All Forum Posts by: Jason Lecker

I'm looking for some wholesaling advice.

I'm in the middle of my first direct mail campaign, targeting high-equity properties in some growing areas of Charlotte, NC. I've got the mechanics working well enough: parsing property data, building a list, generating the letters, etc. What I'm struggling with is converting leads.
I've attached a screenshot of an email I received in response to one of my letters. For you veteran wholesalers: How would you follow up to a contact like this? The owner even said they've thought about selling at times, so it seems like there's some sort of possibility there.

Thank you for your time!

--Jason

Nthing Gastonia. I got into my very first RE deal late last year, a three-SFR package in Gastonia. Two were already rented out, giving me enough cash flow to cover the mortgage and management and put away some for repairs. The third one is close to being rented out, but I lost of ton of time due to a flaky contractor and my own inexperience.

Once I've got a tenant in there, I'm planning to refinance. I bought the properties for $100k with $20k down. The three were appraised at a total of $158k before I put any work into the third property. I'm hoping those repairs/having a tenant in place will give me enough equity to pull $40-50k out and start working on some more deals.

On a side note, I'm trying my hand at direct mail so I can start finding off-market deals on my own instead of paying someone to find them for me.

@Stephanie P.

Thank you for that in-depth response! It makes sense now that getting cash-out refinances aren't as easy as a traditional loan, or else everyone and their mother would be doing them.

Sounds to me like I ought to suck it up and deal with the seasoning period for the time being. Realistically, I don't even have the infrastructure to find the property, buy it outright, fix it up, and refinance in <6 months built up yet. It's good to have that direction to look in when I do get there, though!

I was worried that would be the hard lower limit for seasoning periods, so that's not a huge surprise. Better than a year or more, at the very least. Good to know there are some options out there! I'll start reaching out and trying to build up a relationship with those banks. Thank you for the information!

Hello everyone, I'm a new investor in the Charlotte area. I have three properties--two rented, one being rehabbed--and I'm exploring ways to build up my real estate portfolio. One of the methods that's been most attractive to me is the BRRRR method; however, it's been difficult finding a lender who will do the cash-out refinances necessary for the method to work. At best, I've found lenders who require a 1+ year seasoning period before doing the refinance.

I'm currently working my way through the list of banks and credit unions in town, but it would help to have a little direction. Does anyone know any lenders who have a 6-month or shorter seasoning period (or who would lend more than the purchase price on cash deals)?

Thank you!

New member from Charlotte here. Sounds like this event will be a fabulous introduction to the BiggerPockets community here in CLT! Hope I'm not too late in RSVPing.