All Forum Posts by: Nick Patterson

I've used Windy City home inspections in the past.  If you google them you can find their info

Good luck!

from a realtor point of view use realtor.com and Redfin.com they have the most up to date info.  Zillow is all over the map and a lot of info is old.

I always like to add that if you are doing a fair amount of deals that you need to get your license and your own MLS access. It will make your life a lot easier.

then ask for a substantial price reduction to make it one.  If that doesn't work go to the next one.  

Don't use your money or your credit cards.  (Maybe some of your money for carry costs, but not all!)

She just gave you a check at the closing?  Then issued you a 1099? 

I'm not an accountant but I would guess you need to report it and talk to your accountant...

In the future, I prefer to not get a check and have the amount credited off the purchase price.

Sounds like you are looking at buy and hold.

The typical mortgage length is 20 years with a 5 year rate lock for these loans.
Search BRRRR on this site for the joys of refinancing these properties.

Also, check out David Lindhal's book "Multi Family Millions"

Last and most important, make offers and do something everyday no matter how small that will get you to your goal of 10.

I dont really have an answer, just experience.  

Once an owner lands on one of these lists, they get on average 50 letters a day.
What will your mailing do to stand out?  The answer is consistency, 12+ mailings.

Then it comes down to the fact there is a less than 1% conversation ratio on mailings.

I would focus more on quality than quantity.  So focus on an area and when an address hits one of those lists make a personal appearance to the door.  Save money on the 1000's of stamps and spend time and gas making more personal connections.  You'll get more deals.

Thats tough because most banks have a due on sale clause for these types of loans.

Would you be assuming the HELOC once you get title and just taking over the payments?

This is very Carilton Sheets type stuff here.

That was great.  Is that all original?  (Very impressed if so)

In my experience banks will not lend to LLC's for residential properties and non-recourse is not possible. These only exist for large commercial properties

You can always refi under your name and than quit claim the deed over to an LLC.
Thats the loophole around that one but you still have to give the guarantee.  (Like in Tommy Boy)

Read books and listen to the podcasts.

Take action.  Noones going to do it for you.