All Forum Posts by: Dan Walters

Below market value SFR property in Mountain Home, ID currently rented.

$54,000 wholesale price

Market value $68-75K depending on improvements.

Built in tenant on current month to month at $600/mo. and wants to stay.  Tenant has been notified that rents would/could be moved to $700/mo with a few property improvements.

Repairs needed:

Minor cosmetics- $1000-1500 (some siding/soffit issues, minor electrical and plumbing updates)

Will need new roof in 1-3 years ($4500-5k)

Taxes: $890/year

Property is all electric with heat pump 

Tenant pays power, Landlord pays WST

Inspection and pictures available upon request.

This is a wholesale transaction and requires a cash sale.

Message me for further information.

Thanks for looking

@Emily Allred One question I always ask myself after running numbers on a property is "Would I want 10 of these with the exact same numbers?" It's easy to justify buying just one with a certain projection, especially when new.  This question is a simple way to cut through the clutter of justification and stay true to your criteria and your standards. 

@Michael Key,

Welcome, Michael. 

There is a great network of professionals on BP located in the Boise area.  I am a local wholesaler and buy and hold investor here.  Please feel free to reach out.  I'd be happy to discuss further and see how I can help you and your wife attain your next goal.

You will also want to connect with @Jonna Weber.  I'm sure she will reach out to you at some point to welcome you.

@Account Closed:

I believe your down you are requiring is just fine.  I would take out "option fee" in your marketing, as it can/could be confusing to your potential end buyer.  You can elaborate further once they call and inquire.  

I would increase the frequency of your online postings to CL.  Post 2x day.  Once in mid/late morning and again late afternoon/early evening.  

-Contact real estate brokerages/agents as well.  Any good agent will have a database of buyers looking for lease options/owner carry type transactions.  

-Post flyers/ads in the local bulletin boards around the neighborhood convenience store, grocery store, gas station, laundry mat...etc.  Sounds old school but I have found some of my best buyers through this grassroots style of marketing my properties.

*****Most important****

Don't get desperate and take just anybody that fills out an application because you don't want to make another monthly mortgage payment.  Ask anyone with experience and they'll tell you a vacant property is far better and less expensive than one filled out of desperation.

The marketing will take a little bit to gain some traction.  Be patient and as long as you are active and consistent, the buyers will come.

@James Watts

I have used Mountain West IRA for many transactions and they serve as the custodian. I'm not sure about having checkbook control as the partners we worked with specifically used them as a custodian. They are very helpful and informative if you just gave them a call.

Happy to answer any questions that I can for you.

@James Watts

I have used Mountain West IRA for many transactions and they serve as the custodian. I'm not sure about having checkbook control as the partners we worked with specifically used them as a custodian. They are very helpful and informative if you just gave them a call.

Happy to answer any questions that I can for you.

Anyone have a resource for screening a California resident?  I have a potential occupant coming in from California to Idaho and need to screen.  I have used MySmartMove initially and I wanted to see if there is a CA state or local site that I could search and access any further info.  Individual is coming from San Joaquin County.  My past experience has proven that not all things are documented on these national search services.  Idaho has a free repository site that can be accessed.  My similar search for that in CA comes up with fee based services.

Any info/help is appreciated!

@Account Closed regarding wholesale leads.  Network within your community with RE agents, mortgage brokers, rehabbers to make them aware of your criteria that constitutes a sub2 deal for you.

@Inderpal Chadha 

My company has used them for multiple transactions and have had very good experiences.  PM me if you would like to discuss further.

I agree with @J Scott . There is a wealth of information and a million different ways to make money (or get distracted) in this biz.  Read up on a few different strategies and property types that you have interest.  Once you determine that, learn in and apply it.  Take action!