All Forum Posts by: Account Closed

@Kian Tajadod

Looking at tax delinquent properties is a reasonable strategy that people follow. My question for you is - how are you finding the owner's names on the MLS? That isn't publicly available.

You can look at the tax delinquencies and compare to the assessor's website to confirm accuracy of owner's name. Sometimes there are still discrepancies, and usually due to recent sales. 

Best of luck!

Each municipality will run their property & tax assessments differently. Some just continuously increase the assessed value until it changes hands. Some never change it until a sale. Some are in between the two. 

As a layperson like myself, a simple way would be to look at properties selling this summer vs properties which sold 1 year and 2 years ago. You can do these searches through Redfin.com, Zillow.com, etc. 

Compare apples to apples in 3bed/2bath houses or 2bed/1bath houses, and make sure to compare remodeled homes to remodeled homes, and fixer uppers to fixer uppers. Are the prices from 1 year or 2 years ago cheaper than selling today?

As a wholesaler, you need to put yourself in the shoes of the investor, and make sure that you meet their goals. If an investor needs to make a minimum of $20k on a flip, then you need to do the full analysis of rehab SOW, ARV, financing and holding (utility/insurance) costs, etc. and determine what a fair price is for them to make their required $20k. That will tell you how much they are willing to pay for the property. The amount of money you make depends on the difference in their maximum purchase price and how much you have it under contract for.

Not speaking as an experienced wholesaler, but that's how I'd view it as somebody buying from a wholesaler. Some people say you need to know how to flip houses in order to be a good wholesaler. Good at Scoping running the analysis.

Great job Alex! Sounds like you knew you had a good opportunity in front of you, took the leap, and solved problems along the way. Sometimes, it's better not knowing all the problems up front, because then you're forced to solve them without being scared away at the beginning. Just as long as there is room in the budget!

You may have pursued this when you reference "mailers won't work" but just to be sure, my primary method is to use the city assessor's website, and a county property owner lookup system. That gets me addresses, etc.

I've also searched the name in google, with the city you're in and "obituary". Sometimes they passed, and family doesn't want the property. I've called the city (smaller town), and gotten some more color on situations like this as well. So you may or may not have a resource like that to call and see what somebody knows. 

Not the real skip tracing methods, but it's worked for my needs. Any other ideas welcome! There is one that I drive past on my way to/from work with grass 18" high. Too bad mailing address is same as property address.

Hey Andy, 

Coming in a bit later, but I'm in a pretty similar boat. Day job at a software company, and also have a passion for real estate. Bought the first duplex in June 2018, stabilized it, and looking for the second property. Looking for any 2-4 unit in Dane Co., or a 5-8 unit in Janesville/Beloit.

As far as finding deals, I've been trying to do direct mail. In total, I've sent approx 2,000 letters. I bought 1 deal, and have had a few other leads. There are still a few leads lukewarm, but not sure any will pan out. 

I know a seller willing to do seller financing with creative terms, but wants top dollar. 

Also looking at an opportunity from networking, which would be a SF flip, or potentially a SFR depending on your goals.

It sounds like the folks in this thread are out there making things happen. Would love to connect when the time is right.

I haven’t yet used him, but recently got a recommendation for 

Marcus S. Loden  at von Briesen & Roper, s.c.

Also got a recc for the following. 

James N. Graham
Accession Law LLC

These two seem to be a bit different, and Hopefully you can talk with them to decide which is best for you. 

Hey Brandon - 

There are several ways, all with varying degrees of success (and some based on yours or others expertise in the market). 

- For quick and dirty, I just reference the tax assessment. This is public record around here and easy to come by online. It gets you in the ballpark.

- A bit more time consuming, but you can run comps or do a CMA (comparable market analysis). In short, you look at recent sales, the # beds, baths, size of the property, condition, and key features (lot size, attached garage vs no garage, etc.) and adjust the price of the comps up/down to tailor to the subject property.

- BPO - Broker's price opinion. Effectively, ask a professional. 

Good luck out there.

Hi Wanda, Welcome!

Make sure to study your market. Getting started, I created a spreadsheet of all properties sold and all rentals listed, along with the price, #beds, #baths, sq.ft., and general condition. This allowed me to look at Mins, Maxes, averages, and figure out what the market was demanding of sales and rents. 

Best of luck!

Hey Bart - 

While I don't have personal experience sourcing a property manager, I think the best question to ask yourself is: Are they running their properties how you run your property? If not, then why not - is it on them, or is it because of the owner of the property not budgeting properly?

Here are some other resources that I've enjoyed:

https://www.biggerpockets.com/renewsblog/2007/07/1...

https://www.biggerpockets.com/renewsblog/2008/11/2...

Good luck!