In my market you basically weed out 90% of the prospective tenants this way which is fine with me.

If I get busy and I have a prospect contact me looking for good deal is Kansas City, I am less likely to jump at answering that prospect right away and focus on the ones that have defined goals or interests.

The next path that I am on is to locate mentors while I prospect for deals, killing two birds with one stone.  

., you need to know the pay-off on the mortgage, if there are unpaid/late taxes, etc. 3) Set appointments on good prospects, then do all the research before we go out - comps, title search, calculating ARV. 4) Fill out the contract with the info we know. 5) Go see the property, talk to the owner, calculate repair estimate.

I plan on doing this 10,20,30,40 years from now.Specifically on the residential side it goes something like this.First 3 years in the business 80% prospecting and 20% existing business because sphere is very small.

I have been looking for prospects in Naples for rentals to purchase and hold.

Congrats on the out come!!

You're spinning your wheels trying to do financial calculations for prospects, don't even go there.

A more probably outcome would be the example of water damage to subfloor or structure arising from failing plumbing/fixtures or cracked tiles in a bathroom.

Here's what I wrote here last June:Originally posted by @David Krulac:@Bryan WellerI don't like LLC, INC names that mimic the owner's name, like:Bryan Weller LLCWeller Real Estate LLCI think that the company name should be completely different from your own name, even Bryan and Bob LLC is something I don't like.From the IRS prospective there is always the question of dealer or investor, which often equates to being Federally taxed at long term Capital Gains rates or ordinary income at double the taxes. so your name should not state or imply that you are a dealer like:Day Trading Real Estate LLCBryan's Buying & Selling Real Estate LLCBryan's Flipping Homes LLC.Another thing that happens is that the nature of your business might change and now the specific name you pick does not apply likeRehabbing Chicago LLCThen you stop rehabbing or stop working in Chicago, once you move to Milwaukee or even Skokie and only do rentals the name Rehabbing Chicago doesn't make sense any more and will confuse people.I'm not as bothered by this one but have seen people that have names that don't quite fit or don't fit yet like:Worldwide Real Estate LLCGlobal Real Estate LLCTranscontinental Real Estate LLCActually met a couple of people with names like those who didn't own any real estate.