All Forum Posts by: Kevin Cardinale

Yes, now that you mention it, the book was first published in '93. I don't know if there were updates to it.

I don't know where to find the lis pendens, do you have a link? and no i'm not being lazy, i just sent out like 5 emails asking title companies to be put on their rss feed or email list, but could find nothing on their sites. I could buy stock on all of them it seems, that was readily apparent. lol

How to find preforeclosure homes?

So according to quite a few gurus, I should go down to the clerk and look at those properties that have had a letter sent to them, but the foreclosure proceeding has not finished yet.

However, I see online that you can pay to join some website's list and get a nice little list all by yourself from the comfort of your pajamas. Yes you have to pay but they promise preforeclosure lists.

2nd part
Either way, once I have this list then I start my yellow letter campaign? Right? Saying I want to buy their house? And, lately I'm reading a book that is stressing on assumable fha / va loans, should i include that language as an aside, like in a P.S.?

All of this is for potential wholesaling, at the end of the day. Since everyone has said so far, wholesale first, invest later.

My local REI, or at least the one I found that actually meets, only meets once a month. I have yet to go. It is here I would hope to get investors that I could flip TO. :mrgreen:

I have been watching this guy ... oh what's his name ... Dave Lindhal, and he only does multi-family dwellings. He says the same exact thing, investing in multi-family dwellings are easy and has no recourse [either all the time or very often]. Of course he has $200M projects in his portfolio so he says it's so easy.

When I look up things for sale I don't even know how to read them. Half the time I think I'm looking at a couple of condos for sale. I'm all upside down trying to understand the stuff. But, I guess it will come to me the more I look at it.

I appreciate everyone's comments. What I'm going to do, just out of curiosity, is call her back Wed. and see if there really were 5 offers made. She had said my offer had to be in no later than Tue.

What I can do is treat this entire thing as a learning experience, and a peak into the inside of how to negotiate with people.

I am not going to make an offer, nor really bother her very much. This is an REO anyway, so I doubt I could negotiate for much less than asking.

scratch what I just said about no comps. I'm a noob. yes houses much larger have sold in the exact area for $25,000. And, they were not only larger, but with more rooms and amenities. If Zillow can be trusted they are selling for 1/4th the market value.

I have a retired friend who has shown interest in my random talking about real estate investing. I think if i offered him a 15% return he'd jump on it.

I am thinking I could position the rent as $500/mo for each bedroom or $1,000 for the entire place, since rents are around $500 for a single bedroom in the same area.

As far as sales, there are no real comps, all other similar places are asking a couple hundred less, but they are like 200 square feet less as well.

I think if I really upgrade the place, I could get the $1,000/mo in rent.

Again, I have no seen the inside.

So I have like this goal to buy 5 houses this year, that I set as my new year's resolution. I've only gotten serious recently though.

After going back and forth with emails and the elusive Las Vegas mentor not appearing out of thin air, I have taken it upon myself to try and work through what I have.

From what I have watched and read recently, they all say start small. So here is my small start.

I found a condo around the corner:

Condominium, PUD
Year Built: 1984
2 Bedrooms
2 Bathrooms
Approximately 1,116 Sq Ft
Lot size: 2,652 Sq Ft
Stories: 1
Rooms: 4
County: Clark
Heating type: Heating & Cooling
Heating detail: Forced Air
Roof type:
Parking: Carport 1 spaces

Last sold for $36,000 on 9/18/2009
Last assessed at $16,104 on 2010

I have not been inside yet. It is under a real estate agent, but there seems to be some conflict of who the agent is. There is a sign in the window which I called. But when I looked up the property online, it had another agent as listing agent.

Here are my thoughts, somehow get in the property and get a roommate (I am not too big on having my own space anyway) and the roommate pays for everything since rents in this area hover around $500.00. Stay in this condo for a year [for tax purposes?] and then move on, getting a 2nd tenant or offering the 1st roommate a chance to assume the 2nd room at a higher rate.

My big problem is how to get into the property without any credit or money myself. If I could get a tenant in there to pay $500, that would be a tremendous cash cow, if I could get the price down.

They are asking $26,900 but a lot of prices are now closing at assessment values.

This particular unit sold for over $50,000 years ago. The agent I called said she had 5 offers already, and I needed to put a bid in by Tuesday. I find it hard to believe since it's been on the market forever and other properties that have sold, not really comparable, have taken a 90% dive.

I am thinking the only thing I could do is ask my richer friends to fork over 35% down-payment for me, which I will pay them back at a nice 15% interest, and hope the 30% / 70% really applies, i.e. if you put down 30% of the asking price they do not even care about your credit / job worthiness. I would then use the extra 5% for any upgrades / repairs that need to be done.

So I'm watching this guy's video and he is making a whole lot of sense[tm]. He's saying, instead of going to some horrible site and sending out a bajillion spam emails to people who have no need to sell their home, go to professionals, i.e. lawyers, financial advisors etc and ask them to refer their clients to you.

The making a whole lot of sense[tm] part comes in, what professionals he's targeting.

foreclosure attorneys
real estate attorneys
divorce attorney
bankruptcy attorney
probate attorney
loan officer
homeowner associations

All of these professionals will be dealing with people that will be motivated to sell and sell quickly, along with the professional in question might motivate them to sell, i.e. to get paid :lol:

The question is how on earth do you contact these professionals and get them motivated to send you their motivated clients?

Do I just have lunch everyday with a different set of attorneys, my treat[tm]?

The registrar / clerk isn't working for you? Once you get that info, it's just a matter of googling from there.

Wholesaling sounds great. I have so many things floating around my head ... I was looking at it, but there was something about it, I thought I couldn't do ... can't remember.

Oh thanks for the heads up Ann.