All Forum Posts by: Kyle Cabral

@Zachary Haded

 $500.00 for 600 post cards seem a bit steep.  What size are you using? What does your message say? Be picky, be personal and more than anything be different.  Everyone and their mothers are saying the same thing, which is flooding houses.  With every investor who is learning the business doing the same thing, Googling, seeing sites like BP, mimicking what is there, sending out to this list or that list, it's beginning to get tougher and it's more important than ever now to differentiate yourself.  I mean regardless, everything and anything works.  This rule will always reign supreme.  Consistency and doing it over and over and over again, will yield results, it is a numbers game.  The education, message and targeted smarts of these marketing campaigns with determine how many numbers have to tally up before you get a result.

Keep on chugging along.

Everything works.  Pick high traffic areas, get a ladder, and start banging nails.  Quarterly taxes just were filed so you know there is motivation out there waiting to see YOUR message.  What are you going to do to get them?

Best of luck.

Be strong, firm, and have your ducks in a row.  You found the deal, they bring the cash.  If the numbers make sense I don't see why 50/50 isn't on the table.  Every deal is different and I'd definitely make sure you have a relationship with these people you are trying to structure the deal with and have some sort of rapport there.

I'd be interested in seeing the deal.  Mind PMing me the details or listing it out in this thread? Thanks.

@Peter John K@Manolo D.@Wayne Brooks @Rob Beland

 Thanks guys!

@Rob Beland

Thanks for the great insight.  I did some preliminary research and believe the requirements would be good to maintain currently zoning regulations from a frontage/sqft perspective. But then the question becomes when the house was built, it was built with a side yard requirement of only 3 feet.  Now, zoning requirements require 10 feet.  But the thing is, you can't pick up and move the house and the house will always have 3 feet on the right side, has nothing to do with my trying to purchase the land as the 3 feet is on the other side abutting another property.

Do you have an idea of how that's interpreted?

@Manolo D.

I think it's worth it from just a mere education perspective and if it's a matter of paying a couple grand to make 20 grand, i'll fill out a couple pieces of paper and make it buildable, why not.

@Mike Hurney

 Thanks for the insight! When you say, it combines as one lot? What combines as one lot? The assumption I have is the creator of the plans creates two separate lots with specified requirements meeting zoning standards and submits to zoning board.  So hopefully it all goes well, 2 lots 1 for me 1 for the neighbor I bought a bit of his land from.

Am I thinking of this clearly? Thanks again!

Hi All,

I have a general question and would love anyone's advice on land investing and whom is familiar in zoning requirements.  If anyone from Massachusetts wants to chime in, that would be great too : )

How did anyone here get familiar with land investing, zoning requirements, what to do, how to do it, and what order to do it.  For example, the more and more I research, read, go through case studies the more I realize that the land world is a complete monstrosity.  I might be over thinking it but can someone simplify what they would do in terms of how you would safely go about the following case. (Something I'm looking into right now)

Case: Well priced peace of undevelopable land that does not hit the minimum requirement for a single family use of 6,000 sqft or multi-family use of 8,000 sqft ft per zoning bylaws.

Here are my thoughts and how I would go about it, can someone confirm or let me know how they would do it?

1. Approach abutting land owner and offer to purchase a piece of his land for a certain price to make my 3,500 sqft lot to the minimum of 6,000 sqft.

Question: What are the technicalities of this? How does one "buy" a small piece of land off a neighbor.  I'm assuming you would get a plan drawn out from a surveyor and have them resubmit both parcels to the city for approval?

Additional Question: I do this PRIOR to purchasing the property, right? 

2. What are some potential hurdles you see with this?

I hope this is not a loaded question, just trying to steer my overconfused mind in a simple straight forward direction.

Thanks,

Kyle

@Sarah Miller

I'm from MA and funded my first flip recently with a HML that we are hopefully closing on this week or next : ) that being said, he's not sketchy at all, actually, I've grown to have a great relationship with him over these past few months. I've learned more and more that real estate is a life long game and patience is key. Baby steps but what I did and what seemed to work for me is.

1.) Attend as many local REIA's as possible. There are many people that can help fund deals from HML to brokers whom will be willing to sit down with you and give you their success stories, what they've done, who've they worked with and so on and so forth.

2.) Don't be shy. If your an introvert by nature, blast some music in the car before you go into these REIA's and tell yourself your going to talk to everyone and at least introduce yourself and ask what they do and what got them attending REIA's. Conversation brews and then you can start asking them how they funded their deals. Just by practicing this you'll likely run into someone that lends money, and you probably don't even know it.

3.) Have a clear plan and be professional.  Know your numbers.  No lender will lend money to someone they don't trust and won't lend money to someone that they believe is a risk, even if you aren't.  This is where your persona comes into play and your ability to build rapport.

4.) I enjoy @Ann Bellamy's comment on sketchy people. Sketchy people exist everywhere, it's up to the individual to define what is sketchy in their eyes. You can't just label a class as sketchy or all HML's as sketchy. Read up on it, attend local REIA's and ask about it there are many success stories with it. It is on you to really understand the in's and out's, if it would work for you, and develop relationships with HML's whom are clearly "not" sketchy. If you really still concerned or overwhelmed with a lot of the knowledge that comes your way because you might not be familiar, talk to a RE lawyer you trust.

Basically, the more you network, the more you build rapport and the more you build trust among peers, the longer and wider the road to success will be.  You're bound to make mistakes, everyone does, just at the end of experience take a look back at what you did, what you could do better, and what you are going to do better in the future.

Good Luck!

@Seth Williams Getting creative with it and harping on @Tony Santos  comment surrounding offering to pay off his back taxes for him in offer for an equity percentage, have you ever structured a deal like this? Or anyone on the bigger pockets community? I feel like in this case with a highly motivates seller, the doors are open for creativeness without touching any type of laws.  I called two lawyers regarding that exact scenario.  

They both said essentially it could be done, one was more concerned with usary laws and told me we'd have to be very careful on how to structure the language and getting writing from the seller themselves would be huge.  The other lawyer said "no problem, I've done many deals like this".  Haven't sat down with either to have a huge conversation but general aspect.

In my eyes, three real scenarios here.

1.) Buy the house for 100k, put 60-70k, sell it for 240k and walk away a happy man in 6 months.

2.) Assign the house get a nice like hopefully 20k profit : ) (we could only hope)

3.) Flex our creative muscles and offer to pay his back taxes off in exchange for tenants in common 50% stake with the disclosure of house must be sold in 6 months to 1 year.  Here we allow them to stay in the house, we have 0 rehab requirements and will collect 50% afterwards.  

The tricky item on number 3.  But in my opinion, it's a better option then the road they are going down.  They either get half of something, or 100% of nothing.  It decreases amount of work we need to do as investors but edges a lofty return.

The other pro here is this guy owns the house outright.  Fireworks galore in my mind. Endless opportunities. 

@Karen Rittenhouse your first deal you discuss on your podcast, I can't recall but was that taken subject to or did you outright purchase it? Also, is your general rule to get your subject to's .65/ on the dollar? Thanks : )

Hey Everyone,

Have a tough little deal and am unsure if this is worth pursing.  In my mind, I'm giving myself reasons why this will work but the unknown is trying to outweigh my logic because of the "uniqueness" of the house as it's not typical and i'm not sure how much demand there is for this given my experience.

Property: 2B/1B Cottage (condo)- 422 Sqft
Purchase Date: 9/8/06 for $130,000.00
Amount Owed: Approximately $70,000.00
Reason for Sale: Divorce, cannot maintain and water pipe broke last month.
Comparable: .1 mile away, 720sqft condo for $184,000.00 so $255/sqft
Association Fee: $290/Year
When Rented: $1000/month
Expected Cashflow: 425+/month

Here, I figured my strategy to be to jump in and offer purchasing subject to the existing financing and taking over the $70,000.00 with a start date of a month or two from now to give myself time to find someone for a lease option agreement.

What is your play here? What more questions do you ask? What kind of rules do you follow with sub-2 deals.

Thanks everyone for the insight.