All Forum Posts by: Dan Miller

I've used listsource.com before. They are an online list broker that can provide list of non-owner occupied homes in any zip code or region.

Got a call from a seller and here's the info:

SFH that he described in good condition, needing updating on the finished basement and the bathroom as well as a new roof probably (mainly b/c it's old, not b/c it's leaking). He said the kitchen is updated and it has new windows, carpet, and paint. Comps in area sell for 210-250k or so. This house only has 1bath (but 4 BRs), whereas many have 2BA, so let's assume the lower end of the range. He listed for a while at 290k, and eventually dropped to 199k, but has now withdrawn the property from the market. He wants to sell because a) his agent wasn't able to b)he's aging and can't climb stairs anymore. He's also behind on his 2nd mortgage by 2 months, but current on the first, which is somewhat odd (this is arrears of about $700).

He owes 139k and wants about 10k at closing. Said he'd take 150k and sell subject 2.

There seems to be equity in the property and a possible deal. The possible red flags are a) why wasn't he able to sell it for 199k when most sales are in the low to mid 200s in the area; b) why doesn't he just list it again at a lower price; c) what is he not telling me about his situation given that he's behind on his 2nd, which is a small amount?

I have an appt with him on Sunday...curious to hear opinions on how to handle this. I was thinking of offering 149k, subject 2 existing financing as well as paying closing costs, and brining the loan current.

I would love to then flip the property to a handyman end buyer to put in the 15-20k and create a property worth 220-230k.

Thoughts?

How critical is a website for a new investor? I know the value of the internet and the value of an additional response channel and the value of the credibility, but how much of "MUST HAVE" is it for someone on a limited budget? I would want a site that allows buyers to submit their information on the property they want to sell, and so far, I've only seen companies that charge $500+ plus $50/month for setting that up. I know there are some cheaper sites like Vista Print or Yahoo or Google apps, but I don't think they allow for that type of flexibility like multiple pages and a seller info form.

Thoughts?

Thanks,
Dan

Can anyone tell me the best source for regular preforeclosure lists (outside of the courthouse)? I'm looking for preforeclosures in DC, so not foreclosed homes or auctions. There are so many, so I have no idea what's legit and what's even any good.

Thanks!

Dan

Hey all,

I'm looking to do my first ever postcard mailing (actually first ever direct mailing), and I'm targeting specific populations within my local farm area (of about 10,000 homes). I'm getting stuck on putting tgoether a postcard design. Does anyone have one they'd be willing to share to spur ideas? Is it a bad idea to send the same postcard to out-of-state landlords as it is to pre-foreclosures (i.e. one generic design) to save on printing costs (low printing quantities cost a lot more than high quantities)?

Thanks,
Dan

Question on the yellow letter: what is on the back? Is it just plain white paper or does the yellow lines paper look get printed on that side too? Thanks.

I'm working on my first short sale. Meeting with the seller tomorrow to collect all of her info. She is in pre-foreclosure and owes $204k on a property that would likely sell for about $135-145k or so.

I have a few questions:

1) Who plays closing costs typically in a short sale?

2) How/where do I create a net sheet for the bank?

3) what is the typical earnest money deposit? $10? $500? Other? Who do I leave it with?

Thanks,
Dan

I would like to start doing direct mail campaigns, either letters, postcards, or both. The thing is that I have almost no idea what the cost is, so it's hard for me to see if I can stay within a budget. If I want to buy a list (let's say preforeclosures or absentee owners), and then pay a mailhouse to send it out, what should I assume would be the cost per postcard? per letter? (costs would include purchase of list/name, cost to print, and cost of postage). I recognize I would run the campaign multiple times, but just for simplicity, one mailing, what would it cost me per mail piece (or for 500 names? 1000names?) Just trying to get a sense for what I can mail (postcard, 1st class, 3rd class), and how many names.

Thanks!

I want to get business cards that I can use for my marketing. These will be the ones I'd leave all over the place to attract leads. My current business cards that I use for networking with other investors have my name and cell phone #. I use an 800 # as a buying line though, and prefer not to use my cell phone in mktg.

Question: do folks generally have two sets of business cards? One, which is more like a traditional business card for networking with other investors or industry-professionals, and one for marketing such as "We buy houses Fast Cash. Call 800-xxx-xxxx...?"

I'm confused on this b/c I am missing the mktg component of the biz card right now, but just don't want to be handing out my cell phone # indirectly to anybody. I want sellers to call my buying line.

Thanks!

Christian,

Good points. I was thinking about that. The idea here is the recorded voice message (i.e. robocall). I was thinking that I"d do it 3-4x every 2 weeks as I"ve been told that repetition is key in marketing.

On the Do Not Call List, I think we're okay b/c these are all in response to "for rent" ads, so these individuals are already soliciting calls to rent their property.

Dan