All Forum Posts by: Daniel Hedges

I would suggest starting out wholesaling.  You need very little cash for an earnest deposit and no credit.  If you want to know about wholesaling just send me a message and I'll see if I can help.https://danielhedges3636.wordpress.com/

Ok here is what you need to do.  This is exactly where I started out in my investing career. The bandit signs are a great idea.  The warning here is that the city can come after you for putting up these signs.  This is why you never want to put your cell number on these signs.

Here is another technique that I used. Keep in mind that it is labor intensive, but you have to start somewhere right.  This technique is called "driving for dollars".  You go around to neighborhoods where you know vacant houses are and you write down all the addresses.  You then find out who the owner is through the county courthouse records and contact them via snail mail with a well written letter. Both these techniques will cost you more in time than money, but are very effective.https://danielhedges3636.wordpress.com/

My take on this may be a little different than others because I don't often work with realtors.  I find the deals myself mostly through direct mail.  Then I don't have to pay a commission.  As far as a legal team goes, when I started out I just used a state approved contract and escrow fund.  I had no money and was on a bare bones budget.  If you do decide to work with a realtor make sure they are very savvy.  Make sure they have an automatic alert set up to find the best properties.https://danielhedges3636.wordpress.com/

The first thing you need to do is develop a list and a mail piece.  This list should be of absentee owners and preferably owners of vacant homes.  You will want to craft a letter that causes people to call you.  This is the name of the game.  If your phone is not ringing then you are not making any money.https://danielhedges3636.wordpress.com/

The best way that I stay in touch with my tenants is through my property manager.  If you find a good one they will always let you know what is going on.  I have managed properties myself in the past and found by checking in once a month I would know what was going on.  Also drive by once per month.  I hope this helps.https://danielhedges3636.wordpress.com/

I have tried to do this in the past myself.  Here are a few resources that you can can tap into.  Join your local investor association.  There are always investors looking for properties that are turnkey.  Keep in mind that these investors want a good spread when it comes to rental income.  The other thing you can do is advertise on craigslist.  There are always people searching for deals.  I hope this helps.https://danielhedges3636.wordpress.com/

Please keep in mind that there can be repairs needed on the home that are unforseen. I have purchased HUD homes that were in terrible condition and I found this out by inspecting the property first with a realtor. A lot of times HUD will put some work into the property before they sell it, but not always. I hate to say this, but always assume the worst. By this I mean assume you will need electrical. Assume you will need plumbing etc. It is just good to be safe. I have seen new investors purchase HUD homes and get into a big mess and make no money after rehabbing it. https://danielhedges3636.wordpress.com/