All Forum Posts by: Paul Sorgi

So I have 50k to invest. I would wait until the next Tax Sale then I would buy as many properties that I could that fit my model.  My all in costs would be 15k to 30k with rents being 450 to 700 per month.  That is what I would do.  I think @Ben Leybovich said it best. If you don't know then keep it in the bank until you do know.  

Welcome to BP and look forward to meeting you at a local event or 2!

Welcome to BP. What types of properties are you looking for?

Look forward to meeting you at a local event or two.

So he gave you the number of the person controlling the property in receivership? If so call them. See what needs to be done to buy this property.

Don't give up. This is how you get a great deal.

You found a property that nobody wants, it ended up in receivership because nobody is taking care of it, it needs work, it needs value added and that is how we make money in RE.

To say the least it will be a great learning experience.

@Jack Jennings if your headed to an aution add collect names of attendees to your list. Make it a point to meet those bidding. They are your cash buyers.

If wholesaling is where you wish to start then read focus your learning on marketing for sellers.

Wish you the best!

You can estimate rents by talking to local investors, using rentometer.com, craigslist, calling local places available for rent etc. This will help you determine the income.

Expenses will be taxes, Maintenance, Vacancy, Management, trash, water, utilities etc. You will have to make educated guesses some such as Maintenance, Vacancy, and management are % of the income. Again ask local landlords what they are using in your area.

What are your short term and long term financial goals?

@Rick H.

Maybe those that sell yellow paper!

All kidding aside. DM takes an investment and a commitment. If your looking to just do what is "cheap" chose another marketing strategy. It is a numbers game meaning you need a decent size list and you need to mail it consistently to harvest the results. A one time mailing might produce a deal and then again it might not.

To answer your question test test and test again.

Welcome and I am not in your area but we can still connect here in the world of virtual networking.

So your looking for initial strategies. What interests you and your wife? Buy and Hold SF, Multi, Apartments etc. Commercial, Development, Land, Rehabbing, Lending, etc.

The big question is what do you want to accomplish and when do you want to reach your goal. EX: I want to make 1000k net per month from rental property. Or I want to make an extra 100k this year.

In example one you could decide to buy and hold SF and you find an area where you can net 250 per month per house. Now you know you need 4 houses to meet your goal.

Second example you just want to chunk money and decide that you can make 20k per house flip . Now you know you need to flip 5 houses this year to reach your goal.

OK, hope that helps. Search all the above in more here on BP and you will be very happy with the information people have and will share.

Great advice above in regards to a JV contract. What strikes me is the wholesaler with the deal coming to you looking for your buyers. Do you have a buyer for this property or similar? I am just curious. Usually when I hear about JV deals it is the opposite. A wholesaler who has been building a buyers list reaches out to others with deals to see if they will JV their deals. I guess I would proceed with caution.