All Forum Posts by: Randal McLeaird

I've noticed a decrease in the number of people doing ss flips in my town. I spoke with another company out of Austin who negotiates a ton of short sales and they said the same thing. More and more are moving to simply working with end buyers to get the ss's approved.

That being said:
1. Is anyone else seeing the same decline in flips? If not, I'd like to speak with you about the types of loans that are easiest to flip and lenders you've found to be easier to work with. We currently have 30 or so short sales and almost all are going A-C so we're just negotiating it and taking a small fee.
2. I'm looking for ideas or investing avenues ss flippers are moving into. our business is set up to service short sale negotiations but we'd like to get back into investing our money and not our time sitting on the phone with the banks.

Just looking for ideas from any of you who have seen this trend or disagree with my assessment. Thansk

I've been using voice connect inc. They are expensive and add a lot of fees up at the end of the month but they are able to input the leads directly to my website. I run an ad or put up bandit signs and callers give their information directly to the operator. I changed the script so the operator answers like its my company.

I cancelled it for a while since I stopped advertising but I'm starting it up again since it's a very hands free way to get my leads into my database no matter when or where they come from.

If I'm asleep or at the lake I don't have to worry about it. To me, thats well worth the $60-120/mo. They have a couple different pre-determined scripts depending on who you are and who you're targeting.

I tried pat live as well but can't remember why I changed...think it was the pre-made scripts and pat live charges you a flat fee plus $/minute. Voice connect gives you a flat monthly and then some minutes are included. If you try them out, you need to stay on top of the minutes because I found a few times where the calls would last 20 minutes and I never got a lead. Thats the only bad thing I had with them.

Hope that helps.

Yeah thought of both. Don't have the 'manpower' and there is a group of mailboxes. So no definite number to the house.

Knocked over and over. .... Still working on it

Thanks for the info guys. I'm a realtor as well and figured I'd do a couple things. 1)get authorization from seller to initiate eviction same as I would if I were property manager. 2)already posted a notice on the door saying the owner is selling the house and they need to contact me to discuss their options. If no contact made by end of business on Monday I will go place the standard eviction 3 day notice and the. Go to court prior to purchase. 3)talk to broker, and attorney.

Should work out, I just didn't feel right going straight up to the occupants with an eviction notice without knowing who they are and how they came to occupy. Another reason, eviction notice has to have full name of each occupant. I don't know who they are. I did the search on intelius and got nothing.

You know another way to find out names of occupants? That's really the big question.

Alright, I just got a deal under contract and here is a new one for me:

There are tenants in the property now. The owner doesn't know who they are. She's out of town and the mother apparently rented or allowed the tenants to move in. They don't have a lease - or if they do the mother created it and didn't have the legal authority to do so. She also has Alzheimer’s so she doesn't know who is living there and they are not collecting rent.

Since I have no idea who lives there, I haven't been able to get inside the house. I told the lady I'd give her x without seeing the inside. It could be a good deal but I have no idea. If the house isn't in complete shambles on the interior then the price is decent.

And yes, I have an option on the house so I can back out without question at any time in case there is something going on that hsouldn't be.

So, I'm trying to get ideas on how to find out who is living in the house. I can't file for eviction unless I have the first and last names of all occupants. Also, I need to find out if they've been paying rent, how much and to whom. I've been by the house multiple times and no one is home. I went to Intellius.com and paid for a search that was garbage and told me nothing. I did a whitepages search and got some names but the names didn't match the intellius report.

So, anyone have any ideas? I was thinking of posting a notice on the front door saying you're being evicted. Please call. Seems a bit cold to evict someone if they legitimately think they have a right to be there and I haven't even given them a chance to explain. But, I certainly don't want anyone in the house that isn't paying.

The alternative would be to post something on the door that says the seller has agreed to sell the house and they need to identify themselves. Am I reading too much into this. Could it be that simple?

Thanks in advance

Thanks for all the advice. I like the idea of the accent row of tiles. We ended up leaving the old tub in and we're still on the market right now. Could definitely be a contributing factor why we haven't sold...that and the drastic decline in qualified buyers in the market.

Anyway, thanks again

This is a slightly more involved strategy but one my buddy uses here in Texas.

In San Antonio, or the outer counties, if you follow the properties that pop up on the tax auctions - you might come across a vacant lot here or there that the owner just never paid taxes on. If you research the lot and find it has utilities, you can find some great deals.

You'd have to be sure there were no deed restrictions and you'd need ot be aware of the reclaimation period in your area but...you could buy a mobile home like the one you mention in your deal and move it to the vacant lot.

Again, in Texas, you can acquire a lot for a couple thousand - a mobile home for the same - and pay to have it moved - you'd be in the deal for $5 or $6k and could then rent it out until the reclaimation period was over. After that - seller finance or just keep renting.

Again, this is more involved and requires the cash to aquire. But, if you're shopping for mobile homes - you might want to look at this as an option.

Good luck

I'm about to seller finance my first two deals and I want to know if/how I can report the the loan to the buyers credit. Is this possible?

The main reason I want to know this is because I want to season the notes for re-sale.

The other reason is so I can give the buyer a better chance of refinancing if I don't sell the notes. I read some of the threads about structuring the notes so they are easier to sell by using a 1st and 2nd and the pro's and cons but none of them dealt with the fact that you need to prove the payments were made.

If you all use a very simple method to show payment history, and don't report the their credit, (copies of checks) - thats all well and good. But I'm trying to set up a system where I don't have to physically go and collect checks or go to the bank to deposit those checks. I'd rather have the buyer go down to my bank and deposit cash/check/money order. If there are other systems or ways to go about this please let me know.

Also, anyone who had a buyer refinance - can you give an example? Did you report their payments to credit or did their bank use bank statement and copies of checks (like a buyer who was renting) to prove payment history?

Thanks

Forgot to mention that on the ss flips - I do NOT rep the seller on a deal we're buying. We use a local Realtor as intermediary and we sell with the same agent.

We could go down the road of me as buyers agent but we don't mind giving all the commission to the list agent because they'll probably send us more deals in the future.

I also stick a few disclosures in there letting the seller know I'm a Realtor but I don't represent them and a few other things for protection.

As mentioned - disclose

Good thread