All Forum Posts by: Robert Kirkley

 They said they may be open to carrying financing.  Honestly, anything that would end in a win-win could work, I am just trying to keep options open and find ways to make it work if it can.

 I was thinking a possibility could be to get a loan to pay off the balance left on the mortgage and some to the current sellers, and then structure a seller finance payment the rest owed on the property to the sellers.  Would this be a potential option?

Hey everyone,

Recently, a family member of mine passed away and the ownership of the property she lived in will be going to a couple of my family members. The property's current value is probably around $400-$450k. It will need a new roof, probably new electrical, and many other upgrades. The ARV would probably be closer to $600k and rents in the area are going for $3000-$3250. There is only $80k left on the current mortgage as well, monthly payments are in the $400 range for the house.

I spoke with one of the family members who will have ownership of it and they said that both of the owners will not want to put the time and energy into rehabbing it to sell for a higher price, so they would like to just let go of the property and sell it.  I am trying to figure out a way to structure a seller financed deal with this situation, so that I could somehow purchase this property while paying the current owners while getting the property back to rent ready condition and renting it out.  

Would any of you be able to offer any advice as to a possible approach to structure this deal?  Thank you.

Hey everyone, I have been talking with a mentor of mine and we are looking to get into investing in co-living properties.  I was curious to know if anyone had any pros/cons they would like to share with their experience investing in this type of strategy.  I used to be a property manager, so I am sure having more tenants per door could be an issue, but I would like to hear what others have to say, thanks so much!

Hey everyone.  I will be needing to purchase a truck in the next weekend or two and plan on purchasing it and using bonus depreciation to offset my income.  The vehicle will not be over 6,000 lbs (likely a Toyota Tacoma) so I know there will be a limit on the amount of bonus depreciation I can recapture.  I do not have a business bank account/business credit card set up yet, but is that necessary to be able to purchase the vehicle and get the tax benefits when I buy it?  Do I purchase it now with money saved up in my bank account and then transfer the vehicle to be owned by my company at a later date, or does this all need to be set in place before buying?  If you have any questions on the specifics, please let me know.  I am sorry if this was unclear.

Hey everyone, 

Recently there has been talk between my parents and I that they are looking to downsize and possibly sell their house.  I am currently living with them and saving up for for a house hack, but see this as a potential investment opportunity to purchase our own home and have them move somewhere else when they would be ready.  There are a lot of unknowns at this point, but I would like to try to learn a little bit more about some potential ways to seller finance this deal.

They originally purchased the home for around $225k in 2019 and the house is probably worth close to 300k.  I am currently approved for $200, but I may be able to increase that amount when I apply next based off of income.  They are wanting to take their name off the mortgage so that they can be approved for another property if the chance comes to them, however, I wanted to know if there was a certain way I could structure a deal between them and myself taking the responsibility of the mortgage and purchasing the property in a land trust to avoid the tax increase? Are there any other ways that I could look into structuring a deal with them?  Thanks.

@Scott Edwards Hi Scott, I have not personally invested in the area yet, but I am looking to get a househack in the area. I currently am an assistant property manager for lake county though. Know a couple of people who are investing in these areas.

@Steve Morris I plan to contact the people in my list via phone call after a few more mailings.  It will all be part of the process.  And as of 2 weeks into it, I have seen a 2-4% response rate, but that is based off of a very small sample size.

Hello everyone!

It has been a while since I have posted on here, but I have continued to educate myself in real estate and network with some incredible people.  This year I decided to set a goal for myself to read 52 books that involved either real estate investing or personal growth.  I am doing very well, with just over 30 books read currently.  I have learned a lot and know I will need to reference some material again, but I began to notice a pattern.  Every book I read had something in common - they all said that if you don't take action, you won't ever get anywhere.  It took me a while, but I found out I wasn't allowing myself to succeed because I was not taking action.  This being said, I decided to start my first direct mailing campaign and continuously update it for everyone who may be able to use this as a resource or even offer me advice on what to change.

Mailing Campaign #1:

Target Audience: Owned >10 years, Absentee, >40% Equity, SFR/Small MFR, No swimming pools

Total Addresses on list for desired area: ~300

Data Collected: ListSource.com

Cost of Materials:

100 Stamps x 3: $160

Mini Legal Pads: $10

100 Postage Stamps x 3: $105

Envelopes: $50

Postcards: $45

ListSource Data: $65

Total: $435

This total will be larger in the end, because every address I send to will get multiple pieces, but for now I wanted to share what setting up might look like.  I have spoken with multiple wholesalers/investors who all agree that consistent mailing is the key.  There is no other way around this.  Unless someone specifically asks you to stop sending mail to them, keep pushing out your message in front of them.  

As of now, I have sent a mini legal pad note and a postcard to 100 locations.  I plan to continually send out at least 50 new notes/postcards a week as I prepare to get more materials to keep up with the marketing.  Of the 100 pieces of mail, I have received 2 "don't call me again" messages, 1 property with the owner not very motivated to sell, and another potential lead that I will provide updates about when I get more information.  So far I am pretty happy with how this is turning out.  I am even more pleased that I am actually finally taking action and connecting with more people than ever.  

If you have any questions/advice please leave a comment!  I hope this helps someone new visualize what this process may look like!

@Matt Leber Things are going well, thanks so much!  Closer to getting into an investment property and have several different business opportunities.  This year has been a great year so far!