All Forum Posts by: Patrick Smith

@Kerry R Harris obtaining a license is a great debate and most agree that it is not necessary for success in RE investing.  

There's a monthly meetup next week in Buffalo that @Eric Winstanley hosts.  I've only been to one so far, and it was nice to meet people.  I'd suggest going to that to meet people.  Unfortunately I'm going to miss this month's meet again.  Maybe I'll see you in June!  

@Matthew Irish-Jones  I didn't know you couldn't take a heloc on an investment property, especially one that has no mortgage or lien on it.  Why is that?  The bank would have a lien on the property so why do they care?  

@Maureen Rhodin Since you are debt free, refinance loans should be very low since the new loan will be in first place. 

How much is it cash flowing? If it's cash flowing pretty well (and from those 2 numbers it probably is) then maybe consider the BRRRR strategy to use the leverage for another opportunity. Also, it would probably be safe to bring the rents up a bit. You're leaving over $4 grand on the table annually by not adjusting to the market,

The closest people to me don't believe it works or I can do it.  Sometimes that really pisses me off, but anger has lead me to do great things.  This will be one of them.  

@Emmett O. very cool!  If you have an address for the owner try sending them a personalized hand written letter.

This area also interests me. I will be shooting one this weekend, but the landlord is actually going to take phone pictures to get it listed today.  AND  I'm doing it for free!  

Generally speaking - Landlords or property managers aren't going to want to wait for the weekend.  They need it at their convenience so they can get the unit listed.  

This is a great thread. I too considered ordering business cards but was conflicted because I don't have an LLC (yet). Put the order through today without a company name and used some of the suggestions here. They're cheap enough that it doesn't really matter. Thanks all.

For me as of right now - Finding a deal.  But actually, I'd like to find a contractor before I find a deal as I believe that will help make finding a deal easier.  

The way I see it is that I am more likely to find a deal already knowing what the contractor estimates for the rehab.  I am physically unable to do the work, so I am in an fortunate scenario where I need to completely rely on the contractor.  

@Matt Hurley I think you're right.  My calculations were very conservative, and using a more reasonable percentage the cash flow would double.  That would definitely better, but I would still have too much cash tied up in it.  I need the cash to scale up more than I need just one property.

@BJ Swing A deed search at the local county clerk's office should give you an reasonable idea on how much they owe if you do some math using some assumptions about how many payments they made.  Then you have at least something to gauge on if you do get a hold of the owners.  Good luck! and please keep us posted as I am very interested in pursuing properties this way.