All Forum Posts by: Lee S.

@Lee S.

Lee, what type of data are you looking for? I would suggest rather than an agent, you may find better luck with an escrow agent. Many escrow companies provide lists and data to real estate companies to mine and call and get clients.

There are also skip tracers out there that can get you data as well. Mojo dialer just came out with one and I can’t remember the others.

I already have a relationship with a title company to get all the typical data I need.  What I need for this purpose is listed home data, really just owner name, address, and list price.  Planning to test out a marketing idea.

@Lee S.

Seems about right... why would I give out data that I have to pay for and maintain a license? Why give out data that companies are making money selling via syndication to sites like Zillow/Trulia, Realtor.com, etc...

You really should just pay your fair share and sign up with the data syndicators and IDX hosts.

@Lee S. I am sorry Lee I maybe a little confused. What are you trying to find out? 

@Lee S. That is a great question I believe you can record the deed if it's under contract I would just confirm with the county recorders office. 

@Devin Hughes - thank you for the insight. That does make sense. Getting better deals with cash is always a leg up on getting the deal that you want, not the deal that you settle with.

@Bob Daniels - gotcha... that makes sense. Banks wouldn't let you do a conventional 5% on a trashed up area. I don't think they'll even loan on a house that inhabitable. 

What about if I have a paid off house and have a HELOC? Would that be something that could replace the hard money loans/ cash needed?

I'm not 100% knowledgeable on HELOC's but if I have a $200,000 home paid off, and get a HELOC of 70% then I could essentially have a $140,000 line of credit to use to buy and rehab, then refinance and pay back my HELOC, rinse and repeat? Am I missing something with this train of thought, or is that essentially how it would work?

one thing to remember we are dealing with today  not 3 years ago.. things are different as well as markets are different.. I was simply pointing out that the bRRR while it works no doubt  its not a fast process for most.. and if someone is really gunning to get things done quickly that might not be the fastest..  I mean I get the value add we are new construction home builders as well so I fully understand equity at the end of the build job.. 

@Matt Hudson my friend your drinking the BRRRR cool aid.. that's a very slow way to scale lets run the math.

you have 250k that buys you two properties.. you look and you look it takes you months to find them maybe more ergo your frustration.

you finally find the two pearls.. takes you about 30 days for a normal cash escrow.. now it takes you 30 to 90 days to do the rehab.. and then another 3 months to season in MOST cases to refi.. then your refi takes another month.. and of course your refi appraisal comes in low and you end up leaving money in the deal anyway ( this is quite common but not talked about.) so your going to grow at 2 homes per 7 to 8 months.. 

now lets say you put 20% down or 25k  on each house and financing them  you can buy 10 in a matter of 6 months.. 

your going to be 3 to 4 years getting to the same scale.. and if you saved 250k then while you making money on rentals and saving again you probably buy 1 to 2 a year after your first slug of 10... ???? so in my mind BRRR should have another R for RISK.. risk that the rehab goes wonky and way over budget. Risk that refi does not work he way you think or hope it will.. and of course 2 to 5 years from now maybe you don't get the great rates you get now if you just go out and buy 10 homes in the next 90 days at historic low rates and lock those in for 30 years.. your risking rates being 50% higher and cash flow not as good.

So that's the other side of the coin.. think about it.. and maybe you really want to buy a 750k mutli family and bunch the whole SFR idea.. if its rental income you want.

that's why Lori has the transaction coordinator she writes the contracts the coordinator makes sure every thing is signed and all disclosures are done and that all dates are adhered to etc etc.. then if she is in the field or whatever she can contact the coordinator day or night and send docs where they need to be sent.. help with scheduling etc.. its a great service for top producing agents that's for sure..  so I guess end of the day she might pay 20 to 25k a year .. but this still represents less than 10% of her income.. so anyone who has a six figure business like she does and only has 10% fixed costs.. that's not bad..  And the other thing for her is being in it for a few decades she spend ZERO on marketing its all referral .. you work very hard in the beginning  then with the computer these days you keep touching your clients and if you do a decent job they are going to refer business to you.. So its all organic .. its pretty cool really..   whereas those in the wholesaling game are constantly spending money to create income.. it never stops. your only as good as your marketing campaign and your ability to close.