All Forum Posts by: Tom Caruthers

I'm on the verge of pulling the trigger on ProspectNow.

I would like to hear a review with some specifics, especially someone who really worked it.  How many records do you attempt to contact and how many records had invalid information?

I think this program is designed for the power user.  Someone who will dial 20 phone numbers a day, talk to 3 people, and get 1 "maybe".  Put the "maybe's" in the CRM database and set-up a follow-up campaign (phone call; letter; email).  Do that three days a week and get 3 "maybe's" a week; 12 a month.  In 90-days, it should generate a profitable deal.  In a year, more of those "maybe's" will come back to roost.  I think that gal/guy will generate 6+ deals a year.  If she/he is doing $1million+ deals, that could be darn good money.  And, you only work 3-days a week!  (Yeah, right...).

This is how I intend to use it.

Let's hear from that ProspectNow user.

Who told you the assignment fee has to be disclosed to the seller?  I'm not an attorney but, seems to me, the assignment is a transaction outside of escrow.  You'll need a document assigning the contract to the new buyer for the closing agent.  There's got to be a definitive answer somewhere on BP.

Try your local REI meetup. They should have a referral for you.

Eric,

Congrats on closing out your first deal.

Lesson I learned as a real estate broker years ago: Tenant is ALWAYS out of the property as a condition of closing.  Whether I'm the buyer or brokering the deal, doesn't matter.  The only exception is when we want the tenant to remain.  In fact, unless the tenant is long-term (occupied the property for at least 3-years), I want the tenant out before I would list it.  Sellers don't like it but, try showing and selling a property that is tenant occupied.  Tenant's rights supersede all others.

My 2-cents. 

I realize this thread is a year old, but I heard something last week that may be of interest.  A 1031 Facilitator in Sacramento told me the 1031 will likely go away if President Trump gets his tax package through congress.  He wants a lower tax rate (including capital gain) in return for fewer write offs; he's trying to simplify the tax code.  We'll know more later this year.

Hi Michael,

Now might be a good time for a paradigm shift; look at the "big boys" as an example of successful real estate investors.  You aren't buying a building; you're buying a cash-flow stream.  Keep that thought on top.  The building is the goose; the cash-flow is the golden egg. You care for the health of the goose to protect the flow of eggs.  If you can make the goose bigger or stronger to increase the flow of eggs, so be it.  But don't ever fall in love with the goose; it's all about the eggs.

Clearly you will do your due-diligence.  Think big; then small.  North Carolina, Tennessee and Alabama have areas with strong commerce in place; Detroit is tomorrow's dream.

Just a thought...

Good Luck,

Tom

I doubt you can "claim" it, but you might have other options. Find out who is paying the tax bill. Does Texas do tax liens? If the tax bill is not being paid, you might be able to acquire the tax lien.

I phoned Core Logic this morning; they're running around like their hair is on fire! I use REiSource, but it's all the same stuff, I think.

They say it could come back up any second.

This is a question for a mortgage lender. FHA only insures loans for owner-occupants so you must live in the property as your primary residence. You can do a 203(k) renovation loan that will provide for acquisition and renovation costs so long as the total loan is at, or below, ARV.

TC

I agree with Joel; get an attorney. You have the right to cut the roots that are damaging the property but, if you kill the tree that could came back to bite you. Get legal advice.