All Forum Posts by: Ryan Melton

Why is it that when you click on a thread and then go back it takes you to the top of the page? It would be much better if you went back to where you were. 

Congrats Brian!  

@Jay Hinrichs  the houses appeared to be vacant. When I pulled the county records I knew the owner didn't live there. I'm not sure I would knock the doors. I'm sure that could be effective but it seems it could embarrass the homeowner. 

I've just started taking a different route every time I go somewhere and look for distressed properties. I'm working to build a list that I will continue mailing several times. I also plan to start mass mailing soon. 

@PAUL ARNDT the letters I've sent are pretty simple.

Dear ***,

My name is Ryan Melton.

I live nearby and noticed your house at 123 Main.  I'm interested in buying it.  If you have any interest in selling give me a call at .....  We can pay cash and close really quick.  Sincerely,

Ryan

@Chetan Tandon I realize that I was very fortunate to run across a deal that easily.  How are you pursuing deals?

Thanks everyone for the comments.  Getting one that quick probably means I have A LOT of work today to find another one.

I sent out three yellow letters a couple of weeks ago.  I found the houses while "driving for dollars."  I listed my google voice number on the letter so when I got the phone call "real estate" pops up on my phone.  I just about flipped.  I ended up getting the house under contract 5 days ago.  I found my cash buyer last night.  We meet today with a $2000 dollar non-refundable deposit and a contract.  It definitely wasn't a homerun but it's a deal!

At that price definitely concrete. With so little invested you could always change them out later. 

My plan is to start fix/flip and wholesaling and using the profits to buy lower income SFRs to hold.  My dad has 15 or so of these and has done well with them. 

I guess I did leave a lot out. I'm partnering with my dad on this. He's built several spec houses so has a pretty good handle on the construction side. We've estimated the repair costs at 40,000-50,000. I'm confident that a very safe estimate. The house is approx 1600 sq ft built in 1955. Stone and vinyl siding on the outside. The water damage is limited to a couple of areas. The mold is what were somewhat leery of. It's everywhere. Will it scare away buyers after the repair? Is there potential liability down the road? Thanks

Hey Everyone,

My name is Ryan from North Little Rock, AR. I've been lurking for a few weeks and am loving this site. I own a home security company and really enjoy that but since reading Rich Dad Poor Dad a few years ago I've been wanting to get into real estate. Thanks for all of the GREAT info!

Hey guys,

I'm new and would like your input on an a opportunity I've come across. I found a house that I think can't be bought for $20,000. The ARV is around $120,000. It's filled with mold.

The previous owner obviously had a bad roof and didn't fix it. There are tarps all over the roof. The neighbor said they've been up there for a long time. It's been vacant for a year and the entire house has mold. The house is pretty decent on the outside. 

Should I go for it?  Thanks