All Forum Posts by: Indy Smith

Hi everyone. I am a new wholesaler here in Charleston SC, I just closed my first two deals last month. My primary strategy has been cold-calling various lists but I have run into a problem: As of a few weeks ago, Listsource, which I have been using to pull lists, no longer includes information for South Carolina (or Montana, Idaho, and Kansas). Does anyone have recommendations on other list providers with reliable information for these excluded states? (evidently Listsource removed them for some FOIA related reason)

Thanks for all the input everyone, particularly @Jay Hinrichs, very helpful. I was viewing it as a way to get into a property when alternative financing is not an option and when the seller does not have the equity or inclination to seller finance, but I take your point that it should only be done by people with capital and capacity. 

Hi everyone, 

Can someone please clarify a few things about subject-to for me? 

I understand that you essentially take over the existing mortgage from the seller, thus "subject-to the existing mortgage". 

Does the buyer have to qualify for the loan with the sellers lender? Or does title just transfer and then the buyer is responsible for the payments?

Does the lender ever call the loan due when title transfers? 

I ask because I have an opportunity to buy a property this way. The loan balance is $75k, the house is probably worth about $120k. I recently moved and have started investing in real estate full-time so I would not be able to qualify for a conventional refinance if the lender called the loan due. 

Thanks in advance for any responses!

Hi everyone, 

I have the opportunity to buy a house that is worth approximately $120k for $75k. I have no cash. My inclination would be to borrow the money from a private lender and then refinance into a conventional, long-term loan and pay off the short-term private loan. 

The property currently has a tenant paying $950/month (below market), so if I could refinance into a 30-year loan at 5% interest it would cash flow about $300/month. 

My main problem is I just moved and am beginning to invest in real estate full-time, so I have no income to qualify for a loan. 

Any suggestions?

Hi Brian, 

I did have to go through the set-up process, it is more involved to get started than some other services because you have to do Do Not Call Registration, but once it is up and running it is simple and very user friendly. My lists usually get returned within 5 minutes of submission (which I can do myself online) and I am off and running. 

You can search by uploading an Excel spreadsheet

 I use LexisNexis. They have a program called Property Owner Phone Number Batch. They charge $0.25 per hit (can return up to 5 numbers for each name and address on whatever list you submit) with an $1800 annual minimum (7,200 returned hits). This approach is more expensive (average of $150/month but will vary depending on how often you submit new lists) than Spokeo, Beenverified, etc. but in my experience those sites, more often than not, either don't return phone numbers at all or return incorrect information. I find it is worth spending the extra $120 or so a month to save time weeding out bad contact numbers and wasting large chunks of lists.