All Forum Posts by: Sean McNamara

@Eric NarcisoI have experienced this issue as well. Quick question, is it an absentee owner or owner occupied list? As far as I can tell this is an unfortunate mistake made by whatever software they are using to scrape the data. I am hoping that someone can chime in with a faster, simpler way to fix the list (as I have spent too much time fixing entries by hand), but until then I suggest you just compare it to public records and fix the obvious mistakes. I am not sure if you have this same issue but in Colorado some of the lists we purchase will have the owner name as "Not Avail from County" and you will have to look up the home address of that absentee owner in whatever public records search you use and verify the order and spelling of the name. 

Hope this helps! Anyone out there please let me know if you have a faster way. 

@Rudeka J. Here are a few: 

1. Scope of work: ideally you already have a house that they can go to and bid on. We like to have multiple contractors bid the house and go with whatever makes the most sense. Remember this isn't always about the cheapest bid as some contractors will bid low and run up change orders as much as they can once they start. 

2. What is the history of your business? (What types of projects do they normally do? How long have you been operating?)

3. Can you provide me with a schedule for the project? 

4. Who will be at the site and who is supervising the project? 

5. If possible try to get itemized price estimates (e.g. new roof, new windows) so you can compare to other contractors. 

6. Discuss lien releases with them. How they expect to be paid. 

Hope this helps!

@Dyryl Burnett

Keep your head up! Here is my advice, I hope it helps.  

1. Don't expect a steady, 40 hr week type job in real estate. If you really want to succeed in investing on your own you will need to put in the long hours and understand that money may not come at first. But if you put in the necessary time and effort I guarantee you will see significant returns. 

2. It is important to have money in the bank in case of an emergency but also extremely important to get that debt down asap, as it sounds like it may be standing in the way of what you want to do (see #4 on how to get it down). 

3. Although you may not be in a position to buy and hold the multiplex at the moment, remember there are other ways to apply the knowledge you have acquired and interest in the industry than just buying and holding. Perhaps try to find a partner who has the money, but lacks the time and experience to do the deals himself. Whatever you can do to add value and credibility to your name (even if it wasn't all your cash) will pay big dividends. Put your name and your goals out there, you could have a buddy or relative, etc who wants to invest in this but had no idea you are interested simply because they had never heard it from you. 

4.Rather than buy and hold on the first property I would suggest trying to assign contracts to other investors, that way you don't tie up all of your capital in one deal and wait for it to cashflow positively. With a few hefty assignment fees you should be able to pay down some of your debt, not only easing your tensions but making you a more attractive borrower in the eyes of the bank. 

Best of luck! Feel free to message me with any questions. 

MLS has been extremely tight lately. The vast majority of the deals are being listed already above 70% ARV, and even when priced appropriately, the competition will end up bidding above list price.

We used to tie up deals of MLS regularly, now we get the majority of our deals through wholesalers. We are consistently seeing homes sell for 80% ARV or higher.

@Royce Billiot  You can post an ad in the Marketplace here on BP, I think you would have to upgrade your account to Pro or Plus in order to do so. In a big market like Houston, there are plenty of investors, just need to get your name in front of them. 

It sounds like @Nikki Robinson is referring to a motivated sellers list. I believe @Joseph Riv is asking about finding a list of investors or cash buyers to assign the contract to (correct me if I am wrong). That is a much harder task to accomplish and often takes time, as far as I know it is not something that can be purchased anywhere online. I would recommend putting some advertisements online, even Craigslists ads should get you some hits. Networking is key to acquiring and holding on to your cash buyers. Ask around and see if anyone you know has recommendations of people they are familiar with whom have expressed interest in investing in real estate. 

Hope this helps!

This question comes up all the time on this site and there is no easy answer. I wish I could provide you with a sheet that has costs associated with the fix but it can vary greatly from one market to another, less materials costs but more-so labor costs. 

Here is a great link to a blog post from a couple years ago but obviously this sort of stuff still hold true. http://www.biggerpockets.com/renewsblog/2013/03/20...

If you are willing to spend some money I know there are apps out now that help estimate construction costs, I just have never used them nor know anyone who has so I am hesitant to mention them and definitely not endorsing them until I find out more about them. 

Without substantial (bankable) income there isn't much you can do. Many people break in to the RE industry by wholesaling. Without funds to purchase deals yourself this is likely your best option. Once you get enough money saved from wholesaling some deals you can use it towards a down payment and hopefully your regular income will have increased by then, making banks more willing to lend to you. 

Best of luck. 

I agree with @Travis Sperr it is imperative you provide the tenant with a document accounting for the use of said security deposit. Review your lease, it is likely clearly outlined in the Security Deposit clause that it can be applied towards unpaid rent of the lease term. If you do have that clause I would recommend showing it to the tenant so everyone is on the same page. Best of luck. 

@Joshua Dorkin

We have used them a few times now on homes listed from $300K-950K. They do a great job of putting appropriate staging in each homes.