All Forum Posts by: Bryan Blancke

Hey all, I recently started with some direct mail for unimproved raw land. I have some customers who want me to look at their property. I am not totally confident in all of my due diligence as I am new to this, but I am at a point where I need to act and send out some offers to people to see what takes. I talked to a lawyer today for the first time and the rates for them to draft me a purchasing agreement was too much. I am not entirely clear on how to make an offer and actually go to closing on a deal. 

My plan as of now is to pull a general purchase agreement from the internet and modify it for my type of transactions. Then send these out to my customers with offers and for those who agree, I guess I just take the purchase agreement to a title company to get the property transferred to me.

Can anyone help me out here by pointing out steps I need to take to protect myself and how to go from offer to close and property transfer of ownership to me so I can go and resell the property?

Thanks!

Sorry to not answer you question, but I am also curious to anyone who would raise their hand to the question, are you interested in raw land? I will be in need of buyers in Michigan.

I did listen to Seth's podcast. He originally used agentpro247 and I thought it looked good. I already signed up with agentpro247. I haven't check out listsource for getting leads on delinquent tax owners of raw land. 

I failed to explain my whole strategy which does target the tax delinquent out of state owners of raw land who will sell at a deep discount to me. Then I want to exercise seller financing to produce cash flow when I sell the raw land at retail or wholesale value.

My question for land investors to narrow down my list farther is which types of properties from the AgentPro247 tool will be best for my purposes. Should I just focus on residential vacant land, or include commercial vacant land and rural/agricultural land into my list? How can I decide what counties are best? I can only select a limited amount up to 1000 mailers per my budget. I want to get this done ASAP because I have read Feb 2nd is the date the state informs owners of their tax delinquencies on their land. I am hoping my mailer and that state letter come at the same time to get a call right away!

I want to build a list for marketing to motivated sellers of raw land. My budget is $500 per month to start. That is 1000 leads. I am using AgentPro247 to build my list. I have the options of Residential Vacant Land, Commercial Vacant Lands, and Agricultural/rural. Out of these three options does anyone recommend one is better than the others for buying raw land in Michigan? Are there any recommendations on which counties are best in Michigan to market to for raw land? I want to get the most out of my marketing budget and need to select the best leads, but I don't quite understand the types of properties I am most interested in acquiring and which ones will be best.

How much should someone pay for a logo in a design competition website? Fiverr has tons of options for $5-10, but that is only one artist. Is it as good to get a solo artist on fiverr for cheap compared to hosting a design competition?

Hey, Thanks guys. There are too many red flags on this one. I am just anxious to get my first deal as I have been looking for a few months, but none of the numbers look very good. Its tough because either the numbers work and the reality looks bad or the numbers don't work, but the property is good. 

Does anyone have any recommendations on who or where to go to get a professional design for a company logo and how much one should expect to pay for such a design? What have other people done and how has it worked out for them?

This is a potential first deal for me.

It is a triplex in a C neighborhood/area. It is on the southern boarder of Clinton Township Michigan. The home was built in 1945. Its old, and it seems like it might have structural issues. The whole house seems to be sagging. The floors in all the units are slightly sagged. The seller did not accurately state the number of bedrooms which really annoyed me. It was supposed to be 3 units, 2 beds 1 bath per unit. Turns out one unit is a very tiny unit with 1 bedroom, bathroom, and a kitchen with no other general or living room space. The other units had more rooms, but these rooms do not have a closet and therefore don't qualify as a bedroom legally. Each unit only had one legal bedroom.

The house is being remodeled due to a recent house fire. When I inquired with the contractors on sight how much more they were going to do, I was told two of the three units were almost done and ready for carpeting. They did not looking very good in my opinion. They were going to slap some carpet over it to cover up how terrible the property is. Once the remodeling is completed, the tenants who are currently in temporary housing will be moving back in. The seller showed me a screen shot of the leases the three tenants signed to "prove" the total monthly rental income to be $2150, but in my opinion and analysis of nearby options, I think the place only deserves $2000 a month tops. 

In my analysis I budgeted 10% per month for CapEx and Property Management and 9% for vacancy (which is 1 month vacant per year). My insurance cost estimate may be inaccurate and I was having a hard time finding a quote by calling people so i guessed around $210 per month. The asking price is 85k. I am thinking I would be willing to pull the trigger on this one for 77k getting $420 in cash flow, but I am worried that after inspection the property might have bigger problems. I am also concerned that I don't like this property because it will not attract good tenants. Its just too rough around the edges in ways that I don't think I can fix it up. It looks low class.

Discussion, thoughts suggestions? Thanks in advance!

@Zack Karp,

This is a great tip. My "private" loan is actually a family loan. I want to get out of the loan quickly, but I also want to get the best rate. Will delayed financing offer me less favorable terms? Where can I get a delayed financing loan?