All Forum Posts by: Nathan P.

You may consider allowing people to rent the vacant spaces and place RV's or camper trailers on them. I have seen it before.

@Shawn Cottle those numbers are really impressive. You make it sound easy haha! How were you able to keep your holding costs so low? Could you itemize it a little more?

@Jason Johnson send a letter to every single contact to that property attorney siblings blood brothers alike. Then skip trace those people and call them on the phone. Then Facebook stalk these people and make sure they know you want to buy that house. People respond differently to different kinds of communication. If you want it go get it!

Hey Stephanie,

Do you find that you typically have to go down to the city hall/county courthouse to get theses records? I can find tax lien sale lists and things at times on these government websites but they usually are outdated a few months

@Javis just wanted to let you know I am following this post man.

Other than pre-foreclosure properties is there any other demographic or list you are targeting for door-knocking?

I talked to a guy the other day who said he just looks at foreclosures off zillow and knocks. He has done well doing it although I know Zillows information is arguably inaccurate at times. Where do you get your list? Does your boss provide it?

@Barrett Anderson I am subdividing a lot right now in Bountiful. We received approval from Planning Commission and our last City Council meeting will be on Tuesday before we record.

Everything previously said by @Grandon Brimley and @William Hochstedler are spot on good things to keep in mind. When talking with your Fire Marshall the discussion will probably come up that you need to be within so many feet of a fire hydrant (in my case it was 400 ft) and a hose would have to wrap around the building for that. We will end up paying about 6k for the hydrant we needed.

As for the survey and plat work from an engineer office we paid just under 4k.

Also make sure the utilities for the new lot are accessible at this time. I have two projects where I ran into a moratorium on the street and because UDOT had just repaved I couldnt tear into the road for 2 years.

If the city already told you that it can be done you have won half the battle. I just read yesterday in the ABC's of real estate investing that "everything always takes longer and costs more than planned" this cant be more true then with real estate development. The cities are slow and there are all sorts of big ticket items.

Enjoy the journey!

Sounds like things are starting to get ugly Ben. I am surprised that he actually paid $100 towards the late fees he had accumulated. That shows a little cooperation.

I would probably try the cash for keys method I hear a lot of people using now a days. Instead of evict him and lose all that time just pay him some cash to be out in 10 days or something.

Good to meet you Brandon!

Jeff Kao's link is a very recent forum started for this topic

Hi Daniel,

I think what I have been seeing for the most part is that duplexes up to four plexes are not necessarily marketed at certain cap rates but whatever the market and comparable properties have been selling for.

Maybe a factor that contributes to this is that anyone with a traditional home mortgage can purchase up to a 4 unit building without getting a commercial loan. I think allowing regular home buyers to buy properties like this brings more competition.

Sorry I dont have any specific numbers for cap rates though. I am definately following this forum to see if anyone out there does have that info.

Obviously there are some great benefits (both for buyer and seller) to putting together a seller financed deal that has been discussed in other forums.

This can work great when your negotiating directly with a seller off market. But when your analyzing deals listed by an agent how do you get that agent to advocate your offer to the seller?

The conflict I am seeing is that if the seller decides to hold the note for me or wrap a mortgage then the money is not due upfront and the agents commissions are supposed to come from that money.

Another problem is that a good majority of agents arent familiar with seller financing and may be afraid of the unknown. Most people in this situation would not want to sound incompetant so it would get ridden off as a low ball or bad offer.

How can some of these hurdles be overcome?