All Forum Posts by: Pat Jackson

@Stephanie P. Thanks for your reply!

These are for sale independent of one another, but do sit side by side. I'd likely try to buy them both at the same time, and BRRRR

Thoughts on having the city combine them as one property vs. just working with a banker for one loan?

I’m looking at two vacant apartments. One is set up as a duplex, the other a 6 plex. They’re right next to one another, and currently for sale by the same owner.

The 6 plex should stay a 6 plex, and obviously would be valued on a cap rate and performance. I may be able to turn the duplex into a 4 plex, but I don’t think adding an additional unit is a great idea.

Local bankers I’ve spoke with and materials I’ve read state 5+ units valuations are based on cap rates, 4 units and less valuations are based on comps.

Is there any way to have a duplex and a 6 plex sitting side by side to be valued as an 8 plex?

Where do the majority of your deals come from?

About me briefly. I'm a long distance investor. I've done 5 deals, 4 off of the MLS. The other deal, the only off market, certainly hasn't been my best. I, like many, are limited by deal flow.

I'm a big believer that one's net worth is measured (in part) by their net work.  I'm really considering doing mailers, but I really don't want to.  I've listened to over 200 BP podcasts, read "Finding and Funding Great Deals" and a slew of other books.  I'd rather add others to my net work than sending mailers.  

So who are the best members of your net work?  I follow any/all wholesalers, but to date don't have any luck.  I diligently watch the paper, craigslist, and the auction platforms. 

So who are the best members of your net work?  I'm considering reaching out to probate and divorce attorneys, explaining what I'm looking for and showing them examples of previous projects.  Beyond that, I'm back to mailers.  

Thoughts?

What is everyone’s experience negotiating with homepath?

I've bought two HUD foreclosures, that's just a numbers into a computer game till the property has been on market for awhile. I've tried for two homepath properties. They countered with all sorts of things. Some counters included:

5k in escrow funds

No inspection contingency

Best and final

Obviously not coming down on price like they should.

Does anyone have any tips or tricks for homepath homes? Any experience with renegotiating if an inspection turns up something big?

I think that’s a good question. What rates have you been quoted from various banks? 

OK bear with me!  

When I was an undergrad at MIZZOU there was a wonderful college pizza joint.  Look up college pizza joint in the dictionary and this place would be the example.  Anyway, they had an advertisement describing the following situation

A psychology graduate student needed 50 students to come in for 1 hour, do a simple test, and they'd receive $15 for their time.  The graduate student couldn't get their sample size, for weeks!  No one would come in.  So the graduate student went to the pizza joint, got 50 vouchers for 2 slices and a soda (worth $8), and in less than a day had all the participants they needed.

Humans don't always equate the actual dollar amount to what they're getting.  Think about the last time you got 10 minutes free on a parking meter?  It was great!  Think about the last time you found a quarter.  Meh.

I'm flipping houses in the 85-100k range.  I don't have room to offer a huge bonus to any agent that brings in a buyer.  I can offer a ~$200 cooler.  My question is, does anyone think this would be an appealing/attractive offer to agents to bring buyers by?  Easy enough to have my agent list this offer in the agent only comments.

@Alex Ficco great meetup. Thanks for organizing.

Interesting.  This looks like it was primarily built for wholesalers, correct @Kuba F.?

@Adam Rudolph no its not too late.

No review yet.  I haven't mentioned it but believe I will.