All Forum Posts by: Leslee Wilson

I have found that PMs don't relay messages. I bumped into the the PM of a property I would like to purchase. He took my info and now......crickets. I am working on contacting the owner, a mult-layerd LLC. This is all a bit time consuming but the property will be worth it.

I hope you have success, Bobby!

Sharane, 

Here are some tips on places to look for motivated sellers:

1. Delinquent tax records

2. Distressed property (bad roof, overgrown yard, cars piled up around the property, home exterior in disrepair, vacant home, etc.)

3. Moving sale/estate sale - start off by asking the owner what they plan to do with their home.

4. Seizure notice on the doors and locks that have been changed.

Understanding the psychology behind these types of situations will help when approaching the owner.  You can be the solution to their problem.  It may take some time.  Quite often, with the first contact, you are simply planting a seed.  

Don't be discouraged.  Keep that "don't quit" attitude.  

Here is some helpful information to read.  This podcast and also this podcast will point you down the right road.  Spend some time learning, working on your style and confidence and most importantly, practicing your delivery.  You're going to here a lot of "no's."

To your success!

Original asking price was $185k now reduced to $170k in June.  

I am not able to estimate the rehab cost or have an inspection until my offer is accepted because it is tenant occupied.  At that time, I have 10 days to see the inside and complete the rehab quote and inspection.  I'm guessing rehab will be $15k-$20k.  

My concern is carrying  a hard money loan for 6 months waiting for the leases to expire.  At that time, I can rehab, then refinance.  Is there another solution to hard money or conventional?  I would like to give a cash offer of $100k-$120k.  I don't see that flying unless they are motivated.  Cash creates powerful motivation sometimes!

I have an opportunity to buy a 1957 duplex in a C+ neighborhood with both units currently filled.  It is one street over from a historic, A neighborhood.  Here is a snapshot:

I would like to BRRR.

Leases are up Feb. & March/2019.  

Rents are currently $100-$150/unit under, as they sit.  Once rehabbed, rents can improve $300-$400/month/unit.

Owner currently pays water/sewer/trash.  Water needs to be metered to tenants.

Both units need repairs and remodel. 

Absentee owners.

Asking price reduced $15k in June.

Here is my question:

In order to be a cash buyer, what is the best route to take if I, personally, don't have the cash reserves?  I'm working on building my network but at this point don't have the knowledge of any private money lenders.  Hard money seems to be the next answer.  

I'm open to any and all suggestions.  Thank you in advance for your input.  

Hi Alex,

Welcome aboard!  This place is a gold mine!  I love the fact that online acquaintances often translate into real frienships.  I'm looking forward to meeting you.  I'd like to hear about your latest deal.  

See you in August!

Leslee

Thank you for the helpful info.  We do have a title person and an agent.  It never hurts to have more names.  I will give Jim a call.  We are heading towards some exciting stuff here, pretty soon. 

Have a great weekend!

Leslee

Can anyone send a referral for a reliable home inspector in the Phoenix, Arizona east valley?  

Thank you for your help!

Count me in, as well.  

Shiloh and Jason,

Thank you for a great meeting.

RSVPing for 2.  Thank you!