All Forum Posts by: David Totten

Sharlise Mcduffie I'm rooting for ya!!! Let us know how it goes...

@James Previti We actually found the property through an "unconventional" bird dog. One of the ladies in our church was looking at the house, but wasn't able to get it so she told us about it. We went and looked at it and decided to make an offer. My partner lives in the neighborhood where the property is located and it was listed on our local MLS. We presented our business plan to a local mortgage banker that our realtor works with for his own deals, and voila! He gave us a pre-qual letter to go along with our offer on the property.

Brian Ortins I know your business is booming having the experience on both sides of the table. What market are you located in?

Keith Mildren Thanks for cheers! I bet your first deal is closer than you think. Just don't be like us and take forever! Casey Cuppy Our realtor is a rock star. I would say that finding a great realtor that also is an investor to be at the top of the list of things to do after writing out the business plan. If they see you're serious, they won't mind working with you. The same goes for our lender. Showed him the plan and he said, "You find a house, I'll get you the money!"

@David Brown You're absolutely right!!! One of the scariest things we've done so far... We'll keep you guys posted.

@Curt Davis Our first option is to flip the property. We have a couple buyers already lined up. If there financing falls through, we have a few folks that we know will rent from us. Our Realtor told us that he knows we will have renters knocking at our door as soon as we begin the rehab as well.

My partner and I just submitted an offer on our first rehab. It took us a minute to finally make that first move and it wasn't until we dismissed FEAR that we were able to do so. Here are the numbers... The home is located in one of the better neighborhoods in our city. It's a foreclosure and has been on the market for ~179 days, with an ARV of $105,000. Multiple offers have been submitted on this property. The asking price is $59,995 and our offer is for $55,000. Needs about $15,000 in repairs that we could turn in 60 days or less. We are working with a well known realtor in the area who is also a rehabber and owns multiple rentals. He and his wife said they'll teach us anything we need to know. I even introduced them to the Bigger Pockets community and they're thinking about joining! Happy INVESTING Day everyone!

Awesome production! Glad I became a member and recently upgraded to a PRO membership. Great job guys! Keep up the good work.

Hey J!

Two methods I can think of are using a Geographic Information Systems website to find the owner's name and use an old school phone book (probably won't work for absentee owners), or send them a mailer and have them call you. Here's your GIS site if you don't have it already. You can use it to search land records, property owner, owner address, improvements, etc.

data.howardcountymd.gov/MapGallery.html

@Arktavious Sally I met with the sellers today and the property was in far worse shape than I thought... It's going to take at least $10K to get this place is showing condition. But I did find out that they have two more properties that they want to sell as well. They're asking $6K for one but it'll take about $25K to fix up and it might be priced to high for resell because of the neighborhood. The third property was in OK condition. It needs the flooring replaced throughout (hardwood would look great), the kitchen layout is horrible and needs to be re-imagined, the bathroom needs updating and just cosmetic work throughout. They're asking $16K for this one.