All Forum Posts by: Joe Cassandra

If it's 'on market', you'll likely need a proof of funds letter. Whether it's proof from a bank statement or a POF from a hard money lender.

Like others said, "cash only" means there is NO financing contingency allowed. Have the cash. Or have a private investor that's willing to give it. 

Call their boss. The way to do that is to make sure they give you their name, email (so it's a company email) and phone number. You can look up the name of the boss online to see who they are. 

Just happened a couple days ago. Called boss, they told me all about the tenant, told me his job was safe because he's in software and makes about $X per month. Most bosses are happy to do that. 

If they're self-employed, you need to look at their tax returns and recent bank statements.

Not sure tenants would want landlords 'connected' to their bank account. It feels like spying. 

I saw a video yesterday from a prominent DFW broker I used to know. 

He claimed something like 1/3 of new realtors quit within 6 months of passing the exam. 

Why? 

MOST REALTORS SUCK BECAUSE: 

1) They don't know how to generate enough leads...

PLUS!

2) They don't know how to cultivate and follow up with leads (people rarely sell their house within the first 3 months of thinking about selling). 

Worse...most people think realtors are all the same. So, they'll list with the last agent they talked to. 

3) They try and be everything to everybody. RE agents (and I'm not an agent, so my thoughts as a marketer) should niche down. 

Be a listing agent that specializes in probates. 

Be a buyer's agent specializing in luxury housing. 

Be a buyer's agent specializing in distressed properties for investors. 

Not niching puts realtors in positions to lose credibility where they don't know what to do next, what advice to give, or how to negotiate repairs, ARV, etc.

:)

You think most people are saving their stimulus check???

...the majority of Americans live paycheck to paycheck. 

One guy I know is loving unemployment. Goes golfing 5X per week, eating out and drinking brewskies while doing it. 

Could barely rub two pennies together before...probably still can't. 

But, hey, it's "free money." 

Demand in housing isn't caused from sudden government cheddar...it's still housing inventory is mega low, interest rates mega low. 

But...like @Scott Passman mentioned...

The banks WILL come and collect. They're not going to just lose millions on top of millions in unpaid mortgages.

It's very hot right now all around N.ATL. (including Cobb and Cherokee as Jingru mentioned). 

If you want a good multi-family, you'll need to look offmarket 100%. (I know, because I'm looking).

As Marc mentioned, inventory is incredibly low especially in multi-family. That's why I'm starting to strech where I'm looking outside of the hot zones looking for emerging markets. (looking at Cartersville right now).

This is great @Brian Ellwood, thanks for sharing. I'm in a highly appreciated market (N. Atlanta) and looking around to satellite towns for these kinds of metrics. 

Do you have a "go-to" site to get data like population growth etc.

That's a broad generalization to bundle all MF renters as "lower income." 

There are plenty of A + B MF that hold high-income individuals who don't want to buy a house. 

On top of that...MF is likely more stable than SFH as if you assume 40M unemployed will hold up, renter defaults on SFH, your income is 100% gone. Unlikely an entire MF unit will default at one time.

My family lives in Cumming and I grew up there. 

Rentals are extremely hot, and areas around the mall are growing rapidly. 

Price is right and you'll be fine.

Individually putting names into a spreadsheet is a HUGE waste of time. Yes, you'll need a place for your D4D leads, but you can use an app like DealMachine for that. 

Best bet: 

1) Use Listsource to pull names from your farm area

2) Use Propstream to map where you want to send letters to...extract and send to pdf

Then, hook up with a mailhouse that can send you mail based off the names you have saved. Easy.

You can call an REO agent and get to know them.

You can buy Propstream ($99/month) and it lets you sell comps and those that sold on the MLS and those that didn't.

There's no real place that's the "comps for foreclosures." They're all lined up with normal MLS closings.