All Forum Posts by: Gary Alford

Hey BP,

I have been getting a pretty good response rate on my letters I been sending out. Notice I didn't say yellow letters because I do not do them. I just type up my letter and copy a handwritten P.S. at the bottom and send in a hand written envelop and they do pretty good for me (for now). So like most people will probably say majority of your calls from a AO list will be landlords either on purpose or by mistake but they will likely be landlords. 

So they are not all motivated to the point where they are ready to give up huge discounts but some are pleasant and willing to sell. Most of them are rented out with leases in place and the sellers say are in good condition. So these are bought strictly off of cashflow then right? So how do you wholesale this? From most of my reading most people are not buying rentals with all cash unless they are buying distressed? But are refinancing after they have it fixed and rented, but these properties already have all of this in place.

So I see value in buying a property like this if the numbers work but would be with regular financing. Should I just be letting these leads go and not waste my time in terms of wholesaling or what? I hear people on the podcast say every lead gets a offer and thats something I am looking to start doing, but how should I be working my offers on properties like this?

Thanks

That last one was hilarious it reminds me of one of mine from last year when I was walking neighborhoods and hanging big yellow notices on doors. Except mines was a little worse! A matter of fact here it is for everyone to hear:

https://www.dropbox.com/s/g77vso4j9czr1n7/GLMVHHVK...

Good luck to you and hopefully one of those motivated calls turn into checks!

Hey Thiyaghu,

I am a wholesaler in the area and I get leads for properties in good condition and already rented out all of the time. I run all of the numbers so anything I send you will have all the numbers broken down and tell you your cashflow upfront for you to make a good decision. If you want off market deals just shoot me a email at [email protected]. This goes for anyone else on here as well.

Gary

Ben I love when I read a post that makes me nervous but excites me at the same time. I have had my share of setbacks in real estate thus far but I know they are no where near as bad as some others. I look forward to all the good as well as the bad. The hard times seem to make me laugh after the initial anger and cursing phase LOL, but you have to love them because they leave you with a great story to tell. 

Thank you for telling it like it is and not being like those guru's that are selling dreams for your hard earned money, and those that tell you about the amount they make on rehabs but leave out the amount they lost last year to learn not to do dumb things that set you up for failure.

Gary

I am working on trying to buy a property using seller financing and stuck on which route I should go. The owner has it rented now and the tenants would like to sign another 2 yr lease if they could, so I would be buying into income. Owner is moving back to Africa and owns it free and clear.

Is a land contract or deed of trust better in your opinion when buying through seller financing? what are the pros and cons of both? What have been your experience with them both if any? 

Would love to hear @Bill Gulley and @Brian Gibbons suggestions as well as others. 

Thanks

Whats up BP,

I am working on a offer I am submitting here in Virginia Beach using seller financing. I am using the standard realtor sales contract  that I altered slightly to fit my needs and just picking the seller financing. I was wondering do you guys add any extra terms in these type of contracts as it is another field for "other financing terms". Is there anything that you always make sure are terms in your sell financing contracts? 

Thanks

@Dev Horn  @Kortez Walker How do you guys run your craigslist ads. Frequency and where? Although I have not been that consistent on posting when I first started out I did it quite a bit plus had 2 other partners doing it and only got 1 lead. Inconsistency is what was probably killing me! However, I would like to hear what is it you guys are doing as on there. I just started back doing it and plan on trying to be very consistent. 

My title this time was Give Your Troubles To Big Daddy! I was trying to stick out and get people to click because it's different. What do you guys think?

Also Kortez another strategy that I am getting ready to start using is paying people to drive around with car magnets. I will order the magnets and have them shipped directly to them and all they have to do is drive around like normal with the magnets on their car. I will pay them 10% of my earnings on any deal that comes from them. They can take them off and on as they please but they have higher chances of making money the more they keep them on. 

Welcome to BP,

It looks like you are on to a great start with the reading. Your management experience should come in handy when it comes to your learning curve as well. Wish you all the best on your journey. 

Gary

Welcome to the site Todd, you have found one of the most valuable tools you have to aid in your career. The amount of learning and networking you can do here is priceless. Have you checked out trig (tidewater real estate investor group) yet if not look them up they seem to be pretty good plus they the only group I found in the area. I am still fairly new but let me know if I can ever help with anything. Congrats on your first duplex and good luck on your journey! 

Gary

Well really it is a property that the owner owns free and clear and has no mortgage. So now they can hold the note themselves. For the seller it gives them a stream of cash flow and they do not have to worry about fixing toilets and such which I would believe is a big plus. sellers also can more than likely get more for the house than if they were looking to get the entire purchase price upfront. 

On the buyer side the deal can be as sweet as your negotiating skills allows it to be and if they are motivated then it could get pretty sweet. You might be able to get it with zero down and only come out of pocket with closing cost. You also can most likely get a lower interest rate. I have read of people getting as little as 1%. I myself am planning on trying to get it for 1.5%. 

This is how I see it from everything I have read and learned. Hopefully someone else who has actually done deals like this will chime in and clear up anything I may have wrong or not be seeing.

I do not know if you have started listening to the podcast yet but if not I would highly suggest doing so. It is so much information there that anyone no matter how long they been investing can benefit from.