All Forum Posts by: Account Closed

Are you aware this purchase is a 8% cap rate? Is that good enough for you? How old is the property? What is the current overall condition? The question is the 5% repairs enough? What is the lease terms on all the units? What is the payment history of all the tenants?

Ok. Is the manager paying a monthly check and then he gets paid for his services?

You can only do that if it is written in the lease agreements. If it does not then you can't until the lease term is up. I see you are in Winter Garden. I live just down the street. We can meet to discuss this further. 

What exactly is the live in manager free rent but with an expense? What is the occupancy? 

Is the Bank Owned house listed? As far as the FSBO I subscribe to a service called beenverified . com to find current address, emails and phone numbers of people

It looks like you are skittish about getting into real estate the way you did it before. I will give you advice that I give to 'newbee' investors. 

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 (Not by using Google maps because they can easily be outdated pictures) There should be some.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

We need to know what exactly is clouding the title? 

What information are you looking for specifically? 

As you can see everybody has a  different idea of what they want to make in a deal. That tells you there is NO set answer to your question. It is driven by what the individual investor wants.

There is an easier and quicker way to find investors. If you are a realtor pull a list of properties sold in the last few years, in a targeted neighborhood you are interested in investing in, that paid cash for the property. Then go to your assessors website to see who the owners are. Then do a search by their name to see if they own more properties. If you find they do, then there is your cash investor. Contact them when you have a property in the area they have bought before. 

One way to learn the MF business is to buy a property that is totally managed by a reputable management company and learn from them. I am in the Orlando area so I can't help you in NY.