All Forum Posts by: David Schneider

There are several good podcasts on marketing for motivated sellers. (There's a link at the top of this page.)

Direct mail is a good start. If you hand write the letters yourself you can save a lot. Athough its a lot of labor and you have to have nice handwriting.

You can get lists of absentee owners or preforclosures on listsource (can't
remember if its .net or .com, but google can tell you.) Just be advised that the charge about $50/500 or so leads. Pennies though compared to what you can get.
Just some thoughts. I'm a newbie though, so take my advice with a healthy amount of salt.

Hey Brandon and welcome to BP.
You're already doing a great job by picking a branded name. =)
Are you wanting to invest in edmond itself?

203k doesn't have to have major repairs. If there's a hole in the carpet or no gutters it won't pass FHA standards and so it has to be 203k.
There are 2 types of 203k also. There's the "full" which has 35k or up in repairs and is long and costly. And there is the "streamline" which can have as little as 5k in repairs. 203k has a better interest rate than homepath too.

Good things done compulsively is responsibilty not addiction. ;)

I would go the 203k route if you're owner occupying. Lowest interest rate you can get on a rehab loan.
I don't have a lot of experience with REOs, sometimes they're just stubborn. I would try submitting it as a 203k before I tried raising the price. Banks aren't dumb, they're going to try to get you higher...but they're also know that every day the house sits vacant the price drops.
Find a 203k specialist to draw up a clean offer with you paying your end of the closing costs and see what happens.
I just did a short sale with a 203k and closed in 40 days with Bank of America. So its possible to do.

Is this the full 203k or the streamline?
The origination fee seems high. That fee is literally the amount of profit the bank puts in its pocket just for kicks. Mine was $925, but my purchase was only 72k.

You can never go wrong by getting 2 preapprovals. Then you can play the banks off each other.

Is your bank a 203k specialist? Do you know how many 203ks they have closed this year? It is night and day difference between working with someone who is 203k experienced vs a regular loan offer. Night and day.

You're doing great. Remember to follow up with all those "near misses" a few weeks down theroad.

How did you fair with komposer? Do you have a tech background?

If I don't do an LLC do I just proceed with a DBA? Can I put my "company name" on business cards if the company doesn't yet exist?

Hi BP,

I'm working at developing a marketing profile for a wholesaling business in the Tulsa, Oklahoma area. (keyword rich. =D)

Is it absolutely necessary to have your LLC created prior to doing deals? Is it even strongly recommended?
I know I need to set up a trust and an LLC as my business shelter, but right now it doesn't make sense to spend that kind of cash before I have actually anything to protect.

I'm committed to the long run investing, so I know I will need to do it. But can I wait til I have my first profit?

Yes, you can finance a house you own with a 203k as long as it is less than 4 units.

However, if you finance the house 203k, you must owner occupy the house for at least 1year. You cannot rent it out until your loan is up or you'll be in danger of mortgage fraud.

Also, if you do the 203k make very very sure you are dealing with a 203k loan originator and not a regular loan officer. Ask them how many 203ks they have successfully closed in the last year. If its not more than 10, keep looking. It is a night and day difference when you get a 203k specialist.

And they're the exact same price..ours was even cheaper in the long run.