All Forum Posts by: Brian Midden

When doing an assignment do you and the seller have to go through the same title company? 

I know on a double closing you do but what about an assignment

I have been having people send me address for vacant houses in the area.

I was curious as how you all go about paying these people if you close on the property?

Do you just write them a check after you close? Is there any legal restrictions?

I’m located in Missouri if that helps at all.

Any information would be great!

@Aaron Gilmer

I use listsource. I imagine they are all similar.

Remember that the harder the list is to get the better the leads.

@Randel Doubty

Listsource is good. I think you can get like 1000 absentee owners for like $200

Be aware that ALOT of new and experienced investors use listsource. So when you send letters you are probably sending them to homeowners who get 5-10 letters a week.

If your tight on money. I would suggest skip tracing the address and calling the owners instead. This would help you stand out as well. EVERYONE sends letters and no one wants to cold call (people still do but it’s far less).

When I did my first mailing I sent out 800 letters and got 4 responses. Everyone of them was a terrible lead. I then have called about 200-300 people from the list and had about 10 leads, 4 solid ones , and I closed 1 deal.

This is just my experience, you may see something different. Try new things and track everything.

@Konstantinos Porfyris

If it sounds too good to be true it probably is. Where did you come across the deal? If it’s on the market and been there a while, there is probably a reason. Now if this is an off market deal that you were able to get on early than you may have something.

I would also suggest that buying a mobile home park as your first deal probably isn’t the best idea (not trying to be negative just sharing my thoughts). There is a lot you will learn in this process and if the investment doesn’t work out that is a pretty big hole to dig out of. Now if you know the area and done your research and feel confident in the deal then more power to you.

But don’t get too heart broken if the deal doesn’t work out. There will always be more.

Another idea is too wholesale the property to help control your risk. You will also learn about the market in the process.

Is there a software out there that can find email addresses through the owner name or property address?

I have found a bunch for business emails through company websites but nothing on personal emails.

@Jamile Brown

I found that you only need a few serious cash buyers when starting out.

One thing to do is go to listsource and get a list in the zip codes you’re looking to target. Filter it by homes purchased in the last 6 months and then click absentee owned.

Once you get the list, skip trace for the owners phone number. Then call them and ask if they are looking to acquire more properties. If so, add them to your buyers list.

@Obed H. Bey

Do your research and see what the house is valued at. Zestimates mean nothing. Get comps from the MLS and see what the value of the home is.

Instead of passing on the deal I would suggest trying to wholesale it if possible.

@Aaron A Bitto

No problem. I wish I knew more about the topic. I would recommend reading the book “how to invest in real estate” on BiggerPockets. That will be a good intro for you.

@Larry Spradling

What about firing the company and managing the property yourself? At -$22/ month that seems like it would put you in the positive.

It seems like your going to evict your tenants, after that what if you raised the rents and got a better quality tenant in there.

Something doesn’t really add up. It’s hard to say without knowing what your expenses are.