All Forum Posts by: Eric H.

@Ethan Summers Peace bro,

I am cold calling owners facing tax foreclosure in the next 30-60 days. Have you called this type of list before? If so, my question is should I mention that I know they will lose their property if they do not act soon? Sometimes folks say they are not interested in selling right now but I am thinking how can you not be interested in selling when you will lose your house very soon if you do not make a move.

@Flora Granter, I would personally call the HOA to see if they could remedy the situation. If not, I would have a landscaper out there immediately to resolve the issue. I think it's important to follow up on any and all tenant complaints promptly, especially the 'good' ones. I think as the landlord you must be the example. If you want tenants to respond promptly, you must do the same.

@Ken Wang Greetings,

I don't think you're being too conservative. The caveat is I am very conservative when it comes to  running my numbers. I use 12% vacancy factor for example. I think you will be able to place a more stable/attractive tenant in that neighborhood though.

If you are looking for a greater cash on cash return, consider the BRRRR strategy. Find a value add property, renovate, rent it out, refinance, and then repeat. This strategy will provide you with a greater coc return because at the time of the refinance you can pull all or some of your money out. Furthermore, you will be able to decrease capex designation by improving all major systems/structures when doing the renovation.

Happy investing! Peace!

Greetings @Jon Robbins,

You can check the FilePlace.

https://www.biggerpockets.com/files

No matter where you get a contract from, I would highly recommend contacting a local attorney to review it for you.

Happy investing! Peace!

Greetings @Robert Sanchez,

Check out this thread on building a buyer's list.

https://www.biggerpockets.com/forums/93/topics/54108-buyer-s-list-how-to-

Happy investing! Peace!

 To add to Ned's comment.......our tax rate is approximately $2.38 for every $100 of assessed value. Example: $100,000 assessed value = (100,000/100) x $2.38 = $2380

@Mackenzie Charles Greetings and Welcome to BP!

There are brokers out there that do take part time agents. I am with one. I have to pay $800 per transaction and $325 for E&O insurance yearly. No monthly charges. I would say just start calling around to different brokerages to see what their fee structure is until you find one that is favorable.

I wish you the best! Peace!

@Josh Rogers Greetings and welcome to BP!

I would recommend you start by understanding ARV and how to calculate it. This practice will get you familiar with your target market. Ultimately, you will be developing the skill of identifying accurate comparable sales or what agents call performing a comparative market analysis. You are looking for properties that resemble a 'subject' property as closely as possible (year built, square footage, beds/baths, type, SOLD within past six months, within a .25 mile radius from subject). You can try to find an agent in the area to help you with this or use a website like Redfin to track home prices in your target market. Understanding one's market is step #1 in my opinion.

Check out this article for a more in depth explanation of wholesaling.

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/?utm_source=search&utm_medium=internal&utm_campaign=wholesaleguide

I wish you the best!

Peace!

@Derrick Casson Greetings,

The 'traditional' lender is only going to lend you a percentage of appraised value as well. The 'traditional' lender will also determine what you can afford by analyzing your credit score/profile and your debt-to-income ratio. I would highly recommend you have that refinancing piece lined up before you do the deal. Start calling around and/or visiting your local banks to see what their lending criteria is and try to get preapproved if possible. A preapproval will also look good to your HML because he/she knows you have the ability to cash him/her out.

Happy investing! Peace!

@Scott Boroi Greetings and congratulations for taking action!!

In my opinion, get your personal finances in order. Most importantly for your health - it is less stressful when those things are in order. Additionally, if you plan on refinancing using the BRRRR strategy you will need to have the credit score/profile to refinance.

Happy investing! Peace!