All Forum Posts by: Tom W.

Deal Machine just recently started offering free skip tracing to their Pro subscribers (150/mo). Was wondering what the quality of those numbers are though. I uploaded a small list to Deal Machine that I already skipped through Batch to compare results. A lot of the numbers Deal Machine came up with were different and even some home owner names.

I have a large list to skip and was trying to avoid spending a couple thousand with Batch, but don't want to waster me time calling bum numbers from Deal Machine.

Any thought?

Anyone know a good site to scrub a list for litigators? I'm considering including DNC number in my calling campaigns but would still scrub for litigators.

Thanks,

I recently tried to purchase a delinquent land contract note from owner/note holder. Things got touchy with owner and he backed out. I'm thinking of approaching the delinquent buyer of the land contract and offering to pay off land contract balance and a fee to them for the deed. I was originally buying note for $25,000. Since that fell through, I would offer delinquent buyer to pay land contract balance of $40,000 and fee to them of $5,000 for starters for the deed. Paying $45,000 still makes sense because property is worth about $150,000.

I'm not being shady for going to delinquent buyer after negotiating and getting contract details from owner/note holder and then falling out am I?

Quote from @Spencer Abeyta:

I would verify their monthly income and then subtract the cost of the mortgage. If they earn enough money after the mortgage is subtracted to qualify for the home, I don't see why you would deny them if everything else checks out. 

If you subtract the monthly mortgage and the applicant does not qualify for the home based on income, I would communicate this to the applicant. Let him know he needs to show he is selling the house or show an executed lease to show that money is coming in to cover the expense.

If I subtract the mortgage from the income, its just below my requirement of 3x the monthly income. He probably still can pay both, but there's also the concern whether or not they will be keeping their home and not using my rental as a primary residence. I have had one tenant get approved who never lived and the property and just moved her daughter and grandkids in was a big headache for years. Another tenant used the property for airbnb and I found out several months later.

Quote from @Bruce Woodruff:

I like people to just tell me the truth. There has to be a reason or story. If you don't feel comfortable, just move on...

That's the thing. He initially said he was selling the property. When I tried to get more information about what his plans are with his current home he didn't give any information and when I asked did he have a purchase agreement or anything showing the property was under contract, it was a flat no with no explanation.

That's what made me a little uncomfortable. Some people may look good on paper, but be a nightmare to deal with.

Quote from @Colleen F.:

@Tom W.  could be a divorce or similar situation. People are very funny when this happens, they don't like to tell you their personal situation.   Could he cover both? If not then his debt burden is too high and you turn him down based on that.  (basically if you require so much income, could consider mortgage bill an obligation that comes off the income). That has to be part of your criteria though. 

 If I subtract the mortgage from the income, its just below my requirement of 3x the monthly income. He probably still can pay both, but there's also the concern whether or not they will be keeping their home and not using my rental as a primary residence. I have had one tenant get approved who never lived and the property and just moved her daughter and grandkids in was a big headache for years. Another tenant used the property for airbnb and I found out several months later.

I have a applicant who makes good money, owned home for past 15 years with existing mortgage. Supposedly in process of selling home, but its not listed and when I ask for documentation to show its for sale or under contract, he wouldn't provide anything or further explanation. With no proof that he's selling home I have to look at the mortgage/prop taxes/insurance when considering his ability to cover rent. Also, I've had tenants in the past who leased property for a relative or used the property for airbnb.

I'm leaning towards declining app. He has good credit with solid employment and income, but the early uncooperation seems like a red flag. Is this a legit reason to decline app and what's a good way to word it? Just got done dealing with a lawsuit last year and don't want to get into another mess.

Thanks

I have a applicant who makes good money, owned home for past 15 years with existing mortgage. Supposedly in process of selling home, but its not listed and when I ask for documentation to show its for sale or under contract, he wouldn't provide anything or further explanation. With no proof that he's selling home I have to look at the mortgage/prop taxes/insurance when considering his ability to cover rent. Also, I've had tenants in the past who leased property for a relative or used the property for airbnb.

I'm leaning towards declining app. He has good credit with solid employment and income, but the early uncooperation seems like a red flag. Is this a legit reason to decline app and what's a good way to word it? Just got done dealing with a lawsuit last year and don't want to get into another mess.

Thanks

Quote from @Account Closed:

Quote from @Tom W.:

I'm working with a seller who has a property that she sold on land contract a few years ago that is delinquent. I'm negotiating to buy property and get the land contract assigned to me. I'm a realtor and am purchasing myself, not assigning the contract to someone else. We've been going back and forth for a couple of weeks and now she is asking for my real number, as I have been communicating with her with a Google Voice number.

I really don't have a problem giving it to her, but she hasn't stated why she wants it. What do you guys thing?

Hmmm,  fraud comes to mind. 

Not you of course, but how does she know that?

I've never understood why a serious, legitimate buyer, wouldn't provide proper contact information. It's just outside of my imagination.

 I just use the google voice # for my investment business and following up with seller leads I've cold called to try and keep things separate. 

I can see it from her point of view though. Thanks

I'm working with a seller who has a property that she sold on land contract a few years ago that is delinquent. I'm negotiating to buy property and get the land contract assigned to me. I'm a realtor and am purchasing myself, not assigning the contract to someone else. We've been going back and forth for a couple of weeks and now she is asking for my real number, as I have been communicating with her with a Google Voice number.

I really don't have a problem giving it to her, but she hasn't stated why she wants it. What do you guys thing?