All Forum Posts by: Oladimeji Sonibare

Hi, @Carlos Ptriawan. Any recommendations?

Quote from @Jp Kilduff:

There are skip tracing companies that offer skip tracing for LLCs as described. Flexible pricing plans that are cost-effective for this process. If you would like a referral code or more information, please let me know,

Please text me.

347-834-2206 

Quote from @Steve K.:

LLC owners are recorded and available simply by searching on the Secretary of State website in the state where the LLC is registered. Sometimes the articles of organization are available as well. However, sometimes the registered agent for the LLC is the owners attorney and not the actual owner, and sometimes the LLC is owned by a different LLC or entity, so it can be tricky in those cases. However, I find that if people have gone to these lengths to not have their personal info readily available, then they really don't want to be contacted or solicited, and it's usually not worth the time to go through all these steps to contact them.

 Thanks for your time, Steve.

Opencorporates.com has a lot of this info and I think they pull it directly from the Secretary of State sites as well. My only issue with this method is how tedious it can be. With longer lists, especially.

If there isn't a great alternative though, I'll stick with it.

@Steve K.

Hey, All.

In your experience, what's the most efficient way to find corporate owners?

I have a method of my own but it's super time-consuming. There's got to be a better way.

Thanks a ton!

Quote from @Mohammed Rahman:

Hey @Oladimeji Sonibare - I haven't done any flipping in NYC but I know the hardest part is actually sourcing the deals (which I'm sure you are already aware of). Most flippers that I've networked with have mentioned that the deals they've found or come across unfortunately don't have large enough margins for them to take on the deal. 

Hey, Mohammed.

I've heard the exact same thing about the margins. The flippers that I've met turn a vast majority of deals down. I met one that wants distressed property at 55% ARV. That hardly seems reasonable in this market.

For the active flippers,

What's the hardest part of flipping property in NYC? I'd love to know what your experiences have been. Buy-and-hold investing in NYC can be challenging, are you guys as impacted?

Quote from @Zachary Bliss:

Hello @Oladimeji Sonibare,

The best way to wholesale a Seller Financed deal is to negotiate the deal with favorable terms, then work your assignment fee into the down payment.

For example, if you agree with the seller on a 10k down payment, you can assign the contract to an investor with a 15k down payment, and the additional 5k would be your assignment fee. 

Thanks, Zachary. That’s what I imagined; I just wanted to make sure it was realistic. Have you wholesaled for a while?

Quote from @Mohammed Rahman:

Hey @Malik Rasheed! In terms of software that you *could* potentially think about using: PropStream is a well known tool but it does cost around ~$100/month. 

Alternatively, you could do other options to find properties. I know a couple of wholesalers based in NYC/LI in the forums too, you could try connecting with them. 

cc @Jean Tranquille @Oladimeji Sonibare

Hey, Malik. My best experiences have been with Driving for Dollars, to be completely honest. It’s a great way—in my experience—to put together a completely unique batch of leads and you’d be qualifying them at least partly based on how the property looks in person. Some of the images you see online can be outdated. The app I use for this is DealMachine.

For Skip-tracing, I use Batchleads but you can also Skip-trace within the DM app.

To cold-call my leads, I use a dialer called CallTools. It’s a dialer combined with a CRM so you can keep good track of your customer interactions. I would recommend cold-calling over direct mail; the response rates tend to be significantly higher and there’s opportunity for follow-up questions instead of a simple yes or no.

Best of luck! (Thanks for the tag, Mohammed.)

Quote from @Oladimeji Sonibare:

Hey, Guys!

I’ve got a property that’s for sale by owner and the owner is warming up to the idea of Seller-Financing. Is there anyone that’s wholesaled a seller-financed property before? Any complications I should look out for? How best do we combine creative financing and wholesaling?

Thanks for your time!

For clarity,

I’m warming the owner up to owner financing because the house is in livable condition, just super outdated. Using seller-financing, in this case, could significantly reduce the amount of cash in the deal and increase ROI as a result. Instead of paying cash for the whole property, we’d only be providing the owner a small downpayment and holding costs would be super negotiable.

Hey, Guys!

I’ve got a property that’s for sale by owner and the owner is warming up to the idea of Seller-Financing. Is there anyone that’s wholesaled a seller-financed property before? Any complications I should look out for? How best do we combine creative financing and wholesaling?

Thanks for your time!