All Forum Posts by: Shawn Connors

@Logan Dickson

Why would do you use the 70% rule if you are selling to a buy and hold investor?

Hey BP,

I made an offer to a seller who is very motivated. She has another investor coming to look at her house tonight ,so I will know later if she is going to accept or not. I will be flipping this deal to a buy and hold investor. Here are the numbers...

Estimated ARV- 95k-105k

Estimated Repairs- 25k-28k

Gross Monthly Rent- $1150-$1250

Purchase Price- 48k (Buyer will pay all closing costs)

Property Taxes - $3278

Estimated Insurance - $1300-$1400

Let me know what you think??? Thanks!

Hey BP,

So I have been watching this house in my neighborhood like a hawk.  It has been listed for almost a year and hasn't sold.  Its listed for 250k and probably worth that if it weren't on a busy street.  It is in a great neighborhood but is priced too high and the seller just wont bring it down.  They have took the for sale sign down currently and I am thinking about talking to the seller.  The school district is great and it would make an awesome rental.  It is fully updated and could probably rent for $1650 or slightly higher.  I want to knock on the door and make them an offer but am struggling on how to present it... Should I ask if they would be willing to do a seller financing deal and find a lease option tenant?  Or ask if they would do seller financing and keep it for myself?

hey BP,

Has anyone one here used yellowlettershop.com yet?  Please let me know .  Thanks

@Lamar Cannon

Just listened to*

@Lamar Cannon

Great tips.  Justo stoned to your podcast for the 2nd time.  It was very motivating.  Thanks for the tips.  I especially like the #1 tip.  That is spot on and agree 100%

Austin Hughes Definitely in the same boat as you. Been vigorously applying what I have been learning and still haven't done a deal yet, but I'm ok with it. I've gained some valuable experience with talking to sellers and making offers. I was on an appointment last night with a seller and 2 partners of mine, one with a few years experience and one with 20 years. I was able to build a great deal of rapport and truly impressed my partners with the little bit of knowledge I've gained over the months. Hopefully the contract will get signed soon. !

@Tim Herndon

I wasn't posting a question, more of a statement and was hoping to get some feedback wether it was a decent list or not.  Thanks for the advice about tracking the calls, that's a great idea!

@Brent Coombs it's worth about 135k.  No I didn't know that.  I have 0 experience in this.  I would just like to pass it on to a short sale expert

Hey BP,

I just sent out some letters to pre-foreclosures and I have a feeling I will be dealing with a lot of these sellers.

Seller calls, wants to sell his house before its foreclosed on.  Wants to save his credit.  House is vacant.  Bought it for 65k.  Hasn't paid the mortgage in 6.5 years!!!! Owes the bank 172k.  Wants to do a short sale but I have no idea how to, nor do I want to being new to investing.  Can someone give me some guidance in this field?