All Forum Posts by: Varma Adduri

I would first try and find another property first before selling this to take advantage of 1031 exchange. I have a similar situation. I am from NJ. Since the property appreciated, I chose to take a HELOC to buy other properties and I am looking to go out of state. Evaluate if this approach will suit your RE goals.

I agree with the soft pass strategy and follow up after certain intervals. If the property doesn't sell, more chances are he is going to want to take your offer. This is similar to the direct mail strategy where you keep sending mail to the address at least 6times before removing from your list. Following up could put you ahead of others

Did you try "files" section in bigger pockets. As a pro member you get unlimited downloads

Private or hard money loans? Private loans are little bit low(er) in interest rates than HML. HML are generally 70% of ARV and without experience the interest rates and points will be higher Private money is more on relationships that you grow over time.

2% is very hard to get. They are generally for old multiplexes in C- neighborhoods. The 2% is needed because of big ticket items that needs repair/replace due to age of building. For a newer construction and in a B and above neighbor hood, it's very hard to get 2% (even 1% is harder these days)

Hey Devang, if the gas is in his name, you shouldn't be concerned. It is not going to be a lien on the property

I don't know about bubble but it's becoming harder by the day to find nice cash flowing properties. Most are in and out of market in 2 to 4 days

Another piece of advise. If you are mailing out 1500, do you have the capacity planned to take that many calls? When starting out, you may want a person to pick up calls rather than checking your voice mail and returning calls. Why don't you start small? Get a feel of what the market is demanding, a feel of dealing with sellers, negotiation skills and then scale up. You will get a better bang for buck

Get the list from sources like listsource.com and then you can get designing, printing and mailing for cheaper outside

George P. , Thank you