All Forum Posts by: Michael G.

Couple years back I did give my long term tenants a $25 Walmart gift card.

Its a tax write-off but more a gesture of good will @ the time because they were really good tenants.

My newest tenants complain too much so they might get a bag of coal...lol.

I do give a gift to my property manager every year...tax deduction.

I learned a long while back that the person who mentions price first loses.

When negotiating price do you put the ball in the sellers court and wait for them to mention price or does it not make a difference to you?

I'm also interested in hearing strategies used to sucessfully negotiate price down when the seller comes in above your target.

I agree.

The homeowner died leaving a reverse mortgage of $340K. There is 1 executor (the decedents 85 yr old cousin) who revealed to me that this reverse mortgage is with Financial Freedom.

Bottom line is that ARV is probably $550K - $600K minted out.

Even if we pay the $340K + $25K for the executor and $100K in repairs there is still enough room in there for my fee and a reasonable profit for the rehab buyer.

I'm looking to find out if anyone had negotiated down a reverse mortgage balance with one of these companies. That would leave even more profits on the table if we were able to do so.

I'm thinking the reverse mortgage company wants the asset or the balance owed and they win either way.

There is no upside for them to take less than whats owed if they can get the asset which has a higher value than the reverse mortgage balance.

A probate property I want to wholesale has a Reverse Mortgage with Financial Freedom.

Googling complaints against Financial Freedom reveals some unsavory practices by that company.

I'm assuming when my buyer goes to contract the title search will reveal the debt owed.

My real question is has anyone run into reverse mortgage / probate situations and can the reverse mortgage debt be negotiated?

RIP Herb.

I also have a gang of leads form years past. I wonder if it would be worth re-starting a drip campaign to them? Prior 2 Sharon's article is lead is 6 months old its garbage. May need to rethink that now.

I'm not a big fan of REIA's.

Certainly not the one by me. It cost me 240 bucks a year to join and they wanted me to pay extra to shop my deals in front of the room.

In addition there was alwasy someone there trying to sell me the latest greatest REI strategy.

If I had to do it all over again I would probably go the mentor route. Learn by doing. Find someone who is doing what you want to do and ask them if they would show you how they became successful at it.

If you want to join a REIA so be it. Just adopt the strategy "take what you need and leave the rest".

Superb post Danny.

I notice most of your leads come http://www.dannybuyshouses.com/

Are you advertising on Craigslist or on some other website or in a print publication?

Im interested in what drives or better yet, how you drive traffic to your http://www.dannybuyshouses.com/ website.

Great commentary by Sharon on filtering the list.

I read some excerpts last week from Great By Choice in Fortune mag. Powerful stuff.

http://management.fortune.cnn.com/2011/09/30/jim-collins-great-by-choice-exclusive-excerpt/

I think the meat of a direct mail campaign is in the "follow up" and that the real "magic" starts to happen in the 3rd and 4th mailings.

I think we have to make some assumptions without the value of Dominic's feedback that he has done at least one successful direct mail campaign that produced results which he can base his new campaign on.

Thanks David - That was helpful. Tell Rahm Emanuel I said hello! :D