All Forum Posts by: Steven J.

Greg Wiley, Why wait 2 years to do a lease option on the MH? Do it now and you'll save yourself the headache of having to do the maintenance and insurance. I haven't yet done a MH yet either so I may be missing things in your deal.

Good luck

Helpful topic so far. I'm too considering the licensing. I think the comment about getting credit would be very helpful. I'm on the verge of getting more credit lined up and at that point its do or die time.

I do like Joel Owens mention of tax liens. It might take some time to learn what those are and what it will take for those but from what I understand they are relatively stable investments providing up to 14% returns. The key is to educate and show yourself what works. Once you have acquired the liens they are more hands off than other investments. The only problem is the time you are already working - you'll have to balance the time of educating yourself, seeking deals, closing deals, dealing with the investments, etc. with your long work hours.

Not sure what you can do since this has happened already, but in the future you can have a clause in your rental agreement that any maintenance requests requires them to pay the first $50 - $100 towards any repairs or a $50 charge everytime you have to show up for repairs.

Everyone is providing great information here. I didn't consider the commercial loan you take on as an LLC. Would it be more beneficial to buy it as a personal loan, and then put that in a trust and transfer to your LLC?

Thom Sieloff I'm doing very similar to 4 step strategy of saving money and then getting a cheap starter home. Preferably a mobile home investment as my first one. One alteration I've got with that plan is I'm also going to restart my wholesaling marketing again so I can build up reserves slightly quicker and learn more of the game.

Good luck!

I'm certainly making head way on trying to develop a system that will expedite the process for me. Right now this is just a small project that I'm trying to see if I can achieve or not. I've definitely seen Michael's responses on other posts so yes, I know he's got a lot of powerful knowledge there. I'll make sure to dig deeper as well.

Stephanie Foret, The NED list is the notice of election and demand list. It is the preforeclosure list or properties that have received their first piece of mail stating that they are entering the foreclosure process. Your state might be a follow different procedures. Colorado is a judicial and non-judicial state, you'll have to check and see what your state is and they may be sending out different information on defaulting owners.

I'll check out property shark... thanks!

Stephanie Foret, thanks for the reply. I've actually done all this so far. Let me explain more my intention.

When I receive these lists, especially from FSBO and listsource, I'm focusing on absentee owners. With the absentee the actual mailing address is different from the address listed on what ever site I may have found the addresses. What I'm doing now, at a very slow pace, is cross referencing what the actual mailing address is versus the property I'm looking to buy. I do this on the tax assessor's website which only allows one entry at a time. I'd like to speed up this process so what takes an hour will take only a matter of a push of a button and then I suddenly know the actual mailing address.

I'm trying to plan out a system I'm going to have a friend of mine partner with on that will alleviate this problem if there is nothing out there.

And Stephanie, look into getting your NED list from an investor friendly title company. I've got one that sends out the mailing labels to people who want it. Problem here again is that not all the addresses are the mailing addresses so the owner might not see my postcard.

Thanks again,

Does anyone know how I can more quickly find the mailing addresses for properties that are either FSBO or just found driving for dollars. I'm making a list to market too, but going to the tax assessor site and entering one in at a time is killing me. If anyone has recommendations of software or a fancy website I'd love to hear it. Thanks,

I recently read in Donald Trumps "The Art of the Deal" that negotiation is the key to getting deals. Everything can be negotiated. I really do like Joel Owens idea of dropping the rate you pay the PM every time the property is vacated. Find something to sweeten the deal for them and they may take you up on the.