All Forum Posts by: Stephen J Davis

I prefer the phone call for the human touch but you have to be tough to take a lot of rejection and not get discouraged. You could start by texting everyone. Then eliminate all the ones that text back no. Then start calling the rest. It generally takes about 5 to 7 touches to get through to someone that you can really help. Text, mail, and phone calls combined. Don't give up!

I get my rents from MLS. Get your agents to pull them any time they show you a home.
The 1% rule is way off in most cases. Never rely on that. I never use it period. A $400,000 house does not rent for twice what a $200,000 house does. It is all based off of comps.

I don't think you should do anything differently. Get the property under contract then assign your rights to your buyer for a finders fee.

I don't think you can charge them to look at the property. You need to get control of the property before they go see it. This would require some earnest money. Make sure you have an out in case they don't like the property. Then get get your buyers to sign a contract subject to their inspection of the property with earnest money as well. This would be a double close deal.

Hire an attorney to help you with this!

Don't cheap yourself out. Get the thickest. That stuff lasts a long time.

You are now a business person and need to join a local group of investors. Find a group and join ASAP. They will have all of the contacts that you need and you will be hanging out with like minded people.

I only use insurance on single-family and not LLCs. On my apartments, they are all in LLCs.

Yes, turn them on in your name so you can lease the property. No, you are not responsible for their bills.

The first step is to join a local real estate investor club to meet like minded people and to build your buyers list. Then get a mentor to walk you through your first few deals. I do that if you are interested. Then start looking for deals. Most people make the mistake of looking for deals first. Then find out from your buyers exactly what they want and go find it. Good luck.

 Also check out www.Mynd.co . The people are great.