All Forum Posts by: Bennett Steinle

Hi, @Gabriel Johnson

What exactly do you mean by "make sure you have a system in place for disposition."

@Mack Benson

@Taylor L.

Thank you both for your replies, they've been helpful. I'm going to meet with an attorney and get some more details on what my options are.

I wasn't sure how to search this so I apologize if it's been asked before. 

I'm planning on buying some real estate shortly and I have some friends and family that are interested in investing with me. This kind of sounds like real estate syndication, but my friends and family aren't accredited investors. 

How do I get them involved from a legal stand point? 

If Tom, Joe, and Pat all want to put up $10,000 dollars, and I tell them they can expect a 7% return what kind of lawyer do I need to be talking to?

I recently looked at a 2 unit apartment however I believe with a bit of work it could be converted into a three unit. 

Are there any legal things I need to worry about with zoning and things like that? I know every area is different so I might not be able to get a full answer here. I'm just not sure exactly who I need to call to or what goes into a process like this so any insight would be valuable.

@Tom Wagner

How does he pay for the closing costs on a ~500k house in this scenario? 

@Alfonzo C Rushin II

I'm just starting out in the wholesaling business as well. I do not know everything, but I think the most important step is to probably just start doing SOMETHING. When you want to be successful you have to take action. A big reason a lot of people succeed in life where others don't is that they take action where others don't.

As for finding the motivated sellers. You can make a website, do direct mail, create a facebook ad, cold call, drive for dollars, etc. Personally I've chosen to get started with direct mail and a very basic website, but mostly only to put on the letters I mail out so sellers have another avenue of communication. 

To get my direct mail list started I am pulling from two lists. I have the delinquent taxes list and I have an absentee owner's list. I got my tax list from my county for free, however I know a nearby county charges 500$ for the list, however so far I've found them to be free. The absentee owner list can be found from a number of different websites, just google absentee owner list.

Once you have the two lists look for absentee owners that have a lot of equity, are living out of state, and are older. Cross reference that with your tax delinquency list. These highly qualified leads, at least for me, in the end you determine what you want to qualify as a lead. Mail/cold call these owners first, then make your way down the list to less qualified leads. This is only one method, there are countless others.

Take all of this with a grain of salt because I've never done this before, but this is the route I'm taking. It will cost a bit of money, but I'm taking action. 

Good luck to you!

@Mikael Winkler

Thanks, this is kind of what I thought. I already have a contractor lined up to go with me, and I'll be sure to have my realtor look over anything. Thanks for the info.

I'm planning on buying a property soon and have found an off market deal from craigslist. The deal had a website listed which I checked out and there I found an email address and contact number.

I left 2 voicemails and sent an email before receiving a response. They responded via text, gave me a lockbox code, and told me the property was vacant and I could visit any time. 

Is this kind of thing typical, it just seems a little sketchy. I told them I'd like to at least talk with someone and get a name so I know who I'm dealing with before I just walk into a random house I found on craigslist.

@Joanne Eriaku

Yes I definitely would look at the whole deal. However when looking for distressed properties isn't the basic qualifier going to be finding one distressed enough that the seller has real motivation to sell?

@Aaron K.
Thanks for the advice that makes a lot of sense.