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All Forum Posts by: Michael Mullins

Michael Mullins has started 2 posts and replied 9 times.

Nathan Waters Well, condolences worked. I am going in to see the property Monday. Nobody else ever has. Spoke to the daughter who connected me to the mother, who divorced the father who died a few years ago. He left her in some serious debts with no will or estate plans. I will have my attorneys try to help this woman. But, bones of prop look good, provided I get it below 300k, preferably below 250, rehab and resell for 500k minimum. Like you said, you never know unless you knock.
So... called the family business which isn't in business anymore. Did some research and sent a sympathy card to what seems to be widows address with no response. Just reached out to the elder daughter through Facebook with a sincere message that also gets to the point. I guess like anything, well just see how it goes. I'll update if anything happens from that. Thanks again for the recommendation.
One possible solution is to total up your available credit to see if you have enough space to borrow it, possibly balance transfer what you've already spent to a new promotional 21 month-3% card (I forget which one it is but you can google that), and then issue a 2% courtesy check to yourself for the amount that you need. That will be a 12 month promotional rate though, so make sure you know exactly what your strategy for paying that off will be before you do it. Discipline is key, don't miss any payments, and then as long as you've paid down a good portion, you could refinance the debts through additional low percentage balance transfers again or some kind of LOC from a bank. How much are you really looking to borrow to complete the project? You can send me a message if you don't want to broadcast this information or if you want help figuring out the CC scenario (I am a master at leveraging CC money).
Nathan Waters As my father used to say, "you don't get what you don't ask for." I always "ask" or in this case "knock." I will get on it manana.
Why not show him a 2-4 family where he can potentially have cash flow or live free? Buying a SFH isn't really an investment it's speculation that the market will go up - and FL has definitely had its downfalls.
Nathan Waters Thanks for responding. I will try exactly that - I am new and don't want to start off on the wrong foot. Appreciate it!
Hi, 
I got a lead on a property today for a vacant home. The homeowner died and the children (older adults) have ownership but haven't done anything with it. What would you suggest is the best way to approach or "solicit" the owners while still being empathetic to their loss of family member? Does anyone have an example of how they approached this scenario? 
The current owners have a local business and I had thought sending a personal letter directly to the business might be a possibility or researching where they live and sending letter directly to their house (which seems a bit stalker style). I appreciate your thoughts and suggestions for this. Thanks!
Hi, I got a lead on a property today for a vacant home. The homeowner died and the children (older adults) have ownership but haven't done anything with it. What would you suggest is the best way to approach or "solicit" the owners while still being empathetic to their loss of family member? Does anyone have an example of how they approached this scenario? The current owners have a local business and I had thought sending a personal letter directly to the business might be a possibility or researching where they live and sending letter directly to their house (stalker style). I appreciate your thoughts and suggestions for this. Thanks!

Post: Flip with Hard Money

Michael MullinsPosted
  • Red Bank, NJ
  • Posts 9
  • Votes 3
To answer your question simply, yes. Depending on your credit card limits it can be a great way to use funds and SUPER cheap. For instance, if your credit cards are like mine, then every month you get 2-3 "convenience checks" issued for you to use anyway you like (though they want you to transfer balances). The checks can be written to cash for 0-3% transaction cost and 0% interest for 12-18 months depending on the cards. You have to make sure that the branch you cash the check at has the amount of cash on hand, so call ahead. As long as you can pay the monthly minimum which is between 1-2% of the balance and you can confidently flip out the house within the limited timeframe, then do it. You won't find cheaper money anywhere else. I recommend that you have at least two cards with equal limits so that you can max out the one card, paying it back over the 12-18 month period, and if you have to transfer the remaining balance you are only going to pay 0-2% transaction fee on the reduced balance (again, much cheaper than conventional methods) and have enough credit limit to allow the transfer, just don't ever miss a payment or the back interest will be dropped on you at around 25% APR. I have personally borrowed 20, 34, and 40k from my card(s) at once, over the years. Discover even has 0% transaction fee balance transfers and 0% interest for 12 months if you need to float a little longer than the timeframe of the convenience check. I also recommend offsetting and timeframes by 6 months so things aren't due all at once.