All Forum Posts by: Justin Morgan

Welcome to BP Carolyn!

Welcome Chad!!! Hit up the REIA's... best place to start!!

I think my concern would be "why" have these homes been "under contract several times" with no sale consummated?

I want to know WHY this is happening, a buyers problem, home problem, or sellers problem? What kind of buyers are putting the home under contract and then bailing... cash offers or financing? There is a lot that can be done to prevent flaky buyers.

Do you have feedback as to WHY they buyers bailed?

Otherwise: we are seeing a lot of buyers jumping on one property but not all agents or buyers can perform so... screen very carefully. It is a sellers market with buyers starting to scramble before they know if they really can perform.

Seller Contacted me...
Seller is 4 months behind... owes $80k +$4k arrears.
Found out its a private note...
Called Private note holder, OLD guy wants some help foreclosing on the sellers.
Home is worth $75k
It needs $5k in repairs.

The note holder will sell his note for $60k to me OR he would be willing to finance.

The Plan:: I'll offer him $55k not a dollar more and buy the note. Fix the home I'm into it $60k. Sell for $75k minus close NET $10k... PLUS: The seller is wanting to figure something out for the Arrears and negative equity. I figure have her take a prom note to me for $10k or $5k cash and we are done.

I'll NET $10k-$15k.

This is all contingent on ME not having to foreclose on the seller. I'll get a dead-in-lue signed before I buy the note (maybe?). The cost to foreclose would be $5k to the note holder... it should be easy to avoid for me because of a positive relationship with both parties.

Can I use him as private financing and hold this home?
Should I pay him the $55k and flip it?
Other options I might be missing?
Does the Prom note idea work?

Thoughts??

I guess I missed the "ride along" and meeting the "other" St. George BP member!!

Great story... wanna wholesale the lot or let me manage the project while your golfing in Cali the next 6 months... (wink)!!!

Braden C. How do you do the letter AND envelope handwritten for .25C?? Do share?

Justin Silverio and Arktavious Sally from what I see YellowLetters.com and other sources are plus or minus around $1 a letter.

Is that what your all finding?

Justin Silverio do I understand that your letters are none standard and 4.5X8" NOT 8.5X11"?

Does that allow you to get .28 postage or is that BULK?

I am with a mail house right now and it's just to dang expensive!!!!!

I thought it might be nice to hear from you all what your seeing as Price Per Mail Piece - Direct Mail?

I live in a smaller town, bulk mailings are tough to qualify.

In the last 2 months we have 175 Notice of Defaults (NOD's).

Here are my costs....

For me 5X7 Postcard both sides (250 quantity):
.26 per card
.08 Import list
.25 pull list
.46 postage.
[/b]Total $1.05 per postcard[b]

Flyers 8.5 X 11 (250 quantity):
.35 per flyer
.04 fold
.04 machine insert
.17 envelope
.25 pull list
.46 postage
Total $1.31

Anyways I could save money? (I think my flyers are expensive!)
What are you seeing for your costs?

Post Card vs. Flyers ?? Thoughts?

Hope this thread is helpful!!!

Lets try this again... thanks Karen Margrave

http://www.realtor.org/articles/where-are-global-buyers-searching-in-the-united-states?om_rid=AAE41g&om_mid=_BRJorUB8w8W897&om_ntype=NARWeekly

Hope it worked??