All Forum Posts by: Nancy Brook

@Richard C.

I've worked with contractors who have attempted to victimize and lie to me also. I'm not going to say "no contractor posts on BP" due to bad experiences with a certain percentage of the segment. I call would-be sellers five days a week. All of them are non-owner occupied properties so a majority of the calls I make are to other investors. 

Most I speak to are looking for a retail price. If that's the case, I let them know they should probably seek out a Realtor. I don't try to convince them to work with me. I let them tell me their price. I let them know if it's in my ballpark. For sellers who have too many repairs, have financial problems or just want a quick sale, then I can help them out.

If you don't like a thread, scroll on by. That's what I do when I see political shows on TV. Why would you object to a wholesaler finding an investor a good deal? If a "wholesaler" is coming to an investor with market value properties than they'd be a retailer! If the investor doesn't know his or her numbers then that's on the investor v

Why label yourself at all? When I make calls to sellers on potential wholesale deals I call myself "Nancy." When I talk to potential buyers I still call myself "Nancy" and say that I connect properties from sellers to investors. I am also an investor so sometimes mention that if the person on the phone asks. Nobody, except those who work in the real estate segment, care about your job title. So keep it simple and say your name and talk about the benefit you provide to the seller or buyer.

I financed my four-plex in Florida as a primary residence, but I kept my Montana property as a second home. The bank didn't care one bit about rental income from the other three units. I needed to qualify for the payments. I don't think you need to get into the whole vacation rental thing with a bank. If they're conventional mortgages they will base qualification on your income and whether you can handle the extra payments. Good idea to talk to other financial institutions.

Are you buying this property to flip or to rent out? You may do different rehabs depending on the end goal.

Hi Mary Kirkpatrick ! Welcome. I do my investing and wholesaling in St. Pete. Nice having you on BP!

Hi Destiny Reid - Are there some specific questions you have?

I'm guessing in Akron you can get in cheap on a C property. What's the return after expenses? There may be a bit more risk but I'm guessing more return than other markets.

Agree on waiting until they move out.

I've been doing a short-term rental in St. Pete. You do have to pay state and county sales tax so make sure you get set up for that. Otherwise, I've had no problem.