All Forum Posts by: Account Closed

My advice to new investors is to start wholesaling properties. This does not require much of any marketing money to start and to get deals closed.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. (Not by using Google maps because they can easily be outdated pictures) There should be some.

Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter (not yellow letter because they are getting dozens of them) telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close. Write it up as a personal letter.

When you do all that, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. That typically is investors. Then again go to the assessors website and find their name and mailing address. Also do a name search on the assessors website to see how many other properties they own. If they own several they are obviously investors.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it. If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

It depends on the individual investor. Some like it and that is what they look for and others shy away from them. 

NOT sending out the same message everybody else is sending to the same owners is not the way to go. You need to create a very personal message. Who are you targeting?

Brian is exactly right, especially with the coming real estate crisis that is supposed to happen. If it does NOT have any debt on a income producing property will help you weather the storm. I know of many "Millionaires" (on paper) that lost it all in the last recession because they had TOOOOO MUCH DEBT on their properties. 

NO only sold properties meeting the similar criteria and vicinity of the subject house. Also you need to see the details of the property sold to compare things like was it a distressed sale, what condition it is in, how old it is, etc. Pending is NOT a good comp.

DON'T buy those leads. Most of them are shopped around to many people. It is best to develop them yourself. 

You guys are not looking at this deal properly. If you the tenant does not pay for certain utilities then you can split up the utilities by the sq ft each unit is occupying. You did not tell me the sq ft of each unit. Please tell me what it is and I'll explain how this works. This works in any MF property regardless of size. This process if called RUBS. 

My advice to new investors is to start wholesaling properties. This does not require much of any marketing money to start and to get deals closed.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. (Not by using Google maps because they can easily be outdated pictures) There should be some.

Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter (not yellow letter because they are getting dozens of them) telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close. Write it up as a personal letter.

When you do all that, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. That typically is investors. Then again go to the assessors website and find their name and mailing address. Also do a name search on the assessors website to see how many other properties they own. If they own several they are obviously investors.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it. If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

Sure any time. I'm to help.

I have held onto many properties in St Louis and of course learned how to invest properly. Now I live in Fl and am semi retired and will not do any more rehabbing. I am now finding good deals for other investors while raising cash to buy multifamily properties for passive income. I have been a trainer for more than 35 years and I enjoy helping others. That is the only reason I'm on BP.