All Forum Posts by: Chinmay J.

@Daniel Clay  - As a newbie direct mailer (which you seem to be) you should also focus on your target market and your business strategy. OK you have decided to do a direct mail campaign? But whom are you targeting? Pre Foreclosures? Landlords? Distressed properties? How often do you plan in sending them? Most people get success from sending them at regular intervals. If I were you, I would fine tune these details first and then worry about the cosmetic details. Perhaps not the exact advice you asked for, but I thought I would pitch in with my two cents.  

@Emilio Basa - The concept is not hard to need a dedicated website. I will give you an example. If I make $80,000 per year (hypothetically), given that I don't have immediate need of cash infusion, which sounds better? $5K each year for next 6 yrs + interest or $30K lump sum. I would rather go with the former as its beneficial from personal tax planning POV.  Look up Federal tax rates. Now imagine if I make $1,000,000 per year. Another $5 K per year or $30 K per year is not going to make much difference to me from tax POV. I would rather have $30K lump sum and not have to worry about getting measly $5K from you for  next 6 yrs or so.  Each individual case is different. If your client falls in the first category - average to middle class, then he can definitely benefit  from seller financing you the property. 

@Emilio Basa  Look for private money. The interest rate will be higher than bank, or even better see if you can convince the owner to do seller financing. Explain him the benefit of getting stream of cash every month vs lump sum.  Explain him the tax advantages in this approach.  Good luck 

@Samantha Klein - My long term goal is to be just like you. Too bad I can't do it in short term.

@Lonryco Robinson - You can google this information very easily.

@Keagan W Poole - No, if I were the seller, I wouldn't give you financing with only $500.00 in your bank account regardless of how great (or not so great in this case) is your credit score. Have you considered an equity partner in this deal. A JV situation with someone with more reserves perhaps?

@Zane McLaughlin - One of the places to find the lists is website called Listsource  (www.listsource.com). Look for the option saying absentee owner and out of state. 

@Bryan C. - Its a very simple and easy to use website, where you set up your account and the tenant sets up theirs. The two are linked by a code that you provide to the tenant, without which they can't even register. You add your individual bank accounts, and neither of you will have any knowledge of each other's bank account. The website can be customized and you can set it to remind them of upcoming payments and late payment notices can be sent as well. Late fee and frequency of payments can also be adjusted to suit the contract. As long as everything is set up correctly, the money is moved (has to be originated by the tenant) in 3 business days. 

@Account Closed - You can bear it yourself, let the tenant bear it or split it 50/50. I bear the charge, but I am very strict about late payments. 1 late payment of $50 pays for the fee ($36/yr per property). Lets say I made up my $36 even before I paid my 2015 taxes.. LOL

I am upaid promoter of erentpayment.com Easy to use for both me and my tenants. Easy to set up. Costs only $3.00 per transaction. Money in my account in 3 business days.

@Jenny Duclair - Awesome job.. Congrats on the 1st deal.