All Forum Posts by: Martin Sterling

My suggestion, Do some direct mail marketing or networking to find some seller finance deals that may fit your criteria. If you are not familiar with the many different kinds of seller financed deals, then I suggest reading Bigger Pockets "No or low money down" book. There are few other great books on Amazon as well.

In terms of trailer parks, thats a great idea. They can be very lucrative. Just make sure wherever you buy land for that project, you are able to get the proper zoning. Also, I suggest, if it's your first trailer park, either consult someone who has done it or partner with someone who is experienced. 

I believe the best way to start out is get an understanding of how to find or create a great deal, find that deal through sweat equity, partner with someone who has been down that road before even if they offer you a minority share, and get the experience under your belt on what to do from A-Z. Then, go out and find your own deals. 

Best of luck to you. I hope to hear of your future successes.

Thanks

Greetings, has anyone heard Otteau market analysis? They hold seminars in New Jersey and across the US teaching people how to appraise property. They also have a market analysis newsletter available. I heard good things from those who have taken their class, so I'm taking it. However, I wanted to know about what others thought.

I wanted to know what the most targeted way to go after leads on sites like listsource is and your thoughts on what kind criteria to use in listsource to optimize your chances of getting a deal.

I've heard some say they only go after homes without equity, I've heard others say only go after homes with 100% equity because it's easier to position seller financing.

I hear many also say they only go after absentees.

I heard some say only go after mortgages originated before 2003, others 1999 yet others after 2009.

I heard only go after 65+ crowd, others say between 35-55

There are so many other levels of filtering, it's overwhelming unless you know the impact of each metric.

For instance, I was thinking about targeting only female homeowners because I'd imagine they would be easier to negotiate with and  know what they want. Not being sexist, just my experience.

What other metrics do you recommend?

Thanks in advance

Greetings, How do I market to landlords and commercial building owners and HOA board of directors who are looking for new management in Northern New Jersey?

I deal with a management company who offers reasonable referrals to me for finding them properties to manage. I actually found them a nice deal that we're about to get soon. They have a great reputation already.

I wanted to know the best way to identify future opportunities for them along my wholesaling journey. I was thinking about door knocking buildings and just asking, but I was thinking that most buildings management would be the ones I would encounter and direct all inquiries to them.

I was thinking about possibly direct mail but not sure about thee best strategy.

Any suggestions?

thanks

Greetings,

How do I find the Cap Rate for an area. Are there online resources?

Also, Does anybody know of a real estate calculator online like BP's that does Internal Rate of Return?

Thanks in Advance

 So how would the new owner get rid of the basement tenant? Normal Eviction process?

Absolutely. The numbers do work without the basement apartment. It's a 10% cap, 8% Cash on Cash.

Greetings,

I'm a wholesaler who lives in New York but I'm investing in New Jersey. I found a property at a fair price that I know I can get an investor to buy. It's a duplex pulling in $2k per month, but the current owner is also renting out the finished basement for 700/mo.

I wanted to know, is it worth it to continue renting the basement out? 

What is the penalty and worst case scenario? 

Is the risk vs reward worth it?

How would this affect an investors decision to buy the property?

My goal is to be able to wholesale the property not for a fee, but for equity.

Thanks in advance.