All Forum Posts by: Nick Vehr

@Chris Mason Is this the case if I have the actual documents in hand? I saw your ad listed with private money lending, is this something you guys would touch, or is the value too low?

We went to refi on a property and got through everything and the property appraised lower than planned. The issue is loan depot will not go below 60k after 25% down on a refi, and the house appraised at 71k.

I am wondering if the appraisal is something that can be used at other banks in order to skip the appraisal stage. It was appraised by a licensed agent, and all paperwork is in order. Just thought it may be able to speed up the process. 

May even be able to explore a HELOC considering it could get to close a lot quicker. Can anyone offer some options to help free up the cash as soon as possible with an appraisal in hand.

I have a question regarding a mailing campaign we just did. BACKGROUND: We pulled a list of 580ish names that we targeted, and sent post cards to. I had pretty good response and got about 15 calls from 4 mailings (final list was whittled down to ~500 after return to senders), and landed one nice deal on it. 

I will admit after getting the house under contract I kind of abandoned mailing because I didnt really have capacity to buy another deal at the time. Well, it's been about 3 months and I'm ready to find another deal. 

Question is, Should I mail to that list 2 more times, even with the gap of 3 months (costs ~200$ each mailing) or should I start with a fresh list?

Any advice helps. Thanks!

So i have an opportunity to pick up 3 houses from the same person. All within a couple blocks of each other, and would be able to cash flow all of them. However, the sale price on all of them would be ~45-50k a piece, which means most traditional loans are out as banks generally don't do loans <50k as well as the point idk if I want to take 3 loans on these properties. 

I was wondering what are the details i need to know about Blanket Loans. I have done a little research but heres what ive gathered:

-They are commercial loans, so they will need to be lended to my LLC but with me and my wife protecting them with our assets

 -It is a different process to qualify for a commercial loan

 -it does not hit my personal credit, as its a loan to my business, im sure theres some impact if we were to default

 -It can cover all three properties, as if it were one, while still giving me the ability to sell one if need be. 

Honestly, im not sure where to look, and what to look for, can anyone share their experiences with blanket loans, What are the in's and out's? Frankly, I'm going to keep researching and calling around but I wanted to see what everyone here thought. 

Thanks!

Ok, some may laugh at how small this sounds, but hey, it doesn't matter if you're all in for 20 bucks or all in for 200k, all in is all in....anyways..

I have recently been direct mailing and came across a guy who is looking to sell 3 houses, we are kind of apart on the prices that i would be willing to pay through traditional financing. I have thought about a couple routes including private money. But, at one point I brought up private financing and he wasn't totally turned off by it. Just was worried about little things like, legality, what if I run off? what if, what if, what if. 

Anyways, the amount I would offer him for cash/traditional financing are numbers he wont take, they are about 20%-30% less than the price he's looking for (50k) and he's already led me to believe he won't accept this offer. I kind of don't want to run him off, so I am taking my time to offer, he seems to be in no hurry to sell, and has expressed the option of selling just one for now....

My thought is if I aggressively pursue the owner financing, I know this will probably run off chances of traditional financing, if he's totally un interested. However, I'm thinking I should go all in here and push for the owner financing. Even if he wanted to sell me one property, I could probably pay a little more (45k) with 20% down, CoC ~16% still cashflow for ~115$  and also have gotten experience getting someone to seller finance. 

Anyway I can't take full credit for this, an investor I met through this site, said to go for it. I think I'm going to take his advice, but want to get others input. Any seller financing help/stories would be greatly appreciated. Thanks!

@Account Closed, what banks allow this? im just curious as im kind of in the same process, not necessarily in a hurry to so this, but I had never heard of that.