All Forum Posts by: Ricky Ostrom

Find owners name and check county records;

Voters Registration for New Address
Birth/Death Certificates for Family Members
DBA's for Owner of Company
PIPL.COM for Search and Family Members
Google Name for Memberships/Papers

This has happened 2 out of 5 deals.

1st Time: I called Citi Financial for a Pay-Off Statement and they wanted $25 to fax, or mail for free. Of course I took the mail option.

Next 3 Times (Other Accounts): No charge for Pay-Off Statement.

Last Time: They wanted $25 for both fax or mail.

Has anyone else experienced this from Citi Financial or any other lender?

These Pay-Off Statements are placed in the Short Sale package.

Contact transactional lenders, they have many title companies in all 50 states that they can recommend for double closings.

Booker;

Myself, being in Houston with you, I don't recommend doing any deals where the ARV is below $100,000. There is too little of margin. Houston is full of $100,000 - $300,000 homes in trouble,

RDO

You did not mention if the MH is in a park or private property. If not in a park, is the land part of the deal? You don't want to move the MH is possible. Especially a double wide.

If on land, your course of action would be to sell the MH and rent the land to the buyer.

Have you studied Lonnie Scruggs books?

You would fix the major problems. Prevent any future water damage. Sale the mobile home with owner finance. Collect a down payment and carry the note for 3 years. Make sure mobile home park will accept your buyer.

Two business cards is the way to go.

I have black print on yellow cards with WE BUY HOUSES and phone number for buying, and black print on white cards with my personal name, Real Estate Investor title and phone number for sales and network marketing.

Up front I tell then that if they expect anything near a retail offer, then I can't HELP THEM.

I would not discuss in detail your expenses like holding cost, rehabbing, marketing, etc... Just mention that there are alot of expenses on your side that they don't see. Other money that you're having to put up front.

I would mention how you are able to SAVE THEM 6% realtor commissions, SAVE THEM from making repairs, SAVE THEM from waiting 180 days for a sale, SAVE THEM from 6 more months of mortgage payments, etc...

Find out what they are most concerned about. It's not always about the money.

Title Insurance is like a pre-paid legal fee. If it goes to court, the title company will legally represent you for however long it takes to clear up the matter. Without the insurance, your attorney would go through $700 fees in a week.