All Forum Posts by: Ryan C.

I have fresh eviction leads available for Philadelphia, PA. My fees are reasonable, and the data quality is second to none. And, they will be for your exclusive use only and never shared with another party.

These leads are in real time and will give you the opportunity to reach the landlord while he/she is going through all of the hassles and expenses of evicting someone. Only the freshest data will be provided and the leads will be sent to you in weekly batches.

My leads aren't like the others. I add value to them that you won't find anywhere else:

• All properties will be verified as off-market.
• Ownership will be verified on each lead.
• Property types will be verified and you will only receive leads based on the types of property you are looking to purchase.
• Estimated values will be verified.
• All data is only the freshest available.

Please contact me for more information. You can also visit my website at www.jholt.org.

Originally posted by @Ryan C.:

@Shawn Morey How has your success been with this service/leads? Would love to hear of your process/strategy around these mailings and touch points.

Hey Ryan!

Honestly we have been too busy with other lead sources, and with how the market has been that I cut back on probate leads. I need to start ramping it up again and I would love to brainstorm with you. I can breakdown the service I used, how I had my VA scrub and pull the leads I wanted and the touches I made.

@Alex McGhee -- Below may help you get started:

Stage 1: Educate Yourself on the Probate Process

Step 1: Spend 1 Hour Reading about the Probate Process in Your State

o If property does not go into a Trust then it goes to the Probate process

o Google your state’s probate process and educate yourself

Step 2: Practice Explaining the Process to Someone

Stage 2: Get the Probate List

Step 1: Find Location of Probate Records at the County Courthouse or Town/City Hall

Step 2: Search for the Probate listings on the Computer, Day Book, or files

Step 3: If your courthouse has a computer system Record Volume and Page Numbers in Excel

Step 4: Pull Volume & Page for more Detailed Information. If by non-computer pull the files

Step 5: Record & Build Probate Mailing List

o The estate of, the date of, place where last dwelled (that is the subject property). The executor/fiduciary/guarantee is where the direct mail goes to.

Step 6: Doing the actual direct mail

Once you get understand what you are doing, document each step and systematize it. You can hire someone to pull local leads for you and you can outsource the direct mail as well. 

If your market and listing allows for automatic escalating offers ($250 above best price of highest other offers, up to X) then you can get around this and the clause is written such that they have to show you the other offers once your offer is accepted by them.

Hi @Ryan C.  Did @Albert Bui get back to you on this one regarding lenders with the higher CLTV?

Hey, thanks for the update. I am looking to use Fairmount and will follow up on this thread once things go through. 

Thanks 

Keith

Originally posted by @Arlo Nelson:

@Stephen Chatto Hey how’s it going Stephen can you please send me a copy of the purchase agreement and contract that you use I saw you in a post on here. I’m trying to get a property under contract, this will be my first.

 Sure, shoot me a DM

as Update to this post from 6 years ago, there are heloc's on owner occupied 2-4 unit properties up to 89.90% CLTV or combined loan to values (meaning multiple loans but all together not exceeding 90% of the value).

Terms typically are

interest only first 10 years and drawable from the line

years 11-30 its Principal and interest payment 

Prime index/rate + margin (this portion is fixed but prime is not)

underwriting is done assume prime + margin + 2% stress test for underwriting meaning if your prime + margin was 10% then your underwriting rate used to determine your maximum line you can qualify for would be 12% rate as an example based on principal and interest payment over 30 years or 360 months

Income is the main determinant of your qualification and fico min 680+ is just the min score to get through the "front door,"

Maximum DTI or debt to income allowed is 45% DTI

Maximum lines on this product go from 500-750k so you can get a decent line size that can actually buy other BRRR's or fix flips and deals. Some credit unions or banks offer higher LTV's but the maximum LTV's seem to be limited when you're going to higher LTV's like 90-100% so pros and cons.

Maximum 10 total properties (not 10 financed properties like fannie/freddie 1-4 unit properties, so even if the properties are free and clear it counts against this 10 "properties," whether there is debt/liens against them or not)

You can use 1 year tax returns for self employment and 1 year tax returns for rental property income calculations as well which is huge for BP folks since most of us are rental property investors and self employed/S-corp/schedule C personal tax returns

@Matthew Kwan @Carlos Valencia @Joe Homs

Yes, I bought a fourplex in 2019 in Philly with an FHA mortgage (3.5% down). I got lucky and was able to refinance in 2020 with a conventional loan and completely remove any mortgage insurance because prices had risen and my appraisal was very high. All this was easier too because I was an owner occupant of one unit and rented the other 3. I also set up the HELOC on this fourplex with SDFCU in 2020 and was able to get a $175K line of credit. All the stars aligned!!!