All Forum Posts by: Roland Thomas

I have done some done some door knocking for pre-forclosures and vacant homes, but not probate...how do you approach door knocks on probate leads?

@Tangala Williams The county probate record will hold the "decedent's" address. Look for the application for probate...and that specific l information will be located in that area. In Houston, we are fortunate to have all that information online.

If there is a local listing service it may help cut through some of the clutter to find probate cases with "real property".

Congrats on taking action! How did your first round go?

@Zachary Curry Is there a common thumb percentage ROI on rent? For example in residential you want rent to be around 1-2% of the ARV or MKT Value.

I wouldn't want to acquire a building and lease terms are below common rates for the area. Or am I thinking too residential?

@Zachary Curry THANK YOU SO MUCH!!! This is a major help!

Hi BP,

I just received a lead on a commercial property on the outskirts of Houston. It has office space on busy highway and it sounds like a decedent deal, it has 100% occupancy and the owner wants to sell, to capitalize for another project. However, I have no idea how analyze a commercial deal.

I have asked for the sale price, rent roll and tenant count up to this point. What else should I ask for? What makes a bad commercial deal?

It sounds pretty sound, you probably don't need to go into a JV scenario. You probably could draft contract for her to be your consultant and outline your expectations in a formal manner which includes your payment structure for her services.

@Mike Hicks @Claire Trammell Thank you so much for the comments. I look forward to outcome of this campaign - "...Part 2".

Hey BP,

I am super pumped that I had my first round of yellow letters go out to Probate Leads here in Houston...and I have start receiving my first few calls back! My first call back said, "Take Me Off Your List!" and my second call today, said, "How can you make a living this way you dirty scum bag!" Now while for many this may seem kind of an oxymoron, but here is what I just found out...my letter reached its destination and someone opened it!  

I am so pumped that I know without a doubt 2 of my 500 letters we opened, read, and someone had a enough determination to call me. This lets me know I have more calls to come and all I need to do is hit the ball 3x.

While this may discourage new investors, you must think like a pro baseball player, if you hit the ball 2 out of 10 times you are in the minor leagues, if you hit the ball 3 out of 10 times you are pro ball player and making millions. It doesn't matter the no's...I need more no's because my 3 yes's will net me at least 30K in wholesale deals or more if I flip the property myself. 

My rhetorical question to everyone is, "What are you focused on? The amounts no's or the amounts of yes's?"

Keep your mind steady!

I bought the training as well, I saw them at the auction in February. I kind of wanted to tag along but they weren't that excited about it. Not being negative, but that is my one complaint about how people offer to help others in real estate.