All Forum Posts by: Elliot Smith

 What's your time worth and how busy are you?  If I could make 10k with 5 hours of work or 30 with a lot more I would take the 10k personally. But that's my opinion cause I work another full time job. 

Joe I agree with @Nicole W. My first tenants I tried to be there friend and all they did was try to take advantage. Now I am still friendly buy what the lease says is the LAW. If I don't have $ in my account by the fifth they get a late fee. 3 days later I will file the eviction notice. (I have not had to do this yet)

I make sure they know that I am not going to mess around with late payments up front. 

Elliot 

 It was pretty simple. We printed them offun of excel and did a mail merge. The message was simple. 

My wife and I are interested in your property at 123 main. 

We can close fast and will buy the property in any situation and condition. please call me anytime. 

This is not the exact one but close. (I didn't want to get my computer out) 

Elliot 

@Blake Reynolds

It goes to the escrow company. its there so if you don't hold up your end of the contract the seller gets something for the time you took.

So I am no pro on this. Escrow is the closing company that handles all the paper work and $. Once you have a signed contract you will need to send it to your escrow officer. Once you find a buyer then you will send the assignment contract to your escrow officer.

You will probably need to put earnest money down once you have the signed contract this should be $500-$1000 dollars. now if you don't find a buyer you could lose your earnest money.

I am very new to this process so take this with a grain of salt.

Who have you had good experience with in the Vancouver WA area.

Real Estate Attorney

Contractor

CPA

Escrow

any feed back would be greatly appreciated.

Elliot Smith

So we sent out 100 mailers. Two batches of 50. As I work 60 hours a week I didn't want to get to busy. the first 50 sucked I only had one lead and he didn't like my offer. So we changed up the wording and got 8 resonses on the next 50. I got two contracts on those. I am keeping one and I wholesaled one.

Numbers for Duplex

$115000

Comps $150-$180

2/1 side

Rent 1380

NOI $10466

Cap 9.46

Most caps in this area are 4.5 - 7

We signed the contract on 3-28-15 and closed 4-6-15  9 DAYS!!!

@Ryan D.

My wife said that we couldn't get the pro until it paid for itself. She is awesome with our money, we are pretty frugal.

Today is a great day. I just picked up a $5000 check for my 1st assignment deal and with that my wife let me become a Pro member. This happened because of a connection that I made here on Bigger Pockets!

Life is good and I am very blessed!

Elliot

 Peter you need to listen to @jscott you are going to get your self in trouble if you do it that way!

I do not provide a washer and dryer in my units because it is one more thing that breaks. Especially if you overload them and you only do that if you do not care who pays for it. This had not been an issue with any prospective tenant.