All Forum Posts by: Rome Wells

@Lynnette E.

Start laying out glue traps they work like a clock, and clean out the storage units from clutter, make sure everything is organized and not just randomly on the floor giving mice heaven.

Make sure area is clean, get specialized mice traps $50 each that send you alerts as well.

Use different traps, hire a handyman and coordinate handyman to get the door fixed and other things one step at a time.

Good Luck.

Rome Wells

Freedom Writer

@Eric Kelly I can do background check on a property or a person and let you know what I think, I do have background check online site that is my site.

I specialize in skip tracing, depending how deep you want me to do background check, price will vary.

@Warren Sawyers yes hire one... if you can’t take care of tasks, just document what you need done, then transition to bigger property where you get to be the boss with boots on the ground.

Key is to graduate to major things and not get stuck with minor things.

@Charles Carillo

Call them, email them, send them letter. When talking to them be quick, if someone motivated they will talk longer, don’t spent more than 2 mins on each call, less is more.

Hunt not for multi family properties but for all properties.... and in the midst of hunting for all discover multi family properties.

If interested in learning how join my free multi family commercial REI Facebook group and discover all the secrets and tactics from me and 330 other multi family investors who are in my group. To get the link to the group pm me.

Cheers.

Rome Wells

Freedom Writer

Yonkers appreciate me faster than Stamford.

Here are the headwinds you would be dealing with if you dive into surplus funds.

1) unclaimed money 💴 tactic have been used by, many scammers taking money up front in return for helping owner claim the surplus funds. Such scammers are referred as fraudsters...  

What does it mean for legitimate surplus funds recovery company?

It means facing headwinds in attempting to convince home owners that there is really surplus money left over for their property.

Many homeowners been trained by the internet to ignore any letters or emails or phone calls from anyone calling and offering you free money.  

The mentality is already formed in their brain.... that it’s too good to be true.... hence even if you are legitimate company.... you can still face headwinds.... when reaching out to such people.

2) Some older folks have dimensia and may very well sign your contract, but also sign the very same contract with other excess money finders..... leaving you in uphill battle fighting for money... that you would less likely to receive.

3) many surplus funds may appear to have money.... but when you look super deep into many of such claims... you will see that in reality there is a lien on the property, or 2nd mortgages or multiple people.... who funds belong too....

Which means there is really no surplus funds for many of the claims, even though the lead website tell you there are surplus funds.

4) many folks on the Internet advise homeowners that they can get their funds simply by filling out several simple forms and claiming money yourself without having to pay any insane fees to any finders.

However if homeowner is not capable in filling out these form they shouldn’t pay more then 10 to 20 percent to finders who will assist in claiming funds.

10 to 20 percent fees don’t exactly cover the costs of your skip tracing efforts, processors fee or attorney fee.

You need at least 45 percent to make it consistent (depending on the property value).

Some states cap the percentage to 10 percent. Meaning you can’t get more than 10 percent....

Some states may not have enough surplus funds.

The ones that do have a lot is New York and California.

Now I am not a guru, I haven’t done surplus fund searches.

I prefer personally learning and coaching about multi family commercial REI inter mixed with wholesailing commercial multi family apartment buildings...

Or even wholesailing regular houses..., as it goes for surplus funds...

If you have time to kill and willing to take risk.... doing it consistently.... facing the headwinds....  then go for it.... 

Then let me know how it goes.  This is indeed a legit strategy, but if you don’t put work into it.... then like with everything else.... it can fail...

Key is calling these homeowners consistently and following up.

As it goes going to auctions and recording how much property sold for, writing it down and chasing homeowner right away....

Indeed gives you bigger chance.... of striking a deal and signing owner under contract vs looking only at online lists...

Look for probate properties.... and look for foreclosure properties.

You don’t need to be super smart to make money in surplus funds, but you will need to know.... how to skip trace deals and send out letters, cold calling people and pivoting them.

I seen your question, I am sorry to hear that this situation has happened. Thank you for sharing this in the forum, I will have to keep in mind things you mentioned for my tenants. Note, I am new to landlord world, hence I am not sure if my advice is for you... but... What I have noticed is that everyone have all sorts of opinions, that either deter you from facing the issue heads on or lecture you in what you should be doing, with only few providing concrete useful advice that is feasible for your particular unfortunate situations My best advice that I can provide is scale up. Drop what you are doing pivotally, gradually... and sell your house. Market prices are high in California, and reaching peak... and already overheating especially in California metropolitan area my advice is to sell now, before it’s too late. There is a very large number of bigger pocket members beginning to offload their properties. Selling your house now will free up your liquid capital that you can convert into higher scale property, where affording property manager is actually feasible... vs hiring for your current property... (simply because this is not feasible and waist of money, unless you scale.) You doing the right things managing it yourself at your particular scale, however if you want less stress, I would scale up to bigger apartment building, even if it’s out of state.... In California buying commercial buildings is not an option, the cap rates don’t allow it. My advice is, carry yourself over into bigger building, 16 units or 25 units for example. Where you can still put your expertise to use, but have less stress from the standpoint of dealing with property management issues like this. I know what I am saying may seem a bit unrealistic, but I seen people do it, and interviewed some of them too, to see how they did it. Pattern I noticed is that many of such folks simply didn’t want to deal with minor things and wanted to only work with major things, while outsourcing minor things to property management company. Note situation with Smokey and other tenant is somewhat complex, have you tried pushing on weak links of the tenant? Find the weak link of the tenant ... and push on it... to force the tenant start thinking ethically and get the taste of her own medicine, while still realizing that you are breaking mountains for her. Man it hurts my soul to see how tenants react, have a conversation with her... Specific conversation, asking her when she wants you to pay off all her moving and babysitter expenses, who is talking .... her lower self or her higher self? Man seeing conflicts like this hurt my soul, yet being pragmatic about it and literally addressing issue heads on at least until you can get out of this pickle, is your best bet. I would not comply with everything tenant asks for, I would be as ethical as possible, and yes advice of early lease termination reminder is one the best advices I seen, even with 1 month tenant staying in. Also, keep something in mind.... you have another option... where you just make the reminder, give her a just a bit of cash, to put everything a side.... then if she takes it great... if she doesn’t then let her take you to small court... Meanwhile rent out your property on Airbnb and make some money on it focusing on people that would pay, this way any extraneous fees that come out from small court... can still be offset by good income from Airbnb....just temporarily to help you ride out the storm. Note.... 2 things can come out of this... one ... she may not even take you to small court... it’s the headache to do.... Heck I haven’t even taken anyone to small court claims... it is stressful... for regular person.... stressful... Therefore there is a good chance that she won’t... and if she does... simply explain situation in small court... best way you can and put this aside.... for now... focusing on new tenants who are willing to pay.... Drop the tenant who is negative, but offer options to her as discussed... meaning still give her a chance. Note... my advice may not be greatest, but hopefully it makes sense.

@Richard Alvarado  

This is the advice I have for you.

Step 1.  Create Wordpress site. (I Buy Houses)

Step 2.  Create PPC campaign in BING and Google (Adwords) targeting motivated sellers.

Step 3. Create thought leadership (for example your own REI network).

Step 4.  Crack deal = money equation (so you know how to get deals under market and raise money)

Step 5.  Co-wholesale with others.

Do these 5 steps and you are golden.

I was a newbie and still am a Newbie, for the past 8 months... and now I have over 63 investors working with me... Yes that's a trend of new comers coming down to Bigger Pockets and learning information.  If you would like to learn how on earth did I do that in 8 month feel free to connect.

Question any one from CT area? Whom I can network with specifically around Norwalk and Stamford area? Any wholesalers in the area who specialize in both residential and commercial REI?

I am also thinking of pulling the trigger out of state. However for now it’s just thinking, seeking catalyst to pull the trigger. CA definitely will crush in pricing... it’s at the peak. Arkansas is one area I was looking at.... at higher price range. If I find the right catalyst, I can be the one with boots on the ground. I just lost my job and if I don’t find one soon... I will pull the trigger somewhere out of state. It sounds like you are looking for very similar type of arrangement as me... I was in the same shoes as you only 1 week ago.... Then after I lost my shoes... mindset switched... into being that future person with boots on the ground.