All Forum Posts by: Jason Hatfield

Hi Sharon.  I'm wondering approx. what percentage of your probate mailings convert to leads (calls) and what percentage of those leads convert to deals?  Also, do you have a # or a guess for how many letters produce a call on the first, second, third, fourth, fifth and sixth mailings?

Brian,

You could hold a second mortgage directly with a buyer.  Let's assume that you paid $300K and still owe $300K.

Sell for $380K with $80K of seller financing on a second mortgage that you hold.  This means your buyer would only need to take out a traditional mortgage of $300K.

Also, I believe (don't quote me) that in this scenario the buyer would be able to avoid paying PMI as the balance on the first lien would be less then 80% loan to value. I'm not 100% on that but if it holds true I would think you would have to fight buyers off with a stick as even FHA requires PMI of .85%

Thanks Kevin! I greatly appreciate the help. My main concern was that a PL or HML would not do the deal if their lein was second position. I'm very happy to hear that it may not be an issue.

Also, I agree that getting an investor to cover both the purchase and rehab costs would be ideal.  I haven't done a flip or brrr since 2007 so I feel that re-establishing myself with some current deals will help open those financing options to me.

Hello BP!

I'm looking at a deal that would combine these two methods but I'm unsure if a HML or PL would do the deal as they would have the second lien position. Does anyone have experience doing this?

I would put 10% down and have the seller financing the other 90% of the purchase.  I would then be looking for the lender to cover rehab and holding costs.  The plan would be to refi as soon as its seasoned and cash out both the seller and the lender.

Is this a common strategy? How would it differ if I was assuming an FHA loan or using a Subject To deal?

As always, thank you for the help!

Hi Tom and Bill,

I also have an interest in that area. Great commuter towns into NW Baltimote.  Would love learn more about you and see were it takes us.

Fascinating conversation!  

I'm just getting back into the game and have been considering where to incorporate.  I live in MD but I'm within 3 miles of PA and DE so all three states are viable.  My initial thoughts were DE because it's so tax friendly but CLEARLY I need to talk to a good attorney!

Drew,

Thank you for the great recommendation.  I spoke to Carlos this AM and was very impressed.  He is very familiar with the area that I am investing in and actually has a property that he manages about five doors down from mine.  He also has another on the next street over. Sounds like it's going to be a great fit!

He quoted me 10%.  Can't blame him for trying to make a buck but if we choose him then I'll try to negotiate down to 8%

Thanks again 

Awesome!  Thanks for the lead.  Ok to let him know you referred me?

Hello all,

Can anyone recommend a good Property Manager in Greenville, SC?  I have several #'s from Google but I always like to go with a referral if possible.

Thanks

Eric,

I have been spending LOTS & LOTS of time going through these forums recently and I have to say yours is the best I've seen so far.  Thank you for sharing so much detail of the many steps in the process.  The pictures are really worth a 1,000 words!  Great Work!  I have been going back on forth on some similar potential deals in a market about 8 hours from me and seeing your success has impacted my thought process.

Best