All Forum Posts by: Cheyenne Davis

Quote from @Bria Johnson:

Quote from @Cheyenne Davis:

Hopefully I'm posting this in the correct area...

I've been quietly reading in the background here on Biggerpockets and learning a lot. I'm going to "jump into the game" and start trying to

locate motivated sellers in my area. My strategy is to buy houses creatively, either with lease options or subject to (depending on the situation).

What I plan on doing is skiptracing a couple of different types of prospects to start with. I'm thinking about hiring someone to cold call leads and skiptracing prospective sellers who have either had their houses listed for 60+ with low equity or pre-foreclosures, probably with low equity as well.

My question is, to all of you experienced investors, is do you think this is the best way for me to target and generate seller leads for lease option purchases and sub to?

Would I be better off to skip the cold caller entirely and just set up texts to the prospects? I'm good on the phone, but I just don't want to spend all my time cold calling people.

I'm coming out of a rough divorce and starting over on a limited budget, so I'm trying to do this in the smartest way possible, but I'm a little scared to "dive in". I just don't want to waste my limited budget in the wrong way. I've considered direct mail to the same lists too, but it seems more expensive and I'm guessing I'd get a lower response rate.

Any advice and suggestions are appreciated, even if you think I'm using the wrong marketing platform or lists entirely.

Hello! My advice is - the marketing strategy that works the best is the one you are most consistent with! If you have limited funds, then You will probably have to spend "time" as far as resources go. 

The only advice I have about text messages is to know the laws surrounding "cold" texting. I know a few people who have been hit with huge fines because of texting people w/o their permission. I know so heavy hitter investors who still text, but they can afford the hefty fines the the risk is worth the reward. I am not an attorney, so consult with an attorney. 

All in all- whatever makes sense for you financially, legally and time-wise - just stay consistent. One of my biggest lessons is learning consistency over intensity. All marketing strategies work if they are applied and executed consistently. Please keep us updated on your journey. I am a lease-option LOVER, so I always enjoy hearing from other lease-option investors. 

Thank you for the advice. 

You mentioned that you're a lease option lover. If you don't mind me asking, what is your favorite way to market for lease option type sellers?

Quote from @Scott E.:

I also get calls, texts, and letters from wholesalers pretty often.

Personally, I don't care if the wholesaler has a website. That is totally irrelevant to my situation. All I care about is how much they are willing to pay for my house. And since I'm not a motivated seller, they are never anywhere close to what it would take for me to sell to them.

I've sold dozens of homes over the past 10 years and never once have considered whether or not the buyer has a website...

 I couldn't agree more. I could care less if a buyer has a website. Totally irrelevant to their ability to buy a property. However, I'd agree that most wholesalers, especially new ones, don't have the financial ability to buy a property. Still, nothing to do with a website, though...

Hopefully I'm posting this in the correct area...

I've been quietly reading in the background here on Biggerpockets and learning a lot. I'm going to "jump into the game" and start trying to

locate motivated sellers in my area. My strategy is to buy houses creatively, either with lease options or subject to (depending on the situation).

What I plan on doing is skiptracing a couple of different types of prospects to start with. I'm thinking about hiring someone to cold call leads and skiptracing prospective sellers who have either had their houses listed for 60+ with low equity or pre-foreclosures, probably with low equity as well.

My question is, to all of you experienced investors, is do you think this is the best way for me to target and generate seller leads for lease option purchases and sub to?

Would I be better off to skip the cold caller entirely and just set up texts to the prospects? I'm good on the phone, but I just don't want to spend all my time cold calling people.

I'm coming out of a rough divorce and starting over on a limited budget, so I'm trying to do this in the smartest way possible, but I'm a little scared to "dive in". I just don't want to waste my limited budget in the wrong way. I've considered direct mail to the same lists too, but it seems more expensive and I'm guessing I'd get a lower response rate.

Any advice and suggestions are appreciated, even if you think I'm using the wrong marketing platform or lists entirely.

I've been quietly reading in the background here on Biggerpockets and learning a lot. I'm going to "jump into the game" and start trying to

locate motivated sellers in my area. My strategy is to buy houses creatively, either with lease options or subject to (depending on the situation).

What I plan on doing is skiptracing a couple of different types of prospects to start with.  I'm thinking about hiring someone to cold call leads and skiptracing prospective sellers who have either had their houses listed for 60+ with low equity or pre-foreclosures, probably with low equity as well.

My question is, to all of you experienced investors, is do you think this is the best way for me to target and generate seller leads for lease option purchases and sub to? 

Would I be better off to skip the cold caller entirely and just set up texts to the prospects? I'm good on the phone, but I just don't want to spend all my time cold calling people.

I'm coming out of a rough divorce and starting over on a limited budget, so I'm trying to do this in the smartest way possible, but I'm a little scared to "dive in". I just don't want to waste my limited budget in the wrong way. I've considered direct mail to the same lists too, but it seems more expensive and I'm guessing I'd get a lower response rate.

Any advice and suggestions are appreciated, even if you think I'm using the wrong marketing platform or lists entirely.

Originally posted by @Melvin List:

@Cheyenne Davis the foreclosure timeframe will go off of the BK date so you should not have a problem there.  There are tons of programs out there that will just go off of the Debt Service on the property.  I would expect 75 to 80% loan to value.

Unfortunately, they've found the opposite to be true. Many lenders (to my surprise, because logically it makes little to no sense) are going off of the time from which the deed transferred back over to the bank, as opposed to BK discharge date.

75%-80% is fine, but all lenders they've found to date seem to have an either 100k appraised amount minimum on subject property or they have an issue with the foreclosure completion date being to recent. 

Do you have any suggestions on lenders that may do what they're trying to accomplish? Hopefully you can suggest lenders that they haven't found yet or tried.

Originally posted by @Ned Carey:

@Daniel Murphy if you were never more that a month late on you mortgage it normally wouldn't even show on your personal credit report.

Your best bet for refinancing an investment property is going to be a local smaller bank. They often hold their own loans (called a portfolio lender) so they make up their own rules. Avoid big national banks. 

Hi Ned (and everyone else) - Is it likely for a smaller local portfolio lender to lend on investment properties owned outright to a borrower with a high DTI ratio? The properties are owned by their LLC, but I'd imagine the DTI of the actual borrower will still come into play?

I've read through lots of posts here, and haven't seen exactly what we need, so figured I'd try a new thread.

Here's the situation:

I have a partner who owns several small rental houses in Central Florida. Ideally, they're just looking to cash out-refi on one right now, and several more in the near future. All are owned outright. Most are worth around 100k each, give or take a few bucks.

They were approved on a 30 yr fixed cash out refi with New Silver (80% of appraised value) and the house they wanted to refi only appraised at 80k, and the minimum appraised amount allowed with New Silver is 100k.

They're looking for a lender who will do a 30 yr fixed (preferably, but would consider other options as last resorts) on a house that's valued at around 80k.

There's a couple stips to get past...

1. They had a bk with foreclosure 8 or 9 years ago, BUT the bank didn't complete the foreclosure (with deed going back to them) until around a year and a half ago.

2. They need an asset-based lender. Fannie won't work because, even though they own several houses in their business name, they don't own their primary. DTI is an issue, also.

Small local banks don't seem to be a good fit for these guys, unfortunately. Pretty sure it's the DTI issue, plus previous foreclosure.

Can anyone recommend options?

I've read through lots of posts here, and haven't seen exactly what we need, so figured I'd try a new thread.

Here's the situation:

I have a partner who owns several small rental houses in Central Florida. Ideally, they're just looking to cash out-refi on one right now, and several more in the near future. All are owned outright. Most are worth around 100k each, give or take a few bucks. 

They were approved on a 30 yr fixed cash out refi with New Silver (80% of appraised value) and the house they wanted to refi only appraised at 80k, and the minimum appraised amount allowed with New Silver is 100k. 

They're looking for a lender who will do a 30 yr fixed (preferably, but would consider other options as last resorts) on a house that's valued at around 80k.

There's a couple stips to get past...

1. They had a bk with foreclosure 8 or 9 years ago, BUT the bank didn't complete the foreclosure (with deed going back to them) until around a year and a half ago.

2. They need an asset-based lender. Fannie won't work because, even though they own several houses in their business name, they don't own their primary. DTI is an issue, also.

Small local banks don't seem to be a good fit for these guys, unfortunately. Pretty sure it's the DTI issue, plus previous foreclosure.

Can anyone recommend options?

Cash out refi (30 yr fixed) is definitely their preferred choice, but if that's not possible, they would consider bridge loans or equity lines, etc.

Anyone in the lending business who may be able to help, please reach out to me :)

Scenario: we purchased two properties from the same seller on the same day. Houses went through probate already. We closed with title agency and got title insurance. We're now reselling one of the houses and have found out that it actually didn't go through probate properly. The deed hasn't even been filed in our name yet because of the mistake.  The title agency that made the mistake and closed the sale has hired an attorney to get the sellers to cooperate with fixing the mistake and taking the house through probate. However, we don't have time to wait for that process. We have a new contract with a new buyer and need our cash out of the house ASAP. I would think that our best option is to file a claim with the title insurance?  My questions are... 1) does a claim sound like the quickest path to getting our cash out? 2) how would it work? Does insurance just issue a new policy to new buyer and we sell as if title was clean or do we have to wait for the insurance company to sue original seller and take there house through probate? 3) If we lose our current buyer over this, do we have any recourse against title co and insurance co? Obviously, their mistake is costing us a lot of money because we can't sell now. We need the funds to complete other rehabs which we are involved in, so that's costing us money too, because we're sitting on two incomplete rehabs which can't move forward until we get the funds out of the probate house. 

Scenario: we purchased two properties from the same seller on the same day. Houses went through probate already. We closed with title agency and got title insurance. We're now reselling one of the houses and have found out that it actually didn't go through probate properly. The deed hasn't even been filed in our name yet because of the mistake. 

The title agency that made the mistake and closed the sale has hired an attorney to get the sellers to cooperate with fixing the mistake and taking the house through probate. However, we don't have time to wait for that process. We have a new contract with a new buyer and need our cash out of the house ASAP. I would think that our best option is to file a claim with the title insurance? 

My questions are...

1) does a claim sound like the quickest path to getting our cash out?

2) how would it work? Does insurance just issue a new policy to new buyer and we sell as if title was clean or do we have to wait for the insurance company to sue original seller and take there house through probate?

3) If we lose our current buyer over this, do we have any recourse against title co and insurance co? Obviously, their mistake is costing us a lot of money because we can't sell now. We need the funds to complete other rehabs which we are involved in, so that's costing us money too, because we're sitting on two incomplete rehabs which can't move forward until we get the funds out of the probate house.