All Forum Posts by: Andy Wong

You can use oDesk.com (no affiliation) and post a job to attract VAs with experience in real estate. oDesk has VAs from the Philippines with great work ethic that would GLADLY do almost any type of assistant work for around $1-$2/hr. Just provide them with a screening script for incoming leads, and have them ask all the important questions, and make sure you train them over Skype or video chat. Reiterate that locating the leads motivation is key.

It's pretty simple from there. Just have them move the qualified leads into a particular spreadsheet, and the unqualified into another so you can make the calls to the best candidates, and not waste time with unmotivated owners who are just looking for an estimate. Keep organized!

I use a 1800 # to screen sellers. It goes straight to voicemail explaining what I'm able to do for them, and to leave the address and asking price. Usually the ones that leave a message are motivated. Good luck, hopefully I didn't go into things you already knew. I know how it is to have an extremely busy schedule and struggle to find time for a simple phone call.

True. I'll of course complete my due diligence during the inspection period if we can come to terms on a price. You never know what tenants might have done to the property that the owner isn't aware of.

Thanks David. He wanted 380k but said the price may be negotiable depending on contingencies. Apparently there are tenants, so I'm waiting on the sellers response to determine the cash flow, and motivation.

I'm in contact with a seller. It's an off market property, and the comps put the house at roughly 370k-390k retail price. The absentee owner has 54% equity. Monthly payments around $3,000. Total assessment for 2012 is 267k. It's a nice area, pool, 2 car garage, 5/3, 2,925 sq ft with selling at about $170/sq ft.

No rehab necessary just simple cosmetic updating. Wondering how much I should offer if I'm paying closing costs as well? I feel like maybe 230-240k? 390k x 70%- closing costs - 6% agent fee - holding cost of maybe 1-3 months?

@Amit M. That was my perception of what made it so appealing. Very desirable area, high appreciation, hard to compete with 100k in appreciation in the last 30 days alone.

Thanks @Tim G. that is true, I'm focusing efforts on larger, more secure, spreads.

@Ellis San Jose Still no update, but haven't eliminated the possibility of acquisition. The owner is too stubborn at this point but soon will realize the gravity of the situation as the month of November draws nearer.

Thank you @Ellis San Jose for the analysis. I assumed it was too skinny, always appreciate your knowledge.

I've done a lot of virtual training and although there are certain ways to calculate rehab costs etc the general consensus from "gurus" is that it's almost a necessity to have someone you know on the ground in your nonlocal market. But an idea for outsourcing the groundwork is to hire someone on craigslist to go take pics of the interior, exterior, have them go in with a checklist to estimate repairs, or anything else but how much trust do you have for a stranger from craigslist?

That's a flip adding the room and bathroom. But as a rental is there potential?