All Forum Posts by: Chris T.

In a mentor, I look for someone who has the time to mentor, will provide detailed direction, has relevant techniques for my area, isn't trying to take my money.

I get annoyed with the guru-motivational speaking-hustler types that give you half an answer and make you pay for the next half, any guru that promotes a cruise ship seminar or bootcamp for thousands of dollars, guru's who don't actually invest in real estate for their main source of income, guru's who are regurgitating the same material and selling each other's stuff through affiliate programs, and such.

I would follow my mentor's guidance and direction, master it, then conquer the world.

If I made $20k a month then I would position myself as owner, not owner operator. (Although I don't think I could ever stop doing deals myself because I love it). I would also pay it forward.

As for the Absentee Owners, you can look for motivation in the same ways as mentioned above, but you would also want to include,

Forcible Detainer's - Justice of the Peace (in my county)

Keep an eye on the owners who's names keep popping up on the foreclosure list, etc... They have probably fallen on hard times and may need to cut some properties loose. Although most of them bought too high in the first place which is how they fell on hard times.

Happy Wholesaling! :D

If you are working with a limited budget then you may want to narrow down the high equity owner occupants to the ones that are most likely to be motivated.

Of the properties already on your high equity list the most motivated are (and where to find them):

1. Have a suit filed. Property tax records.
2. Delinquent on taxes. Property tax records.
3. Executor in the Owner Name. Property tax records.
4. Affidavit of Heirship or Probate property code. Property tax records.
5. Code violations. Code enforcement department.
6. 30, 60, 90 days late. You can buy a list. (In your state you can probably get NOD's for free)
7. Probate - county courthouse
8. Divorce - county courthouse
9. Bankruptcies - county courthouse

It takes more time and energy to sort through the list this way but at least you won't be wasting your time and money sending mail to homeowners who have no motivation.

Hi Sage,

The people that you end up making a deal with usually have some type of problem that they are trying to alleviate by selling their property.

I've found that most absentee landlords that I've spoken with are a little more up to speed on how much their property is worth and how to go about getting what they want for the property. They are usually fine with keeping it rented if they have to. They are more educated, better with their money and don't run into financial crisis often. They also seem to have a little bit of a chip on their shoulder when they realize that they are talking to an investor and they try to match your intellect. That being said, they seem to be a waste of time, as compared to owner occupants. The exception seems to be inherited property.

I have more success with Owner Occupants with high equity. Owner occupants are more likely to have the financial crisis that cause great motivation. They are the ones who get divorced, file bankruptcy, can't afford to keep up with the bills and a growing family, fall for the "American Dream" trap of buying a fine home that they can't afford, loss their job, and so on.

It's certainly wise to mail to all high equity owners.

Would you care to enlighten us further on the concepts that you are referring to?

Or you could just email me a "Complimentary" Ebook if you want! :D

What do you recommend these "cash strapped" REI wannabies do with the leads once they get them?

Thanks guys.

Ok, I'll be the guy who asks.

What's the secret?

What are your money and no money methods?

Hello,

I have several clients looking for mobile homes with acreage in my area and there are several good deals that I've see lately, but I don't know where to send them to get pre-approved. My HUD Realtor told me that no one is lending on MH's. Are there any banks out there that lend on used mobile homes in great condition?

What are the typical terms, requirements, etc?

Thanks, Chris

Ok, well I know what a deed is but I thought you were saying a DMOC although I didn't know what a MOC was.

What do you use the POA for?
What do you do with the deed? I mean do you "get the deed" and record it as the new owner, do you hold on to it and sign it when you find a buyer?
(which would void any seasoning rules or requirements)

So basically you're telling them that you are going to buy their property, you have a year to close, and you have the right to market it (option), and the right to opt out.