All Forum Posts by: Daniel Sisto

What's up BP, 

We are looking for some additional advice as to some of the systems and processes that you have put in place to improve / streamline the wholesaling closing process (after assignment to the closing table). A department of our business is wholesaling and we have been ramping up that department due to the softening in our market on the retail resale side. 

Currently we are assigning about 12-15 properties per month in our market. Although we have been assigning this volume, we have had several issues getting to the closing table, some out of our control and other areas that could be improved on to streamline this step of the process. 

Our issue is not finding discounted properties or the cash buyers side, our issues are arising after these steps have concluded. 

Some of the issues we are running into that are either slowing the deal up or terminating the file completely. 

1) Liens/judgements arising during the title search preventing the sale

2) One off issues, such as shared driveway issues, shared parcel issues

3) Death certificate ordering (slowing down process) 

4) Abstract & Survey updating (taking about 3 weeks to complete in our area) 

5) Attorney Communication (When our attorneys are not on one side of the deal) 

These are just some of the issues that we are seeing in our market. Currently cash closings are taking anywhere from 4-6 weeks to complete. 

Here are some of the systems we have put in place to try and mitigate some of the issues we are seeing: 

1) Always recommending 1 of our attorney's to either the buyer or the seller so we can have clear communication throughout the process

2) Sending out and introductory email once assigned to all parties involved (buyers, attorneys, etc) asking them to begin updating the title and abstract ASAP. (We have been waiting to update docs after we assign because we have been getting caught with sunk costs if the deal does not close) 

3) Educating both buyer and seller as much as possible and clarifying any concerns before contract is signed (buyers through drip campaigns when they sign up for our list and through conversation, sellers through conversations at appointments and contract signing, also sales folder left to all sellers on all acquisition strategies) 

4) Sending out a Property Update Document to our attorney every Monday. (Our attorney gives us an update on every file that is outstanding to start the week) 

5) Communication with buyers and sellers throughout the closing process to move things along. 

I guess long story short, we are looking to see if you guys are having similiar issues in your area, if not, how come and what systems have you put in place to mitigate some of the issues we spoke of above. 

As always, thanks for any of the input. 

Good morning, 

Looking to see how everyone is tracking / paying property taxes (city,school,county,villiage) that are not escrowed. 

Whether you have your loans out through private/hard money, cash or other financing mechanisms where your taxes and insurance are not escrowed. 

What systems have you come up with to better manage this aspect of your business to insure ontime payment and a streamline effect?

LET'S HERE IT!

What's up BP, 

Do you guys have a different set criteria for your analysis when it comes to CASH FLOW including CAP EX vs CASH FLOW without CAP EX or do you just base your analysis including CAP EX.

Quick Example, 

Running analysis on an 11 Unit Building.

This is just a quick property overview from the analysis. Just looking for your opinion on how you guys treat CASH FLOW including CAP EX vs CASH FLOW w/o CAP EX and how you have your criteria set around this.

Here is a quick look at the CAP EX numbers for the property and how we include CAP EX

Good morning,

We are working on a Subject 2 deal and wanted to get your guys opinion on the matter. 

What have you guys found the best way to consistently (systematize) the payment of the mortgage holders mortgage statement. 

1) We had the seller write a letter to the banking institution telling them that we will be managing the property in his absence and to send all information to our business address. 

2) We tried to get access to his online banking but his personal banking information and mortgage information are connected so he did not want to give us access there. 

Let me know what your guy's experience in this area is and what systems you have put together to make this less of a headache.

Thanks,

Dan Sisto

@Philip Zaengle @Sebastian Villa

What's up guys, been in the market for a couple years now... Would love to connect with you guys offline. 

Let me know your thoughts.

Donigan Insurance Agency 

Tell them I sent you. 

What's up BP? Hope everyone had a good Christmas. 

Interesting in knowing how you guys are switching up your copy or format for your mailing sequences? 

For example)

Mailing #1 - Sending out sales copy with brochure

Mailing #2 - Follow up sales copy with testimonials 

Mailing #3 - Postcard

Mailing #4  and so on and so on. 

This would be your mailing sequence to one specific list. 

Would love to see and hear about the copy (verbiage) you are having success with also. 

Will share our 7 step mailing and follow up below. 

Lets hear it!!

@David McCarthy Did you ever end up doing the loan with David. I am currently in conversations with the guy right now. What was your experience.

I have to get to the bottom of this. Have heard several different opinions on the topic.

When a property is seized by the county for unpaid property taxes, does the homeowner take a credit hit?

If so, how severe is the credit hit?

Is this a county by county type of thing?

Look forward to hearing your responses...