All Forum Posts by: N/A N/A

No problem Tony! I always check that first and then call one of my trusted appraisers that are kind enough to tell me their opinion of what they could get before moving forward. Best part is you're not spending any money when you're checking up compared to MLS or SiteX. Always here to help!

This is an awesome post! I'm getting really into this REO thing and it's really starting to make sense. I've found a couple of houses that ironically the day before I was to sign the purchase contract they were bought out from under me... :cry: I'm going with a hard money lender for a quick flip. The AZ market is great, just taking some patience to find great properties at a great price!

This is a site that I've found is pretty accurate when the appraisal is ordered. I always check this and then call my appraiser before he goes out to see what he thinks what value we can get.

http://www.bankofamerica.com/loansandhomes/index.cfm?template=hc_home_worth

I hope this helps you, feel free to ask me any questions that I might be able to answer. Thanks.

You could also try one of the mortgage brokers that you know. I used to have a handful of hard money lenders I would use for my investors. Also if you have over a 580 mid-score and proveable assets you can probably just go sub-prime as long as you don't have a PPP or are going to be making an extreme amount of money on the house.

Chris and Rocky,

That's awesome! Keep that attitude and don't give up educating yourself! It will pay off! I started out in the mortgage industry when I was eighteen, started out in marketing when I was 17. I'm now in my mid-twenties with a great resume and two books of business.

I haven't started investing in real estate yet but know a great deal about mortgages and finance. I think I've spent most of my time earning commissions for other peoples deals. The best part about it is I've gained an equivalent of at least two college educations and got paid for it!

The one thing I can say is never stop educating yourself and be innovative. Good luck out there!

I would really like to start out investing in foreclosures or pre-forclosures, and would like some advice. (Like everybody) I also think this is a really good topic.

Have you found more success on finding REO for a great price or pre-foreclosures for a straight sale?

How often do your tenants actually work out in a lease/purchase?

Have you ever experienced an un-expected negative cash flow? If so how did you prevent that in the future?

When buying either REO or Pre-Foreclosure do you typically put money down? Are you able to work off the appraised value to get a lower LTV when purchasing either type of property?

These are questions that I personally have, if you have any other advice or questions that you think need answers, please post them. Thanks!

Hi Penny. The return on mailers are typically 3-4% with a strong substance in the mailer. Post-cards with a nice graphic typically work best. Telemarketing usually produces a very high contact rate, with a lower conversion rate considering the outgoing calls, but can work great! I'm trying to get into buying pre-foreclosures myself, so I wouldn't give you advice there, but if there's one thing I know it's marketing and finance. Thanks and good luck!

Hi, I would love to find a foreclosure or pre-foreclosure in the east valley. Preferably something under 175k in decent condition. Can anyone help? Thanks.

I have SUPERLEADS! Really really good beginning of day files! $40 a piece. You have to meet some minimum qualifications though.

- practice in at least 5 states (not heavy hitting states like CA CO etc. you know what they are, because you want to be there!)

- max LTV 90% (if you raise it you can get leads cheaper)

- all types of refinance! (if you add purchase and like purchase and don't try to return every single one of them you won't believe how much cheaper these can go!)

- minimum order of 50 leads (no escaping the minimum, sorry)

My clients know that I fulfill what I say I'm going to, and that my leads work!!! Not all of them are going to turn into loans. (let's be honest with ourselves and a little humble. I know all of us loan officers and brokers and everyone else in the industry is the best!) What I want all of my clients to see is a good contact rate off of fresh leads, a good application rate, valid information on every lead, and how you close the loan is up to you! But over all the point is to get to a great cost per funding!!!

I want you to be able to be spending $300+ a night doing this :beer: because you're happy and you can! Instead of being so stressed out about how you should be making more money and feeling like this
:badwords: :protest:

Give me a call and I'll get you set up and have you running within one business day!

Dave Baker
866-905-3637

I've been with companies that have done that plenty of times before. It works really well, depending on who you're targeting. Typically Lower-Middle class demographics, will appreciate that. If you're going for a higher income bracket then you're going to need something more serious. With advertised direct marketing you are definitely only as strong as your weakest link.