All Forum Posts by: Rick Pozos

You sound like a wolf in sheep's clothing.

Dont put yourself out there to help someone if your full intention is to get their house sub to.  Karma is a bad B!tch and will get you!!

You need to talk with the one who says they are the owner. Show them the deed that shows they sold the home. You can print out records from the county clerk. Also, show the 'tenant' that they do not own the house anymore so they can not rent out the house if they sold it.

When you say multifamily, do you mean 150-400 unit complexes?? If it is, then you need to put down 50k-100k+ into a syndication for each project that you want to invest in.

Get a plan of what you really want to do. There are plenty of multifamily types. 2-4 units, 10 units, 50 units, 100 units. They are all different types of properties. Do you want to invest in SA or other cities? Older apartments? Newer? Garden style? High Rise?

Get a plan with most of the details and then start looking for operators. There are several good ones in San Antonio.

@James Wesley "Hi Ms. Smith, My name is James and I wanted to see if I could help you with your property at 123 Main St. I noticed it was going to sale by the county and of course that would be horrible to lose your home like that and you get nothing. What can I do to help you?"

Postcard, letter, or just go knock on their door.

@Rosemary Montgomery so what happened?? Did you sign??

I love San Antonio and it is my favorite city. BUT there is a reason that it is cheaper in rent. People get paid way less than in other markets.

Don't compare that a 3/2 middle class area rents for 1600 in SA and the same in LA is 3000. BAD Comparison. Just because it sounds cheaper does not make it so. Actually for the people living here, it has become VERY UNaffordable. Taxes are reappraised every year and if it is not your homestead, your property taxes can go up without limit.

You have to really know the market and not just what prices seem to be.

IF my income got cut in half, the first thing I would do is cut my expenses by a whole bunch. Stop going out to eat, make as few trips to pay less gas, cut expenses drastically. Maybe get a room mate or two to increase your income some more.

Then I would see about selling another property or two. Would life be so bad if you only had 7 properties instead of 10?? Use that income to start a business that will create more income for you. Lots of answers, it is up to you about what you WANT to do. 

@Lalit R.  How to find deals?? It's all marketing. I dont go to realtors to find deals. Most of the time they have regular situations. You have to find the people that have issues or situations that they are in. 

Word of mouth, internet PPC, instagram, Facebook, mailers, radio, TV, go to REI Groups, Website, Host free classes and about 10 other ways you can market to the right people.

How many times do you post to Facebook and instagram every week?? How many Facebook pages do you have??

Hey @Guy Siewe this is what I have done. My negotiation with the seller is that the loan will be out of their name in the next year or 2 years or 5 years or whatever. Most people are not ok with having a loan in their name for 23 or 25 years more when they have no control over it and they do not own the house.

After doing a few of them years and years ago, the sellers start complaining that they can not get a new loan. I have dealt with it, and there are ways to get the seller into their new loan, but it becomes a big hassle. The sellers tend to turn on you in a year or two after they recover from their situation. Nowadays with social media the way it is, I do not need happy sellers turning into trolls. 

Any title company can help you. Some title companies are allowed to do slightly different things. My title company, Alamo Title (Norma Urbina escrow officer), just told me that they are not doing wraps. Mostly because of all the sub-to activity. They do not want to do wraps. 

Now when I am borrowing and wrapping the note, it's ok because we all know what is happening. 

But most title companies are going to be about the same. It really comes down to service and if you like the people that you are dealing with.

And to answer your question, I have not used them before.