All Forum Posts by: Christopher Morin

County records has a list of final judgements. Gotta filter out the evictions, but my VA mines it about 15-20 names per hour

Your goal is to get the owner on the phone.  Look up the properties in county records, write down the owner name and the mailing address.  Discard any that are bank owned.  Send the owner a postcard or letter saying you want to buy their home and pay them money.  Include a phone number for them to call you, and that you'll make them a quick offer once they call.  Once they call and you agree to a price, send them the contract.  Once they sign, you'll bring it to a title company and they will set a closing date.

I sent a micro direct mail campaign (list of 37) for evictions recorded the past 30 days. Sent them all a postcard and professional letter, separated by a week.

I've gotten 4 responses in the past 3 weeks, over a 10% response rate, all are at least mildly motivated or distressed. One lead is very promising. The original plan was just a 2-3 mailers in quick succession, then move on to the next 30 day list.  But with good results I'm debating making the campaign more robust.

Should I continue to mail this same list? Or generate the new 30 day list, and keep the touches small? To me, recency to the eviction date probably fuels the motivation, so I'm hesitant to trickle mail them over a long time. Anyone have data on eviction leads about timeline and number of touches?

@Bruce Ellerd I'd love the help!  I'll send you a PM.  It definitely was a quick turnaround, my fastest closing so far, obviously not preferred but sometimes the only way.  When the seller said his asking price, I didn't think there was a deal... but then the simple line "If we bought your property all cash, no financing contingencies, in as little as 7 days, what is the least you'd sell the property for?" ... "If you can do all cash and close next week, I'll give it to you for <35k less than previous price>" and I pulled the trigger.

Thanks @David Weintraub, I agree.  The quick timeline means I'll have to use them to refi instead of purchase though.  Not a killer, but still a pain.  Once a solid line of credit and refi criteria is established, this will be less of a problem on future deals.

Hard money doesn't seem to like New Mexico.  Also, I've found that an 80k loan amount is also very low value for the hard money guys.  They prefer > 100k unless you've proven a high volume of transactions.

There is some private money that will potentially pan out on this one. I offered 3 pts and 10%.  I should know by tomorrow afternoon.

My deals, since 2014, 3 dedicated flips. 5 rentals, acquired with varying levels of rehab (3-20k), 2 are still held. 6x owner finance or CFD wraps in past 6 months (less than 10k rehab). I deployed from Nov-May, and now have moved to this new area, so I'm about 6 months behind on progress for the year

I moved to a new area and am having a heck of a time finding a hard money lender for my rehabs in Clovis, NM (pretty meek military town, but we do have a Chipotle!).  I've spoken to some small local banks, which have great programs and portfolio loans, but I haven't applied for a line of credit yet, and I am now on a timeline (close by Friday).

I can purchase this property cash, but it will use up most of my capital, and I'd have to turn off the incoming deal faucet. The deal is easy on a standard 3/2 home, numbers make sense (70k purchase, 10k rehab, 115k ARV) with a relatively high turnover (expected DoM around 60) and I've already run a solid CMA and have multiple contractor bids. The financing is the last piece. I'm still in my inspection period until closing.

Anyone know any quick acting private or hard money lenders in New Mexico?  or ones that would refi right after a closing (as opposed to waiting 3-6 months)?

I've got a multifamily post-probate lead in Florida with seven heirs. There is one primary woman that is marketing the property on behalf of the others who I've been speaking to.

Do I need all 7 signatures on the contract prior to opening escrow? Or can I just get hers and let the title co take care of the rest before closing? 

Welcome! "PIG" REIA meetings are a good start, great networking opportunities. I invest in the Okaloosa Co area, albeit from a distance. Let me know if you need anything!

@Michel Moubarak Where can we find more info or data on specific applications?  

I'll second Arianne's comment about HOA fees, they can suck up a lot of your cash flow. Additionally, the special assessments that you can potential get hit with for docks, pools, parking lots, etc make HOAs an unpredictable factor.

Consider the style of rental as well.  You are also at the whim of personality when looking for vacation rentals in large complexes.  There is a lot of competition between complexes.  Success is incumbent on a good management team, the marketing team and the willingness of your association to act.  Its not just hiring a cleaning crew for turnover.  Keeping the property facilities immaculate, marketing, hiring talent, and maintaining all the "extras" that will attract your guests like the pool, the bar, and the security staff mean that you're investing more in a business than a property.  And underwriting a business with no participation is different than crunching numbers on a simple rental.

Lots of money to be had in vacation rentals, just make sure you're making an informed decision.