Investor · Vancouver, WA · Member since 2012 · 194 posts · 125 votes
Hi folks,
I am a successful lease option wholesaler, but I'm interested in branching out and expanding into buying and holding homes utilizing subject-to as my finance vehicle.
In doing so, I need help with effective marketing, that is also cost effective. I currently have a 3 part voice blast campaign to all expired listings within a 75 mile radius, but that isn't bringing enough deals. I am about to begin voiceblasting absentee owners very soon as well. And last but not least, I bought 100 bandit signs and will be placing them in vacant homeowner's yards in my zipcode very soon (a suggestion from Dwan Twyford)... and I will eventually put out 300-400 per month in vacant homeowner's yards if this first batch proves to be successful.
Can anyone else suggest any other forms of marketing specifically targeting no money down owner financing?
In my little example, the purchase money (any loan or extension of credit used to acquire, and secured by, the real estate) the loan was paid off. The remaining loan(s) were therefore not purchase money.
According to educational material used for CA real estate testing purposes, they refer to hard money as any kind of secured, non-acquisition loan for which cash out or the equivalent occurs (paying off other debt, money to others, etc.). Not what I think of as being a hard money, equity-based short term, private money mortgage.
So, if someone has a better definition, I'm all ears (and gristle).
In my little example, the purchase money (any loan or extension of credit used to acquire, and secured by, the real estate) the loan was paid off. The remaining loan(s) were therefore not purchase money.
According to educational material used for CA real estate testing purposes, they refer to hard money as any kind of secured, non-acquisition loan for which cash out or the equivalent occurs (paying off other debt, money to others, etc.). Not what I think of as being a hard money, equity-based short term, private money mortgage.
So, if someone has a better definition, I'm all ears (and gristle).
Missed the refi part. So what about a loan originated as purchase money to an owner occupant. Borrower moves out after a few years and the property is no longer their primary residence. Then they defaults. It is still purchase money? Can the lender foreclose judicially and get a def judgment in that case?
The first thing I thought of when I read your initial post was "thats not legal." If you are voice-blasting from a database, federal law requires that if the person you are calling has never before done business with you or had personal contact with you then you have to scrub you phone list with the do-not-call database.
Second, using automated dialers for telemarketing purposes is illegal under the FCC code - so be careful. You can open yourself to fines of up to $300 per phone call.
Last thing I would ever want to see is someone trying to be an honest business person getting caught up in this. I almost did a few years ago in my own business when cold-calling someone (not related to real estate) ended up with 2 complaints to the FCC that they were called while on the do-not-call list.