All Forum Posts by: Account Closed

 Those posts look like they are from 11 years ago. 

I buy in Texas and I do everything from Arizona. You just wire funds to closing.

 I tried doing things the way the "experts" said and had professional postcards designed and printed and sent out 5,000. Nothing, Nada, zero. I did get one phone call though, the guy wanted to know how I got his address. Lol.

I had to switch to letters to get any response. Some people say they do well with postcards, after sending 6 or 7 times . . . to the same address. 

I send once to each address. I get calls 3 months, 4 months, 6 months later from people who held onto my letter. Go figure. I guess it is the back of their minds, they just aren't ready at the time I sent the letter. If you plan on being at this for a long time, and consistently mail, it pans out. I've been doing mailings for 20 years.

@Ronald Rohde I've never even met a couple of the attorneys that have helped in some of my out of state transactions. I use only attorneys in the jurisdiction I am buying or selling a property in, but I haven't always met them face to face. Most of the work is done by email, fedex and docusign. Though I have to admit I don't really like having my personal information going over the net. I tend to use fedex and UPS a lot.

Obviously that is asking the wrong question or people would have answered. How about, "Can I buy a house for $100,000 and make it cash flow" or "Do you know a way I can take $100,000 and buy 4 houses that cash flow?". The answer is "why, yes, I do. Use the money to buy subject to or with wraps and sell to tenant buyers". But, that is not an accepted course of action on BP because people are so enthralled with banks that they like to give banks 20% of their available money for the honor of borrowing money from the bank. Seems silly, I know, but just read the posts. However, Smart people are taking a different tact and leveraging their money. Let's just assume you are a smart investor who needs to invest his IRA and wanted to be financially free in 10 years. Don't do it the way everybody else is doing things. Do things the smart way.

 Leads are worth the paper they are printed on. If you want to be compensated, add value. Get the leads under contract and assign the contract.

 First to "Avoid capital gains taxes as much as possible." talk to a tax lawyer. If you buy the house, she may be on the hook for some huuuge taxes. If you inherit the house, there may not be any taxes. 

Maybe a Lease Option with a 25 year Option is the way to go.

If she Quit Claims there could be all sorts of problems. She will probably have taxes due (think 25% to 30%) so about $150,000 to $200,000 plus the nasty California taxes. Plus the Title Company will probably have a tough time insuring the title, and there may be a 6 month seasoning period before you can get a loan and you have no "guarantee" of qualifying for the loan anyway.  You need an estate planning attorney and a real estate attorney. And as Lucy says in the Charlie Brown series, "Advice is $ 0.25" so feel free to send $0.25 to the Salvation Army for this "Free" advice that just saved you tens of thousands of dollars and from doing something you'd long regret.

 I usually get a deal for each 500 I send out, but in this market the number has dropped to about 1 in 1,000 mailers. I make on average about $40,000 per deal since I buy using subject to and wraps and sell to tenant buyers. I don't do any rehab. I figure it costs me about 1$ per mailer including stamp and it takes about 8 hours to have someone assemble the mailer. I spend about 4 hours on the list which is very refined by zip code. I hear others have good response sending them in bulk randomly but they probably send out more than I do. One guy posted that he spent about $2,000 in mailings per deal. I don't know what he was sending out or to whom.

 1) Contact a Mortgage Broker (not a bank), tell them what you are trying to accomplish and ask then to pre-qualify you. They will have more options than a bank has.

2) SFR & Commercial are very, very different. Most people think it is not a good market for Commercial right now. Prices are too high.

3) Someone here provided wither a list of questions or a blog post, I can't remember which, on what to ask a property manager. Do a search at the top in the search box.

 If you get past the legal hurdles, let me know. I've done pre-foreclosures for about 25 years but not in NV. The rules have changed over the years and you have to be sooo careful nowadays. It's possible to team up and for me to teach you how to do them as a profit split if you are interested and if it's legal in NV.

 Thx for the response. Arizona just passed a law that gold is good for transactions. Who ever thought you'd have to have a law for that. I'm a bit slow to accept bitcoin, but f someone offers, I might give it a try.