All Forum Posts by: Christian Malesic

By voiceblast, do you mean robocalls? Or will you telemarket them youself? Havesomeone esle telemarket with your script?

Be careful of Do Not Call lists. There is a federal list now and PA, for example, has its own list. Violation brings steep fines.

The idea is good. The thoughts are firm. I am just curious as to delivery.

That IS this biz, unfortunately.

We collect late fees AND we evict. I have two going to court next week. OTOH, I have collected over $3k in late fees so far this calendar year.

Draw your line. Take emotion out. Try to be the good guy until they cross that line. When they do, accept no BS.

With all due respect...

You are not ready for this, pass on it.

Whether the numbers work or not, this is a lot to bite off having no real estate experience and, more importantly, NO LANDLORD EXPERIENCE. Also, what about being a business owner, do you have any business experience?

I am also particularly concerned about the 3 hour drive part.

I seriously recommend to all newbies to find a SFD (single family dwelling), 2 unit, or 3 unit first. Get your feet wet. Learn through experience for 6 months to a year, then buy another.

Unless someone has a ton of business experience, I recommend to start slow and build.

We have an awesome lease for apartments! We also have 1 detached garage that came with one of our apartment buildings and rent it out separately.

For the first go around (first garage tenant) we took our apartment lease and crossed out some stuff and used it. The tenant turned out to be a deadbeat whose stuff needed evicted from our garage which pointed out some significant holes in our lease for garage use.

The $5/day late fee that works with apartments got thrown out the door by the judge since the garage lease was only $50/month and late fees alone would amount to $150 if late a month. We only collected 1 month in security deposit or $50. More damage was done than that. Court costs were about $100 plus our time... etc., etc., etc.

I seek wisdom. Any to offer?

Check out the short sale forum at:

http://forums.biggerpockets.com/viewforum.php?f=103

I would paint yours - start something. Maybe he will surprise you.

The implication in your post is that it needs painted.

It really depends on what you are calling the 'downturn'. It may be decades until we see the markets of 5 years ago.

As far as the downward trend and the sub-prime crisis as it relates to REOs, I think we will continue to head downward (it will get worse from an economy perspective) for another year or two then will turn upward.

Of course the 'downturn' is when you buy and the 'upturn' is when you sell, if you choose to sell.

The hardest part, of course, is getting the lenders to lend.

I received the As Complete Appraisal today. It was for $150k as I had estimated (I usually do not nail it on the head like that, but did this time).

Thus, the deal at $85k on a $150k ARV is 57% or 57 cents on the dollar.

With the $25k I plan to put into it the numbers jump up to $110k on $150k ARV at 73.3% or 73 cents on the dollar.

I see wholesaling and flipping as two different things that are not mutually exclusive (they intertwine and cross).

Flipping is putting some effort into repair, upgrade, or curb appeal.

Wholesaling is about turn-over. No real work. Find the deal and pass it along. In fact, I think bird-dogging is closer to wholesaling than is flipping.

Bird-dogging is when you do the locating portion of what a Realtor does. You find properties and find potential buyers and put them together, having never had any skin in the game.

Do you agree?

TimedReality,

Ashamann gave you THE formula. It is a bear isn't it! See.... be careful of what you ask.