All Forum Posts by: Nick Bourgeois

Originally posted by @Paul Benabente:

Fairly new to Dallas, but would love to meet some more BP People. Not sure if I can make it that early but I will try. 

Paul--No worries. We have people trickling in throughout the evening. Look forward to meeting you!

Will be there! Look forward to meeting and chatting with everyone. 

@Debra Grumbach No worries! We're hosting these the first Thursday of every month, so we'll hopefully catch y'all at the next one!

Happy travels!

Hey everyone! Hope y'all are getting geared up for the holiday weekend.

My partner and I continue to come to the same hurdle... deed transfer to a series LLC. We've spoken to numerous lenders across DFW, and every single one will give us a different response. We intend to do a cash-out refi after the 6-12 month seasoning period, which will force us into a conventional mortgage. Have any of you successfully been able to transfer the deed to their LLC after refinance or purchase? From all the people we've spoken to, we've never heard of a lender invoking the "due on sale" clause as long as the lender gets their money, but once it's on the secondary market, there's just too much separation. It's just one of those risks that we don't like having hanging over our head. So in summation...

1) Have any of you out there transferred the deed to your LLC? Any issues?

2) What is the deed transfer process? What channels does it go through? Does the lender receive notification, or is it something they have to stumble across? 

We don't want to do anything illegal, just looking for advice!

Wholesaling this kind of deal will be difficult. The fact that it's been vacant and untouched for 7 or so years means that any investor seriously looking in that market has likely already seen it and run the numbers. If you're going to really win this thing, I think you're gonna have to work on the sales price because depending on how firm he is on that $200k and how long he's sat at that price, everyone's been running the same analysis, give or take fluctuations in rehab costs. Good deals are made at the purchase purchase, not the sale!

Hi Nick! I'm currently working on a similar strategy in Dallas. I found the best companies by just searching local. I'm mailing 250/week from a list of 1000 every month for one strategy, but then a list of 100 each or so for two different strategies each month, all of which are using different messages. I found the big online complanies, e.g. click2mail, postcardmania, etc., either couldn't do it or would charge wayyy too much. I found a local company who will do all of this for half the price the big companies were charging. So search for local companies! They're more flexible and willing to work with you! I believe it's good to build relationships with local companies and investors.

Best of luck,

Nick

My partner and I are beginning our direct marketing campaign as I type this and am currently working on a couple other strategies. We're trying to get a meetup of local Dallas investors--talk shop and get to know each other, the business, and the market. It's great getting to meet in casual settings that aren't these big group/convention type meetings!

https://www.biggerpockets.com/forums/86/topics/375...

We're trying for next week to squeeze one in before the holidays but can always reschedule for the new year when more people are free!