All Forum Posts by: John Cantu

My thoughts exactly on the grammar. Those are copies. 

Hey BP,  

A lender reached out to me with what seems to be an attractive loan program. 1-15 year terms, 6 percent starting rates, even 100 percent funding. Only thing that made me hesitate was he requires a 20 percent downpayment that doesn't go into an escrow account and is apparently reimbursed once the loan is funded. I checked reviews on his services and they seemed legit so that's why I'm wondering if this is normal and just something I've never heard of before. I've got plenty of funding sources but as I stated, he reached out to me and provided details. 

Any feedback on this would be appreciated. I copied some of the conversation. Thanks!

You go through it and get back to me if you are in agreement with it so i send you my loan application form to fill up and i will start working on the loan approval

What is the percentage of the down payment?

Loans from $20,000 to $100,000 cost 10% of the total funds you will be needing loans above $100,000 to $500,000 cost 5% and loans from $500,000 and above cost 1%

Are you in agreement with my terms and conditions so i send you my loan application form to fill up

Does that down payment go into an escrow account? Everything looks good, but I’d like to look a bit more into your company before making any type of agreement. It sounds like an excellent program, and for that reason I have to do a bit more due diligence before submitting an application.

Okay. I do not work with escrow. You get back to me when you are ready

So the down payment goes into your company’s account and then is reimbursed at the time of the loan disbursement?

Yes but the loan has to be approved first before getting the down payment paid

Hey Everyone,

My partner and I are looking at a 7 unit property, fully occupied with great cash flow, 12% cap rate. We have the down payment through a private lender, however, we feel like it may be a little challenging to add enough value to refinance to get our investor paid back. What options would be available to us? Are there any hard money lenders that would finance 100 percent of the deal since it has strong cash flows? Thanks!

Hey everyone,

I've noticed a much bettter response rate when sending out direct mail from owners of condos and townhomes. It seems owners don't have nearly as much vested in the types of properties, which makes it easier to find the motivated sellers. I'm thinking about doing a campaign where I target only these types of properties. 

However, as a wholesaler I don't know many investors buying condos or townhouses. I know it's not the popular choice but it might be a good niche if there is some interest. Just thought I'd ask if there are any investors here in Houston who do actively invest in condos. With the increasing popularity of Airbnb, it might be a good time to start. 

John 

Hi Everyone, 

Does anyone ever target Trusts in their direct mail marketing? I'm thinking of targeting only Trusts on my next campaign but have not really heard much about Trusts being a good source of leads. Anyone have any thoughts? Thanks. 

John 

Hello Everyone,

Is anyone in the Texas market still seeing success with direct mailers sent out using online lists? It seems it's gotten more competitive than ever with everyone using this method of marketing. Anyone still seeing success with this type of marketing. 

John 

Be persistent, man. It's not that easy in Houston, especially for the smaller budgets but it can be done. 

Hello Everyone,

I've come across a good opportunity for Condo investments in the Houston area. I know Condos are not very sought after by many but if you'e interested in condo I'd like to connect with you. I'd also like to know if there is anyone in the Houston market making it work with Condo investments. Thanks!

John

if you feel like you can make a solid wholesale fee then that would probably be the easiest thing to do considering you have poor credit and zero money right now. Now if it's a killer deal for either a flip or rental, 12k-15k isn't hard to find. 

It's kind of hard to answer the question without an ARV and cost of repairs. There's no way of knowing if its a good deal to begin with. Do you have that information?