All Forum Posts by: Dave Van Horn

@Nick Chambers

I would try REORedbook.com to start.

You can also find Agents who sell Bank Owned property in the MLS as well - it's not always obvious though, so sometimes you have look within the listing to see if it's Bank Owned. Once you find a listing like that, contact that agent, and try to take them to lunch ;)

Best,

Dave

@Nathan S.

I think you can. On Nolo's website they actually list what applies in terms of any travel for any rental activities

So for example, you can deduct the cost of driving to:

• your rental property
• where you have your principal place of business for your rental activity, ­including a home office
• places where you meet with tenants, suppliers, vendors, repair people, ­attorneys, accountants, real estate brokers, real estate managers, and other people who help in your rental activity
• the bank where you do banking for your real estate activity
• the garbage dump where you haul refuse from your rental property
• a local college where you take landlord-related classes (educational ­expenses are deductible only if your rental activities qualify as a business)
• a store where you buy supplies or materials for your real estate activity.

I would recommend keeping a mileage log and receipts for gas.

Hope this info helps.

- Dave

@Rick Lachance

Good question!

Outside of the ones mentioned I usually look for properties listed as For Sale By Owner. I also like Out of State owners (which you can find  at the courthouse), contacting households that have had recent divorces, and pretty much anything that implies either motivated sellers and/or people you can negotiate with. You can find a lot of this stuff in public records or you can buy lists from data companies that compile courthouse lists.

I also think marketing for property can't be stressed enough. This entails pretty much whatever makes your phone ring - ads online, ads in the newspaper, bandit signs, etc. And just generally letting everyone you know and meet that you buy houses. I would have a business card that would say on it something to the effect of "I Buy Houses Cash. Any Location. Any Situation." Then all the deals were coming to me instead of having to search for them. Plus if something didn't fit my criteria, I could pass it on to fellow in investors and hopefully they would do the same with me.

There are also strategies within the MLS that I liked to employ. For example, I would look for handyman specials, I would search for properties that have been on the market for a long time, and properties listed with multiple Realtors. I also like where owners are administrators (which usually means a nursing home situation) or an executor/executrix (which means they're looking to settle an estate) - Again, essentially anything that implies a motivated seller.

And most Realtors aren't investors, they're essentially a salesperson to owner occupants. So talking to Investor-Realtors at your local Real Estate networking group may also give you more tips on how to find properties.

Hope this info helps!

Best of luck,

Dave

@Juan Carlos Gutierrez

All the above in terms of how they vary.

I would say $350-$450 is the relative norm but $350 is on the lower end of the range. They sometimes charge extra for extra tests: like radon tests, a wood destroying insect test, etc. They also may also charge extra on a multi-unit or if the property is very large.

Best,

Dave
@Juan Carlos Gutierrez

@Account Closed

I don't think a notary is necessary for wholesaling docs. The deed and certain closing docs (i.e. anything that would be recorded at the county courthouse)  should be notarized but an assignment of agreement of sale or an agreement of sale usually aren't notarized to my knowledge, just witnessed.

Best,

Dave

@Dan Arcaro

Speaking from experience, I don't think it's a cause of concern. This is probably just means an investment group bought the REO and is flipping it. You can do an O&E (owner and encumbrance) report and it will tell you the history although I don't think it's necessary. If you have an agreement of sale and it's contingent upon clear marketable title being transferred to you (along with obtaining title insurance), you should be a-okay. The past is more or less irrelevant as long as your happy with the property's condition, etc.

Best,

Dave

Absolutely @Steven C. Suarez! I'll PM you a copy asap.

Best,

Dave

@Tori Hall Just connect with several REO agents at once in your area of choice and try to get on their buyers' list. You can also try REORedBook.com to find REO agents who list bank owned property. You will also need deposit money and proof of funds too. Good Luck!

Best,

Dave

Hi Abel,

Riley Nix does all our work in TX, you could either try him or ask for a referral, don't believe this requires a local firm as everything should be more state specific in regards to notes, hope this helps.

Best,

Dave

@Gerald Marshall I'm with you on a lot of these, also love the podcast app (for BP of course).

The one I use the most is probably Slack (this is similar to an Instant Messanger program but is only used in-house for office members. This helps when I work remotely so I can stay in touch with my team members.

ABBYY is also a good app for reading/snapping a photo of business cards (which then files them in your contacts). You could even have it programmed to send the business card holder a "thank you, nice to meet you message".

For travel (and for certain rentals) I like the Airbnb app. And in that same vein, probably the biggest lifesaver, especially when I'm driving in any city, Waze is a big help in getting you to a destination the quickest!