All Forum Posts by: Levi T.

Interesting idea. If your comfortable with the possible losses when converting, there is a lot of options to play with the evaluation overtime. Clearly sitting on the payments, and waiting for a peak could have a huge upside... or down. Over all, it's just muddying the waters to an business, I can just take the profits and go buy my own BC.

Find a local bank and talk to their commercial devision, talk numbers. Their loan officer should be able to help you. The appraisal will be everything, your going to get a NOI appraisal if they are sold to you on one contract with one loan for all properties, likely based on a 8% cap.. If you can get 2 or less properties per contract, they will end up as a residential appraisal, and you will have matching loans per contract. Hoping your buying these for 60c on the dollar, because that's likely what they are worth and what you will need to make it work, plus rehab cost as units turnover. This will break you or make you!

Your always going to have problems in life, your always going to have people that are hard to work with.. if you really want out, you should sell your position in the company to your partner. Frankly it sounds like he was intended to be the capital partner, normally the silent one... You can also amend the operating agreement so that you, or him, is the soul managing member that makes all operating decisions on behalf of both partners, this way you resolve you two having to always agree on a single action. Lastly just stop talking to each other unless its absolutely required, and enjoy your payouts and your own lives.

Drop off a few feral cats, SPCA would love to give you some "barn cats". Also tell the tenants they should have renters insurance, the car is not your problem.

Sure, as long as the 45k fits your needs. They are handy when you need some bridge capital, or you just want to flip property with cash using the credit line to buy and rehab vs using HML, etc.

Boats are a hole in the water, I've owned a few small sailing yachts, and am a ASA certified for sailing across internal waters in my past life... One could make a full time religion on the up keep alone. You will lose money!

We send a few thousands letters per month, 1-2 times per month to the same people. There is a branding factor, I'd say you need to mail people between 2-15 times before they respond. Every time we get a deal or a lead, we hit that area with mail again, if there is one, there is more, so hammer hammer hammer... when it slows down or we have bought up a large percentage of the area, we slow it down to once per month or every 3 months type thing, just to keep us in the market as people keep letters for a long time. We don't want to miss out, or let someone else come in behind us. It's all about building a brand name in households. I have had people get letters from us every month for well over a year before they finally got around to it.

Until your master your media, you need to keep the mailings at a hand level product. Do 20-50 letters per day or week, till your media is just right and you can produce a certain level of calls and conversions, then ramp it up.

We find summertime between March till almost October is very slow. We do most of our business after October to February, but that does not mean we slowdown in the summer, we just keep building that brand and expanding our marketing to build up for winter. I've had people stuff our letters into their will, with instructions for their kids to call us and sell properties. So yes it can be very powerful media to advertise, but you need to perfect it before you run large batches, focus on the hand level product till you start getting a conversion you would love to have at a large scale, them ramp it up.

 I see this story all to much. I don't operate in your state, but many landlords like yourself just get into a hole and sell to use all the time, I bought one of those this month. The best option is to exit on an as-is sell of the property, which is better than the alternative, I'm sure someone on here that is local could make you a fair offer. Someone else will evict and spend the thousands needed to clean the place up and bring it to market, while you can cut your losses and move on to better days.

 Just use a title company vs an attorney. Get a signed contract, then kick it over to a title company. or an attorney to wrap it up. They will call the seller and take care of everything. All you have to do is get a contract that lets you get whatever you need (appraisals, inspections, funding, etc), then had it off to the title company or attorney. You will workout a closing date with you and the title company, or you and the bank. The bank will take the contract and work all that out with the title company. All you have to worry about right now is a signed contract that gives you all the leverage you need to exit if needed.

I'm right there with @Cody L.. They may start off fully paid for by the housing authority, but it's far from sunshine and timely payments. Your units will get roached out fast. Go look around for some small section 8 apartments listed for sell or rent, then go drive by, and let us know what you think!

I'll buy them and clean them up, but we wont participate in the program.