All Forum Posts by: Jim Iorio

I have a wholesale deal on a great cashflow property just blocks from the beach in Daytona Beach, FL.  The property has 3 units bringing in $1900/mo in Gross Rents.  The property is currently 100% occupied in its "as-is" condition.

This triplex is in definite need of some work, but a prospective buyer could walk into instant cashflow in its current condition, and then make repairs as you hold the property.

The area has several big time projects coming (Hard Rock Cafe, Highrise condos, upscale schopping center, etc.) over the next 1-2 years.  Plus, this particular property is zoned in a redevelopment district which means there may be funds available for repairs.

Any cashflow investor would experience a 12% CAP rate at the current asking price: $98,000. CASH OR HARD MONEY ONLY. Message me for more details/pics if interested!

@Mark Marinaccio I'm in the same boat.  I'm on the brink of hiring an answering service.  I have my Google Voice # ringing to my cell phone, but the connection is spotty and the phone call has a lag which makes for some awkward conversations.

A lot of investors I know go with patlive.  They have nothing but rave reviews about them, but don't send them a call script that's a laundry list of questions.  Keep it as succinct as possible and you should be fine.  I'm curious to hear other people's suggestions too.

Here in the Daytona Beach market things are getting very weird. Banks are not only listing REOs on the MLS, but they are actually cleaning up the properties and installing builder grade appliance packages before listing them to get more $$$.

why would there be legal repercussions? They essentially bought the wholesalers equitable interest, no? 

@Dawn Anastasi I agree!  I wish I could handle all of my short sale leads like that!

I heard of the strangest thing the other day, and I'm wondering if anyone else has seen this done before...

A fellow wholesaler in my market just did a deal the other day that went down like this: She went out a property that would have needed to be a short sale in order to be a good deal.  She signed a contract with the seller for the Short Sale price.  She didn't negotiate the short sale, she just signed the contract with the seller as something to submit to the bank.  Then, a cash buyer just bought that contract from her without the short sale ever being negotiated.  He didn't know if he could get the bank to take that purchase price, didn't know if he could make any money, he just signed a check for $15000 for a piece of paper that was essentially worthless.  Then, to top it all off, the guy took his sweet time in getting around to negotiating the short sale, and the property went into foreclosure.  Has anyone seen anything like this happen before?  It seems like a new, totally risk-free way to approach short sales O:-)

@Dawn Anastasi I live in a cardboard box on the side of the road! :p just kidding.

I'm fortunate enough to live with family right now.  I had a part time job while I decided to pursue real estate.  It wasn't much $12.50/hr @ 12 hrs/wk.  However, In July I was laid off from that job.  Fortunately for me, the 2 deals I closed that same month were enough to cover my part-time job income for an entire year, so now I'm just re-investing that money, and taking advantage of the time I have at home living rent-free, to grow my business.

@Anthony Pizzarelli I do my own deals now.  I was wondering how I could accomplish owning my first multi-family property without any income.  I'd live in one unit and rent the rest out to cover my living expenses.

@Joshua Dorkin Awesome stuff!  I've listened to the podcasts for a while, but it's good to know a little bit of the back-story of BP.  I really appreciate the information you make available, and I tell every investor I speak with to get on this site and GET ACTIVE!

Hey @Jacob Barnard 

I started like a lot of other people (sorry @Joshua Dorkin ) by reading Rich Dad, Poor Dad.  That was in Dec. 2012, and it was when I first learned about wholesaling.  From there, I hit the ground running and I closed my first 2 wholesale deals in July 2014.

The first one was a pain!  I got it under contract on Valentine's Day and it dragged through the Probate process for 5 months, but I finally double closed on it and made a sweet $7550 check!