All Forum Posts by: Justin Howe

@Mike Mankowski I think @Claire Trammell nailed it! Yellow letters tend to generate a higher response rate but not necessarily a higher close rate. Postcards generate a lower response but like she said, more quality calls. 

One thing to consider with direct mail is if you're sending a letter, the person receiving it has to open an envelope before they read your message. With a postcard, they immediately can read your message without opening anything.

@Patrick Longhi In AZ, probate files can be found online as well. I recommend you find out if you can find this information online for your state because it will be a lot easier than asking people at the courts. 

Try to mix up what you're asking for. Sometimes people simply don't understand what you're asking for so they say immediately say no. 

You could also call each county courthouse and asking them about the process to get this information, before you head to each one in person. 

What's your goal Kelly? Do you want to build an asset and be a landlord? Or would you rather sell the property and not worry about leaky toilets? 

@Abou C. Keep in mind if you can click a button and purchase a list of names, so can everyone else. So get creative with your marketing efforts. Try different envelopes, colors, sizes, tweak your message, ect. Also narrow down your search criteria. For ex, properties must have at least 40% equity, in a specific zip code, owner owned the house for 5 years +... Good luck!

@Percy N. Just sent you a message.

@Jake Recz Yeah I've talked to a few HMLs but decided against it. Most charge $1k origination fee plus 16% interest. Thanks for the suggestion

Hey BP!

I'm not sure if this is posted in the right spot or not, but I'm looking to secure $40k in private money to close on a property.

Long story short...

I submitted an all cash offer two months ago on a short sale and someone else offered more so I moved on. Yesterday, my agent let me know that it's back on the market and the bank wanted to accept my cash offer of $170k, but I'm $50k short. I'm putting $120k of my own funds in the deal. ARV is $250k. I plan on living in this property as my primary residence and will obtain a mortgage right after closing.

My assumption is within 60 days after closing, my mortgage will be in place. So I'm only seeking a short term loan. You will have first lien position on the property.

If you or know someone else who is interested in lending private money, please reach out to me.

Thank you!

@Darren Eady

 I'll check out DocMagic, thanks for the suggestion. What rules change for owner occupied over non-owner occupied?

Hello BP,

A friend of mine approached me about being a possible hard money lender on a property. I've never been a lender so I literally have no clue what documents or steps are needed.

Here's what I know.

- Owner owns the property free and clear

- Wants a short term (3-4 months)

- First lien position

- Asking for $110k. Property value $360k~

- Property owner is self employed, can't get a loan from a bank

- Primary residence for owner

How would you underwrite this deal (property and owner), negotiate terms, ect?

What documents/disclosures are needed?

Exit strategy...what if the owner doesn't pay monthly payments or doesn't pay off at the end of the term? Foreclosure?

Any advice is greatly appreciated.

Thank you!

I'm following as well...interested to hear what the experts have to say.