All Forum Posts by: Dustin Phillips

Nick Great Job...

Love the facial expressions:) I was doing it at dinner and my wife thought I had lost it... HAHA...

Also if everyone else has not yet make sure you vote for Nicks post (Motiv8td)...

I have been doing ss since December, and have put together my team and have several deals working. Finding the negotiator was the easiest for me. I put an ad in C.L. and had a negotiator with 10 years experience within the week. BPO agent was not hard either.

However, getting good agents has been difficult and after speaking to many agents I have just a few (3) who are sending deals regularly.

I more or less have the same pay structure as Sergio. Just start advertising for different positions and in this economy you will have people beating down your door to work.

Originally posted by Michael Quarles:

Good to meet you

I love direct mail done correctly... Here is a sample of letters I send to just the Foreclosure if I want maximum return from the prospect...

Hi Michael,

What software are you using to keep track of this? I have just started doing short sales and have two deals going. I was only going to use Realtor leads but that is proving to be a slow way to reach my goals. So I think direct marketing should be set up too. Thanks for your help :mrgreen:

P.S. Great post BTW, you got my vote!!

Well good job on taking steps forward... Here are some observations from my point of view... Do you know what is going on in your area. Meaning are properties being renovated and retailed (Sold to home owners) or are a bulk of the buyers landlords in your area. If they are landlords then you will need to know what they are looking for I.E. cash on cash, per door $$'s or what... The numbers look okay, but it is all relative to what investors in your area are paying... Good luck ...

Josh,

While I agree with you about posting personal info, the numbers that I put on here were for the business, not for the individual. The number you took off was for a bank and not for a member on this site...

I would defiantly be in favor of it. However, I would like to know how it is going to be regulated. If every Joe Wannabe starts putting up their webinar that could kill it for me, and is this going to diminish the quality of content from more well known members? Why post about it if you can charge? Now, I'm all for paying for education and that is not my point. I would just hate to see quality members like Will post less and focus more on their webinars... I'd vote it though good idea...

No offense to anyone named Joe Wannabe:)

With HML it depends but 3-8 points upfront and 12% over 6months to 2 years with ballon at the end can be expected...

Another option is to call local or regional banks that can create portfolio loans or in house loans. The banks create the guidlines and do not go off fannie mae or freddie mac's criteria for underwriting a loan. So you walk in and say Hi I want to find out more about your portfolio loan programs. You tell them what your looking for and they can often blend what they have with what you need. This will allow you to get the purchase money, rehab money, and sometimes roll closing cost and points... Also its much cheaper than HML's...

But you need to find small banks or credit unions...

No Problem... I have a few other lenders as well and some Local HML's... Start here and if these do not work out I will get whatever info you need on these other lenders... Here is the general number for Doug-[REMOVED]... Good Luck and let me know if you have anything for sale too, thanks...

Hi Ritch,

Sorry it took a while to get back with you... Here is a contact at US Bank. You can also contact Doug Thompson at Community Bank in Westfield. I do not have his number handy so I will get that to you at a later time. Contact Melissa at US Bank:

Here is a run down on their program...

Melissa says they’ll do at least 70% with nearly all qualified people and up to 80% LTV with the right person and the right deal. They do 20 year am’s with a five year fixed interest rate which is in the mid 6 to mid 7% range right now.

They are strictly a cash flow based lender, so assets don’t matter too much – the property needs to cash flow on it’s own and the borrower either personally or as their company needs to cash flow too. If a person/business cash flows well enough, that can offset a underperforming property.

They are fine with doing out of state borrows for assets that are local to where they have a branch presence.

If this doesn’t make sense or you have any questions, just let me know…

Melissa A. Matney
US Bank
Commercial Banking
800 E. Main Street
Richmond, IN 47374

Hi Rich- Great post and I feel that it ties in great with the book you recomended by Eldemen.... I just started so I do not want to discuss too much yet but what about this book did you find so insightful? So far it is pretty straight forward. Make more than you spend.
Save more than you spend...
Beat inflation, don't get beat down by taxes etc... Maybe I should keep reading but I would like to know what you found that gave you that AHHA moment... Thanks..

Dustin in Indy