All Forum Posts by: Chris Trupiano

I used to have access to NARRPR but no longer do. I cannot seem to find any good solution for researching my own comps. Looking for a tool that can search prior and pending sales, and create valuation report where line items (beds, baths, sqft, condition, etc) can be adjusted between comps, such as an appraiser looks at property.

What solution do you use?

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What solution do you use?

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What solution do you use?

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Hello,

Longtime LTR investing looking at jumping into STR. One house peaking my interest is a 7 bed 9 bath home. All bedrooms are good sized with their own private bath. I'm curious if anyone has experience with renting a large home as all private rooms, very similar to just being an apartment building. Obvious expectation being the shared common area. This home is in a great area close to downtown, and several hospitals.

How successful has it been? What issues have you run into? What type of guests are you seeing most frequently?

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@Lien Vuong @Joe Splitrock Appreciate the responses. Timing is my main reasoning as I've kept my 9-5 alongside wholesales/flips. Secondly, as I could make this systematic very easily, I wouldn't wan to get licensed in other states should I expand markets.

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As I'm sure many of us experience, I come across numerous seller's who would like to sell, but their house is in good condition and want market value. The state and federal law dictates commission splits for seller (or buyer for that matter) referrals cannot be paid to an unlicensed party.

I'm curious how this community is monetizing these types of leads?

Is it possible to have a licensed relator become an "employee" of the company and utilize their license to give the company the ability to receive commission splits?

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Hoping to hear more from those far more experienced and wise than I..

I've been actively wholesaling since mid-2019. I've seen limited success, but the deal flow is still inconsistent. From an outside prospective, what steps can I begin consistently executing today to jump start the consistent flow of qualified leads in my system?

Some background to my process:

I rely solely on text message marketing, and have since beginning in 2019. In this time I've gone through periods of consistently contact daily for a few months, and period of no contact for months. Consistently is the key to results. In 2021, I've committed to consistently contacting, and have done so, contacting roughly 300 people weekly with texts. I've also added an employee to handle all responses, and calling for property details. He then cold calls as well. So my numbers look like 300 individual contacts texted/week. And ~200 cold calls (I'm connecting with 10% of call, mostly not interested). In this time I've closed a handful of deals, but without consistent deal flow. I'm looking to move to a point of closing deals every month consistently.

Is it simply a need to up the number of people I'm hitting?

How about data quality? I hit all types of lists - lien, absentee w/ equity, recently hit a late mortgage.

What was the turning point in your business that took you from scrapping for a deal here and there, to consistent flow of qualified leads to execute and close monthly?

Thank you for in advance for the wisdom!

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Creative. I've done CFD in the past, curious if you're actively still doing them.. Are you finding clients putting down 20k? I've done 5k in the past, but that was a lower price point. 20k in saving seems like they'd have their credit together enough to not need the CFD route.

Originally posted by @Luther Wilson III:

How about Scenario 2 with a bit of a twist...

What if you were to leverage that $50k by investing part of it into a BRRR and then hold the property as a contract for deed or seller finance deal instead of a rental? It might look something like this:

Let's say you're able to find a $120,000 house somewhere in the KC market and purchase it with the use of private or hard money...

You're able to purchase the house for $76,000 and it needs $20,000 in repairs. The ARV is $120k so you're "all in" at $96k which is 80% of the ARV.

Your private money lender does 70% LTV so that covers around $84,000. That means you'll need to come up with the rest... If you include your closing costs, loan fees, etc, that might come out to around $25k of the $50k that you've already allotted for the investment. It might not seem too good on the surface so far. Bear with me...

If you can do a cash out refinance at 75% LTV (which I'm sure you can) then you're looking at $90k being pulled out. The private money lender gets paid off (their $84k) and since they'll be some costs to do the refi (let's say $3k) that means afterwards you could have about 22,000 "left in the deal"... Still doesn't see that cool, does it?

Here's where it gets juicy: After you refinance, instead doing a regular rental, you do a contract for deed or seller carry and get a $20,000 down payment... You structure it so that you'll receive payments of $1,200/mth PITI each month, you'll have no maintenance costs and you won't have to hire a property manager. Essentially, you're the bank... All the while you're cash flowing each month and with just $2,000 "left in the deal." Run the #'s sometime... These deals usually turn out to be pretty sweet. ;)

Your own payment after the refi might be between $570 and $670/mth PITI perhaps lower if you get a really solid interest rate. I'd say that's pretty good cash flow and a real nice COC return. :)

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I'm creatively challenged when it comes to picking colors. Being my person home, hoping some members with a better eye than myself could give feedback. My original thought was white main and black trim. See example photos of Benjamin Moore glacier ice, and black jack (bottom) and sea pearl, and black (top), as well as, front photos (unpainted). Thanks for all help!!