All Forum Posts by: Jon Ladas

Hey all,

A developer I was talking to told me about a way to acquire properties by having the seller put the property in an LLC and transferring ownership of the LLC (or selling the LLC) with all it's assets to a new owner. The idea behind this is it avoids having to get qualified by a bank and closing costs. Think of this as an assumable mortgage without having to go through underwriting. So the goal would be for the property to be transferred to a new owner while keeping in tact the same mortgage.

Here's an example of what I'm attempting to articulate:
Betty owes $500,000 on her home at '123 Banana Street'. This $500,000 property has a 30 year mortgage with 25 year left at a 3% interest rate. Betty puts '123 Banana St' into 'Banana St LLC' and transfers/sells 'Banana St LLC' with all its assets to a fellow names Jerry. Jerry now owns 'Banana St LLC' and all its assets. So now Jerry "owns" 123 Banana St with a $500k mortgage at 3% interest.

So my question is: Could anything change with the mortgage if the LLC is under new ownership (other than a bank potentially calling the loan due which is typically in any 30 year fixed) 

Then the icing on the cake: Obviously I'm attempting to pull this off right now lol. The kicker is that the seller currently has an FHA loan on the property. I was just going to assume the mortgage but this LLC transfer would be much faster and time is of the essence (per usual).

Does anyone have experience with this? 
Does anyone have experience doing this with an FHA loan?
I have a call with my attorney tomorrow but figured I'd ask here for additional info and any experiences others have had. 

Hopefully I've explained clearly but if not drop some questions below and I'll try to clarify any confusion.

And I'm sure there are state specific guidelines so if it makes a difference I'm in Massachusetts 


Thank you!!

I was using BeenVerified.com for a few years but don't like it and no longer use it. It's a monthly payment with unlimited skip traces. 99% of the time the emails are not correct. They usually give you a ton of phone numbers and I spend a lot of time calling/texting them and they're typically wrong numbers or disconnected. They usually find 1 good number but its a landline so you can't follow up with texts

My favorite in Batchleads.io - I think its $39/mo for the base service then $0.14 per skip. From my experience, this one is VERY accurate. They also don't charge you if they don't find any valid numbers/emails.

I'm looking to try others 

Hey all!

So when I see a property that could be a potential deal I look it up on public record (using my MLS) to find the owner name. I then skip trace their information etc.

I have been running into an issue where not all properties are on public record. I drive back to these properties and search them on google maps to make sure I did not put in the wrong street number/name. I also search just the street name and scroll through all the numbers around it to see if it exists.

For example: 203 Main st. - I confirmed that the address is 203 Main st. I search Main st on public record and it skips over 203. i.e. 200-202 exist and 204-207 exist but no 203.

Has anyone else encountered this issue?

If so how do you go about finding more about the property. 

I have written them letters but I have to address the envelope as "owner of 203 Main St" and have never received a response. 

Appreciate any feedback and/or suggestions!

What's going on guys? Hopefully everyone who sees this post will be able to take something away from the comments because it's always good to add more tools to that tool box. 

I'm experimenting with my VA and wanted to see what types of scripts have been working for your VA's. VA script for off markets and VA scripts for setting appointments to acquire listings (I'm an agent as well). Absentee owners, foreclosures, distressed, zombie props, etc. Whatever your specialty is I come across all different types.

And just to be fully transparent, I am still making calls on my own however I want to ramp it up and put a VA to work to help me cover more ground. Looking to take my 10,000+ addresses and have my VA weed through the ones that have no desire whatsoever to sell that way I'm spending less time on these ones and more time talking to qualified leads that I can set appointments with.

The qualifying questions are probably all going to be very similar, i.e. where would you go if you were to sell, what is your timeframe, why do you want to sell, what's your price, how'd you get that number, what have you done for work etc...

So I'm more interested in hearing everyone's openers and maybe some objection handlers that have worked for you/your VA.

Thank youuuuuuuuuuuuuuu
 

What's going on guys? Recently I have stepped up my texting game because it feels like a lot of property owners are dodging phone calls. Maybe they think I'm the bank, maybe they think I'm a tenant, or maybe they're just sick of people calling asking them to sell. 

I have been getting 25-50% response rate with texting. My word path changes depending on the type of property and their situation (absentee owner, short sale, zombie prop etc...). 

What have you seen with texting? 

What scripts have worked for you?

What scripts have stopped working for you?

If you're not texting I highly recommend you looking into it. Review the texting laws in the areas that you are targeting. For example, I cannot send out more than 30 texts at a time or I'll be flagged for spamming. I also need to change the word path because if I send the same text out to 30 numbers there's a good chance I'll get reported. Basically you have to "manually" text individuals and not mass text because there are significant fines. So again, review state and fed laws before you just start firing off texts. 

Thank youuuuuuuu

@Ken Martin

I have not found a certain time of day works best. Over the last year I have been getting more voicemails than usual. Why? My guess is because owners are dodging calls from the banks and tenants. I don't know that for sure but It's just my opinion.

I have not been using a service. A couple of my friends who are wholesalers have hired VAs to sift through the millions of numbers and narrow them down to accurate numbers. Then when they get someone on the phone they ask a few questions and then have "management follow up."

I have not hired a VA because I like to do things myself because no one is going to work as hard as you in your business. I have been receiving a lot of responses via text. If someone doesn't answer I shoot them a text.

@Matthew Watson that is awesome news! congratulations on so much success from cold calling. 

You're script is very similar to mine when I am looking for properties for myself. 

When I am looking for clients (typically investors) I say:

Sorry to call you out of the blue but I am working with a client who drove by your property/building at 123 banana street and asked me to reach out to see what your plans were for the property.

I have been experimenting with a lot of different language in my calls and have found that asking open ended questions have brought the most value to both parties. 

Then at the end ALWAYS ask for the referral. This is something I have not been disciplined enough with because I tend to forget if I'm not reading my scripts but I'd say 20% of the time I receive a decent response. 

"So what I'm hearing mr seller is that you don't want to sell because this is a cash cow for you, which I completely understand and I would feel the exact same way if my properties were performing as great as yours is. So before I let you go who do you know that may be sick of landlording or just looking to offload a property?"

Never ask "do you know anyone looking to sell?" This is a question that if you give them the option to say no they will 99.9% of the time. When you ask "who do you know" almost every single time there's a pause (to think) and then a response. You still get the majority who tells you, "I don't know anyone sorry" but I have received a lot of referrals this way. A lot of the referrals don't work out because of price of timing BUT you ask them for a referral and these referrals compound and you have 10x more connections than if you ask "do you know anyone" or just don't ask in general.

I did not purchase any properties in 2020 but from my cold calls I wholesaled two properties and around $6 million of my sales came from cold calling last year. 

Advice, KEEP GOING. I have plenty of days where I leave 100 voicemails or have 0 decent conversations and want to give up. But the times when you don't want to do something are the times that its most important for you to do it. 

It never gets easier for me to start my calls and every day the first 3-5 are a force. But once I get into the double digits I'm cruising and can bang out a ton of calls.

Hope I brought some value!

Good luck going forward and keep going!

Love this. I house hack and live for free + cash flow $800/mo

I'm also closing on an off market multi for one of my clients who will be house hacking and he will be living for free and cash flowing $600/mo. Rents are WAY below market on one of the units, I'm talking $600-$800 under. Plus that unit hasn't been updated since the 80s so he has some serious value add. As is, he can raise that rent by $600 and be cash flowing $1200/mo. Let's say he has no additional cash from his full time job (which shouldn't be the case because he's saving $1,100/mo on what he was spending on rent...he's now living for free remember?).
Anyways, in two years he'll have $28,800 (assuming he saves every penny) but let's say that extra cash is burning a hole in his pocket so he spends $10k. He has an additional $18,800 in his account that can be used for another house hack OR he throws that $19k into the renovations of that out dated unit and gets some new renters in his luxury unit for another $600/mo. Now he's cash flowing $1,800/mo. 
1 year = $21,600 (downpayment for another house hack)
2 years = $43,200 (more than a lot of people's salaries and plenty for another 3.5% down house hack!)

That compound income is the beauty of Real estate

THANK YOUUUUUUU

Congratulations! Love that you dove right in to a large prop but on top of that out of state! A lot of my investors hate the idea of going out of state, I personally love the idea!

Best of luck going forward! 

Make your phone calls EVERY DAY! 

They are the cheapest way to generate leads. When you start in this business you have more time than money (usually). Just remember, if it's easy to do, it's easy not to do. 

PICK UP THE PHONE AND START DIALING