All Forum Posts by: Matthew Stover

I have a guy you should meet. PM or reach out to me via my website in my signature.

Hey where did you get your spreadsheet? Would you mind sharing it with the group?

I'll give my inexperienced view on this.

Does the property need any rehab at all? I know you checked the county assessor's office but have you run your OWN comps. A potential cash buyer would like to know what it would really sell for and often the assessor's office is way under the actual market value of that home. You're in Detroit which over the past 10 years has had a reputation for being a tough real estate market. How fast do homes in that area sell?

If you are comfortable with your after repaired value (ARV) and know that properties in that area sell well, go ahead and put it under contract. I would go with an official real estate contract from the State of Michigan's realtor association even though I know you can draw up your own.

After that, I guess you have a couple of options:

1. Keep it as a rental. At 15K what are the market rents in that area. You can probably get some INCREDIBLE cash flow off the property if it is in good shape. I don't know your personal income situation but that's a great price. You should try to make it work.

2. Wholesale it for $5-10K. You would obviously have to have a good set of buyers and connections into your local real estate investor network. Also, that ARV that you came up with will have to be spot on. Even if it is worth $80K, with repairs and holding costs, it may not be worth it to a rehabber.

Again, I'm WILDLY inexperience. I've only done 1 deal. I was just giving you advice because I know how it feels to post something on here that you need help with and no one responds (which is incredibly rare by the way).

Good luck! I hope I didn't offend anyone.

Matthew Stover

Hello BiggerPockets!

I'm still new to this but I have a login to listsource and I'm developing my mailing lists to begin sending yellow letter/card campaign. I'm in Florida and my investment strategy is primarily wholesaling. I would also like to start building a significant rental base.

I would to hear what you think about the following lists and their criteria. I realize that this could be completely crazy but it's worth me learning a little about it. All property searches cover a 3-county area.

WHOLESALING
Absentee Owners - Less than 2500 square feet, Last Market Recording Date is between 1950 and 1998 (gives me some possible room for equity), Last Market Sale Price is less than $200k, Single Family Residence (SFR) only

Pre-Foreclosure - SFR, Multi-plexes (duplex, triplex, quad too), pre-foreclosure initiated within last 3 months, mortgage under $250K, and original mortgage recording date is between 1975 and 2007

ARM Potential - Next interest rate change date between June and December, Mortgage under $250K, Original Mortgage date between 1998 and 2003, exclude reverse mortgages, and property types are SFR and Multi-Family

Tired Landlord with Equity - Equity between $50K and $200K, Last Market Sale date between 1975 and 2007, and Property Type - Multi-Family.

PRIVATE LENDERS
Private Investor Potential - Original Loan-to-Value (LTV) is between 50 - 100%, Mortgage Amount Under $200K, Mortgage Origination date is between 2011 and 2013, Current Value of home is less than $200k, and Property Types are SFR to Multi-Family

Please let me know if you think this is completely off or it needs some tweaking. The community's help is much appreciated.

THANKS! :-)

I guess I'm just trying to find an exportable list.

Matthew08

I've read a lot of people here do direct mail campaigns with absentee owners.

Where can you find such a list? I've tried contacting infousa dot com and salesgenie dot com but they don't have the information.

I tried my city tax collector and the office said "what is an absentee owner?" ....Ahh..people sometimes...

Anyhow, I'm in need of direction.

Please let me know!

Matthew08

Thanks so much for your thoughtful response. I forgot to mention Panama.

Recently some of my Peruvian friends went to Panama and enjoyed it. So when I get things going over here in the States on the wholesale front, I'll be sure to take a business trip to Costa Rica and Panama to trying to figure out any investment opportunities. Maybe I would need to spend about a month down there. Who knows?

Matthew08

Well good news. I received the letter from Macy's today via fax about them removing derogatory information from my credit report. I immediately sent it to the bank.

Hopefully they will come back with positive results.

Thanks everyone for their support and help on this forum. :)

Matthew08

Found out some disheartening news about my credit report.

Last week I applied for a Bank side loan to make an offer on a rental property. The bank called me today and said that they won't be able to loan me the money due to the low score.

I asked why and it turns out Macy's f--ed up something and my credit score is low because of it. Mind you, I have had 24 payments of on-time mortgage and everything else has not been late. But that is what put me down.

I called up Macy's and they are taking it off my credit history and submitting it back to the credit bureaus. It'll take 30 days. I don't know what it will do to the credit score but I sure hope it goes up to something reputable.

So I'm sort of down about the entire situation. What could I do? Wait or try to get someone else to use their score?

Words of encouragement are welcomed.

Matthew08

Hey Guys,

Sorry I forgot I asked this question.

It seems like a lot of people are checking out Costa Rica, Nicaragua, and Honduras. I'm just wondering why.

Have you heard if Costa Rica is actually the place to be??

Matthew08