All Forum Posts by: Benjamin Lovinger

Hi All,

Hoping to get some advice here. I would like to start a direct mail campaign that would hopefully lead down one of two paths. I am looking to add to my investment portfolio for long term holds using the brrrr method. If a deal can not be worked out with the seller on the purchase, I would like to try to get the listing and list at the price the seller is looking to get.

My questions specific questions are:

Wording on letters or postcards?

How did you present your options tactfully?

Your negotiation? How did you state your purpose.

I am sure I am not reinventing the wheel here, just would like to see other agents strategies.

Thank you all in advance!

@Anthony Dadlani

I am located about half way between Chicago and Milwaukee in Lake County, IL.  I personally think there will be windfall of houses coming down the sheriff sale pipe line across the country over the next 18 months.  With your auction purchases, did you use private money?

@Kyle Altenau 

Thanks for the reply and input Kyle.  I structured the deals with unsecured money from a family member.  Homes were bought with verified funds(cashiers checks) rehabbed, leased and refinanced or flipped then funds were paid back plus interest.  I would do my analysis prior to auction, make sure house had clear titles and any other due diligence I could dig up.  Once the reserve was released 24 hours prior which I usually knew what it was, I would then move forward or skip it.  I knew what price I would have to purchase at to make the numbers work.  It was very lucrative, but the pandemic has slowed his business which slowed mine.  I am located in a suburb about half way between Chicago and Milwaukee.  In my county, sheriff sales require minimum 10% down at time of winning bid and balance in 48 hours.  I can do the 10% down, I just can not swing the balance and rehab costs.  I have some time to figure this out as our courts are still not processing sales but I would like to get my things in order as I see a large number of homes coming down the pipe over the next 18 months.  

If there is a lender out there that possibly do a business line of credit instead of a real estate line of credit that would do the trick.  But I am not sure any lender would be able to process and fund in 48 hours. 

Hi All 

Long time follower, first time poster. Looking for some ideas for financing for local sheriff foreclosure sales and Auction.com sales. I have had success purchasing properties through the foreclosure auctions but my private lender backed out due to Covid-19. It's basically the brrrr method but I am having trouble finding a lender that will work with me not knowing the exact purchase price. Obviously, I do all due diligence and analysis prior to auction but in some cases the purchase price my be a few thousand more or less than projected depending on bidding and most lenders do not like that. I have $80,000 on hand but need $110,000 more. Possibly some sort of LOC would be ideal.

Any ideas out there that could help me?

TIA, 

Ben