All Forum Posts by: Jeff Piscioniere

@Matt Hurley thank you for that reminder! You’re right. This also makes sense with all the suggestions to find mailing lists of absentee owners who are most likely to be investors.

@May Emery what an outstanding blog post. Thank you! My day job is a home health care working so I’m in homes all the time where I see situations where if an investor came in it could make their lives easier. I will be using your ideas for a mailing idea! Thank you!

@Jeff Castro

I would make certain that rental income of the AirBNB, short term rental, aspect is viewed the same by lenders. I’ve come across information that it’s viewed more so as unstable because it’s not easily predictable vs long term leases. Just a thought.

Good morning! I’ve been doing my due diligence research on direct mail marketing for off market properties. One of the particular areas that my partners and I wish to focus on is owner financing and specifically targeting people who own their homes in full or elderly owners who may be looking to avoid capital gains taxes if they were to sell their homes. I’ve certainly come across this and other reasons to focus on direct mail marketing, however I’ve been unable to find any good examples of the actual mailing that would be sent out to property owners. Does anyone have experience in this area who would be willing to share items which would be important to include on a mailing or speak to their experience in this aspect of marketing? My goal is to use a letter style mailing with hand written envelopes vs the printed postcard style which we already get far too many in the mail that immediately make it to the recycling bin.

Thank you in advance!

Jeff

@Mark DeLorenzo I’m not sure seasoning is required to pull money out of the house if we buy it in full with cash. It’s a good question which I will ask one if the partner’s wife who happens to be a banker.

@Henry Kaldenbaugh is partners a very good friends. What one does for the other today will surely be made up in return at a future time.

@Jaysen Medhurst met with my partners tonight and there is asbestos that will need to mitigated in the basement. A potentially pricy fix but certainly a value add. We were looking at an average value metric tonight of this property and it is $110K so we are definitely buying under value.

Hello all! I'm involved in a partnership with 2 other friends and we are moving on to our second buy and hold rental. This second one that we are looking at has one of the partners willing and interested in using his personal HELOC to buy it in full under the premise that we can refurbish and refinance after getting a higher appraisal. It's a 2 family and the tenants want to stay and although the apartments need updating they are habitable and we may not touch them until tenants move out. That leaves the possibility of upgrade/renovate/refurbish/etc to the basement and exterior. In my personal opinion I'm not exactly sure how much value add can be added outside of unit renovation that could ever elevate the property's value in any short period of time where we could pull out money in excess of paying back the partner's HELOC plus anything more to use for the next property. What might I be missing here??? Thanks to BiggerPockets I'm a proponent of using OPM (other peoples money) while limiting use of anyone's personal funds. I don't see the sense of one of the partners almost completely expending his personal HELOC while all 3 of the partners are on the hook to make his payments of principal and interest while operating on the assumption that the house could appraise much higher in a short period of time by doing what may amount to putting lipstick on a pig.

Approximate numbers are $65K house and his HELOC interest rate is currently over 5%.

Any thoughts and opinions would be greatly appreciated! Thank you in advance!

@Zachary Zinn

I’m curious. Why is the down payment so high? $38k is 30% down.

@Brandon Peaker

This is an outstanding book on everything you’re looking into. As comprehensive as it gets!

The Checkbook IRA - Why You Want It, Why You Need It: A private conversation with a top retirement tax attorney (Self-Directed Retirement Plans) by Adam Bergman

https://www.amazon.com/Checkbook-IRA-conversation-retirement-Self-Directed/dp/1515284816/ref=mp_s_a_1_1?crid=2TVHAKV7A3B3K&keywords=adam+bergman&qid=1552911852&s=gateway&sprefix=adam+berg&sr=8-1