All Forum Posts by: Ben Riechmann

Hello Jerry.  You may be better off signing up a buyer's agent that has some investor's experience.  Ideally, one that also invests themselves.

https://www.wordtemplatesonlin...

https://www.ezlandlordforms.co...  I like this company.

I would like to get into this.  I would love to hear about different investor's experiences in this area.  I know this is a hybrid state that does both liens and deeds.  I would like to know more about the first-hand experiences of those doing liens.

Realtors, unless also investors, often will tell you property can not sell for will not sell for what you think you can buy it for.  Sometimes they are right, sometimes they are wrong.  You want to be looking at enough offers and making offers that if they say no on an offer it doesn't matter as you are onto the next.  There is a wide range of realtors with different experiences and you should only be dealing with one that has real, some will tell you they have experience with investors and don't, real experience with investors.

Funding. There are many areas that you can get funding and ways to fund a deal. You may want to go to an REI meeting or contact different people to find an investor that is looking to retire and see if any of them are willing to sell a property to you on a land contract. Then the investor selling it to you is basically the bank. I have sold properties of mine this way to people that have proven to me they were worth the risk and made good money this way and it was mutually beneficial to both of us. If you can do the work, and the deal is good, you can look into hard money lenders. Just do your due diligence that you can turn the place around. Anything you can't do, it is harder to get contractors to help with these days. So you want to plan that out as you will be paying a higher interest rate over a shorter term. You get the work done and you could sell something nice in a market that is very hot now.

If you are having trouble selling look for more avenues to sell your property to get the word out on the one you already have.  Loopnet is a place investors list deals.  You can list deals here.  You can even list houses for sale on social media.  Let people in your area know you have a place for sale at local diners and other places.  As an investor, you will always get cards in the mail from wholesalers looking to buy from investors looking to hang it up or just want to get out of it.  It goes with the territory.  I throw those away with credit card deals and other junk mail if they are offers on places way below what I could sell to one of my renters or someone else in the area.

Keep your chin up, my friend.  There are a lot of ways to make real estate deals happen.  Network with some other real estate investors in your area to help get even better advice for the lay of the land there.  I know investors that were in it and got out of it, and are now back in, and if they had just a different perspective earlier on they would have been a lot further on today.  You can do this!

https://www.signnow.com/jsfill...    I would adapt this a little bit to fit your needs.  Most of them basically say this.

Paul, this may not work in the cell phone age.  If you have an address of the property you may be able to do a reverse phone look-up.  The worker who has the emergency phone is probably no answering or let it die without know it.  I would also look up the name of the property manager's home address and see if you can get ahold of him that way.  If you have any other properties in Indianapolis where you can get ahold of the tenant, see if you can throw some money there way to go know on the tenant's door to see if they are home.  That person may be happy you are at least taking this seriously.  I would pay money for someone I could reach in Indianapolis for helping me out on reaching that tenant.  Then make a repair plan from there.  

Seems over time where you get the best candidates has changed.  I know I have changed the way I take care of my listings and my wife prefers a whole other way with her listings.  Happy wife, happy life, so I stay out of that.  Lol.  Have you changed the way and where you post your rentals?  Is there a place that you used to love that you now think is a dog?  An ugly one.  How has advertising your investments changed as you have invested for a longer period of time?

For flippers that are more veteran, how have you changed how you advertise a deal over how you did early on?  I started with some flipping but have not done that in years.  Won't say how many but I am older if not old.  Lol.

I had a friend at undergrad that did not want to get into rentals like me later on when he heard long-term goals.  So I told him he should look into storage units.  He lives in a really remote part of Indiana, and we try to stay in touch often, but we just get in touch when we can.  Every time I talk with him it seems even in his remote area he is thinking of putting up another building, where he bought the land and builds them from scratch.  The land tapers in one area and so each new one is smaller than the earlier ones, but with building costs going up, the smaller ones are more expensive than the old ones!  If we only knew when we originally bought electrical wire and other supplies to buy way in bulk, we could have saved money and sold some to pay for some of our work on investments!  Lol.

Do we have people on here that have storage units that are part of the franchise and not part of the franchise systems?  Can they give words of wisdom on the pros and cons to the others?  In other areas, it seems like people are doing quite well with them.  The biggest issue I hear seems to revolve around getting the initial zoning.  Others may have other stories to tell!

How did you get into them Dave and what are the pros and cons in the Cleveland Market.  I always hear about them in other places.  It's nice to hear there are investors doing well with them here as well that I can also direct people in my network to you guys if they are interested, maybe something I should diversify in myself.