All Forum Posts by: Jesse Richardson

Hi Everyone,

I've been an avid investor and currently have 8 rentals and another primary residence.

I'm about to retire from the Air Force after 21 years (enlisted yes). It's been a great career but now I'm transitioning into mortgage lending. I'm currently under a mortgage broker in CA. I love it! Split is great and the owner is awesome. It's solid, but marketing is on my own.

My main question is what is the best way to generate business as an MLO? What successful marketing strategies have you done?

What are your thoughts on mailers? Social media? etc?

Thank you all!

Jesse

@Scott Goulet. we use patricia Oconnor at springeq.com.

http://www.wholesale.springeq.com/

call her. they are licensed in 40 states

Jesse

I super excited to announce that I passed the MLO endorsement exam yesterday. I passed on first attempt too.

With that, I submitted my paperwork to retire from the Air Force after 21 years

I will be a full time MLO starting in April of 2022 with Citizens Financial in Vacaville, CA. We are currently licensed in CA, but are opening offices in NV, OR, ID, TX, and FL.

Things are falling into place and I'm ready for this next chapter in our lives.

Thank you all for your responses. I appreciate it. That's whybi was thinking too, but after consulting friends, who dont own rentals, they all said to maintain as I am with the rentals paid off and buy one by one. 

Hey BP,

I have two properties paid off in NJ. I'd like to keep buying in this particular market, because I have a great deal going with my agent and they cash flow well.

My question is, do I keep them paid off, and collect straight cashflow, with a lower ROI, or do I refinance, pull out the cash ($120,000 each), which is about 25-30% of the value.

With that cash, I could buy 6 more. With rates being very low, it would be nice to capitalize on this opportunity.

Thank you for your input!

Jesse

heard this in a podcast. Take 35% off the gross rent for repairs, capex, vacancy, and management. then subtract PITI, HOA's, PMI, etc. Figure out what your happy with as far as whats left over. If you still have 10% of your gross rent, it's a good deal in my book.

Are you single? Aftwr you live there for a bit and get more familiar with the property, you should just pay $500/month rent to a buddy to rent a room and then rent out that 4th unit for $770, if that actually is the market rent. 

HI,

I'm looking for some help in regards to finding deals using yellow letters. Could anyone that has used this type of marketing campaign tell me if it worked for you and what list you used that was effective?

The other question I have is, what was your plan once a person called?  Were you planning on buying the property for cash, do a wrap or subject to, or seller finance?  Getting them on the phone is one thing, but converting them to being an actual seller is, instead of a tire kicker, is another thing. 

Finally, does anyone have a "subject to" or seller finance contract or where can I get one?

Thanks,

Jesse

peter,

I'm looking to purchase properties in that area, mostly lumberton, Mount holly, and maybe other areas nearby. Can you send me some more details of each package?

Thanks,

Jesse

I can't answer the questions about AACO, but I think you're shooting pretty high for the credit score.   Is your property in an A, B, or C class?  I'm going to guess A or B, but still, don't expect most people to have perfect scores.  Shoot for 600 or above, but also look at recent late payments etc.

You could also use a weighted points system instead of straight up disqualifying a tenant because they don't meet 1 requirement, but all the others seem fine.  They need to bring in at least 3x the rent for their gross income.

You won't need a property management system for the 1 place.  Just check on the first for your rent check and notify them if they don't pay.  Put an eviction notice on their door on day 3 of being late (check state law).

I recently learned that Trulia has a tool that you can advertise on their website and it goes out to many other websites.  Should make it easier to advertise.

I can't answer the questions about AACO, but I think you're shooting pretty high for the credit score.   Is your property in an A, B, or C class?  I'm going to guess A or B, but still, don't expect most people to have perfect scores.  Shoot for 600 or above, but also look at recent late payments etc.

You could also use a weighted points system instead of straight up disqualifying a tenant because they don't meet 1 requirement, but all the others seem fine.  They need to bring in at least 3x the rent for their gross income.

You won't need a property management system for the 1 place.  Just check on the first for your rent check and notify them if they don't pay.  Put an eviction notice on their door on day 3 of being late (check state law).

I recently learned that Trulia has a tool that you can advertise on their website and it goes out to many other websites.  Should make it easier to advertise.