All Forum Posts by: Andre Vitalis

Hey All, While driving around during lunch today i came across a home with an owners 'For Rent' sign in the yard. I got the number and will call when i get home this evening. I want to find out if the owner would rather sell than rent. Anything i need to say in particular before i get to the purpose of the call? Or should i call them and get straight to the point? Just curious.

Hey Debbie, My favorite niches are Probates and direct mail marketing to Absentee Owners. I'm in the Raleigh, NC market so for Probates i don't purchase leads online but instead visit the county court houses in my target areas and collect my leads directly. I recommend you do this, initially, in order to lay a solid foundation for your Probate investing. Personally, i enjoy visiting the court house. I've met other investors there whom i've helped and who have helped me develop better techniques in gathering information and marketing to the PR's. I spend a few dollars on stamps and envelopes, hand address my mail to the PR's, then send them off. In the future, i may automate my process which would add cost to the marketing but right now i'm doing ok and enjoying the journey. Happy Marketing!!!

Thanks @Brian Gibbons. I agree. This is a very thin deal and i did back away from it. I passed the info onto other wholesalers. I need to grow my capital. 

@Brian Gibbons Thanks for the link. That's some good information.

@Bob B. Right now i do not have the capital to pay off the mortgage and would not want to use any personal funds. 

@Brad Millon Thanks for tip. As a new investor in the area that's good information to know.

All, shortly after i posted this message i was contacted by a seller who wanted to sell their property. Wholesaling is the only exit strategy i am comfortable employing right now. My conservative ARV on the property is 101k. The property has an existing mortgage on it of about 70k. The sellers asking price is 100k. The seller is open to me taking over payments on the loan, taking possession of the title to the property and taking back a note on the equity, about 30k. The property is need of some repair, less than 10k. If i had the capital i believe i would take on this property but i'm new and still learning. I don't want to get in way over my head right out the gate. Brad, @Andrew S. would this property be appealing to you or someone you know. Maybe someone here on BiggerPockets might be interested. I don't know. Please advise.

Hey all, An investment strategy i am pursuing are properties i can acquire under 'Sub-to' terms. I would then want to find tenants i could offer lease option terms to. I'm in the Raleigh, NC market. Besides my local REIA, who else could i contact for info on finding qualifying applicants i can offer rent-to-own options to? Craigslist maybe? I would want applicants would could qualify for a loan at the end of the lease agreement but I guess i would also want potential applicants would can't qualify for a conventional loan because of not so good credit. Does that make sense?

Hey! What's up Josue? I'm a new investor working the Raleigh/Durham/CH market. I would encourage you to lookup the Triangle REI group. They meet at various locations several times a month. Tomorrow they have a meetup at the Embassy Suites in Cary. The topic of discussion will be on buying mortgage notes. If your not interested in that then go just to network. The TREIA in our area is pretty good. A lot of nice people will be there willing to help you out.

Hey @Adam Schneider, I recently met with Kathy Russell. Nice woman. I'll be working with her in the future. Thanks for the tip.

Hey All, As a new investor i've been struggling to grasp how to figure the 'Comps and ARV' thing to get 'the numbers to work' for me. What are some common things a new wholesaler should know when it comes to evaluating a potential flip? Below is the summarized process i follow...

- Do my online/offline marketing

- Seller responds to marketing

- Seller and i go over property features and maintenance issue

- Seller communicates asking price (ex $99,999)

- I haven't worked out the numbers so i tell the seller i'll get back to them

- I figure out the comps; i find similar properties near the property i'm interested in and look at what they sold for.

- The property needs repairs. This is where i need help and/or advice. How do i calculate a rough estimate for these repairs? What are some common things to look for? Is this something i can do on my own or do i need to hire someone? I've looked at different sources who share different ways to accomplish this. What have some of you wholesalers done in the past?

- I make my offer to the seller

- The seller agrees to my offer and i put the property under contract

- The property is sold to an investment buyer

- I collect my fee (2k-10k+)

Thanks in advance :)

Excuse that last post. It was incomplete. Anyway, for you Raleigh Wholesalers/Buyers @Merrick Loveland , @Eric F. and @Account Closed. I researched who the property owner was, sent him a single hand written yellow letter last Thursday and he responded. The seller called and left me a voicemail msg. I even think he called me the night before but didn't leave a msg. Anyway, I calmed my nerves, got my call script out and called him. After a minute or two into the call it became apparent, this individual was an extremely motivated seller. He bought the property with a partner as an investment property. I believe they got in way over their heads with it and now they just want to sell it. The property is owned (supposedly) free and clear. The property's value (via comps) is around 475k. I have an experienced wholesaler working with me on the deal. If everything pans out i stand to make around 10k on my very first deal! The deal, however, may also fall though for whatever reason and i'm prepared for that as well. We'll see what happens. Stay tuned...