All Forum Posts by: Joe Schmitt

Can’t make it this month. Looks like a good lineup and I’m sorry to miss it. Is there a tentative date for February?

F hard money. 

Read Brandon’s book on investing real estate with no and money down. Read Matt Faircloth’s book on raising private capital. Take Alan Cowgill’s course on private lending. 

Most important - learn how to find DEALS. You need to have some serious meat on the bone to make private money work. If you find a screaming deal, you’ll find some money. 

@Michael Schraepfer

Awesome. Looking forward to it.

There are two active meetup groups in the Twin Ports. @Michael Schraepfer leads a group that meets the third Tuesday of the month. @Steven Potter leads a group that meets (I think) the fourth Tuesday. 

I’m a very minor investor in Duluth. Oddly, I invest a lot in vacant land in Oregon. Feel free to ping me when you are headed this way and maybe we can grab a beverage. 

@Gus Muller most wholesalers, frankly, suck. Shoddy comps, poorly estimated rehab costs, and pushy marketing. Even in vacant land (where I mostly specialize), my rule of thumb is that wholesale properties are the crap that people can’t move.

Send mail and develop a system to source your own deals.

Glad our paths crossed Tim. Looking forward to finding some ways to work together!

I use an online rent collection platform (Cozy) and my lease says that tenants must us the platform. They sign up for a recurring debits, and my late fee is automatically applied if rent is paid on the 6th or later. I also have a clause that says there is a $25 surcharge for checks, and checks “Lost in the mail” are no excuse and will be considered late if not received by the 6th.

@Keith Linne - Would love to take a look at them if possible. I’d like to expand my portfolio in Duluth. 

Plain and simple, if you’ve not had a single offer, your price is too high.

Offer a lease option and get an up front payment that helps you recoup your equity. The tenant buyer's monthly payment would theoretically cover your PITI + a bit more.

Throw a “Rent to Own” ad out on Craig’s List with your terms and see how many responses you get. 

I sell vacant land on terms. My contract says that the buyer must pay via a payment platform or pay a $25 surcharge. I am closing on a quad soon and when leases renew, I will have the leases say that they will pay via Cozy or pay a $25 surcharge. It’s 2019. There’s no need to shuffle physical pieces of paper.