All Forum Posts by: Rob Rice

Good job on getting started Luke.

I hate to say this, but I don't like the deal.  I know that area pretty good.

You are getting Hard Money Basically...(200K ARV x .70 = 140K) at a high interest rate for a very low and slow return on your money.

The reason I don't think its a deal is for this reason.  You are coming out of the pocket for $5,000.00 up front for a deal that is a dime a dozen.  Then you are going to refi out of it, that is more money.  I'm just saying that you could take $1000 and do one direct mail campaign to absentee owners with at least 60% equity in any area you want to invest in, and basically find a few of those easy.  I think the fact that you are taking action is awesome.  I just believe that if you took a portion of the money you have available for a down payment, and used it for a good marketing campaign, it would serve you well.

Just my advice.  Congrats just the same.

Hit me up if needed, I could tell you 10 ways to use $1K to find better deals..

Good luck.

Rob.

Hey BP Family.

I have a subject to deal. It has been years since I've done one, and I no longer have the paperwork. I need Deed to Trustee, P&S, POA, and some CYA letters. Can someone recommend a good source for a low price. I used to have Cameron Dunlap's stuff which was awesome. Any sources that you guys could recommend would be helpful.

Hey Martine,

I have used Pat Live before, and had pretty good results.  They are kind of expensive because you pay per call.  You just have to make sure that your script gets you the information that you need to be able to evaluate as much of the deal as possible.

I would also recommend getting a VA-Virtual Assistant to answer. You can get one from upwork.com (us to be odesk.com) for 3 or 4 bucks per hour. Make sure you get an assistant that speaks good English.

Also keep in mind what kind of seller you are targeting.  If it is homeowners that are in foreclosure or tax trouble, then your phone calls might be longer (which means more money with a service.) than just getting a lead who is not in that situation.

I also applaud you for trying to actually answer the phone calls as opposed to sending them to voicemail.  Good for you.

I hope that helps.

Good luck.

Rob.

Hey Travis, Welcome..

This is a great place to receive good information.  Take it all in, and don't forget...

Just take an action everyday toward your goal..

How do you eat an elephant???

One bite at a time.

Good luck.

Rob

Hey BP Family. I recently placed an ad on c-----list for a property I'm trying to wholesale in an area where I have no buyers list.  

I received an email that said the following.

"Cash buyer lists and motivated seller lists for sale. Email me for more details."

Of course this peaked my interest. (I thought this should be good.)

I replied, "whatcha got?"

I received the following message. (I copied and pasted it just as it came.) Here it is:

So we have a software program that goes through property records and finds all the people that have being buying property for cash. It also does the same for vacant properties or distress sellers. The lists go buy zip codes. The cash buyers list cost $150 it will tell you everybody you bought two properties or more in that zip code this year. The vacant property list is a $75 it updates around ever month. Give me an idea what you are looking for and I will tell you how many people are on that list.

Thanks,

I was blown away. I'm not mad at someone for trying to make a buck, but I just want our BP Family to know, (Especially the newbies) that you can find the same buyers list off of the MLS. Just get an agent you know, or become friends with an agent to pull the same buyers criteria for you. I don't recommend spending $150 bucks for it. I mean, think about it....If you have spent all that time and energy to lock a deal up that you need a buyer for, I think you have the knowledge and skill set to get the buyers on your own.

As for the list of vacant houses... I do see some value in that especially if the information is current. I would really like to know if anyone has used one of these services, and what kind of data did they get.

I'm going to dig a little deeper into this and let you guys know.

Please comment: We need to know this for our BP Family.

Great Info...

Keep it coming..

I guess I could answer your question instead of rambling on..sorry.

You can get them anywhere. 

The forms I use can be used in any state.

Connect with me and I'll send you to a place where you can get all the forms you need.

Good luck.

Go to the REIA Meeting.

Hey Tomiyo, Glad to hear that you are interested in finding out about Real Estate Investing.

I would strongly recommend going to a GAREIA meeting.

Just go here.

http://www.memberize.com/clubportal/Calendar.cfm?c...

They have the monthly meeting this Monday starting at 5pm.

Then look into getting some for of training.  I myself paid thousands of dollars to learn this stuff back in 2004.  I bought everything I could afford, and once I did my first deal, I bought more stuff about the different kind of deals.  Fortunately today most of the same information is right here on bigger pockets, or online.

Figure out what area fits your immediate needs first.  There is no bad place to start.  Here are the most common areas that people start out with.  (There are a lot more.) 

Lease options:  Find a property, take over their mortgage, and sell the property to a retail buyer for an Immediate, monthly, and/or Back end profit.

This can be done with very little or no money out of your own pocket.

Buy and hold:  Purchase a property, and rent it out for a monthly cash flow.

Fix and Flip:  Purchase a property, do the needed repairs, and sell to a buyer for a profit.

And then there is my favorite, because it takes very little if any money to get started.

Wholesaling:  This is were you find deals that you can put under contract, for a low enough price that you can immediately pass on to another individual for more than you have it under contract for.

Example: House is worth 100K in good condition. Meaning it is in a condition that you could retail sale it for around $100,000. That is called the ARV (after repair value)

You are able to get this property under contract for you to buy it at $40K.

It needs about $10K in work to put it back in good condition.  Lets say Paint, Carpet, New Garage doors, Landscaping and an updated kitchen. 

You have it under contract, and immediately try to find a buyer for more money than the $40K..usually $5,000 more.  It can be more..a lot more.  It depends on the deal.

You market it to a buy and hold person for $45K.  They buy for all cash.  This doesn't work with a traditional mortgage.

They pay the $45K, you get $5K, and the seller gets $40K.

Done deal. 

This it what I do on a monthly bases.  I will rehab, or buy and hold sometimes.  It just depends on my needs at the time.

Anyhow.

Go to the meeting.

Connect with wholesalers, rehabbers, landlords, hard money lenders, private money lenders, contractors, and look for mentors.  Either way.  Get educated.  You will either pay now, or pay later, if not both.  The key is to figure out if you want to make cash immediately, like in 30 days or less, or you can be more passive for a long term investment.

Remember, everything I mentioned is going to take some learning, and some dedication.

Also try to be as honest and ethical as possible.  It will serve you better in the long run.

Good luck to you.

Rob.

Way to go Fitz...

That is awesome. 

I just looked at your number and realize that you are on my buyers list...lol..

Guess what...

I have a deal for you to use that 50K on..LOL...

Way to go...

I'll request a connection...

Talk to you soon

Rob.

No problem.

6786825937

Rob