All Forum Posts by: Thomas Baylor

@Dan Heuschele

I understand what you are saying.

However, I have sent her a few clients who have bought very recently. That is the reason I do not believe she is expecting compensation although if this lead pans out I am more than willing to give it to her. This is the type of relationship we have built where I have helped her and she has helped me.

@Darius Ogloza

That's what I was thinking, it can't hurt to let the seller know the I'm interested especially if they are going to lose their home. I've been researching pre foreclosures through BP and I noticed you aren't able to read the articles that would give me more understanding.

It's a little frustrating but there's more ways to educate on the subject. Have you bought a home that was foreclosed? If so, what is the process like? How do you know when they are having an auction?

You are spot on about sellers sometimes thinking their property is worth more than it is. I was one of those people, until I was introduced to investing. 

@Darius Ogloza

Good questions, this property is not listed yet. It pops up as a “most likely to list.” They may be behind on the mortgage or circumstances I am not aware of. The letter is simply to let them know I am interested in buying their home and to hopefully get some more information/see what is owed to the bank.That’s all, I was just trying to get a head start before the bank takes this property over or it goes to auction. I chose not to make an offer through the realtor because this property has not hit the market yet.

Any recommendations would be greatly appreciated. I am still new, still learning. Especially with this pre-foreclosure process is a little tricky.

@Kris L.

The property is not for sale yet. She does not represent anyone. I have dealt with her a few times, explained my criteria and she sent me a prospective property that may be foreclosed on eventually. 

@Jonathan Schwartz

I will definitely use those pointers in my letter.

Thank you very much.

Hello BiggerPockets fam, it’s me, again.

Back with another prospective deal. Are you ready for the details?

Okay, this one is in my own backyard of Winchester, VA. My realtor sent me a home in possible pre-foreclosure this afternoon. This is a 3 bedroom

, 1 bath, 904 sq feet clearly distressed property. It is showing a price of 120,000. I have done my own comps of everything that has sold in the last two years within a two mile radius. This is what I based my after repair value on of 170,000. I have already run the numbers using the BiggerPockets calculator and the equity as well as the cash flow are solid numbers.

I plan on writing a letter to the owner:

Dear _____,

Let me start by introducing myself — my name is Thomas Baylor. I am writing you today because I would like to make you a cash offer on buying your home.

I have lived in Winchester my entire life, I love it. I have walked through the hallways of Quarles, Daniel Morgan, and Handley. This is my home. My goal is to buy properties just like yours and invest in our community. If you are interested please give me a call or email any time of the day. Thank you for your time.

Cell —

Email —

Kind Regards

Thomas Baylor Jr.

Any insight from my BiggerPockets family would be greatly appreciated.

Also, I have a number that I wouldn’t go over as far as my offer, but would I have to pay what the owner owes to the bank before the property would be mine?

@Jimmy Hodges

Definitely agree with everything you have said here. It’s all about doing the dirty work (due diligence/vetting etc).

This platform is amazing. The information that is shared on here to me is by far greater than a college education.

Turns out, the realtor I was speaking with just said the house is looking like it’s going to be a tear down. Even so, analyzing the numbers and pursuing gave me confidence to go for the next one.

@Tyler D'Alessandro

Your analysis of the four major cities is spot on. In my research, I personally prefer San Antonio just because it is a little more historic than the others. It has not caught up yet, therefore I think the opportunity is great for investors. Like some of the others have said, I would check out some of the smaller cities. Waco is definitely on the come up.

I’m pretty new to investing but I have been educating as much as I can. It seems like you are too. I plan on moving to the Texas area in the very near future.

If you would ever like to talk real estate, I am here!

Good luck on your future endeavors.

@Besnik Kadriu

Congratulations, that’s awesome.

Do you know what you are looking for?

@Besnik Kadriu

Congratulations, that’s awesome.

Do you know what you are looking for?