All Forum Posts by: Bryan Collins

I love that podcast/round table idea!! 

@Michael Quarles 

Couldn't Corporate/LLC owned be other investors, or Inc'd landlords who might want to get out of that particular property? I guess what I'm asking is (unless there's so many to be cost prohibitive) what's the worst that could happen? They won't contact you, or they will and possibly be buyers or even sellers?

@Shawn Daniel 

I agree. I started at episode 68. Jumped around to the ones I thought would help the most. I realized that they all have something unique (and sometimes not unique which just pounds the message home) So I have notebooks for each of the Strategies that I take notes in. They should rename the podcast Bigger Pockets University! It's like a new Professor every episode that doesn't bore you to death! I love it and have about 40 of them finished and most of those I listened to twice!

I just got a couple from the BP File place (under resources - File Place - Forms) There's I think about 3 different users who posted their own.

yes I meant section 8. Prop 8 is I think the legalization of gay marriage.... hahaha! I dont know if that applies to this situation. 

As for zillow use, I only used zillow to get an estimation of value. I feel that a company based in real estate should be able to provide that much to me. (http://www.zillow.com/research/data/)

 From 12/31/ 2008-2013 the assessor has the property listed as REV-DCL which is defined as REVIEW - PROP 8 INITIATED BY ASSESSOR

so as far as I can tell it's prop8. (Copy and paste is formatting the text that the text box can't control at the moment) Maybe the owner is only trying to get it approved. I'll message you if you'd like some details. 

from the outside it looks empty. The county has it listed as a section 8 approved property.

Disclaimer on my mistakes, assumptions, and general ignorance: I have just started learning about wholesaling and this could potenially be my first attempt in any real esate scenario. With that said...

I was in the neighborhood near my house and looking at a trailer. It wasn't for sale but I was going to make an offer to the owner anyways (because you never know). I saw the house next door looked almost abandoned. Dirt lawn with knee high weeds, peeling paint everywhere, fence needing repair. Although, the roof looked in decent shape so I wrote down the address. I looked up the property with the San Bernardino county and found the owner is a 100% sole owner. No tax liens. Next I went to zillow and trulia to estimate the value. This property came up for $132k. The tax assessor put the 2013 value at $89k (I have heard and learned about asking for this value and I still have no idea why). The current owner has had this property since 2002. 

Now the neighbors houses are all valued at $167-$208k. This includes all the houses on this street and, since the street is only 4 houses, I included the 2 streets perpendicular to it. It seems this house is the most undervalued in the lot and it's the same 3 bed 2 bath as the rest but about 200-400 less sqft as the median. The only thing that has really dumbfounded me is that this house is a section 8 property so I assume that it's a rental and the owner is not living there to talk to. I have never heard anyone on podcasts or blogs mention that this could be a hinderance, other than this guy probably doesn't have to pester his tenants for rent, and may not want to give it up. 

So to calculate an offer would I use the zillow estimated value as the ARV or the median comps from around the neighborhood?

Is there a way to find the owners contact information to start a dialogue without going through the tenants? 

Should I even look into this further (of course I should)

Is there someone in SoCal Inland Empire that would work on this with me for a bigger cut of any profits? 

Thanks all!!! 

Looking forward to your insights. 

Bryan & Melissa 

I just finished the book and holy moly I loved it! I found a meetup group that uses the board game monthly. I'm hoping to attend one soon.