All Forum Posts by: Josh Zelaya

Welcome @Ben Dunning! To Bigger Pockets. Thanks for sharing your story its very motivating to hear your transitioning. Base on the great information BP members share here this forum about asset protection I would like to add another strategy my lawyer uses. When I buy a property to buy/hold I put it on a land trust and have an LLC own that land trust. For more information message me .

Good luck on your new venture,

Josh Zelaya

After reading the GREAT responses given by the rest of the BP fam I'll say no more! 

If you have anything in Dallas Let me know! 

Best of luck! 

Josh Zelaya

Hey @Adan Rodriguez Welcome to BP and congratulations on your new venture! Wholesaling it's a good strategy to have!

Hey @Jake Shuler Welcome to BP and congratulations on your new venture! I also use the wholesaling strategy if I am tied up with financing ect... Let me know if I can I assist you in anyway. 

Best of luck!

Josh Zelaya

Hey @Sunny Burns I personally think this is a great opportunity for you. They way I see your situation is you have a tenant that wants a little change and I look at change like money.

1st- I am thinking this tenant is your ideal tenant (pays rent on time, takes care of the property, never complains, and have an emotional connection to what they call home) that’s why you are considering the idea of upgrading. If they are not this type of dream tenant I would follow what @Michael Noto said.

Having that said. I would upgrade it and maybe consider upgrading 1 or 2 other small details in this unit to make this so called dream tenant happier. Then increase the rent and have them sign a longer lease term. Make sure to play with the number before doing so and have the tenant pay you that money back in a long term.

Best of luck!

Josh Zelaya

Great Question @Jim Means as the wholesaler I would talk to the agent and have him/her know the benefits of working together in this deal. I would not present myself as a cash buyer to the realtor because that will be misleading and could potentially create a bad outcome. I would tell the agent and homeowner you work with a cash buyer. When the paper work comes in, most of the time I use the TREC Contract and check the box that says the contract could be sign-able. 

Or use your contact with the seller and have an addendum with the realtor to protect their interest. 

Or use a Double Closing method where you can leverage the buyer funds in escrow and use it as prove of funding. Depending what type of relationship you have with your buyer. I use a title company that both the buyer and wholesaler trust for this strategy.

Best of luck! 

Josh Zelaya

Hey @Angela Hansen I am sorry to hear this is happening to you. I am not lawyer but I hope I can help in anyway. Don't take this as any legal advice.

Call the tenants with a different number and tell me they will be issue a Landlords leans if they don't pay.

Look in to Landlords Leans - A few states permit landlords to seize a tenant's personal property when the tenant gets behind on rent or his security deposit doesn't cover the cost of damage in the rental unit. This is called a "landlord's lien," and typically requires a lot of paperwork, and a court order, before it can be enforced. California law does not allow landlords to take a tenant's personal property to satisfy back rent. If a landlord does seize a tenant's property, the tenant can sue the landlord.

Also do you have any type of agreement that states you have the consent to automatically charge the rent to a credit card?

Congratulations on your venture @Alex M. I've been a big fan of Brian Tracy, what you share reminds me of one of this Quotes.

"The key to success is to focus our conscious mind on things we desire not things we fear."

-Brian Tracy

Hey @Sam Huntley Congratulations on your new venture. Here are the major tips I can give you when I started mailing:

1-Make sure you get a list that the owner has problems. The more problems the more motivated the seller will be, BUT! the more knowledge it will require to structure a deal. (Probate,Evictions,Divorce,Code Violations)

2-Make sure you spread out your budget in a way that you can market the owner at least 3 times. For example. Click2Mail Charges me $350 to send out 1,000 3.5x5 postcards. So I multiply that by 3 times that I will be sending them my marketing post cards. Now my budget is $1,050 to get a good response.

3- If you are going to send the postcards 3 times to the same property until they call, please make sure you have a tracking system of what property did call you and why didn't(don't waste money). The owners that don't contact me within the 3 times I send out my marketing I don't bother them for 6-8 months.  Also make sure you get more aggressive every postcard you send.

Hope this helps you in any way!!

Sincerely,

Josh Zelaya