All Forum Posts by: John Hyatt

Hi Tom,

I just finished the BiggerPockets Podcast #17 and I would really recommend it! They talk about 401Ks and what to do. I think in a company 401k it might be a lot harder, but Jeff Brown is the expert: 

http://www.biggerpockets.com/renewsblog/2013/05/09/bp-podcast-017-mentors-retirement-jeff-brown/

-John

Yes, there are closing costs that you should plan for. You will want to do a Title search and other due diligence. I couldn't find any free contracts, but I did find this other forum helpful if you want to create a contract:

http://www.biggerpockets.com/renewsblog/2008/10/01/super-important-clauses-for-your-subject-to-contract/

I would also have an attorney look at it, if you plan on doing several it would be worth the cost.

Hi Ryan,

I would keep it short and sweet, if they are calling you they probably already know that info because it should be on your mailers already, I am assuming? If you leave any info I would leave info such as "txt for a quicker response" if that is the case or "I return all calls from 12pm to 1pm" or whatever time frame you have. I know top agents/investors do this so they can focus and not be interupted by calls or emails and then again others answer every call or at least try to and if they cant they have a short voicemail.  

-John

Hi Dan,

Are you referring to renting out each room? or the entire mansion for a week? I owned a house near ASU and rented out bedrooms in the house. I had plans of getting several of them and doing it on a larger scale. The best website for renting out rooms I could find was easyroomates.com, I paid $69 for an entire year, but I had so much turnover it was worth it. It was a disaster and I changed my plans and would not want to do it again. Mansions for weekly rentals however you will probably have different clientele and it sounds like a cool niche.

-John

Hi Matthew,

Yes, if you ever need to evict them you know where they work and can garnish their wages. In all seriousness, I think it depends on the relationship. If you are really good friends and co-workers then probably not, because you are risking a friendship as well (usually never works out with friends as I am sure you already know). If they are just a co-worker and you dont associate with them much other than "hello" and "good bye" sort of relationship then I don't see it as a huge problem. If they are higher than you I would be careful as well, but seeing as they are renting from you I am taking it that they are either equal or lower on the corporate ladder. A lot of variables to consider.

-John

My goal is to get 50 subject to units over the next year and I am breaking it down into weekly goals. I wanted run an idea by you all to see what you think or if you have a better idea. Situation: I have postcards made and I don't want to spend a ton of money mailing them out every month. I am trying to create a cost effective system that I can eventually outsource. Instead of doing every door direct and paying 14c a postcard at the very least here is my idea. Marketing idea: take postcards and add rocks that I get from yard or wherever and ride my bike with my wife and go up and down the street throwing our postcards on people's lawn. I hate when people do this but it's a numbers game and I know for sure someone will pick it up...what do you think? I realize it will take a lot of time...but we are going on bike rides anyways for our health. If you have a better idea or more cost effective way please share. I saw one person put flyers on everyone's mailbox last week, but that's illegal and I don't want to do anything illegal. Thank you in advance!!

My goal is to get 50 subject to units over the next year and I am breaking it down into weekly goals. I wanted run an idea by you all to see what you think or if you have a better idea. Situation: I have postcards made and I don't want to spend a ton of money mailing them out every month. I am trying to create a cost effective system that I can eventually outsource. Instead of doing every door direct and paying 14c a postcard at the very least here is my idea. Marketing idea: take postcards and add rocks that I get from yard or wherever and ride my bike with my wife and go up and down the street throwing our postcards on people's lawn. I hate when people do this but it's a numbers game and I know for sure someone will pick it up...what do you think? I realize it will take a lot of time...but we are going on bike rides anyways for our health. If you have a better idea or more cost effective way please share. I saw one person put flyers on everyone's mailbox last week, but that's illegal and I don't want to do anything illegal. Thank you in advance!!

Hi John, Yes, if they want to buy the property they will need to buy with tenant lease in place unless the tenant agrees to move or they purchase with tenant in place and agree to wait 6 months. Not sure the market, but I think you can get more selling it as a section 8 cash flowing property versus a place to live. Assuming that's not the case though the aforementioned applies. -John

Hi Cesar, Have you tried searching the county assessor website? Or you can check with a real estate agent in your area. I personally have always been able to find an address, I have seen zillow have the wrong address before though. -John

Hi Crystal, Personally, I would skip those deals that are pending on MLS...99% of the time they close and if they don't they will get re-listed as "back on market" at least in AZ. If there is a house in particular that you really like maybe keep an eye on it, or offer the person who purchased it more money, depends on what you are trying to do. My dad bought a house in this one flippers AOE and the guy offered him almost as much as he would make flipping for a finders fee and no work so he took that instead of flipping and reinvested it in another deal. -John