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All Forum Posts by: Donald DiBuono

Donald DiBuono has started 34 posts and replied 91 times.

Post: Buying a Trust vs Sub To

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

Neither do I, thats why i was asking the process :) Any education you have on Sub To?

Post: Buying a Trust vs Sub To

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

Hi @Ken M. how are you getting around the due on sale clause being called when buying them sub to?

Post: Buying a Trust vs Sub To

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

I recently watched a video on social media that mentioned the way he was buying properties and yielding the benefit of the sellers low interest rate is having the seller put the property in a trust and then purchasing the trust. In his words, this is away around the due on sale clause that you can run into in a sub - to transaction.

My question - if the seller puts the property in a trust, will this avoid the potential of a due on sale clause?

Post: Best Mailer Companies

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

This is all very very helpful! One last question - is your assistant actually hand writing the envelop? Or do  you have a computer print on the envelope?

Post: Best Mailer Companies

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26
Quote from @Ken M.:
Quote from @Donald DiBuono:

Hey!

Looking to bolster my off market lead flow. Does anyone have a good effective 3rd party mailing company to send mailers direct to seller?

Thanks!

There are several companies that send letters and some are active on Bigger Pockets.
However, I would caution you to set expectations appropriately.
1. When you go with a company, it may be a month before the mailing goes out since they  stage and batch the mailings in order to use bulk mailing at the post office.
2. Your list is more important than you realize
3. Trial and error help you to determine your list.
4. I believe that you don't get returns (failed to deliver) with bulk mailers so you don't know which addresses are bad.

That's the simple stuff.

My advice is to do various mailings that you or some prepares locally, that go out immediately, using 1st class postage. You can test your mailer, you can test your list, you can test your message. And you get feedback at a level high enough to determine how to proceed. 

I'd send out 500 at a time, using a different mailer/method weekly. It can be personally designed post cards or it can be letters. 

The mailers I receive for my properties are not of a high enough quality, to make me believe the sender understands what gets a recipient to even open or read the mailer, let alone respond.


 Thanks Ken, this is all very valuable information. Since I am super new to this, I do have a few questions:

By testing the list, do you mean what data am I pulling (absentee owner, tired landlord, etc)

Testing my mailer, do you mean trying different messaging? If so, is the only feedback i will receive when someone is interested in chatting further?

What determines the method? Is that just the type of messaging?

Am I hand writing all of the envelopes?


Appreciate in advance!

Post: Best Mailer Companies

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

Hey!

Looking to bolster my off market lead flow. Does anyone have a good effective 3rd party mailing company to send mailers direct to seller?

Thanks!

Post: Creative Finance Deal Need Advice!

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

@Valerie Anthonyova did you have any thoughts that could help?!

Post: Creative Finance Deal Need Advice!

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26
Hi,

Unique scenario. There is a 2 family we are in talks with acquiring for 200k. The owner is open to seller finance for us. There is a catch - the couple wants to 1031 the funds into their sons next larger project which is TBD.

Our Goal - buy this property with little money out of pocket. Put some money in rehab. When they need the money, we know this property will appraise for 40% more than we bought it for. We would refinance to essentially be no money out of pocket. The catch - we need to have the deed before we finance. Why is this an issue?

Their Goal - sell us this property seller finance. They make money on interest. We can be flexible when we pay them back. The ISSUE - they want to 1031 the funds.

If they seller finance, we have the deed, but they cant 1031 because they would need to find a property ASAP which they want to avoid.
If we rent to own, they are OK, but we cant refinance because we don't have the deed.

Are there any unique scenarios to help us get the property for little money out of pocket, we have the ability to have the deed and refinance, and the sellers are able to 1031 at their leisure?

Post: Capital Region Meet Ups

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

Hey Stephen, would love to connect! As @Bryce Cutler mentioned, CRREIA is a great meet up. Please feel free to message me! Welcome!

Post: Mobile Home Park Development

Donald DiBuonoPosted
  • Troy, NY
  • Posts 103
  • Votes 26

Thank you @Jaycee Greene ! Do you have his contact info?