All Forum Posts by: Devan McClish

@Alec McCullough implement a flip, flip, flip, buy and hold strategy. Don't listen to the people above, you CAN double your money even triple it if you set your mind to it. Use the 60k to buy a flip. Buy something at 100k with 20k down, and have the lender cover the construction costs as well. You just have to find the right banker. 

Right now, I have a banker that supplies 90% of costs with my 10% down payment. 

So 100k property with 20k down, put 50-60 into the properties and sell for 250k and up. You should be able to flip two properties right now with that cash and make 30-40k a flip

I have done some research and have found that investors are wholesaling properties with little to no equity using owner/seller financing. How exactly does wholesaling work with seller financing on properties that have little to no equity? What type of investors would want to buy a house with owner financing in place?

In order to buy a house short, do you need a short sale addendum to the purchase and sale agreement, or can you just submit the purchase and sale agreement?

You do not get that information by sending letters.... I have access to the CRS, so I already know the mortgage amount and used an amortization table to calculate approximately what the remaining mortgage balance is. I have already done title searches to see if the original homeowner has the title in their name and to make sure no liens are on the property. There is no trustee sale date because these properties have not gone through the foreclosure process yet due to the vast amount of foreclosures in the area. So, I have already done and already knew all of that information

@Rick
I already know about skip trace, but we are not looking to spend 1k per house because we are just starting out. However, can you explain the reverse engineer property strategy.

@Chris

I know there is a 100k profit because I have already done the leg work by calculating ARV and MAO, and we would be better off to buy the properties from the owners who own the equitable title and short-sale them in order to make the profit. And no we are not just targeting 10 properties; however, they are 10 prospects that have a potential good turn on them. Overall, I don't think we need to rethink our marketing strategy but thanks for that.

I have heard that banks will sell REO properties in bulk. My first question is what is considered a bulk deal? and how does this process work? Who do I have to talk to at the bank in order to discuss this?

My partner and I have done a lot of research, and I know how to find leads by looking for blue tarps, beat up houses, tall grass, etc. We have found more than 10 abandoned homes, and we have tried to contact the homeowners but had no luck. Most of the homes are still in the homeowners name (CRS system is where I got this info and from talking to banks). We have called the banks to try and buy the property, and they either say you cannot buy it before it hits the market, which I know is not right because I have seen other investors do it, or they tell us it is still in the homeowners name and they cannot do anything. I have sent letters to the home with address service requested and had no luck. Basically there is over 100k in profit just sitting there and we cannot do anything about it. Does anyone have any ideas or know what to do?

My partner and I just wrote 300 yellow letters to absentee homeowners. We have read and researched that this works. Anyone want to share success stories with yellow letters? and realistically, how many calls can we expect?

I usually get an absentee homeowner list from listsource.com; however, listsource is down. I keep getting a 404 error when I try to logon and obtain a list. Does anyone know of any other credible websites or places to obtain an absentee owner list?

How does a property go under contract without proof of funds or money?