All Forum Posts by: Jonathan Studdard

I have a Missouri LLC partnership with a DBA (2 members). Our bank account is under our DBA name. We are starting to mail and will be putting properties under contract and assigning them to investor-buyers (wholesaling).

What is the proper way to sign the original purchase contract with the seller as our LLC using the DBA name?

Can one of us sign it or do we both need to sign?

Thanks in advance!

I'm about to start mail marketing with simple yellow letters. I've read that it's important to follow up with phone calls. Does anyone have a script they've used with success for mail follow-up calls? Or just any advice for starting the conversation and steering it into the direction we want? All I've got so far is "Hey Seller, my name is Jon and I was just following up about a letter I sent you last week about your property located at 123 Main street."

Thanks in advance!

My business partner and I are looking to start generating leads in our area with mail. However, we know absentee owners are probably getting blown up with other mail. 

We plan to get on listsource and mail absentee owners with 50-70% equity in the property, but I know there are other events like tax liens, divorce, etc. that cause people to want to sell. We'd like to target some of those as well, but aren't sure how to go about putting a list like that together. 

We want our mailers to speak to the problems of the type of sellers we are targeting, and we want to think outside the absentee owners box. Who do you mail and how do you generate your lists? 

Any advice is much appreciated. 

Thanks guys. 

My concern lies in being able to make offers fast. 

So my broad goal is to find and rehab properties to rent out, then refinance to get my cash and new equity out after 6 months. I want to grow a rental portfolio with all properties ultimately in traditional mortgages.

I'm not sure what type of lender I'll ultimately go with, and am learning more about each. I understand I'll need a pre-approval document from a lender to make any offers on any deals. 

Do I only obtain this from the lender once I bring them a deal I've structured?

Or can I get a more universal, conditional pre-approval letter beforehand so I can make an offer quicker?

How does this typically differ with each type of lender?

Thanks in advance.

Thanks for all the input guys. My family I'm referring to is basically my fiance, who since reading all your great responses, has agreed that paying our mortgage would leave us nothing for a rainy day, and nothing to grow any wealth with (unless we used a HELOC). We've both realized that our interest rate is so low that paying it isn't really urgent, and we both like the idea of putting $50,000 aside for the rainy day much more than $10,000 (which disappears quick these days, especially if business goes south). If we use $90,000 to pay down half the mortgage and save $50,000, then we can invest $60,000 and still refinance and take out a HELOC. I guess my question becomes, "Can I create the cash flow I want fast enough with $60,000, or should I use more of the cash to get me where I want to be quicker?" As long as we have a healthy enough chunk for savings, the most important thing to us is the financial freedom that comes from more monthly cash flow.

I read that book when I was in middle school. This is a concept I'm trying to get to resonate with my family (make money work for you). The problem is that I have no experience in REI and even after listening to podcast after podcast, article after article, I'm still playing pin the tail on the donkey as far as where to begin. People's answers are so contradicting when it comes to starting out. They say to use your own cash if you can, or never use your own cash. They say you can't start REI with $10,000 while others say that if you don't see how you can start with $10,000 then REI isn't for you. I cannot put together a game plan until I know the wisest way to use my money (or others money).

I have 30 year mortgage (rate is below 4%) on my current residence where I've lived for about a year. I could pay it off (I owe $185,000) and have about $10,000 in emergency savings leftover. My family thinks I should pay it off then save because my wife and I are business owners without guaranteed financial security, but I read that with my low rate mortgage I could grow wealth faster with responsible leverage, but this is a hard sell to my family who has 0 interest or faith in REI. Should I pay off my entire mortgage and keep saving for a second investment property, should I pay down and refinance my mortgage and invest/save the rest, or can I start cash flowing enough to cover my living expenses without being a REI pro?

Try this spreadsheet.

https://www.biggerpockets.com/forums/88/topics/255...

Only things I don't see are some closing costs @ purchase (insurance, title work), holding costs, lender fees (broker and usually lender's attorney fees), and a realtor fee (if you're using one). In any case, I would hardly consider advice from myself as a green light.