All Forum Posts by: Tyler Bodi

@Kevin Moules I am a Realtor and they are a lender that works out of our office. They also have products specific to investors where the property is the key qualifier for the loan. They are in a few states and California is one!

@Darius Thompson James is right, getting out to local meetups is probably the best way to meet people who are doing what you want to do and learn some best practices. If you are interested in getting out and knocking on doors I'd be happy to sit down and talk about what to expect with that.

@Kevin Moules it seems you are not the only one who has this concern. I work with a mortgage company that has a program specifically targeted to people in this position. The loan looks at monthly bank statements in place of tax returns to determine if the borrower is eligible.

@Jared McNeel door knocking is a great strategy since I don't believe a lot of people are are willing to do it. I have found that many people even when home won't answer the door so it is a good idea to have something to leave behind. The people at the properties you are targeting aren't expecting you or to have a conversation about creative financing either so leaving info about what you talked about and a way to contact you is important.

@Evan Mack it really depends on why the sellers have decided to sell in the first place.

If they need the cash to buy a new place seller finance may not be their best option.

If they are just tired of the property and have high equity perhaps they could take monthly installments while they are still working and then receive a balloon payment in five years after they retire to reduce the tax bill.

I'm not an accountant so they should consult theirs to see if that works.

@Jeff Williams I believe the two barriers you have to overcome are getting the letter opened and standing out from the other likely material they are getting.

To get it opened I usually send an odd sized envelope (hand addressed) and then to stand out try to convey a connection to the property and ways you may be able to help. Like emails, who wants to read long ones, so I try to keep it short and to the point.

I hope that's helpful and good luck!

@Clifford Merritt welcome to BP! Sounds like you are in a position that aspiring investors would love to be in. You mentioned you've been involved in reading the forums, do you have a favorite podcast episode?

I used to work in southern Indiana at the Amazon in Jeffersonville and now am a full time real estate agent and investor in Louisville and am available to answer specific questions that you have.

@Gary Boggs I would recommend going to a local meet up and see what some of the players in your market are doing. The strategies you mentioned all can work however it's difficult to determine what the splits should be with so many variables like experience, risk, total profit, and length of loan to name a few. If you are looking to get started and have a deal consider working with someone on the first project for free or being compensated for work done in a rehab situation to get the experience that will give you more negotiating leverage as you move forward.

@Randy Jr Eichholz if you have a passion for real estate do it!

People often make the argument against because of disclosure, agency, and perception however I believe that true real estate professionals find ways to overcome thise.

@Patrick Kinsella welcome to BP! It sounds like your on the right track by identifying your price point and areas of town you are interested in.

I am a local investor and Realtor so would love to connect sometime, maybe over coffee, and bounce some ideas around.