All Forum Posts by: Jim Sakalis

Tax records

Jim Sakalis

Brian,

You can find a lot of hard money lenders through your social media.  You can type that into the browser on facebook and find a lot of them.  I just tried it before finishing this post.

Jim Sakalis

Benjamin,

The short answer is; mail enough

There is no formula on how many mailings you send out each month, but here is something that will be helpful to anyone sending out mailers.

1) Make sure you put together a mailer that someone will want to open unless its a post card

2) It has to get their attention and courtesy to want to call you.

3) If you are going to mail out pieces you want to sent them out to people you know that want to sell.  If you just farm a market in general you will probably run out of funds before you get someone to call you with interest.

4) It's better to send out to the same people at least 5 times.  Research has shown it takes someone seeing your mail piece at least that many times before responding.

Good luck and if you follow those rules you will be on your way in reaching your goals

Jim Sakalis 

Darrell,

Yes, google it.  Also if you know of local Realtor's they may be able to refer you someone they know.

Jim Sakalis

Cam,

That is a mortgage question for your local lender that services the state the property resides in.  A lender will have to do get an application started and look at their debt to income level and see if they have a program that qualifies for that type of arrangement.

Jim Sakalis

Bryson,

You should never go through a real estate agent when buying property unless its a HUD home or foreclosure.

In this example you can not go around the agent even if you tried, they have a listing contract with the seller and its unethical.

That is the wrong approach and getting the same agent to re-list it after cutting him/her the first time is not going to sit well.  You do not want to get a bad name for yourself. Agents talk and will blackball you so can not do any business with any of them.

You always want to treat agent with the same respect you would want.  You may need one of them in the future for something.

Best of luck to you.

Jim Sakalis 

Brittany,

Everything you want to know about the property is what you want to ask and is acceptable.  I would always ask if they have a current copy of a sellers disclosure as well.

Jim Sakalis

Daniel ,

Cap rates are a measure of a property’s investment potential, independent of the specific buyer. With that being said, I think that would be kind of important.

I am not sure what rate of returns get you excited in moving forward, but my rule of thumb and average is 18-24% 

Go to this site and you can plug in the numbers to find the rate of return.

www.apartmentpropertyvaluation.com

Jim Sakalis

James,

I am not sure where this gentleman had any success in doing this method of purchasing for at least a couple of reasons;

1) Any smart investor is not going to buy a listed property for simple fact there are real estate commissions attached to the transaction. ( 3-6% ) 

2) A lot of agents would probably frown on that type of purchase because it is not done in the traditional sense.

Now here would be one exception to the rule; If the MLS listing was a foreclosed or HUD property that was listed at a wholesale price in the first place.

I would try and gather more information from this pod cast guy and find out a little more details on some of those unknowns.

Good luck, and hope you are on to something this could get interesting

Jim Sakalis

craigslist, zillow, trulia, and most other for sale by owner sites

Jim Sakalis