All Forum Posts by: Shaun J.

Maybe in some markets. Here in NY, it's like pulling blood from a stone. Get your prop info right, go visit the local public records dept and make friends and ask a bunch of questions. 

You could also put in the work and wholesale until you have a cushion and 20% down to do your next deal. 

Any time man. Keep pushing. Just remember one thing. And to be honest as a former stockbroker, this is how I made my first $100k on my second deal ever within 8 minutes on the phone. Never even met the dude. "Every NO is one step closer to a Yes" -- Basically NO is a factor to be expected, just don't give up. Keep pushing. 

@Christian Walker to answer your question. I don't call first. AS a former stock broker, I hate cold calling and HATE being cold called. Aside from all the chest thumping here, I will tell you what I do (I am sure I will get sh*t for this, but whatever. )

1. Find a distressed property, possibly a motivated seller. 

2. Skip Trace and verify them myself

3. Send a handwritten letter (Not some computer generated wannabe) 

4. Log them in my Database. 

5. Wait about 5-7 days

6. Then call them. But it's not a cold call. Here is the secret sauce; Ready? 

"Hey Jim, This is Shaun. I sent you a letter about a week ago regarding your house on xxx street in xyz town, Did you get it? I know that the post office tends to lose things" 

Jim: "No" -- He could have gotten it and tossed it without reading or opening it.

(Either way, say this) 

"Well Jim, either way the reason for my calls is ---"

And start your pitch. I am very interested in buying your house, etc

Did you bid in your personal name or a corp? Did you have to give a personal guarantee if in a corp? Any EMD or CC on file for it?

The most important thing in your FICO is payment history. Have you always paid on time? 

Hey Linda, 

I am out in Suffolk Count on Long Island. Nice to see a fellow NY'er on here! 

Welcome to Landlording 101. None of his concerns were unjustified. 

If he chooses to renew his lease after it's over, put clauses in there that the tenant is responsible for an $xxx of repairs before you would step in for the big repairs as the owner of the building. -- Check to make sure this is legal in your area, it was in mine but I have heard it wasn't in some states etc. 

To be honest. Hold that money. Start with wholesaling, or JV deals.

I just did the numbers on a duplex today after speaking with the owner that wanted Market value and willing to do owner financing. 

Turns out I would lose −$174.53 each and every month right out of the gate. I didn't even factor in yet about vacancies etc. 

I know what he bought it for 6 months ago, and he over paid. However, he did admit that he just wants to flip now and not be a landlord anymore, so I guess he'd be happy squeaking out 35k after a 7 year note and his interest. 

Me? No thanks. No appreciation there for me to hold it long enough to make it worth losing the cash flow monthly. But I will add him to my buyers list, as he seems to like to overpay for stuff lol 

I will add though, that at first he wasn't interested in a cash offer, but as we talked and my brain kicked into gear, he wasn't opposed to a cash offer at the end of the convo. So there maybe some room there for me to eeek out a small paycheck for a wholesale or an outright buy all and hold.