All Forum Posts by: Melodee Lucido

Hi Kyle,

Sharon Vornholt would be the expert on this and hopefully she chimes in here with her expertise. I know she mails repeatedly---every month or six weeks to the families but I've never read anything about mailing to the attornies.

Best of success to you

This just in:

Prop in Bay View neighborhood of Norfolk, Va
2&1 872 sf
No rehab needed because tenant who has been there almost 19 yrs wants to stay.
Tenant wants to NEVER move; willing to buy on a l/o or just rent. Can get $5000 toward an option pmt if needed.
Comps at 100k and above
Tenant pays $550 but is willing to pay $750 mo (fair rent for this area)
Mtg pmt is $525 mo
Owed WITH arrears ($3300) $53k (soon to go up by $525)
We have a contract at $60k You buy at $70k
This could be bought sub2 but it is really best to get the seller out of the pic.

If interested text or call.

William,
You sound like me when I was first starting---about wanting to minimize mistakes :>

The best way I've learned is by being in action and learning as I go---yes, sometimes from what I did "wrong".

I will say this though: it is a mistake to spend money un-necessarily. The best place to begin is to pick ONE topic at a time and STUDYYYY here. As you do this you will find who are the pros and experts (not the ones who SAY they are but the ones who show they are) and you can follow them an learn more.

If at some point you want a mentor pick one who knows his/her stuff and has good ratings of helping others. There are such awesome people here.

Take your time William---I mean, the houses and deals will still be there---it's better to have somewhat of a grip on a plan and then move forward. I say this because many start up and rock and roll and then fizzle out saying "This doesn't work".

I just want to see you succeed. And remember there's no failure only quitting on ourselves and our dreams :>

Happy Monday!

Hi William,
Welcome to BP! There are many conversations on this topic here in the forums. Take your time and review them; then make a game plan on paper.

I always do better when I get my brains out on paper where I can see them :>

I wouldn't throw my money away on newspaper advertising to start out new. I'm not sure if you're talking about advertising your services, your houses or ???

Backpage, ebay and cl of course--all good places to place ads. If you do a search on these in the search bar above to the right of the BIGGERPOCKETS logo---you'll find tons of stuff.

Good job jumping in and asking questions. When I first began I studied here about 3 hours a day to soak up as much on each topic that I could. I kept separate files in my notepad in my laptop so I could review the notes when I forgot.

Progress & Prosperity to you,
Melodee

Hi John,

EXACTLY. I think it would take some trimming to get the profit level up. Maybe the on site manager needs to get a lil shake up to manage better. Or I can manage it :>

I'm going to watch it closely. My agent was right when he said it wouldn't last long :/

Are you wanting any more out here?

Let's connect as colleagues and I can send you things that come my way that I can't take on.

Thanks for your thoughts :>

Thank you Brian. What I found out by talking to people locally is that this is a good basic bread and butter prop for the area.

It is pending already again 24 hrs after falling out of escrow when the investors tried to get weasley with the bank.

In some parts of the country this would be laffed at but near Santa Barbara everything is basically gold.

I am working to stay focused on learning the l/o biz inside out and not be bouncing all over the place. I'll just offer things out to others that I don't know how to do----yet.

Thanks for your input!

Hi Steven,

Welcome to the exciting world of crei and to BP.

I have found it's much easier to find the tenant buyers than the sellers---but that is because of my area.

If you can get someone to agree to a l/o and you post the dtails on CL believe me they will come. My experience is I have 5x the buyers as I do houses.

One other thing you could do if you are anxious that you won't have buyers is to put a post on CL saying what you intend to do and ask if there are possible tenant buyers---something like that.

Progress & Prosperity

So this isn't a good deal for someone that likes multis because it's an reo???

I wasn't thinking of this for me. I like to pass the deals I don't want to someone who does :>

Lompoc is a good investment area out here; bedroom community to Santa Barbara.

I am not a multi nor an reo niche investor. But a new agent just sent this to me and said the numbers make sense. Do they?

Price $399,500

Great opportunity to acquire a bank owned 6-unit apartment building in Lompoc. Property consists of 6-2bedroom/1bath units. Recently upgraded units with longtime property management company still in place. Current monthly income is $4040, Current GRM is at 8.16, CAP rate is 6.66% with a 5% vacancy and expenses at approx. 43% of Effective Gross Income.

Is there more info needed?

Feels risky just posting this here but someone should get it if it is a good deal. If someone wants this I could get a finders fee which would be great.

Thanks for your feedback.

Thanks for the tip Jack. I'm still not paying $2500 for a mailing system. I know she's good and I'm not saying she isn't worth it.

It's a principles thing for me. If you're making so many truck loads of money why the heck charge people truckloads of cash to sell some tips.

My mailings will have to do---I'm always tweeking them and learning as I go.

I don't aspire to put out a course in the future (I'd rather go to the beach) but if I did it would be based on the principles of generosity and paying it forward. I didn't say free because I know it's good to exchange value for value.

Many have helped me along the way when I was completely clueless ----and didn't charge me a penny.

Sheesh I got on a rant there. Just my view from here.