All Forum Posts by: Michelle Joiner

I would Never recommend Anyone spend All of there available monies. What if you need to make repairs...need to renovate or simply have an emergency.  Depleteing all of your funds is not wise.  My suggestions would be

1)  use a portion of the money as a down payment

2) use additional money to renovate & upgrade property

3) use additional money to buy additional properties & increase capital beyond $100K building wealth over the long term

Kudo's for joining the BP family.  Welcome .... this site is a wealth of real estate information.  Good Luck!

if I were investing in properties out of state or more than a hours drive from my primary residence, I would consider a turnkey property. However, being local I prefer to purchase a distressed fixer upper in the nicest and most desirable neighborhoods and renovate.  

After renovations, I would charge market rent rates and enjoy the property value appreciation over time.  I prefer to use a couple of investment real estate strategies to build my wealth overtime 1) Buy & Hold for the long term 2) Buy & Flip when a great deal has come my way 3) Buy & Rehab when cash flow and time  is available for the project.

Wow! Joseph,

You have shared a ton of valuable & helpful information that will help me plan, prepare, & find virtual assistants that help my business to be a success...grow... & prosper. Thanks for taking time to share with your Bigger Pocket Family.

Will,

I shall insist that we meet-up to see the property; however, if the seller refuses.  I will make offer based on lowest comps in area  like Jake mentioned.  Thanks!  

Jake,

I have gathered comps for the area & if the seller refuses to allow me to see the property; I will make an offer based on the lowest of the comps. The property is in a very desirable area.

Larry,

In my letter to the seller, my phone number was listed. As you mentioned, the seller may not be motivated.   I will ask the seller how much she wants for the home and remind her that " I am a cash buyer looking to buy the house at a price I can pay. " 

Kyle,

I will be brief and to the point and let the owner know that I imust be allowed to inspect the property prior to making an offer.   I will not make mention of a deceased family member. Thanks for your input!

Hello Bigger Pocket Family,

Please Help & Thanks in advance for your feedback and suggestions!

I stumbled upon a distressed property and sent the famous Yellow Letter to the owner of the Trust asking to be contacted via phone.  Well, the owner is computer savvy and sent me a message via Facebook asking me to "Make an Offer".

I am ecstatic that the owner reached out to me. My dilemma is I do not want to be the first to mention a number...as the old adage goes "the first person to mention a number is probably gonna regret it? This would be my very first wholesale deal and I want to get this property under contract

My questions are 1)  How do I address the owner in a sensitive manner since this is an inheritance property? 2) What questions should I ask via email prior to making an offer? Since I have only seen the exterior and it looks good; however, I have not seen the interior so I do not know what to expect. The property was built in the late sixties probably needs some updating.  I think perhaps, I should estimate for All repairs to be on the safe side contingent upon an inspection.

My email to the owner would go something like this...

Hello,

Thanks for responding to my request to purchase the home in .... that's been in your family for quite sometime.  I  have a couple of questions prior to submitting an offer.

I would welcome the opportunity to speak with you briefly, if that's okay with you. Can you please give me a call today. I may be reached at (561 ... I look forward to hearing from you. 

Thanks-A-Millions Joshua for moving forward and starting the Bigger Pocket!

The site provides a Ton of valuable information that helps newbies and seasoned investors...wholesalers...rehabber...alike to continue to grow and prosper.  I am truly delighted to be a part of the Bigger Pocket Family.  Keep up the Awesome work.