All Forum Posts by: Patrick Daniel

Jordan,

I Would find a REIA in the area of the investment and ask for referrals for who you need. Over the long haul, as a landlord, you are going to want an attorney on your team anyways in the event things go down hill. You can screen well, but as long as the human element is there, you could run into anything.

Be prepared!

Good luck!

There are several places you can use such as Google Wallet, Square Cash (Although low weekly limits),  or even a bank wire to make your payments. 

Digital Trends Has a good article about peer to peer money transfers. Peer to Peer Money Transfers

Hope this helps!

Find someone in your area that is successful and reach out to them and ask how you can add value to them in exchange for showing you the ropes. 

Some Ideas:

Drive for Dollars in your neighborhood and give them a list of vacant or dilapidated homes. 

Call listings for rentals on craigslist that are listed by mom and pop land lords and find a motivated seller and bring the deal to the person you want to mentor you and ask if they will split the deal.

Bottom line: Add value to them, and show you are willing to hustle and have grit! 

Best of luck!

You could do it a couple of different ways. 

1) You could sign a 4 month lease and then have the remaining tenants resign for another period when that is up.

2) You could sign a 12 month lease with all of them and then have them resign when the group moves out.

3) Sign a month to month but require that they stay a minimum of 6 months in order for them to be qualified to get their deposit back.

As always, ensure that everything is within your local landlord tenant laws.

Unless your area has a special rule, our property mgmt team accepted the first qualified applicant and notified the other applicants that they were not the ones chosen and told them that their application would be kept on file for future available units, or informed of why they did not qualify.

Alex,

What specialty are you looking to get into?

The good news about real estate investing is that there are SO MANY niches and a ton of way to work in those niches... That is also the bad news starting out, it can feel like drinking from a fire hose. 

If you are not sure what you would like to specialize in, I would try to find investors that are local to you that you want to model yourself after and find a way to provide value to them. 

Are there any REIAs near you?

 Alex,

That is a tough situation. Sorry to hear you are going through the headache. First questions, and I am guessing that you have already crossed this bridge, but have you already checked to find out if the seller of the home is going to clear enough to be able to pay off the second lien?

On to your questions:

1) Earnest money back should be easy.

2) Extra expenses will be a hard sell. First, if it comes to the point that closing cannot happen, then I would request that of the seller first and see if they are willing to play ball. If not, then that will likely be a hard sell because those inspections are not technically part of the contract. You could try to take legal action, but that is really going to be a whole headache in its own. 

3) Is the lien a small enough amount that you can take care of whatever the seller cannot and still have it be a good deal?

Best of luck!

 When my wife and I bought our first deal 8 years ago, we got our first offer accepted and it was super excited, but we were so excited that we paid too much. It is good that you have a strict criteria for what you want. I would keep at it and if after a few months of offers, it's still not working, maybe there is another criteria that works for you that could open up more deal potential.

As for the buyer's lists, wholesalers who directly market to people who want to buy their houses will normally not buy the house and then post it on the MLS, unless they are rehabing themselves. If they are just doing a pure wholesale, then normally they will do one of 2 things.

1). Get the property under contract with the seller for a price much below market and then sell the contract (known as an assignable contract) to another investor on a markup. These deals normally never see the light of day (MLS) but have more potential to have room for profit.

2). The wholesaler will actually purchase the home and then sell it to another investor at a markup. They do this for a myriad of reasons, it is often referred to as a double close.

Best of luck!

 When you find homes that seem like good flips, have your agent run a certified market analysis on the home with comps in the same area of the same size with the same amenities. 

The only price that matters is the price that makes sense for you to make a profit that works for your numbers. If the seller doesn't want to sell it for that, then it is not gonna be a deal that works for you. 

I have heard several investors say that they only get one out of every 95-100 offers they make accepted, I dunno how accurate that is for your area, its a little extreme for my area, but good deals will likely be hard to come by. 

For long term, I would look off market and try to get on as many buyer's lists a possible. Generally the deals there have more room for profit.

Best of luck.

If your area is anything like many areas of the US, the MLS takes a good amount of time to review, depending on your criteria. I would try to get access to the MLS through an Agent so you can run good comps to get and ARV on the properties you are interested in.

Having info such as Days on market, sorting by subdivision, and price per square ft. has helped me in my analysis quite a bit.