All Forum Posts by: Pete Storseth

I sent the contract today. I think the numbers are good for three exits. Should be fine.

@Bryan Blankenship

That's comforting however the house I'm considering is a 4bed 2story in a higher class neighborhood. 2400 in rent is gonna be tricky. I dont know. Maybe not. Since its higher class, maybe that demographic wont be as affected, maybe they will be more protective of their money, maybe they'd rather rent than buy...

Good news is I have two exits. I could market for rent AND seller financing

@Bjorn Ahlblad indeed nobody knows. I believe it things will bounce back quickly with some more volume in the foreclosure market. First the rush of stalled foreclosures left over from march and April ...and may?? Then the service industry, travel industry unemployed etc.

I have to say it is very goofy to not take advantage of the situation as one of those unemployed. Other jobs opened up and accelerated their prescreening to handle more volume. For example, liquor stores, hardware stores, banks, and curbside got MORE customers. Real ambitious people might have gotten rich after being laid off if they just figured out how to make toilet paper! Hahahhaah

@Andrew McGibbon

I agree its a good investment but I'm worried about getting it rented out.

The rehab would only take a week or so and I would wanna get a tenant in asap. With covid I'm worried the area and price range might be a gamble.

Rents could range 2100-2500 for this house. What if people cant pay rent?

I'm looking at a rental property in Kingwood Texas. Its above my target price range but the upside is too good to pass up.

With unemployment so high I am nervous about my rental pricing. Do you think rents will be lowered by other landlords to avoid vacancies?

Attention investors!
Lead flow increasing and need private lender to help cover acquisition costs.
Never asking over 65k. Always analyzing with the intent to pay 20% ROI.
Email with " 20% ROI"subject line!

[email protected]

@Todd Rasmussen

DTI due to income. That's why I'm not conventional. Looking for a partner on this one. Interest only, passive.

I'm so new I dont have any personal assets and just need DP, closing and holding.

A little paralysis on getting the contract since I believe the markets gonna be turning soon. In worries about finding a buyer/tenant in this economic crisis.

Not afraid to jump in, just thinking other deals may be coming and dont wanna blow my wad....

@Jerryll Noorden

Thanks for the feedback. I'm really close to a first deal, but I need someone to back me for the down payment, closing and holding costs. Any suggestions for finding passive investors on a small scale? I was offering 4% interest for 5 years, paid annually. I am gonna reach out to personal contacts but I figured with people sitting on capital a 20% ROI would get somebody interested

Know any private lenders willing to loan 50-60k for 5 years? I'll structure my deals to be able to pay them 4% interest annually- that's 20% ROI. All my calculations factor that in. I'm a spreadsheet nerd

@Jerryll Noorden

Thanks. I keep tinkering with it. FB ads and constant posts have already hit thousands of people scrolling all day at home. I have recieved more leads than I would imagine if I had done this a month ago.

I'm analyzing 2-3 deals a day now. Not zillow hypothetical leads but actual leads.

Mostly I'm getting landlords and investors liquidating. So most of them aren't deals at all. The non-investors are so ignorant they think they're entitled to profit even though they owe 5 years in taxes and 20 years of their loan.

I'm being frugal. Spent maybe $30 on FB, 25 on magnets for my car, 57 for a CRM/lead list and only sent 33 letters.

I need to step up my direct mail, turn up the quality of the FB ads and cold call 200 calls a week. That's next.

The deals I'm looking at will be on BP with calculator questions. And if anyone knows seller financing, that's my jam and I need help.