All Forum Posts by: Account Closed

Thanks Scott for the info. I am doing my best to give everybody the best info I can to make your own decisions.

Tampa is hot. I am getting set up to offer more properties all over Tampa. 

My advice to new investors is to start wholesaling properties. This does not require any 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 (Not by using Google maps because they can easily be outdated pictures) There should be some.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 is best to pay down on the loan as fast as possible to get the property paid off. If you do that it does not matter what the economy is doing. You won't lose your properties just like many people did in 2008. It is projected to be almost as bad in the near future. But who knows for sure. It is always best to get yourself prepared for the worst if you want to protect your income. If the economy turns for the worst people still need a place to live, hence the increase in rental need.

Did you click on my picture? It has all the contact info.

Enough said

John, then you have not dealt with me! I have been a full time investor for 17 years and all the comps I provide my clients ARE based on real solds. Remember ARV calculations are based on a number of factors, not just solds. Unless you have access to the MLS to see the real differences between the sold houses (descriptions of condition and pictures) then it makes it difficult to come up with a real ARV. I AM a licensed realtor in Florida. Yes I provide many of my properties to my clients that I don't have an equitable interest in because I am an agent for the sellers. Providing a contractors written estimate of repairs needed is NOT NECESSARY when we have been doing this for so long we can give AN ESTIMATE of rehab costs. Yes look at all my threads and I am doing nothing but helping as many people as I can.

And YES I am selling properties with the best info that I can. Each property is different, so I am selling properties from 26% to 82% ARV. Some need alot of work and others don't with tenants already in place. I am marketing 57 properties all over central Florida with properties for all types of buyer interests, from Single Family Houses, Duplexes, Triplexes, Quads and small multifamily. I work with local private lenders that can provide up to 90% financing for purchase and rehab costs as long as the total is no more than 70% ARV. And I have another team that can rehab the properties, sell them or manage them with tenants.

I am also representing a company that owns 25 small (less than 50 units) multifamily properties in Chicago. They even provide owner financing and a complete turnkey operation. 

PLEASE don't judge me based on your bad experiences with other 'wholesalers'. 

Welcome to BP.

My advice to new investors is to start wholesaling properties. This does not require any 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

I don't know how it works in Rhode Island (title co or lawyer) but in Florida we can do either. But to answer your questions 1) Either by wire transfer or cashiers check

2) Maybe depends on your state

3) The condition of the property, how much you can buy it for, what is the ARV, many more questions.

4) YES