All Forum Posts by: David Lecko

@Brittney Knies

Really interesting question!

Bigger Pockets has a blog out called The Driving For Dollars Bible. Search for that in google and you will find it.

The blog post makes specific recommendations about how to format a letter to the owner. They do not mention using a phone at all (and your question is such a good one for that reason!)

You can't go wrong sending a letter using the language and format from that blog post. 

Typically I've heard wholesalers say it can take sending a letter 6-12 times, sending a new letter about every 3 weeks.

If you do a phone call I would love if you post how your conversation goes.

@Bruce L. driving for dollars is one way to find great real estate deals at below market price. Investors will drive in the car searching for vacant or distressed homes, then contact the owner with interest in buying the house (even though it is not on the market for sale)

Hey Paul great question.

I'm with ya... I always look when driving too.

Here's what I've followed for tracking mileage:

If I am zig zagging through residential streets I count the mileage for a tax deduction. If I am going from point A to point B directly (especially if using an interstate...) then I don't deduct those miles.

Entrepreneur Magazine has a blog out there about the top ten questions you should ask when selecting an accountant. One question from the article is something like "Would you consider yourself a more aggressive or conservative account," suggesting to me there might be some personal choice on something like this.

I love the question.

What do you do?

PS - I've been using the Everlance app for tracking miles. It records all my trips in the background and I can reconcile them any time.

Hey Mike, welcome! I'm interested in your app. Also, you can self-promote and post links for your app in the marketplace forums to get feedback. Bigger pockets also has an e-book on using biggerpockets to grow your business. /biz

Hi Elizabeth, have you tried having your crew upload photos to google drive?

There's a google drive add-on called MyFotoPlaces that might accomplish what you are looking for:

MyFotoPlaces is built around Google Drive/Photos, so you can find and organize your images by the location.

Hey Brandon, there is an app for iphone called DealMachine. Disclosure: I made it.

Hi all, I know this forum is 4 years old but it seems the most relevant for me to ask about financing 5-unit properties.

@Damon J.great observation that some 5-unit properties are registered with the county as < 5 units. Example in Indianapolis: 55 S Aududon, 46219 has 5 units & 5 mail boxes. However the assessor's property card shows as a duplex.

@Darryl Dahlenlooking for your expertise as a commercial lender. What financing route do I use for this property (traditional mortgage or commercial)?

@Anthony Gaydenthanks for keeping us updated and sorry to hear about the third deal falling apart. Sounds like no deal is better than a bad deal since you needed the cash.

You mentioned you owner-occupied one of your existing 4 plexes.

Can you tell us more about how you handled landlord duties and being the owner while living with your tenants?

@Gabe G. how did this turn out?

Hi Nate Wilson we are both just starting out and you won't believe these two stories. Last month I searched meetup.com and found a local investor group in Indianapolis (I am sure your locale has similar groups). Part of the meeting welcomed attendees to share their 2016 REI goals. The group voted my goal the best of 2016 and awarded me a free iPad 4! That was really motivating :) As if that weren't cool enough, after the meeting one of the members told me about his favorite networking community, bigger pockets. I log into bigger pockets and set up a keyword for "Indianapolis." Then two weeks later I get a notification that a retiring landlord Jay Hinrichs wants to give away a free duplex to a young investor in the area, whom can rehab the property, post pictures online for others to learn, rent the property, and donate $50 /mo to charity. The power of finding your communities and interacting with professionals is incredible. Kudos to you for getting active in the bigger pockets community!

Jay Hinrichs thanks for providing this wonderful opportunity to our community! You are looking for a disciplined, new investor who will put sweat and cash into your property. You want your new investor to learn and document the process on BP for others to learn. You want your new investor to hold the property for at least 3 yrs and donate $50 per month to a charity. I could be the person you are looking for! I've been on BP for 14 days and have been increasing my financial and real estate knowledge. I enjoy blogging and taking photos. I live in Indianapolis. My goals for 2016 include acquiring my first buy and hold property. I have a few charities in mind already! I am interested! Please let me know how to learn more. -David