All Forum Posts by: Account Closed

@Rob Gillespie That is one thing I was not sure of... the numbers.   You are right, at this time I have some basic numbers and I had a feeling it was not enough.  What is "All the data that it will take to turn it around?"  Is that rehab or repair costs?  I have expenses from the last 12 months, I have rent history and I have rental comps in the area.   It was rehabbed about 5 years ago.   

@Brandon Sturgill interesting way to look at it. This is a 7 unit, a 4 unit sold on the same street for about same about 2 years ago: https://www.zillow.com/homedetails/30-36-N-Eureka-Ave-Columbus-OH-43204/296625158_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

Steve, right! I said I have it under contract and am looking for a buyer.  It would be great if you added some assistance instead of being critical.  I am asking for help here!  

Hello Everyone,

I wanted to reach out with some tips to help make your home buying process a bit easier. I'm sure as investors you have some nightmare lending experiences. Hopefully these tips can make your lending experience a touch easier:

1) Create a list that outlines every document a lender has ever asked for. As you grow your portfolio the list of documents you need will become more extensive. By creating a list of past documents you have used when applying it won't be as big of a headache when the lender initially asks for documents. This will create a much smoother transaction if you have your ducks in a row prior to going into contract.

2) Make sure you work with a lender that is willing to hear your goals. Every investor is different. You are in the business of being as efficient with your money as possible. Having a lender who is willing to cater toward your goals will allow you to make sure you have a mortgage that is most efficient for your specific strategy. If the lender is rushing off the phone. They are probably going to leave some of your money on the table.

3) If a lender asks you for different documents 10 different times throughout the transaction it is time to find a new lender. This is a sign that the lender does not truly understand what their underwriters are looking for or they lack detail. A lenders goal should be to make this as smooth of a transaction for you as possible. Don't expect them to get everything they need on the first try (We are human). But if it starts to become excessive then you are only adding stress to your life by using that lender in the future. Time and energy are money. If your lender does not understand that then they aren't worth it

4) Be consistent with the lender you choose. If a lender has closed deals with you in the past they will know your profile. This will make the process much smoother for you. There is no harm  in shopping to keep your lender honest, but the more the lender knows your file the easier of a time you will have.

Hopefully these insights can add some value to your business.

@Account Closed Thanks, that's great input!! I don't do wholesaling, and I agree it's somewhat questionable. It's not really my bag. I do spec homes and having a hard time finding lots. There are so many lots in my city, and I see other builders buying them at a steep discount from fair market value. Wish I could figure out their methods, haha!

I can't imagine that this is illegal (even in Portland) and it has really improved the quality of my applicants and virtually eliminated no-shows... I require tenants to complete a free application including an upload of an id and a paycheck or benefit stub with proof of income before I'll show the unit.

@Account Closed - thanks for that info, that is super helpful!!! Not trying to "die on this hill" at all. I came to this thread wanting to ask genuine questions and trying to engage in a genuine discussion about this topic, because I am trying to learn.

@jerryll's initial response and subsequent responses were extremely rude AND unhelpful. I started by asking for more clarity on his post from a year ago (I guess I had no way of knowing that i was "poking the bear") and he immediately responded with accusations that I am a monster who doesn't give two ***** about bothering people ... I actually care a LOT about ensuring that I'm going about property acquisitions the right way and NOT bothering people / being as helpful to people as possible .... which is why I came to this thread. But instead of anyone saying anything helpful, I just get called a douchebag for even THINKING about it. 

I totally understand why some people get annoyed about cold callers. It's definitely a legitimate concern, especially for those who own a lot of property and are getting calls like this regularly. My "riled up" comment was specifically directed towards @Jerryll Noorden for responding to my initial post and comments so aggressively. It had nothing to do with anyone's opinions on cold calling or how annoying it can be, I totally respect that some people really hate receiving cold calls! That's totally fair!! And again, that's sort of why I came to this thread, as I wanted to hear various opinions. 

Anyway, thank you @Account Closed for the info on the legality of it & the potential law suits. That is helpful! @Ben Zimmerman, while I don't really appreciate the "people like you" comment or the "you're being an a$$hole" comment, I do appreciate the input and your thoughts and opinions about this. Thanks!! 

So given all this info (and again, these are genuine questions - I am not trying to goad anyone here, I am genuinely asking for perspectives on this) - how do you acquire property? Do you skip cold-calling altogether, or do you just scrub your lists against the DNC? I'd imagine you'd have a much harder time finding property without cold-calling or cold texting at all. If you really think investors should just not cold-call at all, I would love some guidance or opinions on what to do instead. 

Thanks!

fantastic.

Then do it.

Dude I seriously don't care what you do or what you believe.

do it, have fun! 

good lord man.

@Jerryll Noorden LOL ok ... everything you're saying is an opinion. Just saying "it is a fact" doesn't make it so. 

As I said earlier the law is written with very unclear language. Every law is subject to interpretation, whether you like it or not. It's literally called Statutory Interpretation (If you don't beleive me, look it up!) There is also such a thing as precedent. If a law is written unclearly or doesn't clearly cover a specific situation, it usually ends up in a court of law at one point or another, and once a judge determines a ruling, that becomes precedent for future cases (that's why it matters if anyone has gotten into legal trouble over this before). Having that info would help to determine whether or not it is ACTUALLY considered illegal in a court of law (not by some random guy on a bigger pockets forum.) Does that help to clarify??? 

Just because you interpret the activity I'm describing as illegal, doesn't make it "fact". Unless, of course, you have moonlighted as a judge or an FTC commissioner and have presided over a case specififically about this precise situation???? 

The FTC enforces CONSUMER PROTECTION LAWS. The most basic way of looking at this is that they serve to protect consumers from misleading advertising, scams, etc. Every single resource on the FTC website refers to the people on the DNC list as "consumers" and the people required to follow those rules as "telemarketers" or "sellers". I am not a telemarketer because I am not marketing anything. I am not a seller because I am not selling anything. The person who's property I am trying to BUY is obviously not a consumer in this scenario. 

Instead of just repeating yourself with statements like "it is illegal" and "look it up" and "it's a fact" why don't you try supporting your argument with evidence??