All Forum Posts by: Michael G.

5 bandit signs in one location? Thats not a lot.

I have put out 25 and received minimal responses. IMHO you have to go big with bandits. I usually buy from banditsigns.com and use the "sell your house in 48 hours or less" bandit sign.

I'm a bigger is better kind of guy so I always order 18 x 24's and use 30" inch wire stakes but that doesnt mean smaller sizes dont work.

The other unknown is where are you are placing the signs?

They should be in very high traffic areas where people have to stop and see them. For instance one of my favorite areas to place is on 6 corners of a very busy intersection that has a Lowes, Target, Old Navy, etc. Well trafficked during the weekends and the weekdays.

Others may agree or disagree but i think bandit signs are a numbers game and the more is better rule applies to this method of marketing.

I made a bandit sign order last week for 50 bandit signs. I wish I ordered 100.

When I get them i will put out at least 25 minimum in a 10 - 20 square mile area

Hello Deriane - In NY , I just call the tax asseors office of the town the property is in and they will tell me the owners name, tax arrears, if there is a forwarding address?

Once you get the name use http://www.ussearch.com/consumer/index.jsp to get the phone number and their current address. They have a 2 for 1 deal that lets you do a name, address and phone number search for $2.45.

I usually send a letter that says I want to buy your house, followed by a phone call.

My experience has been that most of these properties are short sale candidates. Short sales take a while, to say the least, banks switch the rules in the middle of the deal and the home owners often have been in denial and difficult to deal with.

Not saying that will be your experience...i'm just sayin

Most of the rehabbers i work with also build new homes. Because have good relationships with my buyers I just ask them how much they think the property is worth as a scrap. They will tell me honestly what they will pay for a knockdown and give thier honest opinion about the cost to buy the land, the cost to build a new propert on the land, permits, profit, etc. I can then go to the seller and make a legitimate offer that includes my wholesaling fee.

Thats good information W Tomsin. Thanks for your input, it was helpful. I was starting to get a little depressed about these reverse mortgage deals. I'll get the ATR from the seller and start from there.

I have 3 deals in my pipeline that have reverse mortgages.

2 are probate deals where the owner is deceased. 1 is an owner whose house was trashed by Hurricane Sandy, has medical issues and has moved out of the home leaving it vacant.

My understanding about reverse mortgages is that FHA covers the default amount?

I want to know if there is a way to short sale these reverse mortgages or what the process is make these deals profitable.

I cannot be the only wholesaler that is running into these reverse mortgage situations.

What sounds holier than thou to me is how you go on about "the way you do ONE thing is often the way you do ALL things" ....Really?

So you drive the speed limit on every single road and highway? Because if you don't Brandon you yourself are "skirting" the law. Which means the same premise "the way you do ONE thing is often the way you do ALL things" applies to you correct?

You never got a ticket for speeding or any traffic violations? I guess you dont cross against red lights either?

When you confirm that you dont , with intent, do anything illegal in any sense no matter how small it may be then I will concede that my "Holier than thou" comment doesn't apply to you.

They are bandit signs for chrissake...not kilo's of cocaine.

Thanks for your 2 cents Brandon.

Much to your chagrin... I'm STILL going to continue use bandit signs and will advise the same of anyone in listening distance to do the same. Especially newbies like your self.

Bandits are a win for both sides of the transaction. They are a form of guerilla marketing for the re investor on a limited budget.

I guess I understand your need to police the REI community (not really...). Some people are just like that. (Holier than thou, my way is the right way types).

Guess what? The people who call the Bandit signs are super glad the bandit signs are there.

Ask the gentleman who sold me the unwanted distressed probate property if he was glad the bandit sign was there when another investor backed out of the deal?

Ask the gentleman who short sold his house to me if he was glad the bandit sign was there?

There are more examples but i hope you get my drift.

I just made a 130K cash low ball offer on a REO listed at @ 244K.

The realtor replied that I need to increase my offer by 100K.

Isnt the realtor obligated to submit my offer and let the bank counter?

Do banks tell the listing agents not to take less than a certain amount for a particular listing and to reject any lesser offers?

They are sometimes in NYC. They have gotten large now and advertise on the radio WBLS and other stations. We went to see them in CT. First in their offices and then later during seminars. They are a good company. Call them up and ask them if they will be in NY anytime soon...the seminars are free and informative but there is an upsell so leave your credit cards and checkbooks home. Send me an e-mail and let me know where you are in LI and what kind of deals you are working on.

Than and Paul are the real deal. I know them personally. Yes they are real investors. What I will tell you is what I learned from them and other gurus was that 1/10 of they teach I used in real life investing. I liken it to going to school and learning...only 1/10 th of what is learned in academic institutions is used in the real world.