All Forum Posts by: Jorge Gordon

I made a comment that has now turned into a bet...

There are properties on the MLS, on market way over average days on market, that need cosmetic rehab, often inherited (per County records), and not selling because they're listed way too high. No idea why or why the listing agent allows that.

I think I can get these at investment prices...I mean why not, they want to sell, there might be some motivation, and if the market thought the list price was right these would have sold already..Broker buddy of mine doesn’t want to make low balls for various reasons, and bet me I can’t get these under contract...so now I need to prove him wrong...

I feel like I should be able to just talk to listing agent, explain who I am and what I’m doing, and Indicate I can make a cash offer and can provide proof of funds...and if that’s something seller will consider I’ll send over the paperwork and set up an inspection...

Any tips on how I can win this bet?

I see a lot of listings that have been on-market for 90, 100, or more days. Some of these need some work or updating. Another percent of these are inherited, or bought many years ago and I assume there's a lot of equity there. 

Does anyone else pursue these? If so, how do you handle them? My offers are going to be a fraction of list due to the scope of work, profit, etc. Is it advantageous to ask the listing agent to dual agent so that he/she still gets close to the commission they'd have received if it sold at list?

Hey @Mindy Jensen...why isn't there a "FIRE" forum (unless I'm missing it)?

If there was a "FIRE" forum I'd put this question there....

My mid-term goal is to diversify my income, not be as reliant on my current W2 (~110K / year), and set me up to be very flexible in what I do in the future. I think a reliable net $2500/month in passive (to the extent that really exists) in the next 3 years is a SMART goal. That and my wife's much smaller income would provide cushion and runway for future entrepreneurial opportunities, taking lower-paying W2 options that have higher long-term potential or are just more fun...and worst case scenario this would be more money to save and snowball....

What I have to work with is about $200K in mutual funds and 4 doors (two 2-bed SFR owned free and clear each renting in the 600's, and a duplex mortgaged conventionally) that are all nicely cash flowing and gained equity in my ownership. I could "monopoly trade" into something bigger, and I consider them good for at least $600/month (I'm conservative). All are actively managed. I've done a couple of flips. I have a lot of managerial and project experience. We've been making efforts to reduce our major monthly expenses (down sizing house, etc).

So what has worked for you?  What do you think is the best strategy to employ my capital, ability and time here?

@Neal Royal that's fantastic...I'm glad I shared this. Thank you

New to BP, but I have a few properties and done a little rehabbing in the past. About to start my first direct mail campaign, would like any opinions on it. 

I intend to send to a list of properties behind on property taxes. I intend to handwrite the addresses, but print the letter on normal white paper. 

Does anyone use a letterhead, or just keep it blank?

I've thought about writing the letter specifically about the back-tax situation, but my intuition is this will probably trigger negative emotion. Instead I'm keeping it general...

"

Hello XXXXXXXXXXX,

I’m sorry for writing you, but I’m a local landlord and house flipper looking for my next project. I’m specifically looking in great communities and school districts like (name of their township here).

I often buy houses that need repairs, owe property taxes, or are otherwise going to be tough to sell with a realtor. Selling the property costs the owner nothing (no closing costs, realtor’s commission, etc) – I’ll pay it.

If you’re interested, I would like the opportunity to speak with you about potentially being a solution. If not, keep this letter with your important documents and keep me in mind.

I can be reached at 1234567890, and my website is: (my website here)

Thanks for your time