All Forum Posts by: Adam Wigdorski

So I’m looking for a lead generation software that’s not 50+ a month or 100+ a list. I’m not a wholesaler so I’m not looking for hundreds of leads. For example I buy in 2 zip codes. 14216 and 14214. I’m trying to find out the owners info on 3+ unit with their combined mortgage balance under 10K. List source is good but gets expensive with multiple list. The other online ones you need an 8 digit code or they are 100+ a month. Is there anything out there cheaper like around 20 per month?

@Lisa Long

$19 a month wtf lol. I’ve only ever seen it at 99 a month. How do you get it so cheap

@Joseph Firmin

In reality all it did was raise the rents a lot. So for my current vacant unit I had to list it 200 more a month just to bring up the damage deposit to where it should be.

Background checks

Have them bring in past two months of pay stubs- call their employers to confirm

Credit report - their cost or free from credit karma

Application with references - call them

I won’t even do a showing now unless I get this stuff first. Sucks for them but way it is now.

If you do more in the pre-screening there really is no background check.

@Adam Wigdorski

Also his loan is not assumable

So I know I’m not the first person to think about this .

Scenario

My buddy wants to sell me his house for $225,000. Which is a fair price on both sides

He owes $106,000 and wants to hold the remainder. We came up with a rate and term.

So can he sell me the house for 106,000 and right after close sign a promissory note for the 2nd lien position?

I want to finance the $106,000 even though I have it.

Or should we do a straight sale with a bank on the 106 and just do a promissory not on the side.

Looking for suggestions that would protect both of us as I wouldn’t want him to be worked about getting screwed over and same as myself.

@Kate Koeller

Rentprep

@Eliseo Rodriguez Cordoba

Do fha with 3% to get the house.

Force appreciate it

Juice the rents

Term and rate refi to conventional after a year

Yeah always put that in

@Lindley Garcia

Whether you decide to or not make get like 1 million liability on the property and a 2 million umbrella policy. Even your lawyer will tell you llc’s are not guaranteed. Especially if you dip into the funds for personal reasons. Talk to your lawyer and tell him your goals. If your goal is to buy 5+ unit commercial props or a bunch maybe the way to go.

@Rik Patel

Yeah that’s a big no. Did they mark these items down on their move in inspection checklist and take photos. If not they are stuck with it until they fix it and/or it comes out of their security deposit to fix it. Make it easier for the painters. Have them paint the whole walls to where the touch up is needed. Like if it’s just for different walls they should charge you for like a small bedroom.