All Forum Posts by: Josh Milewski

 I think you're right. If you read the last few messages you'll see how things already haven't gone to plan. 

Let me give that a go. Since it's been over 10 months since I posted this goal list, I'll start by highlighting what I've done and then move on to what I'm going to do.

• Started with a lot of learning. Listened to BiggerPockets and read books (Rich Dad Poor Dad, BRRRR, The Book on Rental Property Investing, The Book on Managing Rental Properties, The E-Myth Revisited, Ready Fire AIM, and some others)
• Then I decided I was going to Birddog because I wasn't ready to do anything "risky".
• After a while, I realized that was going to work and I knew my business partner was trying to grow his business, so I offered to help.
• I then spent the next 7 months or so learning his business, how it works, how he's getting leads what he's closed on the works.
• Fast forward to December and we finally closed on a lead that has been in his CRM For over a year. We bought it in cash and had a purchase agreement with a flipper a couple of days after closing. We were considering making this our first rental and it would have cash flowed well but we decided to wholesale it and use the funds towards closing more deals in 2024.

And that brings us to now.

Currently, the plan for year two is this:

• Direct mail 5500+ motivated sellers
• Generate 114+ incoming calls.
• Follow up on ALL existing leads monthly.
• Make 33 offers.
• Close 5 times.

You mentioned adapting to my current situation and I believe I'm doing that. My original goals didn't really consider where I was going to get the money to secure these doors, especially the first one. I knew I had the drive to see these goals materialize but I didn't have the funds. So, I partnered with someone who had the funds and needed extra help. In doing so, and getting real exposure to investing, my goals have changed some. I still think buy and hold is where I want to end up but I'm not sure the 10-year goal outlined above is exactly how I should achieve it.

So how'd year 1 go? Well I didn't get the one door but I did make strides! My business partner and I closed on a deal just before the year ended and are expecting to have it sold before the end of this month. This will be my first deal being directly involved. We'll get a small fee out of the sale that should fund our efforts towards the next deal. 

My team wholesales, invests and lives here. We're a relatively new team but would be happy to connect and tell you about the area.

New investor here and I'm very much still leaning all this myself. That's said I believe I can give you a top level highlight without much issues. 

First I'll say that my understanding is that off market and on market are not all that different. The main differences is with off market you have to handle getting the paperwork to closing and generally you're talking directly to the owner instead of an agent. 

These are loosely reflective of the steps we take with our own off market leads. 

Get to know your seller. Why are they selling? What are they expecting from you? How soon do they need to sell?

Get to know the property. What are the comps for the area? What repairs are needed? How old are the major parts of the house (HVAC, floor, roof, etc)?

Identify your strategy. Will you wholesale? BRRRR? buy and hold?

Run Your Numbers! Make sure you know every cost you can reasonably predict. Taxes, insurance, random repairs, marketing costs, holding costs, partner cuts, realtor fees, etc.

Financing. Figure out how you're going to pay for the property. Will it be a loan? All cash from you personally? All cash from someone else?  Something more creative like Assignment or SubTo?

Get locked in. Get the necessary paperwork signed between the necessary parties to provide to the closing team. Not a lawyer so I'll leave it to them to explain that further. 

Inspections, typically some of this happens when your getting to know the property but sometimes you can have an inspection built into your contract. 

Closing, depending on your strategy this is either the end of your deal or just the beginning. My understanding is that closing happens a little differently from state to state but I believe it's safe to assume the process if pretty similar to closing an on market deal. 

Anyways, I hope this helps give you a rough outline of concepts to consider with your off market leads.

Adding better deal details

City, State, Zip: Jonesboro Arkansas 72401

Address: 4409 E Highland Dr

Bed/Bath: 3/2

Vacant Lot: 13,000 sqft, zoned R-2 for multiple doors.

SFH with Rental Income: 2,500 sqft, also zoned R-2.

Commercial Potential: Prime highway frontage.

Cash or Creative: Cash

Purchase Price: $80,000

Do YOU have this under contract? Yes

Assignment Fee: 35,000

TOTAL ENTRY FEE $115,000

Comps in the Area: Median Rent $985/mo Confidence: High (bigger pockets)

What it will rent for LTR: 20 year tenant paying $800 but we believe it could be raised to $1000.

Does it cash flow? Yes

Because both lots are zoned R-2 we believe it can hold 12 doors in total but if you want to be conservative assume 8 doors.

We have a small list of buyers that I wanted to build into a mailing list so that I don't have to BCC them anymore. 

Who do you use for this service? I've heard of MailChimp but I'd like to consider all our options. 

New asking! $115,000

@Clay Reddick and I have a deal with a lot of potential:

Jonesboro AR 

1. Vacant Lot: 13,000 sqft, zoned R-2 for multiple doors.

2. SFH with Rental Income: 2,500 sqft, also zoned R-2.

3. Commercial Potential: Prime highway frontage. (Rezoning would probably be required)

Asking $128,000 (Assignment)

We believe these two lots together can hold up to 16 doors.

More details here https://www.buycheaphousesnow.com/property/builders-special-...

 I'm going to try to make time to look into these articles soon