All Forum Posts by: Jesse Vipond

@Alexander Ball Congrats on making your first move! Driving for Dollars is often real sleuth work, and like you said, it's exhilarating to just actually speak to an owner! I'm currently doing the exact same thing with a vacant house I recently found in an otherwise stellar neighborhood. There was a sticker on the door claiming the the property was "abandoned." I didn't recognize it as a sticker from a bank or government agency, so I went to the tax office. Using just the address I was able to get a parcel number, and the owners name. A quick Google search of the name revealed that the owners (an elderly couple) were both deceased as of 2013. Through that search I noticed that a son of the couple still lives in the area. I then performed a "skip trace search" where I paid $23 and got a phone number. I called, spoke to his wife, who said she would him the message. I thought that would be the end.

A week later, HE CALLED BACK! I was ecstatic! He said the house is in pre-foreclosure, and it's sale is the last impediment to settlement of his parent's estate. He gave me the number of his attorney handling the estate, and also said he'd let me into the house to see it THIS WEEKEND! 

So, my advice, and what I'm doing, is get in with your "team." The agent is a good start, but also have a contractor (who can tell you work that needs to be done AND estimate costs). That will help you determine your offer price. 

Also, when determining offer price, you'll want to evaluate comps on area rent. That rent number will also help determine offer price. Try to use the "rent multiplier," which your agent can help you determine. 

Also determine building expenses (taxes, insurance, utilities, and VERY CONSERVATIVE MAINTENANCE/VACANCY/CAP EXPENDITURE PERCENTAGES!) Cash flow is utterly important!

Once you arrive at an offer price (hopefully a good discount from market value), make sure you have pre approval to the highest amount you're willing to spend. 

Remember, you're offering to SOLVE A PROBLEM for her (she isn't interested in being a landlord and can't/won't do necessary repairs). And make the process easy for her. Those things will help turn it into a deal! Good luck!

Hello @Joseph A Berrios! My name is Jesse Vipond, and I'm a relatively new investor in the Scranton area. My partner and I bought our first two multi family properties last year, and close on a duplex on Feb. 26th. We like our area, but are also interested in investing in other areas of PA that might represent better growth opportunities. The Lehigh Valley is someplace we've thought a lot about, as its within 2 hours of us. Perhaps we could all get together sometime and discuss the market in your area. I'd love to hear about your experience as a wholesaler, as its an element of REI that I know little about. Hope to hear from you soon!

Jesse

Thanks for the reply, @Anthony Nici... That's usually my first line of defense. I went on the QuickBooks website, and they have a free "chat" service, which I used, and the gentleman was helpful, but I guess I didn't know the right questions to ask. I'll definitely call back and see if I can coax a little more information from them regarding setting up a REI business from scratch.

@Kathy Henley Thanks for the rather detailed, but very to the point reply! I really found it quite helpful! After a little more research I think I will move over to the desktop version (though I use a Mac, so I need to ask around for reviews from other investors using QuickBooks Mac. My partner has a CPA that he uses for other LLCs that he is a part of, and we are meeting with her this week. I'll be sure to ask about her knowledge of/experience with investing AND working with other investors. And yes, I've heard great things about Nancy Neville's book. I'll be certain to check it out... Thanks again!

Hey BP Pros!

My partner and I, through an LLC, purchased our first two multi-family properties last year (one in April, the other in August), and I'm just now trying to get QuickBooks Online setup for our business. I'm having trouble finding quality tutorials on YouTube for how to set up QBO for rental properties. Three specific functions I'm trying to learn:

1. Establishing each property (and individual units) as a new customer for receipts/expenses, maintenance, etc.

2. Setting up each property as a fixed asset, with pay down and depreciation info.

3. Accounting for the LLC, i.e., supplies, mileage, etc.

If anyone could suggest someplace to find quality tips, or better yet, offer to tutor me, it would be GREATLY appreciated. Thanks everybody!

Jesse

@Kevin D. Thanks guys! Excited to be part of it! Are there any area investor groups that get together that I should know about?

Jesse

Thomas, thanks so much!  Honestly, this entire process has been life-altering!  I'm super excited to wake up every day and get better and better at every aspect, from finding and analyzing deals, to landlording and property management!  BiggerPockets has been T-H-E single biggest help in getting us over our initial analysis paralysis and on our way, and I'll continue to rely on the smart and engaging folks in this community to keep us going!  Hopefully I'll eventually be able to contribute useful info as well!  Thanks again!

Jesse

Hello BP Community! My Name is Jesse Vipond and I am a new investor from Scranton, PA. Last year my business partner and I formed Dalton Dickson Properties, LLC in order to begin our investing careers. We bought our first property, a 4-plex, last March, and our second property, the neighboring 3-plex, in June. We absolutely love the process, and are excited about the possibilities that real estate investing can bring.