All Forum Posts by: Bob Couture

I don't think there is a requirement to send it out periodically. The bank does that as a service. You are just required to show that it is in an interest bearing account within 30 days and then show/pay accrued interest when they move. RHAGS and WMASS REIC would be a great resource for this question and local bank referrals too.

@Bill Womeldorf, as @Mike Hoefling mentioned you must use a Massachusetts bank and provide proof to the tenant that the funds are in an interest bearing account. A local bank - Chicopee Savings has a specific account for that where they will have the account in the tenant's name (managed only by you) and handle the admin (i.e. send periodic statements of interest accrued to the tenant). Lie @Rob L.stated you will need all the info he outlined of the tenant. I have one at Easthampton Savings bank too. Any other local bank will have similar products - Westfield Bank, Florence Savings, Monson Savings, etc. Email me and I can give you specific contacts.

Dwight,

Are you talking about lists that you can create from LeadSource or YellowLetters or US Probate Leads? Or are you talking about lists from an individual that is compiling them? If you buy from these source companies just make sure you really think about who you want to mail / call and how you can be different from competition.

Good luck!!

Hi Brandon,

Welcome to BP!!

1. Network, network, network to find real estate investing savvy real estate agents and wholesalers. My deals are 50/50 MLS and direct marketing. You'll find great posts on BP on how to tackle that and another great podcast is RealDealz by Tucker Merrihew.

2. Use conventional financing for as long as you can. After that you need to find portfolio lenders or explore loans on the commercial side.

3. I am not to sure about number three. Maybe a Trust instead of an LLC?

Good luck!!

Candice, how is your business going? If you need any help you can always call or write me.

Roosevelt, in my humble opinion if it is to hard to find a property to flip it will be even harder to find a property to wholesale because you have to find it for even cheaper. Nonetheless, for either strategy I recommend a three-pronged strategy:

- market: get letters/postcards out to prospective motivated sellers

- network: talk to realtors for pocket listings, attorneys for probate, REIA members for deals

Maybe even try to co-wholesale a deal meaning find another wholesaler and see if they have some deals they need to unload and you help find him/her some buyers for an agreed upon cut.

Wholesaling and Flipping are a hustle business. You need to get out there and create your own luck!!

Matt, try lending companies like B2R Finance. I think they are considered an "asset-based" lender. Also keep knocking on the doors to local banks because what you are talking about is right up their alley on the commercial side especially with as much collateral as you have with the rentals. I just did a blanket loan on 3 rentals with a local bank (commercial side). The standard where I am is 20 year loan with an adjustable rate after 5 years. Talk to folks at your local REI and see who they borrow from. Or ask for construction friendly lenders. I have found that most of the banks I speak with love the buy and hold lending, but will stay away from lending on flips. Good luck!!

Shane,

What kind of involvement are looking for? Are you looking to actually market for properties to wholesale to fix and flip buyers? Or are you just looking to get into the game and be a funding partner? What area of the United States are you interested in?

-Bob

Erik,

Have you talked to the commercial side of the bank? You will cap out relatively quickly on the conventional/residential side, but the commercial side should give you much more room. If you are buy and hold then look into big lenders like B2R Finance. For fix and flip there are a lot of crowdfunding sources. I just did one with FundThatFlip. Good luck!! -Bob

Bobby,

Have you tried BP's Wholesaling Calculator on the Analyze tab? Also there are tons of forms in the FilePlace of the Resources tab. In my opinion if you have to show the end buyer their potential costs and profit they are probably not the right end buyer. Your buyer knows their costs and profits you just need to make sure you make enough room in the deal for YOUR profit. Good luck!!