All Forum Posts by: Adam Heseltine

@Annchen Knodt

Thank you very much for the reply. I agree that wholesaling is a possibility for an exit strategy. I am working so hard to build my passive income portfolio & this house fits all of the criteria that are important to me in regards to a rental property.

Of course my current situation is creating a bit of a challenge to aquire it. I would be more then ok to just break even monthly for 6 months - my other rehab should be sold in 2 or 3 months & that would give me enough capital to purchase the property with cash.

I have never put a mortgage through my company - all have been through my personal credit/name. Would putting it through my company offer any potential advantages on an interest rate? First time home buyer?

Thanks again!!

The property in question was left to a daughter when her father passed. Because of several conditions she could not sell the home right away - and reached out to me for help. I proposed that I manage this property for her and get a renter in there so she can cash flow monthly on it. After several months of work and tennant interviewing I secured a renter for her. The property is currently tennant occupied and she takes 80% while i collect the other 20% for mgmt fee. Her goal the entire time was to sell the property as she wanted nothing to do with it - I proposed she sell it to me and we agreed on a purchase agreement/price (roughly 40K below market value). She has since signed the PA and now we are coordinating a few other loose ends to hopefully close in the next few months. While I currently have a large fix/flip going which has forced me to leverage both cash on hand and majority of all my credit. Unfortunatley this compromised my credit in the last 18 months by about 100+ points = putting me in the low 600's (ugh). Speaking with a bank recently the interest rate they will give me to currently cash out on another investment property is 8%. The numbers don't work - I don't have enough equity in my existing rental portfolio to cover the purchase price of the new property. I would have to take out a mortgage + refi cash out.......the existing renter in this potential rental is $1200. Just the cash out on my existing would be around 1K monthly and still leave me way short to aquire the property. Potential Property Sale Price: 85k (120K Market value) Existing Renter: $1200/month Available Cash out: 30K Rate: 8% + taxes/fees: 950/month Mortgage remaining 55K: ?? Sorry for the long post - looking for some direction. Don't want to lose this deal which I have been working on since November of 2018. Thanks guys. Adam

I have an off market property that I have been working with the owner for the past year. The property was left in her name when her father passed away. He had several liens against the property that she has been able to clear up, however a few still remain. I have negotiated the aquisition of the property for 80K (worth around 130K). I have been acting as a property manager for her and been able to get this property rented and cash flowing. I want to purchase this property and keep as a rental (fantastic area, everything updated). I have a few things going against me right now & I want to get creative in order to aquire this property: 1. Currently finishing a large rehab project and leveraged a lot of my own credit in the past 24 months. My credit dropped from 720 down to 615 (debt / income, no late payments). 2. I do not have 80K cash to purchase this property so I need to find a way to finance this, however my concern is my credit will not allow me to do so. I have about 25K that i could be toward it (equity from an existing rental) 3. Would a lender be ok with a property with liens against the title; my guess would be no. Please let me know what other information is needed & what options i may have? Thank you very much!!!!

@Shaun Weekes can we connect? I would like a direct line of communication to discuss details.

Looking for education how to pull equity and get a mortgage while having high debt/income ratio (no late payments)

@Ehsan Rishat thank you for the response. Excuse my ignorance but what is a SMS BLAST?

Direct mail (check) $$$$$

Door Hangers (check) $

Word of mouth (check)

Bandit signs (check) $$$

Website (check) $$$$

Ok what am I missing (probably a lot).....what are some innovative ways to capture more leads? Would love to hear how people are optimizing the all mighty dollar.

@Ehsan Rishat

Thanks for the reply. I have had limited success with direct mail. I was able to hook up w a PML and have coffee through a direct mail lead. We have not done a deal though....yet.

The issue going back to consistantly with marketing is that direct mail is very expensive. My understanding is that in order to optimize direct mail effectively you need to create campaigns with at least 5 touch points. That can get very very expensive for someone starting out. I read somewhere that the chance of creating a lead with DM increases astronomically when you increase the touch point from 3 to 5.

Curious how people are building a solid lead generation within their business?

I am currently using direct mail, door hangers, zillow (and other sites), realtors, and have a website.

What I am learning is regardless of what you do you have to stay consistent. I think that is where I need to focus more.

Love to hear what is working for you guys.

@Andrew Postell Thank you very much Andrew. I was trying to figure out how I could use an FHA for a flip. Sounds like this wont work as I will not be living in the home.