All Forum Posts by: Arlan Potter

my realtor uses a program on MLS that emails me any time a house hits MLS that fit my buying criteria.

Most of my super deals were handed to me by a realtor. Many before they hit the MLS.

He knows I am a cash buyer and am always looking for a great deal.

Over the last 11 years, he has made me a lot of money.

Find yourself a sugar daddy realtor.

I'm not sure. I use credit cards for fuel and travel only.  We have charge accounts at Lowes, Locke a Supply, etc. and every purchase at suppliers we require a PO # which is the house address for the items purchased.  Then when we get the monthly statements we enter and post all purchases to the specific house. We also post the utilities to each house.

Quickbooks - we post income by house and all expenses by house. Year end is a dream. The numbers from the QB p & l goes right to the schedule E.  A 5 minute job.

liability insurance is enough. They can never get a pension. Is your home free and clear? If not, they won't get that.  

We have 1million liability on each of our properties. Cheap insurance. Should be enough to cover any lawsuit except for personal negligence.

about 5minutes. I drove past a house on my way to the golf course. Called the realtor name on the sign. He showed it to me the next day, it was cheap and needed some rehab. I said I would buy it. Very little real thought. I just did it. Then the day we closed on the purchase of that house, the same realtor said he had another cheap house I might be interested in. We drove over and looked at it and made an offer right there. These were my First two houses purchased as investments. I think at the time my wife thought I was crazy.  

The ideal price is what you want to buy it for.  Some would say that the only  way to get a steal is to be willing to make an embarrassing offer. That will sometime bring the seller into reality. Sellers usually have too high an opinion of what they are selling. The investor needs to shake up the seller a little.

For example we used to buy HUD houses and it would take several low ball offers before they would lower the price.

Make offers that work with you numbers and it doesn't matter what the seller wants.

way too high.  No cushion at all. rent 7/10% per month rent/price. not even close for my business.

100% Seller financing

20% seller financing - 80% bank loan

5% friend loan,  20% seller financing   75 % bank loan

Possibilities

if you can get the money and it's a bargain, buy it.  Let the tenants pay for it.

alone

it would not be legal for you to do that in Oklahoma. Oklahoma real estate law requires a property manager to hold a brokers license to manage rental properties. 

It might be ok for a RE agent in louisana. You might want to check the Louisiana real estate laws. Good luck