All Forum Posts by: Ryan Mullin

If you want to pick their brain and take their time I would offer them cash..  maybe 75 bucks..?   Maybe you could set it up to look a few properties that are near by for that. If you want them to work with you in the future I would respect their time.  Once you provide some work for a contractor they are usually more than happy to check out properties for free.    

@Will Barnard  Nice.  

Eh...    just give them a call and prescreen them..    If you ask the right questions you can figure out if they are lying real quick.  Much quicker than all the internet research.  Once they actually apply then you can stalk them lol.  

@Dawn Anastasi  Good point!  I think you are right.  I usually pass on places that are occupied because it takes longer to do the due diligence on the house because of scheduling issues...   also you have to do the due diligence on the tenants.  I'm extra careful about that because most landlords that are looking to dump their properties for cheap are having issues with the tenants.  

The fact that you met the tenants, found the owner and made a deal with him means you deserve that incredible cap rate.  

@Kavi S.    Do you have a mentor who can take a look at the properties with you?   If they have been sitting on the market send in a lower offer that would make the deal an absolute home run.  If they say no, then their loss and move on to the next deal.  

Here is exactly what I would do to get started and be effective immediately.  

Go the foreclosure auctions.  Take notes on what entities are buying a lot of houses.  In Indy its the same 10 - 15 groups buying most of the deals at auction.  Approach the people bidding after the auction and see if they would be interested in other properties in the same areas.  Get there contact info.  - Now you have a buyers list. 

Go to visit what they just bought at auction.  Take note of what they paid for it, the condition, beds, bath, etc...   Find other properties in the area that look distressed, look up the tax mailing address and send them a letter stating you would like to buy their house.  You will have to get it cheaper than they pay at auction to make a spread...    Now you are a wholesaler!  

I like Fort Worth and certain parts of Houston.  

It really depends on your financial situation...   If its going to tie up all of your funds I would try to sell.  If your in a position to buy several more it might make sense to hold on to it.  

I would say that if you can get close to the appraised value then go ahead and sell it.  The opportunity cost is to high to tie up that amount of money on an investment that isn't breaking even.  For that much of an investment you could have a couple properties producing a few hundred a month each.  

My company FS Houses  is currently taking on management for properties in good areas.  We specialize in older properties close to downtown.   We are buy and hold investors with 35 of our own units.  We use the exact same systems for our own properties as we would use for yours.  For property management questions please contact Ashley Mullin at 317-760-2897.  

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