All Forum Posts by: Gregory Coppola

Unfortunately I do not. Most of my leads are in the 19134, 19125, 19143 area codes. 

Hi Stuart, thanks for the reply. I understand what you're saying as far as the value in recent data, however the list is 1600 properties deep. Although I started generating the list 5 years ago, the majority of the addresses were added in the last 2 years. And most of which caught my eye due to being in distressed condition/elderly owner/etc. Based on the "expiration date" of a good lead, for sure I'd expect a number of these properties to be no longer relevant listings; however I do believe a good portion of which still are. Plus, I'm always adding to the list, so it's constantly being updated with currently-distressed properties. And lastly, I would think a wholesaler, whether it be through bulk-sms or direct mail,  would prefer to target properties they know to be in distressed condition rather than casting a wide net over a whole area (where many of the homes may not be suitable for a off-market acquisition). If a wholesaler was able to convert just a few of these leads (depending on their spread), that'd cover the price of the list itself. So it's worth the conversation. 

Hey Everyone!

I'm a RE Investor in the Philadelphia market.

Over the last 5 or so years, I've put together a list of 1600 off-market properties in distressed condition; most of which I found while driving for dollars. I also took the time to add the owner's name/number/email and other properties owned (if any).

For a while I was cold-calling the list myself, but now with fatherhood, I rarely find the time anymore. Therefore I'm looking to sell the list to a wholesaler. This would save you a lot of time and marketing dollars in reaching potential sellers. I'd consider selling the list as a whole, or we can work out a deal where you'd pay me a percentage of your spread on any deal you close from my list.

If this is something you'd be interested in speaking further about, please message with your contact info, and I'll reach out to you from there.

Thanks for your time, and I look forward to doing business with one of you.

- Greg

I've spoken to over 30 lenders over the past 4 months. Every time my LTV has been the issue. I guess that's how I ended up talking to this guy.. Lol

And here I was thinking I'M the nuts one.....

It's currently at a conventional (but my LTV is high at 93%) so my only option to refinance is through FHA (so i'd be going from conventional to FHA). I do plan to do another house hack in the future but I won't go in with anything less than 20% dp.

I plan to have the house for 10+ years. But no, closing costs won't be out of pocket, they're tied in to the mortgage. 

I'm currently house-hacking a triplex in Philadelphia. I want to refinance to a lower rate, and thus lower my monthly mortgage payments. The loan officer is telling me financially it doesn't make sense for me to refinance because I'd only be saving $200/month (that sounds great to me), and when he includes closing costs/FHA fees it would take 69 months for me to recoup the money I'd be spending on closing. I tried to explain that I'd be saving $70k over the life of the 30 year mortgage, but he rebutted in saying the government states it doesn't make sense to refinance unless you can recoup the closing costs in 48 months or less. I simply don't understand this logic, and he did a poor job at explaining to me (he then began to get frustrated and lose his patience when I asked him to explain the logic behind it). Because the way I see it, by lowering my monthly mortgage payment I'm able to increase cash flow. Am I missing something? I was hoping someone could possibly shed some light on this.

Just to be clear, he told me he would put the loan through and go forward with an appraisal at my request, but he doesn't recommend I do so. 

Thanks guys!

@John L Desimone no, nobody in PA at least.