All Forum Posts by: Kevin W.

What are tall tale signs of fraud in a party posing as a "lender"? I am preparing a list that I will begin to engage once I vet them for credibility. My personal network is tapped out. I am more than eager to put in the time in interviewing lenders and having conservations. My struggle has been finding these types of lenders  I was planning to partner with an institution who can lend on a rolling basis, as deals come up I can draw on their credit.

Are there institutional lenders who are comfortable in financing an acquisition, where the property is used as collateral?

Has anyone gone through the process of screening and selecting a private lender to work with? I am having a hard time narrowing the list down between what I found from google searches and Facebook groups.

Thanks,

Michael, I am pulling these directly from the court house. It's not the equity in the property, it's all the other liens! Late payment charges, medical expenses, unpaid water/electrical/phone, HELOC's gone awry, etc. I want to say <10% are the textbook >30% equity, just fell behind on payments, need to sell.

I have a ton of pre-foreclosures in my area, but upon screening the court files, it appears the debt outstanding is right around the ARV or market value of some of these properties. Is this customary for pre-foreclosure lists? I pulled lists looking for a home for myself, but was considering wholesaling those that don't check my boxes. Out of 100 or so homes, maybe ~5 are worthy deals with equity.

Is there a way to make money off these pre-foreclosures that are interested in selling?

The backbone of wholesaling. What do you explain this as to your sellers? Some sellers don't care, others have a problem with the truth of what this document allows.

What do you say when sellers ask, what is this document for?

Hi all, with a bit of a lull in my business, I decided to try a tax delinquency list. I noticed most of the prospects with high tax liabilities are recent owners. For example Susie Q purchased a home in 2015 and hasn't paid taxes since buying. Working through half this list, I'd say that 70% of these high balance tax liability prospects are low equity (recent buyers). Is this common?

Also, question to the gurus. In a delinquency situation, what % of the list is actually "motivated"? Seeing the quality of leads on this list, it will be under 10% of solid (high equity, high tax liability) leads.

Thanks,

New Wholesaler

Hi all,

Long time lurker, first time poster. Just closed on my first multifamily deal (owner occupied) and there are existing tenants. They have an incredible setup, complete with the "nicer" unit in the home, central air, and an attic full of storage. Market rent is ~$1,200 for comps without storage and central air. They really have a SWEET deal. 

Their rent is $950, or $250 below market rate of $1,200. Rent has to go up when we take ownership, but how much? They are month to month, and have been in this unit for 2 years without expressing interest of leaving. Landlord mentioned they are some of the best tenants hes had (prepaying 3 months in advance upon traveling, always on time, quiet and respectful, meticulously maintain their unit). 

Hey All,

Long time lurker but first time poster. I feel confident saying that this forum gave me the confidence to close on my first duplex.

So naturally, I now have to come back to the forum with questions! This home is a 2 story 2 family, previously occupied by parents/kids who grew a family and moved upstairs. This home only has 1 zone on 1 hot water boiler. I'm in a dilemma on whether or not to simply add 1 zone on the boiler, as its clearly able to heat both stories. Or, split up the piping, install a gas meter, and install 2 separate smaller (60,000 BTU) boilers to keep units independent. I will be living on the first story of this home. 

If I keep the boiler the same, I would charge a flat rate monthly and "include" utilities. If I split the units, I would make tenants responsible for utilities. 

Can someone who's dealt with a similar situation please chime in? Maybe there are other options on the table?