All Forum Posts by: Nick Seginowich

Sounds like a good idea to me, do it.

How can you refuse to believe people have great success with bandit signs? It might not work in some markets but it does in others... congrats on your success with SEO, but be a little open minded I’m just looking for the legal implications surrounding this method. Thanks for your opinion though 

Obviously there is some controversy with the use of bandit signs, especially if they're illegal in your city, but I've heard a lot of investors who have put out hundreds of signs a month having great success with it. What are the possible repercussions associated with bandit signs in a market where they are illegal (accruing the signs taken down by the city just as an expected expense) and can they track your google voice number? Also theres the fact that this method could be considered littering in your market and is generally a sleazy thing to do... I think this could be a successful method but is it worth it? 

Investment Info:

Single-family residence buy & hold investment in San Angelo.

Purchase price: $131,500
Cash invested: $37,500

I Used my dad's HELOC for this purchase so we are getting great cashflow because of the low interest only payments! The cashflow pays for my rent until I want to add a fourth bed, rent to students by the bed, increase the rent and have enough income to be able to refinance, pay my dad back and still make a couple hundred a month.

What made you interested in investing in this type of deal?

Great way to get started because it is very simple and gives me credibility, while paying for my rent.

How did you find this deal and how did you negotiate it?

Found this on the MLS, I believe I was the fist offer, and we settled at $131,500 from their original $140,000 asking after negotiating down an extra $3500 post inspection.

How did you finance this deal?

Early inheritance money from my Grandad and my dad's Line of Credit.

How did you add value to the deal?

General repairs plus paint.

What was the outcome?

Renting a a hopefully great tenant.

Lessons learned? Challenges?

I learned that buying a house is really not that complicated and i'm ready to take on more deals. Also, every problem that arises has an solution, I just have to find the right person.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Mimi Clark is a great realtor in San Angelo.

Try Grant Cardones book The 10X Rule, It's not specifically about investing but really good for helping you think bigger, definitely getting me to change my mindset! 

@Aaron Nelson

Thanks Aaron, so that $300 pet fee is non refundable and then you don’t charge any extra deposit on top of that or do you?

I am in the process of screening tenants for my first single family rental in san angelo, Texas. My ideal applicant seems like a really good fit and has passed my screening process with flying colors, but she has a dog. I don't mind her having a dog in my property but i'm not sure how much extra to charge for a pet damage deposit, how much is refundable and nonrefundable, and if I should increase the rent. 

Please let me know if anyone knows the laws in Texas or what a reasonable deposit/rent increase is.

Thank you!

@Jerryll Noorden 

Man, I get what you're saying! I've been thinking the same thing as I am linking my website in my letters. I know that a lot of my target potential sellers are elderly and my area is more of a traditional, 'mom and pop' style town, so I think i'll get a better response from handwritten letters and less online/professional marketing. As I get into other markets I'll start focusing on more modern marketing strategies. Thanks for your honest opinion, it really helps!

@Justin Silverio 

Yes, I think this is a good idea and your company looks really promising for me, thanks for the input!

Yes, please do! Thank you.