All Forum Posts by: Andrew Syrios

There are several ways, the easiest is wholesaling (getting something under contract and then selling the contract). You can buy properties with no money downs using lease options, subject-to's and owner financing or finding private lenders to loan the properties, but you still usually need some money for holding costs and repairs. Another possibility is to find a partner who will front the money while you do the leg work and then you split the profits. I hope that helps.

Residual income to live off of without working plus a comfortable reserve for emergencies.

684 isn't bad, but getting over 700 and preferably 720 is ideal. It may be a good idea to run a credit check on yourself and see what holds it down. Sometimes you can get banks and what not to take that stuff off. Talking to a mortgage broker and asking for suggestions is also a good place to start.

So we've had a situation recently where someone was moving out, so we got the house leased for about a week after they were supposed to move. Then, they all of a sudden needed an extra month. And by needed an extra month, I mean just refused to leave. Where I'm at evictions take forever, so there isn't much leverage there. It all ended up working out, but does anyone have any recommendations for dealing with that kind of situation? Anything special you put in your leases or applications or tell prospective tenants? Thanks

I honestly don't remember, it's been awhile since I priced them out. I guess it's probably just worth an email to them.

Try ULynk.com

I'm not sure most areas have such a list and even if it was just fine to advertise to that list, I suspect the person meant to BCC everyone on the email. Generally, that's what would happen so I don't think this is at all replicable.

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You might try mixing it up with some various types of letters and styles of writing. Postcards can be effective because they don't even have to open them, also manila envelopes almost always get opened.

As far as the content, try one letter that's very formal and looks like a professional company. With another, either hire someone to handwrite the addresses on the envelopes and brief notes like "Hi my name is Andrew and I would like to buy your house, please call me at ___" or look for a company that writes letters or addresses so they look handwritten. I can't think of one off the top of my head, but I've used them before and they look pretty good.

Some good websites:

CLRSearch.com - you can find all sorts of demographic and crime information including vacancy rates

HomeFair.com - More of the same

City-Data.com - Search by zip code and you can see if that area is growing or declining. There is also a shaded map feature that can help you analyze areas by all sorts of different factors

RentoMeter.com - Good quick glance at rent prices

Craigslist.com - Use the map feature to comp out rents

Hotpads.com - Can also use for comps

Padmapper.com - more comps

RentRange.com - You have to pay after a few free one's, but provides detailed information about the area and rent comps

Finally, just drive the neighborhood, count the for rent signs. If there are a lot, it could mean the area is struggling. Call some for rent signs and talk to a few people to also get an idea of what things are renting for and what the demand is.