All Forum Posts by: Steve G.

Good afternoon, 

Can anyone recommend a LMLO either in Jacksonville FL, or the surrounding area? Alternately someone with experience working with Investors within Florida would be very welcome.

I'm looking in particular for someone to qualify tenant buyers for properties I have under contract.

Many thanks

Hi everyone,

I'm looking for a property to Lease Option 'ANYWHERE IN FLORIDA". My buyer is trying to get back on the property ladder after a divorce and is ready to go !

Price range: $90,000 - $110,000

Rehab: Possibly (he's good with his hands)

Location: ANYWHERE IN FLORIDA

Beds/Baths: 3/1 (min)

Ideally: SFR / situated on a large block (tree's OK / Rural property OK), but anything considered.

Seller: Doesn't need cash immediately, but willing to lease initially and then sell in 6-24 months.

My ideal property is one where the seller wants full asking price, or has little or no equity in the property, but doesn't necessarily need cash straight away (we will help them sell it within 6 - 24 months). This might be an expired listing/Skinny lead (if you're a Realtor), or just someone who has contacted you following a marketing campaign, but it won't work as a wholesale or fix n' flip deal etc..

If you have (or know someone who has) been contacted by a seller with a property like this, I'll pay you $500 - $1,000 when I close the deal. 

I'm also looking to partner with others across the country, and teach them how this strategy works. So if you're getting deals or listings you can't use/sell because they have no (or little) equity, please get in touch and let's see if we can help those less fortunate than ourselves . . .and support our own families while doing it. Happy to teach others how we do this too . . .  so if you're looking to get into this strategy . . .  find me a property & I'll take you through the process.

PM me for further details.

@Brian Jordan - I think we need to connect!  PM me if you have time!

@Andrew Gudmunson - qualifying for funding is always a great idea before looking for property. It means you'll be able to make an offer with complete confidence that you can close the deal. 

Regarding the repair sheet - i believe i originally got mine from the resources on BP. But I'm confident the info in the book you mention would be a great guide to creating your own, from the ones on BP.

Interested to know how the viewing goes - hope your daughter gets back to full health soon.

@Andrew Gudmunson - family first - ALWAYS Andrew, the deals will always be out there.

Hope everything goes well for your daughter.

If you haven't already been given this tip - take a "Repairs Sheet" with you to list EVERYTHING which needs upgrading, replacing or repairing (especially, foundation, siding, roof, drywall issues etc), take hundreds of photo's and save them to a Dropbox (amazing how much we forget a week down the line), and ask the Realtor to pull comps, BEFORE you view.

If at all possible, have a GC or builder go with you - not only is it practical, it looks good from your perspective - shows you're serious.

Looking forward to getting your feedback after the viewing. 

@Andrew Gudmunson - the early bird . . .  

Good luck, post back and let me know how it goes.

@Andrew Gudmunson - your discounted offer will be based on a number of factors, including (but not limited to) any number of the following:

• To start - Comps may be difficult to find, you may need to approach an investor friendly Realtor to get an accurate market value.
• If the price already looks to be reduced, start by offering 90% of asking.

Also consider other aspects to justify your discounted offer:

• Do the properties need repairs, if so, how much to bring them back to a good standard?
• Are they fully occupied?
• Do they have leases in place & how long for?
• Are current rents in line with the market rents?
• Vacancy rates/evictions etc. over the past 2 years
• Can you reduce operating expenses (ie: modifying any existing service or maintenance agreements).?
• Is the market in the area appreciating or depreciating?
• What are the local "drivers" (http://www.investopedia.com/articles/mortages-real...)

Do the numbers . .  and the numbers will tell you what to do (I think thats a line from Russell Gray - realestateguysradio.com).

Never be afraid to make an offer - but always try to justify your offer. Show comps (recent sales wherever possible), and repair estimates following a walk-through, and explain that these are factors to be taken into account by an investor when purchasing.

Finally, remember:- You make your money when buying, not when you sell - we send out 20 -30 offers every day, most get rejected, but that doesn't stop us making similar offers (based on our calculations) the very next day.

Good luck.

@Carin Moore - Hi, every state is different and I'm certainly no expert on Washington.

Presumably you've spoken with other investors at your local REIA or Meetup group about wholesaling - if it's possible etc?

Google searches reveal several "We Buy Houses" websites, so I'd be surprised, given the existence of these sites, if it was NOT possible. 

Call one of these, introduce yourself and ask a few questions . . . we're a nice bunch of people, don't bite, and are usually very helpful for newbies.

Good luck - post back here with your findings, as it'll be useful for others.

Regards

@Raven M. - I'd suggest a visit to your local REIA first, and then after speaking with other investors and wholesalers about the process, book an appointment with an "investor friendly" attorney (someone at the REIA or Meetup group should be able to recommend on for you) for a consultation. Make a list of your concerns and explore them before starting out - failing to understand and comply with the laws of your state is not a good way to start out.

There are a lot of misconceptions and falsities surrounding the subject of wholesaling, and most certainly you need to be very careful not to be brokering without a license. If you have the ability or desire to get your license, so much the better, but for the most part, if you follow the rules, ensure complete transparency with everyone you deal with, be respectful of those you're "genuinely" trying to help  . . .  you should be OK. 

Working "with" investor friendly Realtors is also a great way to learn what you can and cannot do - talk openly to those who work with Investors - and be cautious about working with those who don't understand our business.

Regarding the laws in your state, the following may be of help, but it's unlikely wholesaling will be mentioned specifically.

http://www.grec.state.ga.us/about/grec.html

http://statelaws.findlaw.com/georgia-law/georgia-p...

Hope this has been of some help - PM me if you would like to discuss further.

Hey Trudy, 

Whats the anticipated ARV/Rent on this?

Any repairs needed?

Thanks