All Forum Posts by: Gary Alford

Hey HR investors,

I am out looking for a good, knowledgeable investor friendly closing company. I would prefer a attorney but a title company works fine as well. They can be in Norfolk, Virginia Beach, Portsmouth, or Chesapeake. I am not really looking to go across the water unless they are just that good. 

Also, I met one at the TRIG named L.T. Caplan. Have anyone ever used him? If so how was your experience?

Thanks

Most of the buyers I have come across actually do not mind buying a LLC they actually all understand that this is the only way to wholesale a REO property or at least the most popular. I understand what @Bill Gulley , @J Scott and others are saying but I wouldn't consider this as being in no way shady dealings. It isn't illegal it is just being savvy enough to get around rules they set in place to control the transaction. Most people would walk away from these deals if they have to wait 90 days to close. The long wait is one of the reason lots of people do not do short sales. @Joe Villeneuve explained it perfectly although I would have to agree with Bill that if they knew they would probably not be so happy. This is a completely separate business transaction though that has nothing to do with the real estate transaction. I can see it as being risky for buyers like J. Scott said but I tried to ease their mind by it being a newly established LLC with no EIN. It is pretty hard to establish business credit without a EIN. Although this never even seemed to be a thought to most of the buyers. Most of them and my attorney just wanted to see a certificate of good standing. 

@Uriel Gonzalez Easy fix is spend time marketing and leave the MLS alone when wholesaling. I do not know about your area but in the markets that I operate it is crowded and people tend to drive prices up. You will last longer by doing your own marketing in your own niche.

This is a great thread! It is always great to see different views on popular topics. 

@Jonathan Wilks  Thanks for the post and I have also heard it could be pretty lucrative. I would definitely be building a team of lawyers, other investors and everyone else that could contribute but this would most likely be further down the road in my career.

@Lumi Ispas  Thank you for the info. I am not surprised that China was the #1 country actually using this program and it is amazing that since 1990 this is the first year for all the visas to be used. Since it is getting more and more popular, when I get to the point that I would want to try to use this I will definitely need to have my ducks in a row. I will send you a message also to get that attorneys information. 

@Mike B.  I'm pretty sure that the cost to get this done is not cheap! I would not have thought 100k though, so all I can say is wow! I wonder what factors of the project really effects the amount of money and work it take to set it up. Thanks for adding to the thread.

Welcome to BP @Cedric NA  this site has so much to offer. I look forward to seeing you grow your business. Good Luck

I was trying to find out if anyone knows of a good place to get a list of homeowners that are 30/60/90 + days late on mortgage payments but a NOD have not been officially filed.

I heard that the only way to get this before it hit pre-foreclosure is for it to be pulled from a credit bureau when they are reported for a late payment on their credit. I want to reach out to people earlier in the process before they hit public record if it is possible.

I sent out 2500 pieces with EDDM and got 1 call. Was it worth it? I think done over again a few times it would have been. For the price if you land one or two good deals it pays off. 

That one call I got though was from a woman that inherited a house out of state some years ago and did not want it and did not care to even go see it. She just wanted it gone. I would imagine that she had not been contacted by anyone at all before. She lived in a house herself and did not really meet the normal criteria that most people would mail to. 

So like @Jerry Puckett said this would allow you to tap into some people that would not normally get hit with marketing. You could even tailor your campaign a little bit by the routes you choose, like picking routes that you know the streets and the neighborhoods to avoid apartments and condos if you want. However, be prepared to have a lower than average response rate. I have had a way better response rate with my yellow letters though plus they are targeted to people that are more likely to be motivated.

Honestly although cash is great it is a lot of investors I know that mostly use a HML to finance their deals or at least to purchase then use cash to rehab. So I would not eliminate them from your search to find buyers.

More on topic though the assessors office can get you addresses depending on where you are. I have found much success finding people's addresses (buyers and sellers) and even phone numbers by just googling them. Whitepages can give you good results as well as other sites, you just have to get good navigating them and manipulating the sites to not get stuck paying for results. 

Also I use the assessors site to find buyers that are actively buying properties. Once you see that a property was bought and sold within a few months to a year just go on the assessors site and look at who bought it. Then research even more to get there number and give them a call. @Troy Cole is right though you are better off focusing most of your energy to finding deals because that will be the hardest and longest part. Once you find a good deal the buyers will run to it. You could just post it on Craigslist and most likely get it sold. Sorry for being a little long winded but if you just keep networking and going to your local REI groups you will find good buyers.

I went digging for gold and got lucky enough to find it. This thread is great! I heard on the podcast that the nixies were worth chasing alone. You could get them for cheap if not free from others who were going to just throw them away anyway. 

Hey BP,

I was listening to a podcast the other day and it wasn't the BP podcast (I know how dare I) and they was talking about the EB-5 immigrant investor program. After hearing them explain it, my mind immediately started spinning and imagining all types of ideas to support some of my future real estate business plans. So I was wondering if anyone here have ever heard of it? More importantly, have anyone ever used it? tried to use it? or are currently working on plans to tap into that source of funding? Please give details of your experience please.

I want to say thank you to you all for adding to this topic. Sorry for not being able to address you all personally but I really enjoyed reading all of the post. 

@Keith Bloemendaal  Those are some great questions to add?