All Forum Posts by: Richard Lowrance

@Account Closed

Hey Christopher! I'll be more than willing to help..... For Free :)

First thing I recommend is joining your local Real Estate Investing Club and start networking. You most likely don't have any business cards so when people ask say you don't have any or "I'm all out"

2. You'll want to find a realtor or some one with access to the MLS there in your city. This will allow you to start learning how to determine what the value of a property by seeing what other houses sold for comparable to your subject property (Comps).

3. The best way to start finding deals is to drive for dollars. Direct mail has diminished drastically over the last several years. When you drive for dollars you can either look for houses that appear vacant, or just start knocking on every door. Dress for success when you go door knocking. You want to look professional and appear professional. I once knocked 89 doors before and finally received an open seller. Made $7,000 off the deal! My knuckles hurt. My door approach was made up on the fly "I'm Richard, you wouldn't happen to know anyone looking to sell their house by chance would you" ... My more desperate pitches went along the lines of "Hi I'm Richard I desperately need a house in this neighborhood. I have cash cash (say it twice)  do you know anyone who's even thinking about selling?" The tone you have will take on a slight desperate sound when you say the word "anyone"

4. Use Zillow to get a birds eye view and rough estimate of a property's value. People knock Zillow but to this day I use it when a seller first calls. I always run comps and never rely just on Zillow. However, when I first started out and didn't yet have access to the MLS.... I had to use the resources available to me.

Finally, I could go on for days because there's so much. These are first steps I recommend with the first being to get involved with your local real estate club (Google local Real Estate investing club Virginia Beach, VA). Finding the deal is always the hardest part. Selling a deal is not difficult if you contract it at a good price. Reach out to me for anything I'd love to help anyway I can!

@Johanna S. Hey I think it's wonderful you're reading books, regardless of who wrote them! It shows you are taking action, and while some books are better suited than others, all form of reading to gain a better understanding is beneficial! 

The first thing I'd do in your position is to Google your local Real Estate Investing Club and attend their next event open to public. Each club usually holds at least one event a month open to non-members. Go and start networking, continue to read as you're doing and best of luck!

Hey guys! Great questions and feedback here! 

You can check out this link    http://cdn2.hubspot.net/hub/213639/file-29251598-p...  For a purchase agreement tailored for Boston. I'm not sure if it's the most updated version. 

When I first started out I used only $10 as earnest money. Most sellers didn't care and those that did I developed rebuttals for. At the very bottom of the contract I've attached the link to above, # 30 states "Additional Provisions" ... This is where you will put your clause to protect you in the event you're unable to get a buyer. The clause should say something along the lines of      "Buyer agrees to give seller $10 for a 14 day option period, in which Buyer has full right to terminate contract without penalty, while also receiving full refund of earnest money deposited" 

You can also say something like "This contract is subject to property passing full and complete inspection and second eyes review prior to closing" However I like the first clause better. 

When I speak to sellers I say "We can fill out the paperwork now to get the ball rolling. When is a good time I can get my guys through here to verify the repair # and gather some bids?" 

I always say "paperwork" as opposed to "contract" when speaking to sellers.