All Forum Posts by: Gerrell King

Hey @Michael Reyes @Josh Sohar thanks for replying.  I know based on the current numbers it's not a deal.  What I was thinking was having that discussion with the seller and offering $400K.  

I was thinking since the seller is an investor, and since the house hasn't been able to sell, he would understand why $400K would be a reasonable offer.  

The home is in good condition from the upgrades he made and he's painting the interior next week before allowing it to be viewed.  

Again, I'm new and this is only my 3rd attempt of doing a deal so I figured I should ask for some advice from the BP community.

Hey BP Family! I’m new to RE investing and this is my third attempt of doing a deal and could use some advice. I’m in talks with an investor that is looking to sell his rental property and I’m not 100% sure on what I should offer. Details: -4 Bed 2 Bath -1296 sqft. -Built in 2005 -C List neighborhood. Not a war zone but has a high crime score on Trulia, mainly theft. -ARV: $428,970 -Asking Price: $439,800 (Price reduction from $450,000) -Average price for homes sold in the neighborhood his $402,000 -Been on the market 95 days -Currently has a tenant and their lease ends Jan 31, 2018. -Seller purchased the property in 2015 and made upgrades to the kitchen, bathroom, and floors before renting it out. -I haven’t seen the inside because of the tenants. After speaking with the seller he stated that he would like to sell the property to buy his next property but is willing to do a lease option. His requirements for a lease option are: Terms: 2 years Down payment: 5-10% Monthly Rental: $2,750/mo (Current tenant pays this now) The exit strategy I’m considering for this deal is a Lease Option with another buyer. I’d be finding a buyer interested in a 1 year lease option and using their down payment to cover the initial down payment. When they exercise their option to purchase, they’d be paying me enough to pay the original seller and make a profit for myself. Any tips, thoughts, advice, or guidance would be highly appreciated! Thanks!!

@Omar Ruiz I find it interesting you are considering this approach and how I haven't heard many people address it. I spent most of last year studying digital marketing and I agree with you 100%. I'm new to investing and last night I looked on List Source to get an idea of what a mailing list costs and was amazed at how expensive it can be. I'm sure direct mailing has its perks but for my budget and to be just getting started, digital seems like the best way to go. On another note, the majority of investors that I've spoken to have said the majority of their deals come from referrals and networking. Not bandit signs, not direct mail. I'm sure those approaches do work but I'm interested in being able to measure my marketing campaigns performance and this is possible using the digital approach. I'm going to keep driving for dollars as well because I do see the value of knocking on the door and talking to the home owner. As for your website and content , what value do you intend to provide?

Hi everyone!

I'm new to the REI world and looking to start marketing in my area. I don't have a big budget to generate leads so I've been driving for dollars. I was hoping to get some feedback on using a Title company to provide me a list of leads that match my criteria.

My wife is an agent and the Title company she works with does this for her for free.

Has anyone done this?  Were the leads legit?

@Antoine Martel ok good to know.  My goal is to begin wholesaling to generate enough income to invest out of state.

@Antoine Martel I'm looking to wholesale and fix and flip in Los Angeles but invest outside of Los Angeles, either out of town or out of state.  Do you invest out of state?

Thanks for the post @TerryLao. I'm looking into buy and holds in both Bakersfield and Vegas. They've been slowly growing markets for as long as I can remember

@Peter Sinclair The rehab of the duplex was done very well

Hey @chrisrobinson thanks for reaching out. I'm in the process of doing that as well

Hi BP family, My name is Gerrell and I'm new to the forum. I'd say I'm in the "preparation" stage of beginning my real estate investing business. I'd like to know if there are any LA based investors interested in being treated to coffee or lunch so I can ask you questions about your business. (i.e., what challenges have you overcome and how? How do you market?, etc.) Starting off I'd like to focus on finding deals for investors and my long term goal is to become a buy and hold investor. Looking forward to speaking to you!