All Forum Posts by: Jay Krietzman

@Gary F. & @Jay Hinrichs Wow great points! I never thought of that. Thank you both so much.

Is there a good place for a template if I need to mail this woman a letter asking to buy her house?

@Jay Hinrichs That's awesome. My wife use to work for Columbia Helicopters right there and we're not much further than all the antique shops down 99. If it is a bulldoze situation... how much room needs to be in the deal for it to make sense. 

@Gary F. Thats interesting is that a real issue. Have others ran into that problem? Good looking out though.

Yeah so, I am trying to contact her so I can see:

1.  Is she interested in selling
2. See if I can gain access to property to walk it. (Should I bring a contractor with me... Inspector... )
3. Find out what would be motivating factors that I can tailor my offer to.

Once I get that far I will update every one... 

@Matt K.  lol.... yes. that is true.

Right, yeah I know that. I'm think ARV is $380,000 but I haven't called the woman yet to see if she is interested in selling as I'm trying to make sure that I have everything in line that I want to accomplish in the phone call down. But provided the conversation goes good.... i don't know where to go from there and I need to understand what the timeline in these type of situations...

Like:

Me: Hi there. I was told that you may be looking to sell your house but were concerned with its current state and getting it sale ready. Well, you dont have to do that. I am someone that will buy your house in as is condition provided we can agree on price. 

Her: Oh wonderful! You're my hero!

Me: Yes mam! Now I just would like to go look at the property to get an idea of what it will take on my end to get it cleaned up repaired and move in ready.

Her: Okay Monday meet me there.

Monday comes around and say its not in bad repair and I estimate $25,000 in repair, paint, junk removal.

I offer $230,000 she says okay. 

Then what? What is the type of agreements I need to get from an attorney or can I make myself. Thats the part I don't get. 

So I'm new to REI. I have a relative who I overheard talking about a prior employees mother whose house was filled to the rafters with junk and the didn't live there anymore. I drove by the house and there is trash on the front porch and when I looked in the back yard trash and junk in the back yard as well. However.... house is probably got about $200,000 to $250,000 equity in it if it is in good condition so I could possibly get a great deal. I utilized list source, zillow, trulia, amortization-calc. and other methods to determine this. Its right next to a few schools, a park, and crime is low in the area. I asked if he had her phone number and he does and I'm trying to make sure my ducks are in a row before calling.

Benefits I planned to market(Let me know if there is more or if these are wrong):

• Close on whatever date is best for her
• I can worry about the repairs and hauling the trash
• No Agent commission on closing

Here is what I don't know:

• How to propose an offer
• If she bites on the offer what to do next
• Well pretty much everything else as far as actually acquiring the property. 

I'm sure there a lot more things as well I don't know but this is what is my current road block to calling this owner. 

Any help would be much appreciated!!!!Thanks!

Thanks Michael!

Hello beautiful minded people of Bigger Pockets!,

I'm super new to REI and I've been bit hard by the RE Bug. My wife (Nicole) and I have found that we're not spending the time that we want with our kids (Wylla, 21months & Westyn, 3months) nor doing the things we enjoy in life.

I currently work as a full-time Operations Manager for a Business Solutions, Equipment, Chemical and Paper company off of Swan Island which keeps me pretty busy. But on my commutes to and from work, on my breaks and lunches, and on my weekends when the kids aren't up I'm studying like a mad man, shoot, even when the kids are up I'm usually sitting in front of the computer with them on my lap as I explain to them the various ways to buy and finance real estate (getting them started.

• I've read 10+ books this year so far. (Almost all of the BP published ones plus a few others)
• Attended the majority of the webinars that BP puts on in the last couple months.
• Finally signed up for PRO! (YAY to Calculators!)
• Analyzing deals to the best of my abilities. (Going to go look at a couple. Wish me luck!)

My initial strategy is that I want to Fix n' Flip via Private, Hard, or Partnerships to acquire capital and then invest in buy and hold or do the BRRR where/when possible. My target niche for fix and flip will be SFR 2bd, 1-2bath acquired through MLS, REO's, and Targeted direct marketing. When reinvesting the gains from that my intention is to invest in Multi-Family homes leading up to the eventual apartment complexes and storage facilities.

Although, Nicole and Myself own our home I don't have a lot of actual RE experience, nor do I have a ton of capital, but I do have a ton of willingness to research, and hustle. My work career also brings 14+ years of management experience dealing with various vendors, employees, projects, etc. As far as RE I feel I "know" a lot for where I'm at, but am not exactly comfortable with that knowledge. I've found a few potential deals but haven't pulled the trigger yet because I don't have every aspect quite lined up as of yet. (Think good plan vs perfect plan). I've met with portfolio lenders for the refi aspect and feel confident in a BRRR if the property is good that I would get lending after seasoning. I need to still flesh out the who, what, where, how of private/hard/partnership financing for that initial purchase and rehab funding. I also need to connect with Contractors in the Portland/Salem and surrounding areas that are familiar with working with REI's.

Aright everyone, looking forward to the upcoming relationships, exchanges, and partnerships that being apart of this community will foster. 

Have a great Easter weekend!