All Forum Posts by: Bryan Davis

Oh and for the record, I would be at $42,750 for the second deal (as the wholesaler) and expect to get an assignment fee of around $3,750. The first deal scares me due to it's size and limited market but if your agent knows some buyers for that type of property, power on! Congrats on finding a couple of solid prospects.

I wouldn't recommend getting a loan at all if you can avoid it. Almost every standardized real estate contract is assignable these days so you're safest out would be to get them under contract then assign the contracts for a fee. Are you familiar with this strategy?

When I saw your "no turning back" the first thing I thought was "oh good grief, he quit his job!". For the record, that's typically a bad idea. I know from experience :-p. Anyway, welcome to the BP community!

My company offers high equity lists but like @Aaron Mazzrillo alluded to, there is no clear way of determining which of those are motivated. I can say from personal experience that mailing strictly based on the fact that there is a lot of equity will tend to yield you a lot of calls from other investors wanting retail. I call those "tire kickers". You could filter the list to include only absentee owners and then further to include only those purchased something like 5 years ago or more to eliminate some of the investors from the pool. We offer a few generic lists on the company site but I can have something custom tailored for you if you'd like to better target what you're looking for but no matter how filtered it is, you're always looking for the few that are going to come with the many.

I currently have a property under contract that had a body in it for over a week before it was discovered. Unfortunately the owner failed to put out enough food for his cats and dogs before he died and... well they had to eat something. I'm planning to pull ALL carpet/padding/drapes etc. and then seal the walls with Kilz. Hopefully it'll work out. I'd never heard of the ozone generator so thanks for that.

@Account Closed : What I consider a completed lead includes the property address, a picture of the front of the house, back of the house, each side of the house, and looking down the street in each direction, as well as a picture of any outbuildings. I only accept vacant houses without realtor signs. Finally, I expect the bird dogs assessment of the general condition according to my general standards. These get submitted to my website through their individual login and I can either approve or reject the lead. As long as it is complete, I always approve it. Considering that I don't have to look for the property and I get a good idea of what to offer for it without ever seeing it, I'm okay with spending $7 per lead.

I use an automated system to recruit, train, and manage bird dogs; I have over 100 of them. It's part of a larger program that I use that also keeps up with all of my properties, contact with buyers and seller, and a heck of a lot more. It costs me $40 a month but it is WELL worth it. I pay them $7 per completed lead. PM if you want to know more about it, I don't think I'm allowed to post a link here.

I'll be keeping an eye on this one as I've been looking for the same thing. Thanks @Dawn Anastasi for the link to the Morgue File.

I had a similar situation where an owner finance buyer abandoned a property that I was selling to him. I was able to track him down to get a quitclaim out of him in order to avoid the costs of a foreclosure but in spite of my efforts, recovering any costs out of him was a waste of resources. It stinks that he bailed on you but sometimes even rational people do crazy things. Clean it up and get it back on the market. I DO like the idea of reporting to the big three though, I'd never thought of that. Thanks @Jack Bobeck !

That's awesome! I'm planning to try out a similar bidding model on a wholesale flip that I just put under contract. One question though, what does NOI stand for?