hard money to purchase the property and then immediately turning around to do a cash out refi (assuming the purchase price is 70% of ARV and the numbers work) to pay off the lender, a viable option here?

Your help is greatly appreciated!

Hey Heather,

I have a very similar thought/question to you as well, since it appears you can generally buy a newer/cheaper property at these beach locations more so then you can at say the Jersey Shore points.  Anyway just wondering if you have had any of your questions answered outside of this post as far as vacancy rates, rent prices, etc. go with regards to this market?

Best of luck!  

Civil Engineer from PA here.  Posted the thread noted below last week, for all of the Professional Engineers or soon to be @Kirby Logan! Just wondering everyone has used their license to their advantage, in addition to the lessons noted in this post.

https://www.biggerpockets.com/forums/12/topics/859802-advantages-of-having-a-professional-engineers-license?page=1#p5046432

Hi All-

Rookie investor here, trying to game plan while searching for my first deal!  As a civil engineer with a concentration in transportation, I am trying to understand how others have used their Professional Engineers License to benefit their personal real estate ventures.  I am familiar with obtaining permits (Driveways, Erosion Control, subdivision, etc.) related to larger developments. However, since I would imagine these items are not common on smaller fix & flips, I am trying to determine if there are areas on these smaller projects where you have benefited from your license.

I understand their are ethics involved here, as far as what certain individuals are qualified to do, but like I said just wanted to see if anyone is using this to their advantage on smaller projects.  

Anyway thank you in advance for our input!  

Hi All-

Rookie investor from PA here. I am working on building my deal funnel and evaluating potential options (Sourcelist and direct mail, wholesalers, local REI groups, Facebook Groups, etc.). Since, pre-foreclosure properties seem to be an opportune source for potential deals, I subscribed to an MLS search site that provides property foreclosure/pre-foreclosure information. However, I am trying to determine how to best utilize this information to generate quality leads/deals.

Are investors contacting these property owners through direct mail/door knock? Or is there a catch to this process, why it might not be a great deal after all?  Additionally, is it best to utilize a title search company to determine what liens/debts exist on the property or are you completing research yourself, through the county recorders site for these pre-foreclosure properties?

Generally, just wondering how/if everyone is using this information to their advantage.

Thanks!