All Forum Posts by: Lara Pfeffer

Hi, my partner & I need new phone #s for our RE biz so that we're not using our personal #s. I currently have google voice & know that one well. Any others that you use & what's good about it?  Of course we need a # that just comes to our cell, since we're not buying a separate cell phone for the biz. Thanks! Lara 

Quote from @Peyton LaBarbera:

How do I get my proof of funds letter from my cash buyer and what do I do if the agent or seller wants proof of funds before they sign the contract and before I can find a cash buyer

I read all these replies, great info so far. Getting "pre-approved" NOT "pre-qualified" is the way to go if you aren't buying these properties and don't have 100% of the cash needed sitting in the bank. That can be your POF until you have an end cash buyer that can show their own POF to you. If you DID have the cash in the bank, bank will write a POF letter for you. We recently had a deal under contract and openly spoke to potential cash buyers without getting their POF. Reading other's advice here, I will NOT do THAT again! I'll keep the details under wraps until I see what I need to trust the end buyer! Thank you all, for the advice. Good luck Peyton!

Quote from @Michael Davis:

I'm constantly looking at the market as I'm a licensed agent with Keller Williams.
I plan to leverage 100k from a HELOC.
I'm just not seeing something that makes me want to dive in feet first.
I person I ran into some who does flips said maybe try doing a flip for the first time to gain the confidence. However I can't bring myself to have to pay all the capital gains taxes.
Also I wouldn't want to need to pay back the HELOC and suffer a capital gains tax payment.

Any advice?

Should I start looking further outside my back yard?

Trying to get a BRRRR that will likely cash flow or break even on.

I'm a reasonable area with relatively low crime rates.

Michael how about going to your local REIA meetings & partnering with someone who can invest $$ too, and show you the ropes of a flip. It’s a challenge to find a cash flowing property right now but not impossible. See if you can use the MTR strategy there if you’re interested? It’s medium/mid term rentals. Ifyou’re near 2-3 hospitals & 2-3 large companies, you may have enough nurses, corporate folks to make more $$ than a LTR. I’ve heard 30%+ more? Something to explore if you’re adventurous! Check out the BP book: “30 day stay”. I just finished it and it opened my eyes to that strategy!  We’re going to try it sometime, haven’t as yet. Good luck! 

We're wholesaling right now, but super interesting in all areas of investing including eventually an STR-MTR or two. We've found deals through real estate agent/realtor referrals too. Ask realtor to refer you sellers that are upside down on their mortgage (aka they'd need to bring $$ to the closing table so they cannot sell it on market & a cash buyer like us could save them!) Offer that realtor a referral/finders fee of course to make it a win-win. And refer people to them too. Make REIA relationships to expand your contact list. A realtor acquaintance even "shared" his favorite contractor with us (lol made us promise we wouldn't share him w others so he doesn't all of a sudden get too busy for the realtor-investor! That was just fine with us!) Good luck!

Good job with the efforts you’re doing! add the code violations (go to local municipal building-tell them you’re doing a research project on these statistics do NOT tell them you’re an wholesaler-investor), probates list which is also small & is a marathon not a sprint, driving for dollars (leave post it on door “Hi, it’s ____, i have a question about your house please call me #_____” , and yes add nearby communities if you’re in a small one. We were doorknocking one day and that’s how we got our first deal, the grass is long we knocked on the door, and we had it under contract the next day! So yes, it DOES work!! Www.freewholesaling.com & Rick Ginn You Tubes have given us many great ideas, along with BP videos too of course. Good luck!! Lara 

Quote from @Quincy Jones:

I am also looking in Milwaukee, had a real estate agent literally give me a drawn out map of the areas color coded to show the different others that are the best to the worst, I’d start looking in areas that are starting to or in the process of being gentrified.  There’s a lot of equity to be had in these areas. Anything close to the water,  brewers hill is trending, river west, harambee, Enders. A lot of ppl getting orgcrf out flock to upcoming neighborhoods cuz they get priced out of the A neighborhoods. 

Thanks much Quincy!

Quote from @Kerry Noble Jr:

Quote from @Lara Pfeffer:

Quote from @Kerry Noble Jr:

Quote from @Lara Pfeffer:

Quote from @Kerry Noble Jr:

Sounds good! Definitely have to show empathy. May wanna get a "sorry for your loss" card too

 Thank you Kerry, I actually got super brave & approached the daughter loading up her car. She showed me the house, and I made a verbal offer & suggested we get an offer to purchase to them & bring a contractor back with us to advise on what's need & how much $$. I am SO proud of myself and my guy Fred will be too!! I'm not shy at all, but that made me sweat a minute there. Eek!

 love it!!! congratulations!

THANK YOU!Update: Got great advice today from a REIA WI investor. Very helpful, got brave & called seller today. She accepted another bid :( I offered to submit a 2nd Offer as a backup for them so we're 2nd in line if that falls thru. She's calling me tonight w/answer on that. Thankful that she's very cordial to me, she doesn't know it's my first time ever lol! Kerry, any meetups in between you & me? You're a 3-4 hour drive from me. :)

 Congratulations!!! 

I'm not sure but I have a good friend up there flipping and another friend that's a fantastic inspector up there in Milwaukee

Quote from @Rebecca Knox:

There's a lot of areas that most investors buy in that fit those parameters. 

Probably stay out of 53206 if you're from out of state or don't want to be an extremely active investor and drama doesn't entertain you. 

 haha!

Being a new investor here in MKE area, born & raised!... I appreciate your insight Marcus! Was that 66k duplexes, in MKE alone?  Holy cow really. 

Excited to join you this Thursday Ty, Fred (my partner) will likely attend also. Contact me directly should there be a need: 414-651-5746