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About Chad533

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    S. Fla
  1. I have decided to go after owners who have a house in my market, live out of state and are in pre forclosure. Each house has at least 30% equity or more in it. I am thinking this would produce a pretty highly motivated market. I was thinking of doing a direct mailing program. I have about 250 addresses. I was going to mail out postcards to all 250, wait about 3 weeks and resend the same card again, minus whatever responses, favorable or not, that I receive. My question, what should I put on the postcards? I have seen some really great ideas of postcards from John Jackson, but those are geared towards people trying to sell their home. I am doing more of a "cold-postcard" approach. I am not sure how to say, " hey, sell me your house since you are in pre forclosure and don't even live in the home so probably don't care about the property" My ideas so far are to mention: *hassles of out of state property *sell now to willing buyers *generate a steady, monthly income Any ideas of anything or examples of postcards and wording, etc. would be extremly helpful since this will be my first mailing. Also, any sites that have the cheapest printing and printing/mailing combo.
  2. Can a Condo Assoc. prevent a LO from happening? I emailed a seller asking if he wanted to sell with a LO and he said he will need to check with his condo assoc. In my relatively noob experience, I would think not since it is an option to buy. Not just a straight lease or rental. Is this correct, or am I totally off?
  3. I flag them as well. It helps a little. It takes a few people to flag the same ad before it comes down. I am not sure if enough people flag them, but I always hope it works.
  4. UPDATE: The balance on loan is 165000at 4%. The house appraises close to 140k max. The benefit of assuming the loan is no down payment or closing cost. All you have to do is income qualify through FHA. still interested call me at Considering the house is worth $25 less than the loan. I think I will be passing on this. I guess it is good for a short sale, but I know nothing about that other than it is time consuming.
  5. I have a seller who is looking to sell his property and buy something else. Ideally at the same time since they can't afford to sell the house with no place to move to. The area the home is in is Defuniak Springs. The are looking to stay in the same town or surrounding areas. This could be a real sweet deal. Could lead to 2 deals at once. If anyone is in that area, please let me know and we can work something out.
  6. Good point. Or I can use the practice of getting turned down...good for toughening the skin!! . I kinda think that no email is a waste at my newbie stage.
  7. Based on this info: looking to move and need to get rid of home. Assume my mortgage. no closing cost just take over payments, you must meet FHA guidelines and be approved for at least 165000k. to take over loan. House is a 4/2 1800 square feet, beautifully yard and home lots of upgrades, large custom build shed, firepit, ceder fence, granite kitchen. If you can get pre-approved send me over a pre-approval letter to show me your interested. Please serious people only. This is a great opportunity to own a home and just take over the payments. payments are 1275. including taxes, insurance, and principal and interest. Everything is escrow. great loan 4% APR. please you must qualify for FHA which is easy if you can basically prove you can afford 1275$! How would you structure a deal like this. I am guessing it would just be an assignment deal, correct? I see a lot of different ways this can go, but I am not sure which way to go. Maybe I am just confusing myself since it is assumable. I am thinking, yes, it may be assumable, but why transfer it when we can just do a LO with a t/b and make more money out of it. Or am I thinking wrong?
  8. Is it worthwhile to send emails or contact listings that state the owner will cosider LO? I tend to see a handful now and then and I am wondering, are they an investor as well, or at least know the process and it is a waste of time to send an email to them? Or can it be a viable lead?
  9. UPDATE Response from seller before I was about to send him my offer. "I am going to try and sell it over the couple of months, if i dont i would be interested in leasing, do you have a website" I have a feeling he won't be too happy with my offer. I came up with $125k, net. He is asking $165k currently. I figured I can sell it for $155k. this is how I got to the price. Comps: Property 1: $66/sqft Property 2: $85/sqft Property 3: $106/sqft Property 4: $95/sqft Property 5: $135/sqft Property 6: $49/sqft Drop the high and low extremes and you come up with an average of $88/sqft. This house was totally updated, new roof, floors, appliances, etc. the hose was built in 1980. The next closest in the comp list was built in 1950. So assuming the age and all the upgrades, I took one of the comp prices of $106/sqft to determine the list price to the seller of about $125k. I want to list it to buyers at $155k-$150k. I got this number by using the highest comp of $135 since it is a vert nice house, good views, relatively new for the area, total rehab. I am also basing it on the fact he bought it at foreclosure for 95k, upgrade costs I am guessing at $20k-$25k, so his break even would be $115k-120k. So this would leave him with a $5k-10k profit. I would probably need to split the option consideration, which I want to be as close to $5k as possible as well as the mark up profit of $25k-$30k. If the seller takes the option. I feel I am making this more complicated then it should be as well as getting SLO and CA intermixed. My question. How do you determine if it is a SLO or a CA? This is an OOA property, so I would need him or someone local to help with the marketing. Would I send the short offer letter or form? Also, how do you determine the monthly rent? Is there a formula, or you just do rental comps?
  10. Thanks for the advice. I do realize that I am getting a little excited. It just felt nice to get my first inkling of a yes. I was just on auto pilot emailing to potential people and getting a no or no answer, which I do realize will happen more times than a yes. Since this guy keeps lowering his price, I will give him my numbers on the short offer form so he can keep it around so if...and hopefully when...he relizes he can't sell at his prices he will come to me. On a side note, I did get this response from another 1st email I sent asking if he was interested in a lease purchase which made me laugh: "No I want to sell and never return or worry about this home if you're interested in purchase send note otherwise NOPE " He is definitly motivated!!! Just not for me...maybe. I will try a pure option with him and see if he bites, if not, NEXT!
  11. So I did my usual 2 e-mail marketing and finally got a "yes, I am interested". Yeah for me!!! ...maybe. After a few emails he stated that he stated: "I want $2k per month, one yr lease, tenant pays all utilities" The background to all this that I found out from my top notch detective skills was that he bought the house on a foreclosure for $95k in June. Fixed it up with all new bells and whistles, new floor, new roof, etc. He first listed it on Zillow in June for 175k, then lowered it a few days ago to $169,900, now listed for $165,000 My questions, Is Isaac going to hit FL? Then I wonder, with his terms, is there anyway I can even make a profit? His terms seem to be what I should be offering to a t/b. What should I try to get the terms to? What would a reasonable option consideration be if I was able to manage to get this? I was thinking at least $5k. BTW, the house is 4bd/2ba, 1152 SqFt. Built in 1980. Not a bad house. Here were the comps I was able to get, I dont see how I can even get his asking. What would you think my asking price to the seller shouls be, and the price to the t/b be? Comparable Sales Data No. Address Date Price $/SF Bld/Area RM/BR/Bth YB Lot Area Pool Proxim. Subject Property 06/04/2012 $95,000 $82 1,152 6/4/1 1980 12,197 SF 1 139 BRADLEY AVE 07/18/2012 $80,000 $49 1,628 6/3/1 1882 7,405 SF .84Mi. 2 99 BURKE ST 07/02/2012 $120,000 $141 849 5/3/1 1950 4,356 SF .50Mi. 3 434 WOODIN ST 07/02/2012 $154,500 $111 1,388 5/2/1 1945 6,970 SF .52Mi. 4 545 WOODIN ST 06/05/2012 $112,000 $85 1,306 6/4/1 1952 6,970 SF .70Mi. 5 15 ROCKVIEW RD 05/23/2012 $117,000 $66 1,751 7/3/1 1948 5,663 SF .34Mi. 6 74 WILMOT RD 05/23/2012 $187,000 $135 1,376 6/3/1 1941 10,454 SF .66Mi. 7 53 MICHAEL RD 05/21/2012 $114,900 $95 1,200 6/4/1 1948 6,970 SF .52Mi. 8 87 LONG MEADOW AVE 05/14/2012 $160,000 $106 1,497 6/3/1 1940 7,405 SF .61Mi. 9 219 FAIRVIEW AVE 05/09/2012 $11,500 $8 1,320 6/3/1 1947 10,890 SF .49Mi. 10 40 FURMAN RD 04/30/2012 $156,000 $150 1,040 5/3/1 1955 7,841 SF .38Mi. 11 465 PINE ROCK AVE 04/10/2012 $135,000 $119 1,134 5/2/1 1925 6,534 SF .47Mi. 12 154 WILMOT RD 04/05/2012 $140,000 $123 1,138 6/2/1 1942 7,841 SF .71Mi. 13 433 PINE ROCK AVE 03/30/2012 $161,400 $210 768 4/2/1 1950 6,098 SF .41Mi. 14 397 WOODIN ST 03/29/2012 $183,000 $130 1,407 7/2/2 1947 6,098 SF .50Mi. 15 191 OBERLIN RD 03/27/2012 $125,000 $91 1,360 6/3/1 1947 8,276 SF .62Mi. Any and all help would be appreciated. I do realize he is potentially a rehabber, but maybe he can rehab them, and I can find buyers for him.
  12. I like this idea and I agree, I think many of the people I am emailing freak out when the see the word lease. My question is what are the main differences between a Contract for Deed verses a CA? Are they basically the same? Are there drawbacks over one verses the other?
  13. So to just retouch this topic, if a seller needs to sell outright because they need the money for a new place due to a job relocation, etc, there really isn't anything we can offer them in regards to lease purchasing. I was thinking maybe a pure option where I would help find an outright buyer or maybe I can manage a consulting fee with my vast 2 week experience.
  14. Just trying to get a feel from people that do this. How do you go about convincing a seller to work with you if you are out of the area. It is hard enough to cinvince them if you are in the same area!! I have found a FSBO who is way out of my area, but highly motivated, so I do want to follow up with it. How would I have the seller sign the contracts without me there? By email or fax? The harder part would be how would you market the property if you are no where near the property. My only ideas is to give a chunk of the money to a real estate agent. They would act like a buyer broker in a way. That should make them happy since they are sure to get paid for their time and effort. I have also thought about the usual listing it on the area craigslist, backpage and FSBO sites. Then, if everything went well, how would I close since I would not be there? Any other ideas, tips or comments?
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