All Forum Posts by: Phillip Trujillo

@Brian L. I'm diggin' those envelopes! I've sent you a colleague request and would love to chat some more about your strategy. Thanks!

Brian L. 375 pieces. Letters first. Cards on second mailing. Corey Gentry Our budget is $1500. Enough for the price of the list and 5 touches to each person on the list (assuming they were all good leads).

Good morning BP! I purchased my first list of leads (from ListSource) and am super excited to get this mailing campaign out. Criteria: Demographic: My County (Middle Georgia) Equity %: 41%-100% Ownership: Absentee (In state + Out of state) This list will be used strictly for wholesaling purposes. I'll keep this thread updated with progress.

Thank you so very much to everyone that's replied!

After doing more research here on BP and hearing what y'all have to say, I think I am going to walk away on this one. Seller and I aren't seeing eye to eye on numbers and as stated above, it's really not a deal. It's more me trying to get get my family into a property.

I"ll continue my search and perhaps come across something a bit more distressed/lower priced or with a little more motivation from the seller. Either way, I'll keep all of you in the loop! Thanks again everyone. I learn something here every single day.

Bill- Thank you for the reply!

We would be purchasing this property to move in. The plan would be to rent it 12 months later (due to some future plans, we'll most likely only be in GA for a year)

VA loan was denied due to a deliquent account being reported. It's a $5,500 vehicle loan amount from my previous divorce. The company it was charged off to "has no record of my loan." When I call the number on my credit report that they're reporting it's a bogus number! We have ZERO debt (other than that deliquent account) and $70k W-2 income.

As stated above, we are super new to all of this so the SAFE act stuff is like another language to me. I shall do some studying.

Can you explain a bit why the land contract is a no-go for the buyer? I listened to the BP podcast episode outlining LC's, but can't recall the buyer negatives. Thanks.

Appeal is that I recently was turned down for a VA loan and the associate helping me made it sound like it was pointless applying for other loans.

My initial desire was to purchase a HUD home, REO, or Pre-REO that's being marketed, but w/o pre-approval I can't even get anyone to talk to me, so I had to become a bit more creative.

Rentals in the area are $1000-$1200 for the same home. With some cash down and owner financing I'm probably looking at an $850-$900 payment a month for the first 12 months (less than typical rent).

At the 12 month mark, the plan is to refinance. With the numbers I've ran ($120k, 30yr, 4.5%,) we're looking at about a $750/mo. payment and a property that will rent for $1200. Taking $3k/yr into account for repairs, we'll be putting $250/mo into the separate account and cash flowing $200. I realize at a $120k purchase price it is only 1%.

Long story short: Not having to rent/ be temporarily homeless, $200/mo cashflow, "foot in the door."

Good morning Bigger Pockets!

My family and I are moving to GA in January (I'm active duty USAF) and we are looking for a home. I stumbled across a property listed FSBO on a well-known military "yard sale" type site. I contacted the owner and he seems very interested in working with me on an owner financed deal. Here's the specs:

http://www.zillow.com/homedetails/101-Hickory-Bend-Dr-Warner-Robins-GA-31088/49861034_zpid/

1,840 sq ft., 3/2, New roof, new HVAC, It's appraised at $139k and he's wanting $136k. Property currently rents @ $1,200/mo. I'm currently waiting on him to reply with terms, but I've explained our situation a bit to him so he knows what I'm looking at. I believe he owns the property free & clear.

Our plan would be to owner occupy for approx. 12 months (he's agreed to owner finance up to 24 months) and then refinance him out and rent the property.

Note: This will be our first Real Estate purchase and although I feel pretty confident with the following steps if we come to terms we can both agree upon, I'd love to hear some thoughts on this deal! Thanks in advance BP.

Phil

@Andrew Olson In most cases, getting pre-qualified for a loan prior to even contacting the HUD licensed agent will be your best bet (I believe Pre-qualification is a prerequisite for bidding). I am active duty USAF currently stationed in the UK and am in this exact process right now. Whoever you decide to choose to process your financing (I'm using USAA) will fill out a 1082a (HUD/VA Addendum) stating that you intend to occupy the home, so there will be no issue there. The only issues I could see coming up are those that have already been brought up by the previous contributors. Best of luck Bro!

@Nick G. Looks great buddy! Best of luck to you and your GF. I look forward to hearing your success.

@Account Closed So if one is wholesaling in CA, assignment vs. taking title is the way to go to avoid the 3.3% sale price tax imposed by the state?

I'll be moving to northern CA in about 15 months so this is of concern.. Thanks.

Phil