All Forum Posts by: Andrew Hall

I am in the process of negotiating with my possible first seller finance deal and wanted to know BP's thoughts on the deal. 

Offer on the home is $68,495

10% Down= $6,850

7% Financing

5 year balloon on a 30 year loan.

Currently has a tenant that put down $725 deposit and is month to month

Rent- $725

I would be cash flowing about $140 a month on the property and would only have to make the water payment which is $26. I'm on the fence on this one and wanted to know what anyone's thoughts are on the property before I make up my mind.

@Brent Coombs@Percy N.

Thanks for the advice and I agree about the MLS being a numbers game. I currently don't have access to MLS and am just starting my classes to get licensed. I do get REO's on my software and was just looking for other strategies besides direct mail, driving neighborhoods, and calling vacant houses which is what I'm currently doing. I'm just looking for some other strategies to see if I can lock up a deal. I've also sent postcards to pre foreclosures, but here in San Diego a lot of investors are doing the same and I haven't gotten any responses from that. Direct mail is getting pricey and was looking into REO's and thought it would be a lot cheaper to target REO's that are sitting for 60+ days that the banks would love to get rid of. I appreciate the feedback!

@Percy N. I would be making offers on these properties for a lower amount than they are listed for. IF I get an offer accepted for a discounted price since the property has not sold then the investor can purchase it from me @ a better price. It's a numbers game. As long as I can get a purchase price well below what it is advertised on the MLS then it would be a great deal for another investor to purchase.

Hello BP community! I'm an investor in San Diego and was looking into using transactional funding to acquire REO properties. I'm looking for investors who are cash buyers and that are interested in working together. These will be double closings since I will be using transactional funding and need serious cash buyers. If anyone is interested please reach out and let me know what areas and price range you are looking for. Let me know if you are interested in meeting up as well to discuss more in detail. I'm looking for REO's that have been on the market for over 60 days that I can get at a discount throughout San Diego. If anyone is a REO agent please reach out as well. Thanks!

Thanks. I'm optimistic about what's to come. I have to get a lot of no's to get a yes. I'm learning a lot, so that's a plus. 

I'm wholesaling the deal. I have investors to purchase the homes.

@brettsnodgrass thanks for the feedback. I meant I send out $500 a week in direct mail, not a month. I've been looking at Craigslist as well but the leads people think their property is worth more than they think. I just put them on a follow up system. I'm going to continue what I'm doing and send out 1000 mailers a week and continue to do so. I'll get a deal soon, just. We'd to keep on being consistent. 

 Welcome to BP,

There are leads out there, you just have to have the timing. San Diego is a very competitive market, so make sure you have some funds in the bank for direct mail. The leads are out there, you just have to get to them first. A good idea would be to look into less desirable areas to market to and stick to a few areas around you to drive for dollars. Marketing gets expensive and if you are sending out postcards or yellow letters in SD just keep in mind they probably are getting 10+ other postcards from other investors as well. Good Luck to you and don't give up or get discouraged!!!

September was my first month wholesaling and I have learned a lot and got really close to closing my first deal. The deal is still pending and hopefully will close on the deal soon. My concern is spending a lot on direct mail and running out of funds. I'm using my savings and haven't used my credit cards which is what I'll have to do next month if I can't close a deal soon. What would you recommend besides driving for dollars which I am doing to get deals without spending a lot of money?

Do you go to the assessors office to get probate leads and should I do this once a week, month, or bi weekly?

Targeting eviction leads seems like another good strategy I was looking into as well.

I also came across a vacant lead sight but it is $100/month to join. Any info on this and if the leads are legit and updated?

Currently I am spending about $500 on direct mail a month targeting absentee owners throughout San Diego. I'm targeting Imperial Beach, Chula Vista, National City, and Fallbrook. I'm also sending out mailers to pre foreclosure deals throughout San Diego County but haven't received any calls from these leads yet. Pre foreclosure leads I'm sending out once a month. 

Any advice would be greatly appreciated. Just looking for some insight and learn from others that have been in my situation and what worked for them. 

Thanks!!!

I've been marketing using the direct mail.

I have a few leads and got extremely close to getting my first deal after 3 weeks. The lady was ready to sign my contract on a wholesale

Deal but failed

To tell me her husband was on the deed and he bailed years ago. We finally tracked him down and he's recovering from a major surgery. So that's a pending deal. Other than that I've been making offers on lease option as well as cash offers but haven't closed anything yet. I'm hoping to close a deal real soon but I will be posting that as soon as I get it under contract.