All Forum Posts by: Calixto Urdiales

Hello there Tony-

The reason you got no calls back was due to the fact that they had to know who the owner was. In most cases people just come across them and they have no clue has to who the owner is let alone find them. If you have them find the properties that should be enough for you to get started and find the owners yourself.

You should run a flyer trying to obtain locations and see where that gets you (but make sure to let them know that is for every property that you purchase, that they gave you), and be a bit more creative as to who you want to give the flyers to!

I have helped several of my family members obtain FHA loans and government programs to help improve their homes with no money out of their pocket. I have not done it myself due to various reasons but as soon as I have all that under control I should start doing it myself.

My main goal before the end of this year is to joint venture with a partner of mine and obtain an SRO building. With all the benefits avaliable for SRO housing this is not only profitable for me and my partner, but we will be able to provide afordable housing to low income indivduals.

P.S. SRO means single room occpancy and they will provide you up to $20,500 for rehab on each single room of your property. This goes a long way to add sqft (more housing for SRO indivduals) to your property and to bring it up to code. Also you can section 8 each unit and receive check form the government for housing section 8 canidates.

Section 8 will pay the difference of rent being charged (you have to follow FMR values of that year) to the renter of your unit. They allow the renter to pay no more than 30% of their adjusted gross income each month.

REO's, well lets see there are so many out there you just need to know how to evaluate the situation with each case.

just find local REO listings in your area and run comps in the neighborhood and all your due diligence and you will be just fine.

You see it is not all to hard to find vacant properties the hard part comes with finding the owner. Usually you have to pay a search company (skip trace, background search) to find them for you and the costs really add up if your not getting any luck with the owners of these properties.

But if you are persistant like me it is possible to obtain their contact information without having to pay a company to find them for you.

I didn't even have to let her know how I came up with that 20% + cap rate theory (LOL). You see Barbera we as full time investors all ways (and I mean all the time) input the worst case, we never go by are best profits. If everyone did that than :badwords: would hit the fan and a lot of people would be unhappy, for example.

Promise an investor 25% on their money and they only profit 19% they just might throw you out the bus.

But if you originally promised them 15% and came up with that 19% then you look like the hero and everyone is happy.

Thanks again Jon :lol:

Whatever you decide to bid that is up to you, you can start at $50 k if you want (I would say make it a s resonable as possible but do take what you can get). If they don't like it they will reject and just send in your offer (even if it is the same price or a little higher) the next day and continue doing this. If they do not have anyone that comes in with a higher offer by their deadline they are obligated to sell you at your offering price. If someone comes in at a lower price or owner-occupied then you lose your bid. But tell me Jon (or anyone for this matter) will this discourage you for not making more bids on other properties?

If you don't get it find the next one and move on with it (remember they have six months to dish it out ftom the time of foreclosure) and try and get that one. I am not sure but if you read into the link that I listed you will find out that there are ways to not purchase an accepted offer (let say that you you "don't want to but after all) and move onto the next house up for bid.

Thanks for listening Jon-

Jon these are HUD homes that means that HUD has foreclosed on the bank and has taken all the cost. It is not their job to try and get top dollar for these properties for all these loans are made possible through insurance premiums of other loans. Yes the government may be taking on some major losses but there is so much government money that is not being used that the numbers may just add up perfectly. And just to give you an idea why they are not looking for top dollar is the fact that if they do not have a buyer to bid on the property for six months it becomes a HUD $1 home. At this point it is then sold to a government agency or non-profit orginization to help revitalize the community.

I just knew someone like you Jon would know what the good deals were and would at least take a look.

If you know what to do HUD has government sponsored porgams to help you rehabilitate these types of properties. Also there are many grants that will (and don't have to be paid back) help you accomplish this too. You pay taxes on hard earned money why not let the goverment help you put your money to work for you?

Thanks for the response fellas and I have one in the works right now lets just hope everythings goes all good!

Hello there Chandler & everyone else-

Not too sure if BP has something set up like that down to the very last detail but hey why not ask Admin and see what they say? Looks like this thread keeps growing and growing, lets see if we can get this thread to ten pages LOL.

Oh crap I didn't know I was on the top twelve I am soo flattered and a bit :oops: might I add!

P.S. I guess Josh just ran out of names after the voracious poster status, but hey he might just keep them coming....