All Forum Posts by: Chris Jackson

Hello. Here are some short specs on a possible property I am considering. Please let me know what you think.

• 8-plex in a lower-income neighborhood, no issues keeping it rented.
• New elec. and plumbing + some other upgrades like a newer water heater.
• Just passed 3-yr borough inspections
• Tenants pay electric (all metered out), Landlord pays utilities.
• Gross Rent/Year is around $55,000 ($4583/mo; $572/unit)
• One unit on the 1st floor could be converted into a store front (I'm thinking small laundromat for the 8-plex? Nobody has W/D.)
• Asking $290K for the place.
• Near the downtown square - the town is undergoing a revitalization currently and there is a 12-story highrise going up in the next few years just one block down the road.

Hello. Here are some short specs on a possible property I am considering.  Please let me know what you think.

• 8-plex in a low-income neighborhood, no issues keeping it rented.
• New elec. and plumbing + some other upgrades like a newer water heater.
• Tenants pay electric (all metered out), Landlord pays utilities.
• Gross Rent/Year is around $55,000 ($4583/mo; $572/unit)
• One unit on the 1st floor could be converted into a store front (I'm thinking small laundromat for the 8-plex? Nobody has W/D.)
• Asking $290K for the place.
• Near the downtown square - the town is undergoing a revitalization currently and there is a 12-story highrise going up in the next few years just one block down the road.

@Darryl could you explain how to valuate based off the income? I am looking at a 4 plex and will shortly be looking at an 8 plex, and even the 4 plex has a derth of comps in my area.

thanks!

my target audience is anyone who wants to sell their house. Haha. Sorry. I just mean Q1 doesn't have a target audience because that is what I am asking about. what types of audiences am I able to target through the MLS? all I ever really hear talked about are the expired listing. who else can be targeted?

I guess I don't know how to go that extra mile.  I got my delinquent list from the court house,  but how am I supposed to know which people from that list are also going through probate?  or how am I supposed to get their numbers to call? thanks for the help! 

Hey everyone!  I see that this is a trending thread right now, so I thought I'd jump in here to ask a couple questions since I am also a newbie wholesaler.  Hope nobody gets angry at me. BTW, @David Dey - I agree with the general consensus - you're an awesome dude.  Thanks for sharing such great information with us! My questions below kind of go against what you've been saying and I am going to call my local property appraiser tomorrow to talk with him about the things you've mentioned tonight; however, I am going to ask my questions anyway to see if anybody has any advice on this side of the coin (the not-quite-so-specific-list side).

Q1: What is/are the best list(s) I can get from the MLS? (I have a young agent working with me.)

Q1b: Are there any special ways to get that list (for example, you can't directly search for something on the MLS, but maybe there is some sort of back-door method to getting your list)?

Q2: I have a list right now for Tax Delinquent Property Owners. I sent out a pretty stereotypical "We buy Houses" postcard to these owners. I haven't heard much back from my postcards. Is there perhaps a better approach? Like not using postcards, or saying something different on the postcard itself?

Hello! I have a real estate agent who is pretty inexperienced but is willing to help me as an investor by providing me with lists from the MLS that I could use for Direct Mailing.

Q1: What is/are the hottest list(s) that can be provided by a real estate agent that I can ask her for? 

Q2: Are there any special instructions that would accompany any of these lists (like an indirect way to find the information if it's not explicitly listed on the MLS)?

Q3: What kind of direct mailing is most appropriate (postcards/yellow letters/business letters) for the list(s)?

Q4: (sort-of unrelated) I am direct mailing a list of tax delinquent property owners. I am using postcards that basically say "We buy houses. Move out fast." that sort of thing.  Any additional suggestions on how to maximize my return on this list? I sent out 1000 cards and got 4 hits, 3 of which were mobile homes.  :(

Thanks!

That sounds like what I had in mind.  It helps to hear that I am on the right path for these gentlemen.  Not sure if they want to finance that much of the property for me or not,  but I will be asking today.  When you get 80% financing,  how do you cover the other 20? Do you just use your own money or are banks willing to take that secondary position? 

Executor of will was a friend of the deceased owner. The home needs about $25K in repairs and updates. Move-in ready, but could use face-lifts in the major areas (kitchen, bathrooms). 

FEATURES:

• 1 acre lot
• large in-ground pool (good condition)
• large partially-finished basement: could add more bathrooms and bedrooms
• back deck is mostly redone with Trex
• very quiet road just past an elementary school
• very close to great shopping and other 

ARV comps are coming in around $280,000 or higher. The executor wants this property sold ASAP so she can move to Georgia and go get married. I will assign my contract over to a flipper who wants to rehab this place and make a quick $25K. 

PM me or call me for additional details.

Chris Jackson
717.508.4030

Hello! I have two different people in my local area that are retiring investors. They both have one property FSBO that is residential and they both have one property that they are willing to sell me but it is not currently FSBO or marketed at all.

They both have expressed concern over the Capital Tax Gains if they sell everything all at once.

They both have expressed possible interest in at least partial owner financing.

Can anybody explain to me (or refer me to a friend) what strategy(ies) I could employ that would help me get into their properties (I do not have money to put down) and help them avoid cap. gains tax as much/as long as possible? I'm trying to come up with a win-win scenario for these retiring investors and myself to get into these properties.

Thanks!