All Forum Posts by: Merry Briotta

Uriah D. Owned by who?

Uriah D. Get a master key and try and get in? Folks - for very obvious reasons - I would NOT follow this advice. Wow...

Jeremiah Hilliard Just use the equity variable.

Jordan Freeman Foreclosures in most counties are available online, for free. My surrounding counties also have online data request forms to obtain probate and delinquent tax data. These are also free. Not sure about your county but we have never had to pay fee. Good luck!

We just started sending direct mail out. We are executing it ourselves and have only sent a small number of mailers (~600). We have used 2 different versions (simple yellow letter and a more "professional" looking flyer). We have gotten a decent response rate (2-3%) but none have TRULY been motivated. I know that it takes time and volume to get a deal and realize we just need to keep churning them out. Here's my question - is it more difficult to find motivated sellers in B (or higher) class areas? Do motivated sellers exist in these areas? I have never worked with a wholesaler, but I see ads on Craigslist and other places and they always seem to be in D areas. However, I also assume that well established wholesalers likely aren't advertising on Craigslist...so probably not a good comparison. PS - I am not using direct mail as a means to wholesaling. I am just looking for my own deal.

Andrew Nelson It's a fairly simple process in Ohio. You fill out some paperwork, they come and inspect and you are ready to find a tenant. Once you find a qualified tenant there is additional paperwork to complete, specific to the tenant. In Ohio they (section 8) will also qualify the tenant (with their own set of criteria). Basically, they just ensure that the tenant can in fact afford the unit. Many section 8 tenants have to pay some portion of the rent themselves. As someone else mentioned they will reinspect the unit annually. The requirements here are very minimal, much lower than our own standard. We have never had issues passing inspection (initial or annual). Good luck!

Lacey S. Did you apply with a commercial lender for a commercial loan? That is what Sean is referencing. Doesn't sound like you did. Having (or not having) an LLC should be irrelevant. Good luck!

Amir Saeed I have a couple units with Section 8 tenants in Ohio. Insulation is not a requirement nor have they ever checked. We have an older (60's) ranch home with no insulation in the exterior walls. It's never been an issue. In fact - there's a program here in Ohio that will help section 8 renters/landlords cover the cost of providing insulation in rental homes that need it. The intent is to help lower the utility costs for the section 8 tenant (which is often paid for by Section 8). I haven't explored the program in detail but when I did briefly look into it I found they would have a company come out and make up to $2-3k in enhancements. Good luck!

Yemisi Jones Welcome to BP! Always great to see more folks from Cincy! Good luck!

Brian Stump We own 2 other homes in the subdivision we live in. Basically, our neighbors are our tenants. They live next door and across the street. We self-manage and have not had any issues. I wouldn't let that stop you from purchasing (assuming it's a great deal). Good luck!