All Forum Posts by: William F.

Man, that's incredible. How did you find it?

Hey awesome!! What do the numbers look like, and where did you find the deal and the cash to do it?

You know, she doesn't care about rent and financial ruin because it's not worth it to betray a (perceived) promise to her dead husband. YOU won't win this illogical emotional game. She'll be the only one to change her stance, and it might take listening to her talk about it for awhile. Someone else might need to do the nurturing there, too. Or find a way to help her see herself as your beneficiary, doing you a charitable deed by transferring you the property, like her husband would have been proud to see her do.

48-hour notice of inspection with local PD? And the option to pay the final month's rent and sign a lease termination prior? No idea how legal that is.

Mike Palmer I just finished looking a couple houses in Phoenix with turf backyards. They were insane hot. Maybe not asphalt hot, but definitely concrete hot. It made the visually beautiful yards pretty much unlivable. I'm not saying turf is useless, I just don't think it's the way to go for a whole yard.

It depends... I think lots of it depends on your rent amount and your income/job security. If I could cash flow a comfortable amount, I'd go 15 year (especially since you're going to sell in 10).

Mike Palmer Artificial turf is HOT. As I understand it, in heavy sun it also can break down and become toxic, with through-the-skin chemical transmission.

Update: Meeting happened. Went okay. Synopsis: She seemed fearful. She was afraid to make a poor decision. I changed my goal from making a contract that day to building rapport and getting her to agree that I was someone she would want in the neighborhood. Meeting ended with her hugging me (I listened to her problems)! 2 days later we met together at the property with someone to gauge repair costs. I made an offer, and she said she needs to consult with her family friend/RE agent. In the spirit of Jim Camp (Start With No), I controlled my neediness and didn't try to close. I just listened and restated my value proposition (This place is a wreck. I will fix it and give you money.). I should find out what's up in about 5 days.

BP, Gary Keller talks about the importance of your contact database. You make contacts, they go in the database. You put someone in the database, you follow up with them 8 times in 8 weeks. Then you continue at a reduced pace. For a real estate agent, I certainly see the value in all this contact with every general public member I meet. What about as an investor? Is it worth the money and time to keep in close touch with everyone I meet? Do my direct mail campaigns replace that need?

Also - make sure that a conventional lender would loan on this property!! For FHA, you won't get approved for a list of reasons (flaking paint from before 1978, etc...). I'm not an expert, so I usually have someone come out and help with that part during walk through.