All Forum Posts by: Account Closed

Hello BP Members.

I need some help on which section of property owners to target next. I am a Wholesaler and I am currently focusing on the Wichita Falls, TX market. I have pulled all of the Absentee Owners for the area by zipcode and I am finishing up my second round of yellow letters with the last batch of letters going out tommorow. I've had some decent success with closing two deals and two more that are in contract and should be closing soon. I figure I should give this list a rest for a month or two and then come back to it for the third pass. In the meantime I am trying to figure out what I should focus on next and I need some advice. Here are a few ideas, in no particular order, and I wanted some feedback.

1. 100 % Equity Owner Occupied Properties with a Sales Date of at least 10 years and beyond (per Tom Krohl style)

2. Go through the hassle of getting with the city to try and obtain a list of the tax delinquent properties with balances from 2015 and beyond

3. Code Violation properties

That is the only three I could think of so far. Whats everyone's thoughts and also any other suggestions is always appreciated.

Also on a side note and different discussion I should have about $10-$15k in capital once these other two deals close. I'm wanting to wait until I have around $50k-$100k built up before I start on my next stage of the investing career which is rehab and resell ( then eventually rentals). In the meantime what should I do with this money short-term while I am waiting to save it up for an eventual rehab? What are some good short-term investments that are safe, easy to liquidate when needed, and still make me more money than the 0.01% that the bank pays?

Thanks

Robert

Hello BP Members.

I need some help on which section of property owners to target next. I am a Wholesaler and I am currently focusing on the Wichita Falls, TX market. I have pulled all of the Absentee Owners for the area by zipcode and I am finishing up my second round of yellow letters with the last batch of letters going out tommorow. I've had some decent success with closing two deals and two more that are in contract and should be closing soon. I figure I should give this list a rest for a month or two and then come back to it for the third pass. In the meantime I am trying to figure out what I should focus on next and I need some advice. Here are a few ideas, in no particular order, and I wanted some feedback.

1. 100 % Equity Owner Occupied Properties with a Sales Date of at least 10 years and beyond (per Tom Krohl style)

2. Go through the hassle of getting with the city to try and obtain a list of the tax delinquent properties with balances from 2015 and beyond

3. Code Violation properties

That is the only three I could think of so far. Whats everyone's thoughts and also any other suggestions is always appreciated.

Also on a side note and different discussion I should have about $10-$15k in capital once these other two deals close. I'm wanting to wait until I have around $50k-$100k built up before I start on my next stage of the investing career which is rehab and resell ( then eventually rentals). In the meantime what should I do with this money short-term while I am waiting to save it up for an eventual rehab? What are some good short-term investments that are safe, easy to liquidate when needed, and still make me more money than the 0.01% that the bank pays?

Thanks

Robert

Brady Speers I live in Mansfield. Focusing on other areas right now but looking to expand in areas closer to home aka Mansfield. Would love to connect with others close by for meet ups etc

Blake Dalessio My response is going to be more of a general response with a lot of assumptions. I'm going to assume the property truly is worth $ 151,000 and assume it really only needs the $10,000 in repairs. I'm going to assume all this is correct and if it's not my response won't apply. First thing to do, as Tom Krohl would say, is SLOW DOWN mentally and speed up physically. What I mean is mentally your probably all full of anxiety and scared and freaked out. I know cause I'm a wholesaler and I get that way on every single property I lock up. "What if I can't find a seller in time? What if , Whaf if, What if."... First relax mentally, but start taking action NOW physically. If this is your first deal don't worry to much about profit only just getting the deal done and getting your check. My first check was for $2,000. It wasn't a homerun but it made it real. As mentioned Craig's List. Claim the listing in Zillow, post an add on For Sale Buy Owners. If property is vacant buy some bandit signs and post them around property with something like "Must Sell For Cash" and your google voice number. Your not there so post an add on CL for someone else to do it for like $20 or $30 bucks for 10-20 signs which will cost u another $30-$40. If you have some money pull a listscource list with all sales within last six months for that area /zip code with 100% equity aka cash buyers and send them a quick yellow letter about deal to mailing address. Just a few thoughts. Good luck.

I am looking at a similar deal and need help. I am looking to wholesale three properties from one seller to one buyer and not sure about the paperwork. Can I just put all three contracts on one contract for the combined price to my seller and than just put my total Assignment Fee on the assignment contract to the end buyer/investor. Any and all help is appreciated as I have never bought nor wholesaled a multiple property package deal.

Thanks

Robert

Hmm I'm rarely on Facebook. I have Craig's List adds posted in Wichita Falls, TX for Premier Investment Properties. Go and check those out and you'll see some contact options. I cant post anything specific here as I don't want to break any BP rules.

I'm from Wichita Falls and continue to invest there. I'm also a wholesaler and wholesale the good deals that I don't have money for at the time. Give me a PM or message when you get to the area and I'll buy ya a cup of coffee and learn more about what your criteria is for when I come across a property that you want.

So I emailed the tax office to try and obtain delinquent tax properties. The emailed me back a link to login and download a bunch of files that are in DAT format. Honestly I don't know what Im looking at or even how to begin. Please help

Thanks

Robert

Sorry everyone for taking a while to get back on here and respond. Here goes:

@Henry F. Yes sir I started marketing to absentee owners with yellow letters. I actually just closed with a seller last weekend on another property and signed an Assignment Contract with a buyer yesterday. Assuming everything goes through I should make about $3,000 on this one. Crossing my fingers :) Thanks for the reply

@Ashlee Doerr: Honestly I have been learning and researching for over a year. I have listened to all of the BiggerPockets episodes up to about Episode 200. I have also listened to all of the Wholesaling Inc Podcasts by Tom Krohl and his brother's podcast No Limit Real Estate Investing ( Something Tobback I think), and I am currently up to around episode 46 or 47 on the Flip2Freedom one with Sean Terry. I don't even listen to the radio anymore. PODCAST PODCAST PODCAST. As Tom would say "Action not Perfection". Thanks for the reply

@Iverem Rose Thank you for the reply and words of encouragement

@Pratik P. Agreed. Still need a few more deals and capital under my belt before I can start paying someone else to stuff envelopes, but I am not to far off. Thanks for the reply.

I think that about covers everyone so far. For what its worth just don't give up. Your gonna have days that you want to, but don't give up. If you want to succeed more than you want to breath (thanks Sean Terry) you will make it happen :)

@Account Closed I deceided to change up the two sites into something cleaner and more professional and relaunched them today. I have a Wholesale site and a sellers site. Thanks for the input