All Forum Posts by: Account Closed

http://www.newsopi.com/politics/hank-johnson-congress/651/

Here is another link.

Amazing. Reminds me of when I was on the high school debate team and we would argue "squirrels". Basically, we would argue something completely ridiculous so that the opposition would not be able to reasonably argue anything back.

The Data -

HUD Property
ARV 105K
Repairs needed = 16K
Asking Price = $72K (reduced from $79K)

First offer was all cash, $51000.

They have now asked for the "best and final" offer due to "multiple offers".

Do I ignore the fact that there are "multiple offers" and just go straight with the numbers. I am rehabbing to sell with estimated time to complete being around 60-90 days.

Based on 70% ARV - repairs, my BEST offer would be $57K, but that would not account for any overages on rehab. Additionally, this will be an all-cash purchase, so am I allowed a little wiggle room on the 70%?

Thanks for your help. Oddly, they only gave me ONE DAY to make the best and final.

Wes -

Your HUD property is WAY off from the (ARV x .70) - repairs = offer price equation. Looks like you should have pain no more than 80K for it based on the equation pushed by so many of the experts here on BP.

Just curious, how much did you profit after all the holding costs, closing costs, realtor commissions, etc...?

GOOD - Getting crazy-good response to my web page and CL ads and mailers

BAD - Someone wanting to sell their mobile home and I have no clue how to value it.

I never want to pass an opportunity to make money... does anyone have good resources for MH values? This is an 84 Skyline single wide in decent shape. Needs a little work (probably <$1000). Any ideas? There is NO LAND. This is on a rented slot.

So I got the list. Comes in an excel format with Name, Address, and Zip Code.

Josh, delete this if it is improper to post, but the site was www.responsemakers.com.

Again, I don't know anything about how fresh or accurate these names are, but it seems legit. There are other sites that provide more info (like percent equity, etc), but I don't know much about them.

I ordered the mailers today and they should be delivered on Monday (I think). I'll let you know if I get any responses.

When trying to obtain 30-60-90 lists, has anyone else run across crazy strict compliance issues for what you can actually put on your mailers? The amount of legal disclaimer crap you have to put on your postcard makes it sound like such a scam, it's hard to imagine it is even worth it. :crazed:

I know Michael Quarles does a lot of this stuff, so his input would be appreciated.

Anyone else put all this junk on their mailers? (OPT out notice, interest rate, terms, amount... all that crap that doesn't really apply but the man makes you do it because you got info from a credit reporting agency?)

I was really hoping that subject line was some lead-in to one of your liberal rants... but it was actually true. Ugh.

Quite honestly, though, I'm glad she has chosen a path. I'm a strong supporter of the conservative agenda, but people like Palin make it very difficult for our views to be taken seriously. Maybe she will get out of the way and make some room for others to get things going back in the right direction.

Update #1 -

The site I bought from has so far been very professional. They ran a quick search on my area and got back with me the next morning to tell me how many were available. Their usual minimum was 2000, but there were only 980 available (and that was stretching to some ZIP codes I didn't even want). I got them for $.30/name with a $30 "processing fee". I can't really figure out the structure of their business, as they had to ask "which website did you get our number from?". It seems they are a big marketing company with their fingers in lots of things. But I digress..

They next sent me a work order and a bunch of legal crap to read over, making sure I was not going to break any of the laws about what you can put in mailers, etc. They even made me send a script of what my mailer was going to say.

I am supposed to get the list today (I was delayed by my own fault because I did not send them the mailer script).

I will let you know what is actually on the list and how easy it is to work with.

Till then...

I just bought my first set of 30-60-90 day lists from one of the online sites. I will be doing my first set of mailers as soon as I get them. Of course, I will follow the advice from previous posts about following-up with more than one mailer.

IF (I realize it is a BIG IF) I get a decent response and actually get some contracts from the first list, how often should I purchase these lists. The leads were $.30 each. There were only 900 or so in my area. I assume I should mail to the same list for at least a couple months, since the same names would show up if I bought the lists again.

Thanks for your help.

So I found a property that will rent for $500 and I can buy for 30K cash.

My problem is that I then will have 30K + 5K (repairs) tied up for a couple years until I could do a cash-out refi. There is no way to figure "cash flow" if I don't have a loan. At this point, do i just figure 50% of $6000 annual rent ($3000) and consider this a 3000/35000 = 8.5% annual return?

I assume it would be stupid to get a secondary market mortgage for such a small purchase price due to all the fees, etc.

Thoughts?