Newbie Ready to Learn and Work

[Vince Lucas]

I am a newer investor from Cleveland, Oh looking to meet other local investors and investors abroad. I got my RE license in 2009 and appraisal license in 2014. I have completed one flip and am working on 2 now. There is a ton of information on BP and I am trying to absorb as much as I can without getting too overwhelmed. I am still trying to figure out which strategy I would like to implement. I am looking for hard money lenders with reasonable rates and terms. I have come across many buyers but am unable to find great off market deals for them. I would like to hear successes and troubles wholesalers are having. I am also looking to hear how others are having success in their real estate investing career. I am open to others advice/suggestions. I would love to help anyone in anyway I can. Happy investing everyone! 

[Thomas Franklin]

@Vince Lucas One strategy I employ regarding seeking Off Market Distressed SFRs are to search, for vacant homes.

Signs a home is vacant:

1. Look for mail piled up.

2. Notices on door or in mailbox (Notices for Vacancy, Utility Liens, Taxes, etc.).

3. Boarded up windows and doors.

4. Overgrown yard.

5. Missing electrical meter.

6. Broken windows.

How to find vacant houses:

1. Break the city into sections that correspond to Farming Markets.

2. Two or three days a week drive around each Zip Code.

3. Tract where you have been by marking or circling the area, on a map. Also count the number of vacant houses found, in each area. Write the address down, place a Yellow Letter and Business Card on the front door.

4. Place all addresses into a spreadsheet. Go to County Tax Assessors Website and type in Property Address, to get the current owner's mailing address or forwarding address. Also Google and/ or use Skip Trace, 411.com, tlo.com, to find owner.

5. Go to County Website and search, for houses having Code Violations.

I have created the following automated system.

1. Hire a Property Scout. Offer to pay them $x per lead.

2. Needed items: digital camera or quality cellphone camera, notepad/ notebook, and pen, map, etc.

3. Use the following strategy.

•Break the city into sections that correspond to Farming Markets.

Two to three days a week drive around each Zip Code.

Have the Property Scout Tract where they have been by marking or circling the area, on a map. Also count the number of vacant houses found, in each area. Write the address down, place a Yellow Letter and Business Card on the front door.

Have the Property Scout take photos of the street sign, front of house, actual street, indication that property is vacant (notices, missing electrical meter, etc.), yellow letter and business card attached to front door.

No duplicate leads.

4. Seek Foreclosure Inspectors.

5. Advertise that I buy vacant houses all cash.

6. When you have leads, go to your County Website and search for owner name and address. Google owner name and address, to find a phone number. If no phone number can be found, send them a letter.

I hope you find this information useful. If you are interested how I determine my Farming Markets, please let me know and I will write another post.