All Forum Posts by: Danny Weber

Hey Ana! If you're income is good enough, I would just let your brother buy the house and then quit claim your name on the deed later on. This will allow you to buy a different house in your name so your debt to income ratio isn't effected by your brothers home. Hence using the banks money to get 2 houses instead of one. There's this clause called the alienation/due on sale clause which the lender can call the note to be paid in full when ownership changes on title. I've worked for the servicing side of loans for Chase for 3 years and we never did anything about it as long as the note was paid on time. Good luck with investing!

Good luck! You're definitely on the right track.

Thank you Manolo D. ! That was great advice.

Congrats my man! I hope the best for you in your new venture.

I agree with Joe on this one. I used to work in servicing mortgages for the bank and never did I see the bank execute the due on sale clause. They're more worried about you making the payments.

@Hattie Dizmond

How much do you spend on advertising each month? I'm currently getting leads once a week from the mail drop I had last month. I specifically had it dropped into Fourths so 1/4 of the mailing would drop every week. Both of those men are gurus in the yellow letter business but a lot of testimonials from their perspective comes from mailing millions of letters out. Thank you so much!If you have any other useful information that will help, it will be much appreciated!

Hello BP! I haven't posted in a while because I've been caught up with work, school, and building a start company for real estate. I have a quick question about Yellow Letters. I used a list preivously based off of the pod cast of the Co-Founder of Yellow letters to make sure every person you mail to has greater than 40% Equity in each home. What are other parameters that I should filter my list to so I dive deeper to find those hidden gems? Any suggestions on how I should recreate my list and also what type of letters should I mail, Postcards or yellow letters? Thank you for taking the time to read this and I hope to hear from you all soon!

@RYAN

Sorry about the lack of clarity in that post. I'll be more than happy to clear anything that was misunderstood. I afford to make the mortgage payment by myself no problem, but with the 2 other tenants I can have their share pay the mortgage payment with some extra cash. Then since I don't have to pay anything out of my pocket for the payment, I will use all my pay checks to make improvements on the home to increase the value.

I will look further into that with my realitor along with the seller. Anything else I should look into? Thank you again for commenting.

Hey BP family! I have another question for you all and I'd love to hear some insight on some more outside views before I make my decision.

I'm about to buy a property within 5 miles of the major university campus and the property is going for 110k. It's 3 bed 2 bath and incorporating all of the #'s plus PMI and Escrow due to qualifying for an FHA loan. With my down payment as well, my monthly mortgage payment will range from $670-$700 a month. I have 2 renters on stand by ready to go at it for $400 a month so with their portion, I'll have the rent and then some. I still work full time at my job while attending school full time, so any excess cash flow after paying all other bills will go to improvements on the home. ($2,200)

What are some other things that I should look into before proceeding further with an offer on the house?

Anything else I should focus my money in other than making improvements whle living for free?

Thank you for taking the time to read this, I hope to hear from you all soon.

I've been offered a deal on a property that's selling 15k under the market value due to the owner going through some problems with their family and needs to get out of the house. The house is located about 25 minutes south of the main city of Chandler,AZ. There's a lot of commerical buildings being built in the area along with expanding more with the college in town as well. There's a big market for cash buyers in the area who fly from up north (snow birds) who love to spend their money on real estate when they arrive in the winter. Any suggestions to what I should do about this property? Or what other indicators should I check? Also the house is coming with appliances and fixtures. Thank you for taking the time to read this.