All Forum Posts by: Brian Wall

I have negotiated a deal with the Los Angeles News Group set of newspapers, http://www.langnews.com/About/index.shtml

I can get a "We Buy Houses" classified ad in front of 1.5 million readers (1.6M on Sundays) every day for about $41 a day (I have to prepay for 40 days). This includes the following papers: Los Angeles Daily News, San Gabriel Valley Tribune, Whittier Daily News, Pasadena Star News, San Bernardino Sun, Redlands Daily Facts and Torrance Daily Breeze. The same ad must run in all papers.

That is much too large of an area for me to cover on my own. I am looking to partner with my fellow investors here at BP to share in the cost (I am not looking to make any money off of this). Each person would have exclusivity to that area code and prefix.

Here is what I was thinking. I can get an 800 # for $2 a month, and $.06 a minute, that has a voicemail on it.

I can set up the voicemail with a 60 second "screening" script.

When a person leaves message, I get emailed an MP3 file with the message, along with the caller id # of the caller. I will forward that email on to the person that has the area.

Or I may be able to redirect the call based on area code & prefix, but not sure.

Then, based on where calls come in from, we can 'divy' up the calls, based on Area Code and prefix. You can see what area codes and prefixes are close to you, here: http://www.melissadata.com/lookups/phoneradius.asp You have to register, but is a free search.

Depending on who wants what, will determine the area. it is pretty much determined by the paper.

I for sure want the area code, 562. The rest are up for grabs.

Each month, I get a bill for the 888 service, so at that time, I would like to get reimbursed for the minutes used for your area.

there are probably some details that still need to be worked out, but for now, let me know who is interested.

Whatever payment is agreed to, would have to be paid upfront. I imagine, we could all make checks out to the LANG and I could mail them together.

None of this is set in stone, I would like to hear your opinion on how it would work for you. If this works, we could also start looking at going to other papers.

let me know!

it depends on the bank. The last 2 REOs I just bought, actually had a clause in there that specifically said I was allowed to assign, as long as the assignee agreed to same terms and timeline, and as long as bank agreed to the assignee, which they said would not be unreasonably withheld.

I have seen it as low as $.30 a lead, but have not purchased myself, yet. Should be doing that in the next month or so.

just google "pre-nod list". The critical question to ask is the "freshness" of the data.

Jon, regarding your question (and mine as well) on keeping legal with the SEC, I found this companies website. I have no affiliation, nor have I used them.

It looks reasonable, at a cost of $2500.

http://www.regdresources.com/

I have seen a similar service being offered for $10-15k by lawyers being offered by big name gurus.

Jon, and others,would you kindly take a look and let me know what you think.

Brian

Hi Allen,
whereabouts are you buying?

When you say $100k, is that your purchase price, or the After Repair Value?

How would you structure the agreement? Would you be okay with me putting 1st TD on the property?

Please provide detail on how you would calculate the 50/50 split, provide an example.

I may be interested.......

Brian

Jesse,
here is an alternative way to buy properties at the auction using other peoples IRA funds. However, it requires much trust from the IRA beneficiary.

The IRA can loan money to anyone, except a disqualified party. So, the IRA could lend you, unsecured, the estimated amount needed. All the TPA (third party administrator) will need is a promissory note. It does not have to be a secured note.

That being said, the person must trust you implicitly, because now that is a unsecured note.

Once you purchase the property, you could then "pay off" the unsecured note, with a new note that IS secured by the property you just bought at the auction.

Got to be creative!

Jonathan, do you use Send Out Cards for your greeting cards?

I tried to go to your website and it didn't come up.

Brian

Hi All,
I have two investors that are willing to invest in a rehab project that I have.

They are willing to each put up half the money I need. However, neither want to be in 2nd position. (can you blame them?).

I have heard of fractional notes. From what I understand that is where each investor holds an equal share of the note.

So neither are in 2nd position.

The concept sounds great, and they both seem to be agreeable, in concept. The question I have is how to write up the note.

Do I just add both names on the note? Instead of "I owe John Smith", I just put, "I owe John Smith and Mary Jones"?

Any help/guidance would be appreciated?

(yeah, I know, you are not a lawyer, unless you really are, so I won't hold you to it)

HI Juan,
I am not interested, necessarily for myself, but I do have some clients that may be interested, depending on the area.

Must be nice area, not gang areas.

Brian

Hi Sonda,
Yes, I am still looking.

I am looking anywhere in the greater Los Angeles area. Anywhere from the Valley to Long Beach, and Orange County. I live/work out of, zip code 90670. I am open to anything up to 30-45 minute drive from there. The further I need to go, the better deal I am looking for.

At this time, I am only looking at SFR, generally 3 bd's or more, although I would consider a 2bd if it makes sense.

I am primarily looking for a fix n flip properties, to purchase myself. I also have a few clients (I am a RE agent as well) that are looking for buy and hold SFR rentals.

I must be able to acquire the property for 60-65% of After Repair Value. The repairs needed to get it up to the "nicest in the neighborhood" should not require any major remodeling. Typically, I go in an remodel the kitchen & baths, paint inside and out. I will only redo the roof or other major systems (electrical, plumbing) if it absolutely needs it.

I have access to both private investors as well as Hard Money lenders, so I can close in less than 2 weeks, if necessary.

I have no problem paying a wholesaler his/her earned fee, I just need to know what that fee is, going into the transaction.

Also, If/when you approach me with a deal, I need to know the address. It would be better for you, to have the property under contract, prior to you contacting me.

I see you are from Virginia, are you marketing here in Los Angeles?

Thanks,
Brian