All Forum Posts by: John K.

Scenario #1:  Recent widow/divorcee is now faced with making a mortgage, that he/she cannot afford. The payoff is 150K, however the home is in  need of many repairs/upgrades, thus the best offer that was received was 120K. He/she of course does not have the 30K in cash to pay off the note, and the bank is certainly not going to show them compassion. The only viable solution is to sub 2 this property to an experienced investor, that knows how to make this work. This saves the party from a foreclosure, which would be catastrophic to their credit, thus making a bad situation, worse. 

Scenario #2:  A family facing a foreclosure in a few short months, has the decision to sell their property sub 2, to save their credit, or destroy their credit by allowing the foreclosure to proceed. Late payments on credit are more forgivable and usually only take a few months of on-time payments to reverse, however a foreclosure is the atomic bomb of credit disasters. At best, it will take 7-10 years to reverse it's effect. 

As far as being slimy or not, let's be honest. The exact same thing can be said of landlords, those that this applies, are referred to as slum lords. 

2019 has proven to be a very exciting, yet expensive year for iWholesale.

Launching an automated lead generation system of SFR and MF units, in 65+ counties. The system, at a cost of nearly 20K, it is now producing 500+ targeted properties, daily.

But....I was not satisfied!

It took longer than I hoped, but it's here!

The same system that is producing those leads above, has now been expanded to include Mobile Home Parks...statewide!

On Deck....Land!

With 2 parks already under contract, after only 30 days of launching, I know I have a productive system.

  *Owner Financing available on many of my deals

  * Any park size you can imagine, if it's in Texas, I will find it!

If you have an interest in MHP, then let's talk. Please understand, I will qualify each and every investor. 

@Chaz Spackman

I think you need to know for sure that the owner of the park will agree with your thought process, or not. If they don't see it the same way and decided to challenge your view, it could get expensive in a hurry. 

I don't know if it's a red flag or not. I have several clients that live in the metroplex area, that I have never met in person. I have talked to them countless times on the phone, but have never met them. 

I can't think of a "red flag" moment, by meeting or not. It's either going to be a deal or not.

There are some people that take much more caution when it comes to meeting someone, for the first time, given the state of society these days. She may be just ultra cautious at first. 

If you wanted to still pursue the deal and the numbers work for you, see how the transaction goes, step by step. If something doesn't sound right, then walk. I wouldn't walk from a deal, simply because they didn't want to meet in person. 

@Ben Steever

It is free. Just create a new GMail account and you get a GVoice number with it. 

@Ben Steever

If you are just wanting a line for your tenants to call in on, I would use Google Voice. It's free and offers all the necessities that you would need. 

Create a new Google account that everyone has access to, this way you can have as many users as you want.

@Joseph Firmin

I signed up for the trial run of REIPro, because it offered some lead sources that I liked.

I created various lead lists and downloaded them into my DB. I didn't catch it at first, but it was a few days in when I started to get a lot of errors from my automated systems, as those leads were being processed. 

I researched the problem and discovered that some of the property owners listed by REIPro, were inaccurate. I did some manual investigating and discovered that their system was just pulling names that were listed in the public records, not taking into account that the property had been sold. I never did an actual count, but I would guess that 4-6 out of 10 owners, were inaccurate. 

@Gage Clark

As @Brooke Andrea mentioned. Wholesalers and agents can definitely team up and help each other, greatly. Wholesalers generate more leads per dollar than most realtors can imagine. The unfortunate hard fact is, as a wholesaler, I can't always strike a deal with a seller. This means I have to turn it over to one of my agent "partners", for a fee of course. This is a huge benefit to those agents, as they won't need to spend their money on ads that may or may not be effective, instead they are provided solid leads of sellers that definitely want to sell their home. 

@Erik A.

The first thing you need to find out, is his payoff amount. 

If all that checks out, he is not in the ideal position to be negotiating much. 

You could just tell him that the last thing he wants on his credit, is a foreclosure. That is the atomic bomb of credit disasters. It will be far more costly for him to have a foreclosure hanging over him, than any profit he may be trying for on the sale. 

The 5 day time line is a bit tight, Can your title company and buyer, move that fast? 

Can he be moved completely out, in 5 days? 

You're welcome