All Forum Posts by: Michael Giorgianni
Michael Giorgianni has started 5 posts and replied 39 times.
Post: Hello from Richmond, VA!
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
Are any of you attending the local Richmond REIA?
Post: Newbie in Richmond, VA
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
I'd strongly suggest getting involved with the Richmond REIA. I attend there every meeting. RichmondREIA.org will take you to their Meetup. You'll meet a lot of like minded people. I'm an active wholesaler between Danville and Richmond, VA. I work both markets. Feel free to shoot me a message.
Post: Buying a Property Subject 2 with Dying Seller
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
@Jeremy Tillotson - We did about 3 years later. I just did a re-fi so I can pull money out for an equity line.
Post: Buying a Property Subject 2 with Dying Seller
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
We actually did this with one of our family members that passed away. Continued to make the payment. Had the property deeded to us, mortgage was still in deceased name, paying their insurance and mortgage payments. Nothing was ever mentioned.
Post: Marketing Yellow Letters/Postcards
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
It also depends on your market though as well. If your marketing to luxury home areas then the typical yellow letter to my knowledge won't be as effective as a professional typed letter.
Post: Marketing Yellow Letters/Postcards
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
Hand Written statistically has always brought a better return of calls. Although there is a youtube video out there that will show you how to convert your handwriting to a font..Then creating a document in word that is easily printed onto normal yellow letters. It has saved me a large amount of time.
Now I just order from yellowletters, they offer a great service at a great price if you start to factor in ink, paper, time, postage etc.
Post: Danville, Virginia
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
I live in Danville and have sold a lot of investment properties here. Most with tenants in place already generating income. I also provide recommendations for local property management, maintenance etc. The return is great here!
Post: New Investor Richmond, VA
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
Hope to see you all at the next Richmond REIA meeting in December!
Post: WHOLESALES
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
Originally posted by @David Oldenburg:
Hi, I answered this the other day in a slightly different way. It's not what "you" want to make, it's what the property and investment yields to other investors. Some of your wholesale deals are very tight, and you will be lucky to make $5,000 to $10,000. I know a wholesaler in my area who just made $52,000 on a $250,000 home!
You have to know what the home will be worth after repairs, what the rehab will cost, and what ROI each of your investors is seeking. If the deal is a 15% ROI and I am looking for 20%, I am not going to be interested. However, if I am looking for 10% and you bring me a 15% deal, I am going to jump on it.
I suggest building a network of investors and know exactly what they want to get excited and quickly pull the trigger on a deal. Once you know exactly what they will buy, it is very easy to enter into contracts confidently, because you know you can quickly sell the property.
David gave some great advice. Like I said previously, whatever is justified to your market place. A lot of different kind of buyers out there. Some have a minimum amount of profit, some of a percentage base of profit. Build report with your buyers, just as you do your sellers.
$52k on a wholesale deal in that price bracket is insane!!! LOL
Post: WHOLESALES
- Rental Property Investor
- Danville, VA
- Posts 44
- Votes 9
Whatever is justified to your marketplace. If you stick with what's common on figuring a rehab then simply take your ARV x .65-.70 = {amount} then subtract your repairs, then subtract what you want to make on the deal. All depends on your market and what you think you can get. Doesn't matter if it's $1,000 or $50,000...