All Forum Posts by: Eric H.

My main thinking for the $28k offer was concern over this 1960's house having to be brought up to electrical code and foundation concerns i had based on sheet rock cracks at the door frames. @Jeremy Pace Do you think I offered too little?

Here are some shots of the fire damage

suspicion of foundation issues

 Thanks for the quick response, I agree I am glad that I at least had a chance to make an offer. I am not at all upset that he took more money, maybe 1 in a million would take less than the best offer they received. I just would be upset with myself if I didn't ask for the sale and present a reason why I should get it. 

The 1st question I asked him when he told me on the phone that their had been a fire was "what did the insurance say?" as with too many free and clear inherited houses, the owner had no policy in force. 

Context: As stated in the title I recently ran my first direct mail campaign of 1000 postcards here in San Antonio Texas. I got 1 phone call I did go out and make an offer on the house. It was an inherited home with $0 owed and an ARV of $60,000 in a rental neighborhood (comp rent $800 - $900), the prior tenant set the garage on fire. I offered $28k but the owner had an offer from Money Bug for $40k. Seeing as how I had spent some time with him and I found out he was only expecting about $25k before he got the $40k offer, I gave him the "give the little guy a shot" pitch but to no avail.

Question: With a .1% response rate should I remail this list (custom selection aimed at age and equity from PsPrint) or should I get a new list from a new source?

P.S.: I wasn't sure if this post should go under wholesaling or marketing so I just picked one

If I were in your situation I would place the claim, have the roof inspected by 3 repair companies, sell the house, demonstrate my loss of profit because of the roofs sudden damage of a covered peril. Then I would collect the repair cost based on 3 estimates minus my deductible.

That's just what I would do. Not advice. Indemnification is the insurers obligations to protect you from the risk of financial loss due to a covered peril.

Welcome, sir.

@Richard, I didn't know these types of loans existed with single digit interest. 

Is there a loan to cost component to the qualifications to insure "skin in the game"? 

Is 75% based off of the ARV, so rehab may be rolled into the loan, or is it based off of the present state where rehab should be done with hard money first?

why not refi, pay off the HELOC, finish the renovation, rent it out and hold it forever?

@Richard Scholtz debt to income for borrower "no".

Is that to say you loan 75% LTV for 30 years fixed with no borrower qualifying except fico?

Welcome, if I were a young person again without the responsibilities of midlife I'd probably get a real estate licence and find a position in a top property management company. 

The better your insurance company the easier this process will be. File the claim, get your property fixed, rents stay paid, life goes on.