All Forum Posts by: Casey Carroll

I've never heard the DOSC being an issue for any sub2 investors. If you're truly worried, you can transfer the property into a trust, and assign the beneficial interest of the trust into an LLC that you control. Banks don't care about properties with loans on them in the name of a trust, and the assignment of beneficial interest into an LLC isn't even a piece of paper recorded, so they would never be the wiser. It's how sub2 investors structure deals when they are really paranoid about the DOSC.

@Curt Smith, to be perfectly honest, I haven't been using this at all yet... because I'm not entirely sure how to target good sub2 leads. I'm putting bandit signs in vacant yards within a week so that's my start, but I think I'm going to use @Michael Quarles's suggestion and direct mail low equity folks after I set out a few rounds of bandit signs.

Hi There, I actually already have a website which explains this: [REMOVED].

Sorry guys, I'm new here... didn't mean to get off topic.

Any tips with bandit signs targeting sub2? 100 per week? Since I'm taking Dwan Tyford's advice and putting these signs in vacant home yards, I'm not violating any laws (since the signs will be located on private property).

Anyone have luck with door hangers?

Deed subject to the debt... exact same thing as taking the property subject to the existing financing. But the discounting of the debt with the lender... that's a new one. What's the motivation from the lender's perspective to discount the debt? And if you take the deed before you negotiate a discount with the lender for the UPB, can't you put yourself in "squirm worthy" amounts of liability, speculating and hoping that there is a discount? If the lender says no, then you are stuck with a home worth less than the loan, and either keep it as is and cry yourself to sleep every night, or give the property back to the owner (which isn't very ethically or morally right to do). I don't see where the reward here is really strong given the liability, so can you help me understand where the gold in a deal like this is?

With an upside down house, I'm assuming short sales and loan mods are the only ways you can really do it... unless there are other junior lien holders you can negotiate the debt on. That's a lot of work tho.

Thanks Michael!

Hi all, coming back to this, it seems like bandit signs and direct mail are really the only two options here. For direct mail, post cards or yellow letter? And what % Equity should I be targeting specifically for the most motivated sub2 leads?

Sorry I forgot you asked about expireds, not absentee. For expired, I subscribed to www.archagent.com. For $30 a month, they give me all expired within a 75 mile range, daily. Once a week I run a report, export the csv file to www.callfire.com, and set a campaign. The first campaign is a voiceblast meant specifically for first calls. I set a follow up 2 weeks later, with a different voice file saying "I called you two weeks ago..." then I set a third campaign for four weeks after the first call, with a different voice file. The voice blasts and follow ups are done for me, with just a 5 minute setup. But for a sub to archagent you technically have to be an agent and sign in with your mls credentials the first time you login. I have a friend who's an agent that typed in his info. It never asks for it again. I bought him dinner for his help, and his one time login gives me expireds every day now.

That's a killer postcard... love it! I already use listsource and I know how to filter the LTV, my question is what % LTV should I target for the most motivated sub2 sellers... 80% LTV? 85%? 90%? Or maybe 70%?

If your county doesn't provide phone numbers then you're unfortunately SOL. I tried scraping cowlitz county WA, but nothing. Clark county, however, worked well. For absentee, I actually use a tool developed by Joe Crump, http://sales.pushbuttonautomarketer.com/. I use this tool extensively. I own 7 automarketer accounts which collectively spit out 15,000 emails to FSBO listings in 9 different states (I use the email and text marketing specifically for lease options, but absentee will primarily be used for sub2 type stuff). My marketing costs per month for all email, text, voiceblasting, runs about $750, but my net profits range between $10k to $17k per month (keep in mind, the only reason I make this much flipping lease options, is because I agressively market in 9 different states and send out 15,000 emails per month to new FSBO).