All Forum Posts by: Andrew Michael

Two ways, you can literally drive and see who is building in the area.  Most of the time they will have signage posted at the site.  Secondly, you can have an agent pull every home in the area that has an age of 2 years or younger and then contact those builders to see what they can offer you.  There are several builders that have the you buy the land we build your home model.  

As with many things in real estate its about the highest and best use of ones time.  If you are bringing the contractors jobs and they are getting tons of referrals from you then I am sure they would be fine providing free bids. 

If you are constantly bringing them to properties that you never end up selling or where upon the buyers are using their own people than that gig will likely get old for them.  

As a wholesaler its important to get good at estimating rehabs and taking a full set of interior and exterior pictures along with notes.  Based on that your contractor should be able to get a pretty decent scope together.  

Worst comes to worse and you have to pay for bid, the typical cost I have see is a few hundred dollars for visit/scope of work.  

@JT Crownover  

I have never used skipleader or skipgenie.  I am not saying they cannot be complete as TLO.  I would never negatively comment about a company or service I myself have not used.  They may be much better than TLO.  I was just saying that TLO has been the best service I have used and that it is my understanding they pull their data from sources that many companies may not have access to.    

Money is very cheap right now and its a race to the bottom. In DC, MD and VA, 14&3 days are all but gone for now unless you are talking 100% financing or a borrower with really poor credit. Typical rates I am seeing are 9%-11% and 1-3 points origination.

Attending local meetups, asking for referrals, teaming up with reputable wholesalers are three good ways to attract clients. 

I have not used Skip Genie before.  Lexus Nexus I just cancelled my account, too pricey and not satisfied with the results.  TLO is the best in my opinion both in price and results.  They pull their data from the credit bureau's.  In my opinion this gives them a slight advantage as everyone else is basically mining core logic/black knight data.  This is what I've come to understand through speaking to reps.    

Hey Katherine,

How are you sourcing and financing your deals currently? Good long term GC's are hard to come by so I doubt many will give their sources up unless you are talking JV's or something.

Do you have your systems in place?  How are you going to track each call, what is your follow up system, why would someone sell to you rather than listing with an agent, what services do you provide, how much is my home worth, how do you arrive at home values, I got your letter saying you want to buy my house..whats your offer, who gave you my information, I am not selling who told you I am, please present me with an offer/contract, zillow says my house is worth a million dollars so thats what I want, what title company do you use, please explain why you want to buy my house, etc

Congrats on taking action, these are some of the many responses we get from our mailers.  In my opinion the most important part of these mailing campaigns are to make sure you respond to every single call and having a good CRM or follow up system in place.  One batch of 2000 may land you a deal but all of these targets should be mailed several times before you move on. 

Good luck!

Many hard money lenders have some sort of rental hybrid product now in which you can stabilize a rental property with.  The structure I see most often is as follows.  Take out a traditional fix and flip loan.  Once the rehab portion of the loan has been completed and tenants have been placed there is a rate reduction and you enter into a holding period.  Like others have said, even with the rate reduction you would not want to sit in a hard money loan long term.  National hard money lenders or higher end regional shops should be able to offer you holding rates closer to 7-8%.  

I have someone I have used bunch of times for tenant related issues.  He should be able to help you out here.   Check inbox. 

@Graham Gedman 

Shoot me a message.  Funding should not be a problem for you.