All Forum Posts by: Account Closed

@Shawn C.

I usually don't know if a MF property is owner managed or managed by a company. I just send the letter to the name and address on the tax assessor's website. If it gets to the owner, and they are motivated, then they will call you. 

I got a call about a house for sale. It is a 3 bed 2 bath house with a basement. It has two 1 bed 1 bath apartments in the basement. It shows up on the tax assessor's website as a 5 bed 4 bath single family house. How would you determine its value? Would you say it's a 5 bed 4 bath single family or a triplex? 

By this I assume you mean I should learn what houses like this one typically sale for at auction? Some other investors I know that have bought many properties at auction have seen prices rise over the last few years from the $30Ks to the $50Ks for the types of rentals they buy at auctions. So they know what a realistic bid should be in their area. 

I'm planning to go to an auction in 2 weeks. I hope to buy my first property. I'm trying to figure out what my max bid should be for the property. Any help or advice is much appreciated. 

Projected sale price (ARV) $208,000

$208,000 x 70% = $145,600

Subtract the amounts below from $145,600

Real estate agent 6% of $208,000 = $12,480

Closing cost for buyer 3% of $208,000 = $6,240

Rehab cost $15,000

Hard money costs

Borrow $110,000 + 3 points = $113,300

12 % interest = $1,133 per month

Expected minimum holding time 3 months x $1,133 = $3,399

Water Authority Lien $247.52 (I was told that this probably would stick to the title after the auction)

Max bid at auction $108,233.48 ($110,000)

@Joe Rinderknecht

I asked 1 investor to teach me how to get a property subject to. He said I have to make it worth his while. Seems fair to me. When I find a seller that will "let me make their payments" I will bring him into the deal. He will show me what to do and we will be 50/50 partners. Bringing him a deal also shows that I'm serious about investing and I'm not just wasting his time. 

Another investor that I met has money to lend. His terms are pretty simple. Find a good deal, pay his rate (3 points and 12 percent interest), and he will help me close on the property within a week or so.

I send 10 - 20 letters per week. Thats not enough letters. Phone calls trickle in here and there. At this rate it will take me a year to get 1 good deal. If I had more free time and money then I would send atleast 500 - 1000 per week. 

For my driving for dollars list I like simple handwritten yellow letters in an invitation envelope. I recently stopped sealing the envelopes. Now I just tuck the flap in. I've heard it gives a better open rate. 

I mail every 4 - 6 weeks to the same list. 

Post what you do on social media! When I go look at a house I will take a couple pics and put em on Instagram and Facebook. I got 3 good leads from social media from people I've been friends with for years that didn't know I own rental property. The deals didn't work out for one reason or another but those leads were free. Also, more people know I'm looking for properties. 

@Kevin Stone

Have you ever been to this REI meeting in Fayetteville? Lots of great people and experience in the room.

EEE investors - Encouragement, Education, Experience

Meets on the 3rd Thursday of every month.

The next meeting is October 20th from 6pm - 9pm

IHOP in Fayetteville, GA

705 Jeff Davis Drive N

Fayetteville, GA 30214

Cost is $2 (free your first time)

Organizer - Danny Williams

@Tiffany C

Can't get my phone to tag you. 

You should come to a real estate investor meeting in Fayettveille, GA. It's mostly buy and hold investors. 

EEE investors - Encouragement, Education, Experience

Meets on the 3rd Thursday of every month.

The next meeting is October 20th from 6pm - 9pm. 

IHOP in Fayetteville, GA

705 Jeff Davis Drive N

Fayetteville, GA 30214

Cost is $2 (free your first time)

Organizer - Danny Williams

Whatever happened with this property? Did you get it?

@Jason Bradstreet

Ken Corsini is a turnkey provider in Atlanta. He talks about on his podcast The Deal Farm Podcast. I think he also partners with people if you want to be a little more hands on with the turnkey. I have really enjoyed his podcast. I think his company is Georgia Residential Partners.