All Forum Posts by: Mark F.

@Marquell Jones  First get them talking. The best way to do that is by just asking them to tell you about the house: bed and bath count, square footage, upgrades they've done, repairs they've done, what repairs/upgrades need to be done, etc. Getting them talking will make them more comfortable with you. 

As they tell you about the house, listen for hints and clues about why they're selling (needs repairs, short on cash, mortgage payment high, need more space, etc.). When you hear such clues, jot them down and ask about them later in the conversation.   

Once you have a good rapport, you can also ask a few direct questions to find out their motivations behind the sale:

• Why are you selling?
• What would it mean for you to get that house sold?
• What are your plans once the house is sold?

Notice that these questions are open-ended and can't be answered with a simple yes or no. Such questions help uncover important information and keep the conversation going.

Once you know the true motivation behind the sale, incorporate that into your offer. Remember, the seller's goal isn't to sell a house, it's to accomplish something else by selling the house. If you can find out that "why" behind the sale, than you can build your offers around that and increase your odds of converting the lead. 

@Matthew Sutton  Get them talking first by asking about the house. Just straight out ask them to tell you about the house, ie, bed and bath count, square footage, upgrades they've done, repairs they've done, what repairs/upgrades need to be done, etc. 

Getting them talking will make them more comfortable with you. Once you have a good conversation and rapport, you can ask a few questions to find out their motivations behind the sale:

• Why are you selling?
• What would it mean for you to get that house sold?
• What are your plans once the house is sold?

Once you know the true motivation behind the sale, incorporate that into your offer. Remember, the goal isn't to sell a house, it's accomplish something else by selling the house. If you can find out that "why" behind the sale, than you can build your offers around that and increase your odds of converting the lead. 

I'm working on an ebook about how to talk with sellers effectively and convert more business. What are some of the most common reasons you hear from your prospects about why they're selling? Your feedback is hugely appreciated!

@Brian Volland I agree, Rich Dad Poor Dad is not your book for hardcore real estate investing information - BP actually is! However, it's the book I point to for my start in real estate as well because it completely changed my mindset about money. Yes, it's more of a pep talk, but for people who grew up in an educational system that doesn't teach you much about money, it's a pep talk worth getting. 

I'm sure there's an app for that, right? :)

Hi all, we're investigating some different markets to potentially invest in for buy and hold/cashflow/BRRR, etc. Would love to hear some feedback from investors who are on the ground in Atlanta. What's the market like right now? What are good areas for class C+/B- (or better) properties that cash flow well? We're interested in multis up to 4 units or SFRs.

Thanks for all your help and feedback!

@Ethan Bruland  Can you go with a 30-year loan? You can still make a 20-year payment, but at least you're not locked into the higher payment, which leaves you more free cash flow if you need it. Also, is there upside potential to the rents?

My only concern is that you don't have anything for CapEx. I have a fourplex, and the maintenance is higher because you have four sets of floors, four AC units, four dishwashers, etc. You definitely want to set aside cash to replace things that are going to break or wear out in the future.

@Ethan Bruland What is the breakdown of expenses you're using and what will the loan look like (unless you're buying all cash)?

@Nixon Vayupak I would add that if everything checks out to your satisfaction with inspections, talking to realtors, property managers, etc., I would definitely get on a plane and fly out there during the inspection period. For all you know, if the house itself isn't a meth house, there could be one next door or down the street. The area almost matters more than the house itself, and the qualities of the area are never going to be 100% apparent to you unless you're actually walking the street yourself. 

@Brandt Tingen For 95% LTV, it can depend on the bank, but I would guess high 600s to low 700s for credit scores will be typical. And yes, once you pay off the FHA loan with the refinance, you can use FHA to purchase another property as long as it's a primary residence. Hope this helps!