All Forum Posts by: Mike Sumsky

Your numbers will fluctuate greatly depending on a lot of things, such as the specific list you pull, the mail piece you send as well as your negotiation skills. But even if your actual numbers mean you spend more than $208/deal, direct mail to a motivated list will be a heck of a lot better return than finding properties on the MLS.

@Nghi Le, glad that you enjoyed the REAPS orientation and wholesaling class!  Even if you choose to focus on other strategies in real estate, wholesaling should always be included as a tool in your tool belt.  I am actually primarily a 'buy and hold' and 'buy fix and flip' investor, but there are times when I'm either too busy to take on another project, or have a fantastic deal locked up but it doesn't quite fit with my goals, so wholesaling to another investor is best choice.  I look forward to seeing you at future meetings!

@Tyson Bumgarner, REAPS has a south end group that meets in Fife the 2nd Monday of each month at the Poodle Dog banquet hall.  It is a fantastic meeting, you should come next month on September 8!

Don't pay more than you're comfortable.  There's a reason the listing agent has to keep lowering the price.  If it was really worth $350k in today's market, it would have sold for $350k.  The market has spoken and determined that it's not worth that much, even if the lender insists on getting a certain price.  (or, are you figuring after fix-up it will be worth that?)

Also, never buy a house on the basis of future appreciation. Sure, appreciation is nice and can happen, but if you're counting on appreciation to make it a sound investment, that's not a good idea. King County real estate has been moving up quite a bit lately and there's certainly a chance for over-exuberance. It's getting harder to find good deals on the MLS, so you might want to consider also finding some wholesalers who are getting off-market deals.

@Tiffany Plovie, thanks for keeping me in the loop.  I have a REAPS board meeting on the 13th, so looks like I'll miss this one, but keep me in mind for other meetups.

You ARE a buyer though, you just happen to transfer your interest at closing. Saying anything different on your business cards such as "I Wholesale Houses" is just adding unnecessary confusion in my opinion. Plus, at some point you'll probably end up closing on properties yourself so keep the same message and you won't have to change up your business cards.

I'm unavailable Sept 13th, but the 20th is good.  Please keep me on the update list, thanks!

You can search your county assessor website.  Usually Zillow and Trulia pulls their data from the county sites, but occasionally there is a discrepancy.  

Richard, did you get the property under contract?  I'm an investor here in Bremerton and own several duplexes.  I'm looking to purchase more, so touch base with me if you've got a deal you'd like to assign.

Bridget, go online and find website where your county posts property information.  Google (________ county parcel search) for whatever county you're in.  You should be able to look up property info by typing in the address.  You'll find the legal owner, as well as the owner's mailing address.  (where the tax bill gets sent)  Write a letter to the owner expressing interest in purchasing their house.  If the mailing address is the same as the property address, be sure to write the words "address service requested" on the front of the envelope.  It's possible that the owner has submitted a Change of Address form with the post office so their mail will automatically be forwarded, and you will then be notified by the post office what their new mailing address is.  If writing a letter gets no response, you can also skip trace the owner.  Sometimes you can find the owner's phone number online, or knock on the neighbors doors, or find the owner's nearest relatives and contact them.  Just remember that the harder it is for you to reach the owner, the more likely it is that other investors haven't contacted them and you have a chance to get a better deal.  Good luck!!

You'll want to look up the house on the county website to see who owns it. If its a private owner (not a bank) and especially if the person has owned the home for a while (lots of equity), you'll want to do whatever you can to contact them to see if you can make an offer to buy. You can look up their mailing address on the county site and write them a letter, you can also see if you can find their phone number and call them. Talk to the neighbors and see if they know anything about the house or have the owners contact info. If all else fails, you can contact a skip tracing company who can help you find them.

Good luck!

Mike