All Forum Posts by: Rob Gillespie

HI Martin, 

I have done industrial turn around projects and I do not like retail. Retail is WAYYYYY over built. it is nothing buy a showroom for what to buy on line. 

With that said, I do residential because of the double digit returns.  Industrial is my second favorite because of the huge upside if you know what you are doing. 

If you do industrial, consider the following....

ceiling height

Power

beam spacing

distance to highway

zoning

EPA issues

proximity to railway

those few things can make or break industrial leasing. 

Hope that helps! 

Good luck 

@Kristopher Gomez I know a lot of Gurus will say not to look at a house until you get a contract, but I will say that through my experience, some of the best deals I have picked up have been from older folks that would not have felt comfortable signing a contract without meeting me. 

I know your method is efficient and saves time, but you may be leaving some deals on the table.

@Shawn McKee I get the best deals at the cheapest prices by offering the fastest close with no exit other than for title issues. I would not suggest that without experience though. 

Things are very acceptable to make the contract contingent to 

1. septic tanks

2. Point of Sale inspections

most of the other issues, you can bring a solid contractor or inspector with you to make the offer. 

Playing it safe is good, but I can usually go in at the same time as someone with contingencies and buy it for less than them because of my simplicity and ability to get the sellers fast cash. 

Hope that helps.

Hi Oscar, 

I do not know Colorado law, but here in Ohio contracts are simple. 

I have written many of them on a piece of yellow legal paper when I did not have a standard one handy. Here is what I did. 

________

Sellers name (owner of house that is selling it to you)

Buyers name ( your name/ and or assigns)

Property address (property you are buying)

Purchase  price/terms. (cash, owner financing?)

Title company/closing attorney (who is doing escrow)

Rents Prorated, Not prorated. (circle one) (are there monthly rents?)

Security deposit amount to be forwarded.( is it a rental? do they have deposit)

closing date (the date you want to close)

contingencies (this is where you put the inspection period, repairs to be done, etc...)

X__________________

seller/date

X__________________

Buyer/date

by signing, buyer acknowledges they received the Lead paint disclosure booklet.

_______

Not saying it is perfect, but it has worked on a ton of deals for me.

good luck!

So true Kristopher!

if I may ask for everyone out here...

How many calls came in?

How many offers?

How many contracts?

How many closings? 

When you hit 3k per week, are you hitting the same list multiple times?

What are you sending? Hand written looking letters? Postcards?

How many are getting returned?

Whare are you getting your list?

I am sorry to be so direct, I just know there are so many folks on here with the same questions. 

Great ROI! It takes a lot for the first campaign, but you show that it is worth it!

Thanks for sharing!

Hi Michael, 

welcome to BP! 

Nope. cant have your owner occupied house in your IRA.

Don't get caught up in the Self directed laws, it is just an account to shelter tax. 

focus on the deals, then the account to use when funding. 

I would be happy to help with anything ya have going. I deal quite a bit in the self directed world. 

Good luck!

Hey Shawn, Welcome to BP! 

Just like they say........Build it and they will come.

Start looking at deals, making offers, meeting contractors, etc...  the contacts will come out of the woodwork!

Good luck! Wish you all of the success in the world!

You are singing my tune! I get so irritated with the daisy chain deals. 

I have been in the middle of a lot of them, but too many cooks spoil the pot. 

I like simple deals. I tell my wholesalers to keep it simple and bring it to me first to stop the chain.

The worst is when you go on Craigslist and see a property you own offered out  for more than you want for it by someone that does not have a contract on it!

Ok, so nothing constructive to ad, just wanted to complain! LOL

Hi Amy, 

if reading this correctly, your seller may want to sell the note now?

In my opinion because of the low rate, they will need to offer a significant discount, but not sure how this will benefit you as the buyer. 

I am assuming this is a first and only position and a low loan to value. 

if it is a high LTV, this could make it very difficult to sell to a sophisticated investor.

But hey.... Congrats on the low rate!

I have heard great things about this meet up on Thursdays! I have not had a chance to go yet, but maybe this summer I will make it. Don't stop doing them until I at least make one! LOL