All Forum Posts by: Shawn Riley

@kevinsobilo the house is not listed on Zillow for some reason. When I try to pull comps on it, I get nothing.  It has a slate roof that is need of some repairs and a lot of renovation inside. The heating system works.  the three studios are very small and I know that the turnover is very high in this property. I am also wondering why the taxes are so much more than what is on the county tax site. Is it because it’s a 4 unit?

@Kevin Sobilo Honestly I wouldn’t even know where to begin. This property is in need of a lot of love. How would I do a value add? I was thinking that I could turn it into a duplex with larger apts but then it drops my income potential drastically. What are your suggestions?

Thank you for the information!! Im sorry for the late reply, my primary job has had me working late.  After running the numbers many times and knowing the condition of the property, i have decided to pass due to the amount of work needed to update.  I could not make anything make sense.  I am interested in finding some more deals though!

Hey BP! I am wondering if you guys can help me out with this deal. I have an opportunity to purchase a what is currently a 4 unit house in downtown Rochester, NY. The seller has a mortgage on the property for $105k. The units consist of 3 studio apts and 1-1 br apt. The house needs a lot of work in my opinion in order to bring the rents up. My idea was to make the property into a duplex with 2-2 br apts. Is it possible for the owner to keep the current mortgage in place while I control the property? I am new to multi family properties, so it is greatly appreciated if anybody could give me any input on this deal. Thank you BP!

Ryan Frank what size is the house and what part of Greece is it located in? You could get and idea of how much it could rent for on Rentometer.com or an app like Zillow or Trulia what other people are listing their houses at.

@Claire Trammell I understand what you meant now. I think I'm going to have to start out small due to the small budget that Im able to work with. Thank you for clearing that up for me.  I will send you a PM if I have anymore questions. Cheers!

@Account Closed these sound like great ideas. I may try them in the future, but for now it best if I keep it simple.  What has worked for you in past with your marketing?

Wow! Great advice, thank you! @Kimberly Farrally I just listened to the podcast with Tom. His energy is off the hook. I will look into some of the criteria they use. If it works for them it may work for me. then again it may not, but i wont know if I'm on the sidelines.  What type of lists have you chose for your first campaign? I look forward to hearing how it works out for you. Thank you.

@Jonathan Makovsky what is your opinion on postcards? In your experience, have you had better results with letters or postcards, or is that dependent on the market that you are faming? How many pieces of mail should I send out for each mailing?  I will look into that criteria as well. Thank you!

@Claire Trammell thanks for your input.  Im not sure if I know what you mean by a campaign of 5-7 pieces.  Where do you go to generate your lists?  Ive checked out list source. Is there any other places that you would recommend I look?  Thank you again!

I dont have a buyers list yet either. Should I work on that before I send out a campaign?  

Hey BP!  Im looking to start a direct mail campaign for doing some wholesale deals. I wanted to know what type of letter/postcard I should use and what criteria i should pick for generating my list. Can anyone offer some advice and point me in the right direction as to how to get started on the right path? Thank you for any help. 

Thank you for the responses. 

@JamesStevens I will check out that podcast! 

@TeagueStaunton Does a closing attorney do the same thing as a Title Company or should I look for both for my team? Also how many realtors do you recommend? Right now I want to focus on SFR. I am very interested in REO's as well. Any recommendations on where I should look to acquire the information I need? I know there is a ton of info on here and at times I feel very overwhelmed and not sure where to look. Im sorry if I sound like such a noob, but I just want to start off on the right foot.

Hey BP! I am looking to start building my power team. I am not quite sure where to start or who to start with. I know that I would need an attorney but what kind of questions would I ask them? Do I need more than one attorney to handle different types of deals? Lastly, what other team members should I seek out?  Thank you in advance.