All Forum Posts by: Mark Anderson

The end investor will want a copy of the lease so make sure you get that along with a detailed list of repairs to be made.

One way around the picture issue, have the owner tell the tenant you are with the insurance company and you need a couple of pictures to verify the property for insurance purposes...or some other story along those lines.

As long as I've done all the necessary homework, I probably wouldn't be too skeptical just because the seller was a little weird.

However, it may be difficult for you to wholesale it without you closing on it first and getting the seller out of the picture completely. As a newbie, many investors may be hesitant to trust you without verifying with their own eyes. However, if you find an investor who is very familiar with that neighborhood, knows the values, rents, etc for the area, then they may be ok without seeing it.

You would probably need to target landlords who already own in that neighborhood and market to them.

Unless your sign says it has a free recorded message, how will they know they are getting a message instead of a live person when they call?

Some people may prefer to get a recorded message. Personally, I've only used my local number which I answered live which I had good results with.

I did call bandit signs of my competitors and of the ones that had recorded messages, the one I liked is the one that gave you the option at any time to hit "0" to speak with a human being.

I heard the little kid got suspended for 21 days.

I've got 4 year old and 2 year old boys and this video made me want to vomit just thinking about my boys being involved in anything like this on EITHER side of the bullying.

Once I stopped trying to get book knowledge and I actually started looking, it didn't take me long to find my first property. It was a monster rehab in which I got a real, hands on education. It actually went very smoothly, other than breaking even at then end of it.

2nd and 3rd came together immediately after selling the first one.

I agree with J Scott. I believe the SEC issues are only for when you are advertising publicly, like taking an ad out in the newspaper.

They way you structure the private funds will be dependent upon the deal. Is it a wholesale deal where you need the funds only for a short time or is a rehab that you will need the money for several months?

A typical rehab scenario would be between zero and two points with an interest rate from 8%-12%. Six month length is fairly standard but you have the flexibility to set it at what you want.

Most knowledgeable private lenders will want a first mortgage lien or promissory note along with being listed as a mortgagor on the insurance policy.

I just voted for your post Matt. I agree 100%.

With rates being so low, I would definitely consider leveraging. It may allow you to purchase a few more properties.

But without knowing your full situation, its tough to really say. Do you need the cash flow or are there other income sources?

Paying cash and getting a line a credit is a decent option too.

Add to your list contractor issues. It may be tough to find contractors who will do quality work at a good price when you live out of state and can't inspect their work on a daily basis.

I've heard plenty of stories of contractors taking advantage of out of state investors.

The marble is used to test if a floor is level. Place the marble on the floor. If it begins to roll on its own, the floors are not level. Many older houses have settled so there might be some slight movement with the marble. But if the marble rolls more severly, the house may have foundation issues that would need to be addressed during the rehab...or you stay away from buying the house altogether.

Flashlight and crowbar.

Marketing materials - business cards, flyers, doorhangers etc.

Bandit signs.

Thanks guys. Just glad I could contribute!

Jason does make a good point. If you've never used Quckbooks before, there is definitely a learning curve. I would still argue that you would be better off learning quickbooks if you plan on investing in multiple properties. Consider it part of your investor education. There are lots of training resources for it.

Also, if you ever wanted to hire a bookkeeper, they would probably be used to working with Quickbooks.