All Forum Posts by: Brian Kempler

My plan is:

1. Buy distressed lists, probably code violation to start. Stick to a 6 month campaign minimum

2. Answering service captures the lead. I call back with an offer for wholesale at first. If not that then a master lease/option

3. Put a phone prospector on the same list, skip traced, to try to secure more leads.

4. Review results and refine. Initial goal is breakeven. If I do even better, great.

I'm budgeting $5,000 per month for this from monthly savings. I have a $50,000 cash reserve as well. AnswerFirst is the anwsering service.

Repair costs: $5/sf for a light rehab, $10 for medium and $20 for substantial. ARV: Based on lowest of major home valuation sites.

Message to potential sellers: "The county records show that your home has had another code violation placed on it. Are you interested in offloading the property for an all cash offer?"

I'm a tech worker on a good salary, and am using an answering service for inbound lead capture.

But for the high value offer presentation, all the way to the closing stage, I expect to be doing the work. Closings will be done remotely at least.

Has anyone else been in the position of working a full time job while wholesaling? I'm fortunate that I can call people during work hours, so long as the call volume isn't consistent (like handling leads). My main concern is the level of disruption doing callbacks to present offers and move towards the closing process will be.

Hey guys, can anyone recommend a good source for:

• Wholesaling contracts (Purchase, assignment)
• Lease / option contracts
  

Willing to pay a reasonable fee. Should be tailored for Ohio. Thanks for any suggestions!

Hi, does anyone know where I can find some good wholesales contracts for use in Ohio? Thanks!

Thank you @Dave Van Horn ! With the post being so old I wasn't even sure if you were here anymore. 

Based on the other replies the math probably won't work for a small investor, so I'll probably wait for the next downturn to get some cheap 2nds when there's too much debt for the bigger players to gobble up themselves.

Don't take my word for it guys, this strategy was posted here, I am only gathering details.

https://www.biggerpockets.com/... 

the posts by G.F. and Dave Van Horn. 

Yes, 12 year old post and the 2nds were picked up for 1% probably because they were attached to deeply underwater assets. If you're going to say no 2nds sell for that much anymore, I'm curious what price range you'd expect for G.F. or Dave's examples

Hi @Wayne Brooks:

1. You purchase a deeply discounted 2nd on an underwater home

2. Borrower agrees to a 5% payoff on the 2nd

3. You help borrower negotiate a haircut on the 1st

4. You help borrower conduct a short sale

So as you can see, the question of how often a 1st mortgage is open to a short is very important. Hopefully someone has a general idea from experience!

You hold a 2nd and are trying to help the borrower negotiate a short on the 1st so he can short sell.

For those who've dealt with this scenario can you give some idea of a percent success rate getting the 1sts to accept debt forgiveness?

If it's low, say 30% of the time, 2nds seem like a tough game unless you buy at huge discounts.

Thank you @Chris Seveney ! The cost of foreclosure is not cheap, but compared against a botched one it is cheap. Then add the wasted time and possible missed opportunities and yeah, I fully agree.

Foreclosing is my least preferred scenario but if/when it happens, and no one bids for the property at auction, I wanted to ask whether you guys prefer listing it with a realtor or doing seller financing or lease options.

At the moment I lean towards lease options. My reasons are:

• I'm primarily trying to avoid rehabbing and landlording. L/Os would allow offloading both responsibilites to the tenant buyer, for a discounted sale price.
• L/O tenants can be evicted instead of foreclosed on in the worst case

Downside is not being cashed out right away though.

How do you guys usually exit your foreclosures? If some other option like BRRR or landlording that would be interesting to hear about too (I suspect note guys don't favor those though)