All Forum Posts by: Marcus Kennedy

Update! So the lady ended up calling me back about a week ago and wanted to see if my offer was still on the table. We had come up a bit from the original price I offered but the price at which I have it at still makes sense. To make a long story short I told her I needed to come by the house one more time to check it out. I took a contract and we ended up signing it! This one might take a while to close because I told her she can take as much time as she needs to move out and she has so much crap in that house! Nonetheless this would be my first one and I've sent everything to title to see where we stand.

I'm pretty excited and I plan on wholesaling this one. I'll keep you guys updated on what happens but it could be a while before I have anything!

@Fred T. Awesome advice! Still trying to get in touch with that darn tenant!

@Account Closed I'll keep you guys updated! Im going to give the tenant another call tomorrow and see if I can catch her and schedule a showing.

@Ryan Dossey You are about to make bank! You may have hit the jackpot with this lady! Even in my short time doing this I've already had my fair share of angry callers/remove me from your list people! Yes please keep us updated on this one.

Thanks @Brent Coombs ! I guess the best thing to do is to go and look at the house and if there are updates that need to be done I will tie that in to my max offer. Let me just get it as low as I possibly can and then I will come back and ask you guys what you think. We could be having this conversation for no reason if he thinks he's offering a wholesale price but in reality it's closer to retail! I probably won't be able to see the home until next week barring the tenant cooperates!

@Fred T. 

1) My understanding is the renter is month to month.

2) I do not know the motivation behind the sale? He just keeps reaching out to me and asking me to go by and see his property. I've tried but the renter isn't exactly being cooperative which I could understand seeing she's paying below market rent for a good location rental and could possibly be displaced.

3) I dont know for sure it's free and clear but I'm pretty sure it is. One listsource said it was which doesnt really mean much I know. But also he got this home from his older parents about 4 years ago and they lived in it for years and years. He lives out of state so I think he's looking at just getting a wad of cash and being done with it all.

4) I don't know of another investor with an available rental.

5) I think the owner has tried to sell the home to the tenant but they didn't take the offer.

If the property is in good or great condition how would I move forward? Wholesale it? Just get it at a cheap price and resale at a higher price?

So through mailing to absentee owners I've come across a decent property that has a renter in it. I told the seller that I would be looking to buy and rehab. I have not seen the inside of the home yet but ARV of this home is around $160,000 or so. The home might be in great shape and in which case I can't do anything with this home. The renter is paying $800 a month for the last 4 years which I think is pretty low.

Assuming he's not interested in a lower offer like $110,000-$120,000, what strategies would you use to acquire this home in a good part of town? I think he owns the house outright. Seller financing? What terms could I offer with as little coming out of my pocket as possible but still looks good to him but where I am in a good position too.

I've told him I don't pay retail for homes and he says he "understands" but still wants me to come look at his home and make an offer. I'm not interested in picking up a renter especially one that is only paying $800 in rent.

@Joshua McGinnis I'm in the same boat as you. I have sent out my first half of my first round of letters about 3 weeks ago and the phone calls came pouring in. I did a total of about 720 mailers with 360 going out the first half. My next half should hit people's mailbox tomorrow so another round of callers! It's nerve racking and exciting all at the same time. I have not gotten my script down either and whenever someone calls I feel like I stumble through the phone call. I've yet to get a deal but I have thrown a couple of offers out there. Most people are wanting retail but I explain upfront that I do no pay retail.@Ryan Dossey It looks like you are killing it! I'd love to pick your brain sometime and see how you get the conversation flowing with sellers.

@Brian Gibbons You definitely sound like you are belittling @Dashon Jones .

I am a up and coming investor myself and I'm sure I could learn a lot from someone like yourself but like @John Kim said, we come here to encourage and be encouraged. While Dashon's method is probably not something I would personally do or build a business model behind, it sounds like he did what he thought he needed to do to get in the game and this time it worked well for him. Congrats Dashon and on to the next one!

I drive a 2009 Nissan Maxima that is payed for. She can getty up when I need her to and she looks good. I have about 112,000 miles on her and plan on driving it until it can't be driven anymore!