All Forum Posts by: James Ihssen

@Gail Govednik  I apologize I missed you.  I was actually in Madison this past weekend scouting out some opportunities.  I will give you a call today and we can connect.  Good Luck in Oswego, I know that area very well!! 

Hello, 

I always have about 13-15 HUD Homes or REO Properties for sale all the time. If you are looking for great deals, come take a look!

https://www.zillow.com/profile/JamesIhssen/

Also, check out www.hudhomestore.com. I have personally witnessed seasoned investors do very welling managing the timing and successfully purchasing HUD Homes for rehab and buy and hold.

The cool thing is that, as a potentially multi state investor, you could learn the intricacies of one system and leverage that knowledge to purchase below market properties anywhere in the United States!

www.hudhomestore.com is the official website of HUD, not mine. It is a fantastic resource for investors looking for deals!

Good Luck and happy investing!

@Ryan E. I was wondering where you house was in Montgomery as I am very active there...

This is a great thread and a great read.  I have found decent success in the mls for deals, but have also had great luck just using word of mouth.  For example, whenever I buy a house in a neighborhood (especially a rental) I always go around the houses near me and introduce myself, hand out my card, and let them know who I am and what I intend to do with the house that I just bought.  I let them know I am an investor and cash buyer.  

I will often find the chatty cathy of the block who is glad to meet me and tells me all the details around the area.  I just talked to a lady who told me of another house that was vacant right on the street (you would never know it, super well maintained).   She also watches my rental house like a hawk :)

Another good example I have, I talked to a fsbo seller and made an offer on his property and we did not come to terms on a deal but he gave my card to his neighbor, and we worked out a great deal for everyone.  I bought the house and the previous owners are now my tenants for a period of time.

I have also been calling owners of properties that I want to target. If I see in the tax records that someone owns multiple properties, I will attempt to reach out to them (preferably call) and strike up a dialogue.  

If nothing else we are both investors and should have some common ground to strike up a conversation over.  Do that a dozen times and you will be surprised the people you can meet, the leads you can generate, the ease at which you can expand your circle of influence.

Hope This Helps Someone Out There!!

Good Luck!!

Hey There, Send me a message, I am interested.  Thanks.

Dixon is a small rural market.  Be prepared for the change if you are used to anything big city related.  Appreciation is slow and rents are low.  Not too say it is a terrible place to invest (everyone's situation is different) but just know what you are getting yourself into.  @Joshua Mattson

Hello @Sofiaan Fraval  I just left you a voicemail and also left my cell number in a private message.  Reach out to me and I can answer any questions that you may have.   Thanks for reaching out!

 @Bill Goodland I cannot speak specifically for FHA loans as I have never had good luck getting financing using traditional underwriting, but I do know that the new breed of 'landlord loans' that are out there are perfect for what you are trying to do. You can get 30 yr loans at good ltv's, with seasoning as low as 30 days!! (Which is crazy considering it was literally 90 days last year and longer before that). Rates are above FHA rates, but for me I still get good cash flow and a monthly payment that will Never Change!! (Which was bit me during the last crash in 07-09).

Good Luck!!

This is can be a tough question to answer, especially for a newer investor, but finding the answers to this question will unlock and open doors to many possibilities for growth!

I think just getting your name out there is a huge first step... network at REIAs, even the 'pitchy' ones...  everyone there is most likely pretty passionate about real estate.  You would be surprised who you can meet there, if you are honest and sincere.

Get some experience under your belt... even a couple successful deals is HUGE compared to one or none...

Definitely do some research... find the online portal for your county and do a deed search or land records search, find out who owns what, who owns a lot, and check the mortgages or trust deeds that are attached to the properties they own, if any.  Find out how they financed their deals, reach out to them and possibly their lender (if possible).  

Go to Sheriff Sales (other states may have different names), find out who is paying 'real cash' for properties.

Call, call , call... It can be tedious but just reaching out and starting conversations is huge, whether they are investors, money people, or even property owners (future buyers and sellers). If you have deals on the table to present to a private investor, that is all the better. If you do not know who to call but want to get rolling just start calling craigslist ads, and write down and call EVERY FSBO sign you see. Just Do It!

Good Luck!!  

Greg, 

Thanks for reaching out to me.  Why dont you give me a call, and we can talk.  I have been showing this property all week and actually have two 2nd showings to show the occupied side.  My feeling is that if you are sincerely interested you will have to move fast.   Call me today and I will tell you everything you want to know about the property.  @Greg Tomita

I use Tenant Cloud and enjoy it very much.  It is free up to 75 units and has a great interface.  I would check it out.  They have a great app too for mobile data entry.  Good Luck!