All Forum Posts by: David Wright

@Account Closed - I've spent thousands on Wholesale courses and it always comes down to marketing.  There are several ways to find homes for free and you already mentioned a few.  Here are a few more ways:

1 Posting Ads on Craigslist (not free now in some markets)

2. SEO (but this takes times)

3. Getting Bird Dogs to find you properties

4. Bandit Signs

These four are all free and there are many more that are for pay, but to be honest nothing is perfect.

Now the most effective way to find homes, is to focus on Motivated Sellers.  Think people, not properties.  Knowing who a Motivated Seller is will cause you to find more free ways to get great deals  Look for the following in people:

Divorce

Job Relocation

Tax liens on property

Health status have to sell home

Having trouble making mortgage payments

There are Home Owners who Want To Sell, Need To Sell, & Have To Sell.  Look for home owners who Have To Sell.

I hope this helps you.

@Quiana Bentick - keep posting and ask a lot of questions here on these Forums and you will build a nice network in no time. I wish you the best.

@Tom Harkins - just a word of advice, I would seek a CPA that not only is familiar with real estate investing and works with investors, BUT that is a real estate investor themselves.  That is CPA you want.

@ Will Reynolds - Will take it from a hard money broker, RUN, if you can not get comps on ANY property, especially if you need financing.  Now if you do not need financing that is a little different, but I still would not consider a property that does not have comps.

If you need financing and there is a property with no comps, it will be difficult to get that loan approved.  

I hope this helps you. I wish you the best.

@John Elias - I wish you the best and think you will do fine.  My suggestion (and many here on Bigger Pockets not agree) but I would look at getting a course in real estate investing.  People always say here you get everything you need right here for free, but how when you do not even know where to start.  Invest in a real estate investing  course.

@ William Wenger - Just jump in and do it NOW.  I am not saying you do not do your due diligence, but there's a difference between due diligence and over-done procrastination.

The investment game is all about action, because that is the best learning experience you will ever get.  The grass is ALWAYS greener on the other side of the fence and there is no such thing as a perfect deal.  So jump in now my friend and get going.  You will be fine.

I wish you the best.  You can do it.

@Jonathan Oh - one reason an investor would bring money to the table (especially if it is a fix and flip) is because they believe the ARV will be much higher than the current As Is Value and the profit margins are still to their liking even bringing money to the table.

Another reason, is the investor is thinking long term and believes in the future that property will appreciate greatly.

These are just two that come to my mind.

@Molly Turner - You should be able to but ask a local real estate attorney just to be safe.  Just be honest and forthright and let the renter know what happened and 9 out of 10 times you should not have a problem, if your explanation makes sense and can be proved.

I wish you the best Molly.

@Account Closed - This is what is called upside down - the Loan Balance (Mortgage) is greater than the value of the property - hence the phrase "upside down".  

If a seller is willing to sell you the house for $200K and the loan balance is $250K the seller/owner is upside down (most likely) and just wants to get rid of the mortgage and the property.  They want debt relief.

Where is this property located? Good neighborhood or bad? City & State?

I will tell you a strategy you can use depending on these answers.

@David Lewis - The question I would ask myself (which I believe you have and already answered) is; how much is my privacy worth?  Once you put a numerical value to what your privacy is worth, I would make a very low ball offer to the owner, at least 50% below it's current market value.

Also, do not assume the owner wants to keep this land.  He may want to give it away and not have to pay taxes, (if there is not a lien on it) and if that is the case, I would suggest he transfer deed to you and you will pay the taxes.  You never know.

I wish you the best David.