All Forum Posts by: Lance Wakefield

@Jason Jones

By the sound of it you may need to find a bank that does portfolio lending first, and once you find a bank you want to work with for your goals you can find the right underwriter. Do you need suggestions for those investor friendly banks? 

It could also be signs of a booming economy and low inventory of housing. I think supply just needs to catch up with demand. 

If you would like I would be happy to give you a bid as well @Amanda Perkins PM me if you're interested. 

@Jasmine Wilkes @Dave Passey

I would be happy to help you bid out what your next project would cost. Let me know if I can help, or PM me and I can help recommend others in the area that I know as well. 

GOOD luck

ps thanks dave 

@Justin Tramp

Welcome to bigger pockets! Which brokerage are you with? What type of investing do you hope to do or hope to do?

Good idea! @Michaela G. My only hesitation is that there are over 500 lots on my list. You would wholeale the lots to builders or end users? Thanks for the advice :)

Has anyone ever done a direct mail campaign to vacant lots rather than houses? I dable in building houses and am looking for lots in a specific area I have the list of lots in the area and will be starting the campaign soon. I am curious if anyone has done it before and if they have had success. I am also curious what one might say to the sellers when they do call! haha. Does anyone have any advice ideas or experience to share? 

Thanks!

@Donna Trotman 

Welcome to bigger pockets! So are you buyers agent for traditional and luxury real estate? Or do you help investors to find deals in those areas? 

@Jerry Brawner

I fix and flip so if you come across a deal be sure to send it my way! 

Sooooo I think you're forgetting about some expenses like CapX, maintenance, Vacancy, and property management. 

When I run numbers on the property I get negative monthly cash flow

Annually (all at their 10% averages)

Cap X $2100

Maintenance $2100

Management $2100 

Vacancy $2100

= $8400 annual expense

add $13,716 (1143x12)

gives  $22,116 of total annual expenses

$21,000 gross annual income 

less annual expense gives 

($1116) or a monthly NEGATIVE cashflow of $93

So I see this property at this price loosing nearly $100 a month, not making $607