All Forum Posts by: Brian Fouts

https://connect.experian.com/credit-check/landlord...

Vendors here?  Type "landlord credit check" into Google and you will get some options.  There are many landlords here that can give advice. Make the tenant pay for it.  

"Visit" or drive by their current place of residence.  If it is trashed, you know what to expect.  Only do this if you are comfortable doing so.  

Emory,

This would be a good question for the Seattle Investors Club at the next meeting.  If you are looking to contact expired listings, as a broker, you can try to list it for them, etc.  Also depends on the house and why it didn't sell.  Asking price too high and in nice condition, it is not a wholesale or rehab type property.  If it didn't sell because of condition of home, which could cause it to not get traditional financing, it could be a good property to get under contract and wholesale to a rehabber, if the numbers are right.  

If the price is right and condition is right, it could be a lead for buy and hold, but in this market here, buy and hold is not that easy to find (in Seattle at least).  

From my little experience with expired listings, you need to get their price down from what they are asking.  One good way to do this is to start with their price, back out commissions, repair costs, concessions, etc., then give is an additional discount for a cash offer.  When you explain your offer (discounted) using the reasoning above, you can potentially find leads to wholesale to rehabbers.  

What does the $7k get you?  Depends on the SF of roofing, if it includes material, etc.

Hard to tell from that video since it doesn't pan out and look at the rest of the roof.  I don't see 8 layers, but definitely more that would be expected.  

Equitable interest.  If you don't have that, you cannot market a property.  I am not an attorney, but a response from an attorney was that when you have an equitable interest, a purchase contract, you can market the property.

Now that's not to say that certain states are trying to change that.  But I will always defer to an attorney because where there's a will, there's a way.  

All of the above.  Private lenders come in all shapes and sizes, some are sophisticated, some are not.  Some will charge points, some will not.  It just depends on who you are talking to.  You can purchase lists from vendors that advertise a list of private lenders.  If they are on that type of list, they will probably be hard money lenders (higher interest and points) or sophisticated lenders (private individuals lending out at hard money rates and terms).

The best private lenders are those you meet or know from within your inner circle.  Those are close family and friends.  Outer circle consists of people who know your inner circle.  Word of mouth and just telling people what you do is one of the best ways to find true private lenders.  

Additionally, type "private lenders" into the search bar and start reading up on previous threads and blog posts, there are a ton of them that will help you get familiar with the topic.  

We just purchased a wholesale deal. The wholesaler got the property under contract via an LLC they created and then transferred ownership of the LLC to us for the wholesale fee.

We also just did one where we were assigned a P&S.

I had a title company tell me the same and I asked them what the code was and they couldn't tell me.  

Just some other ideas...

Never heard of that many layers on a roof before.  Is it single ply, torch down?  Perhaps in that case, but the weight of that much roofing would be causing other issues i would think. 

I have a few accounts with Chase, mortgage as well.  Been with them for over 20 years, no issues.  I don't really need a personal connection with them for what I need.

That being said, I have accounts with BoA as well, no issues.  And I have accounts with 5 local credit unions as well (Lines of Credit, checking/savings, business).

Business accounts with Wells Fargo in addition to the others.

Each has their place and benefit, I try to maximize each ones benefits, not just limit myself to one or two.  

Robin,

Sounds like you have a good start "driving for dollars."  You have some good advice so far, go with it and try to contact the owners.

Your title mentions subject to.  Since you mentioned you are new to real estate investing, I am going to assume you have not done a sub 2 deal before.  I have done multiple sub 2 deals as well as wholesaling, fix/flip, buy and hold, etc.  I would recommend against sub 2 for a couple reasons.  There are more restrictions and regulations around sub 2 as you are originating a loan and/or taking over payments on another loan.  It can be more difficult to sell to an owner and you have to have a RMLO (residential mortgage loan originator) on your team to stay in compliance with Dodd-Frank Act.  You would almost certainly need an attorney as well to put together the mortgage docs.  

Wholesaling is a great way to get started and work with other investors, learn the ropes, and hopefully make some money in the process. Wholesaling usually is not easy as you need to know some things about real estate investing to be successful. Rehab costs, ARV (after repair value), other expenses for investor to hold the property (hard money loan costs). It is good to try to find someone who can help you through each process, just like was offered above.

Feel free to reach out, we have a project in Tacoma we are currently getting started on in the next couple weeks.  

That depends... 

First, understand the real estate investment strategy that you want to follow.  Understand the ins and outs, options, overall process, etc.  Lots of info on this site to do this.   What is your experience level, what area you want to invest in, average priced home in that area, what is your available time, do work yourself or hire GC, etc., etc., etc.

Then you will be able to answer your own question.  Nobody can really tell you what you want because it is up to you.  

The first home I flipped was 100% our own cash, no lenders.  The 2nd home had ZERO of our own cash.  Strategy...