All Forum Posts by: Pete Storseth

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Im.doing just that. Set up a website, started marketing- cold calling, FB, postcards. Plan is to take on seller financing wherever I can. I really want to take advantage of the situation in order to help people out of theirs.

I'm looking for ways to get traffic to my lead gen site. I get "clicks and engagements" from FB, but no leads.

@Evelyn Castillo

I'm a new investor too!

I love house hacking as a jumping in point. I don't pay for housing so it wouldn't make sense for me.

I also understand why you are using hard money. Some hard money lenders are really great for us newbies. They serve as mentors where there aren't any.

Speaking of, if you do have contacts that could and would partner up during a time like this, it would make more sense due to more favorable interest rates.

Fha loan requirements are changing and banks are getting a little crazy. The comfort a bank used to provide has evaporated in this crisis.

You said it best in your initial post- if you wait, you'll never get started. So jump in! Good luck! And make sure you vet your hard $ lender, and have reserves to cover the mortgage for longer than you would have a month ago.

@Christine Mulkins

All I hear about is reserves. Of course you need reserves. But it's too late to tell people that now! I tune in to BP to see what people are thinking to leverage themselves into a position to take the market crash and make it work into a new strategy. But no one is doing that. They're just hoarding chicken, eggs, toilet paper and capital.

If I were already a successful investor, I wouldn't be hoarding capital. I'd be using it to take on 2nd position liens or buying houses to offer to people who wont be able to get a loan whenever the banks inevitably get too tight.

Its gonna happen. Some are in denial that RE is gonna see much of a change.

The prices WILL drop. The banks WILL stop lending. Foreclosures WILL resume. Even with all the stimulus, INFLATION will be pretty severe, and loans WILL default.

2008 taught us alot. The economic side of the government and FED are making drastic moves that I think are extremely well intentioned but will have consequences.

@Babek Sandhar

Fha loans are already changing. I believe subject to financing and lease options could really be helpful for alot of people.

There are laws to follow- lawyers to consult and RMLOs to find- but the opportunity will be here sooner than anyone is saying.

The seller finance niche investors are already seeing a rise I bet.

Rentals, AirBnB, flippers and wholesalers are all at a standstill until the volatility subsides but the big pockets are seizing the day.

I'm not there yet. I'm preserving capital like others on BP, but pouring over seller finance education and analyzing deals in a very different way than the BP calculator does.

@Trevor Aydelott

Yes. However to me wholesaling is simply shopping for discounts. I want to do seller finance deals. If it's a crappy area I will likely wholesale it but otherwise I'll be running numbers for wraps.

I'm marketing for buyers now- cash buyers and qualified buyer/tenants.

I'm struggling with the marketing now though. Since I'm just starting out, it's hard to know if its because I'm new or the COVID19 is preventing it from working.

I want to build a WHOLESALER list too. I'll buy assignments from them if they fit my model.

@Nathan Lalonde

I think you posted on the wrong thread

I have never invested in stocks before but it seems like banks could be a good bet in coming months with all the money being injected into economy. Anyone have advice that wont go over my head?

@Collin Goodwin

Podio seems very complicated to me. As I need to simply skip trace absentee owners, send postcards, track my FB ads and have automated responses for leads to my website, I'm looking for something specific and cheap.

What I'd like is something to have when an assistant answers calls- they can enter answers to customized questions- set appointments that will directly link to my Google calendar- if appointment is set, have automated email and text- if not set, have automated follow up schedule- and then track my marketing.

@Alan Mills

The question is always if it's worth it. If you can have good cash flow despite higher interest rates than 3 or 4%, it is.

The highest I've seen on amortized hard money loans is 6.99, after three months at 10%? That's fine for most good deals