All Forum Posts by: Glen Andrews

Robert,
In most cases Thanksgiving to January is the slowest time of the year.

But in todays market with the financial mess and the declining markets more and more homeowners would rather pull their capital out of other properties.

I think that you should test your mailing with about 500 mailings before you send out a large quantity. I'm not sure of your list count but I would tell anyone to first test before you send out the entire campaign unless it's a small list.

I see you're in New Jersey. I'll be moving to the East Brunswick area in a few months. I have no clue as to where Bergen County is.

Hope this helped!

Jason, you can find them by aquiring a list of absentee owners. Those are in most cases landlords. You can also get a list of all individuals who own more than 2, 4, 8 or twenty unit apartments depending on what you're looking for.

You're going to have to market to find good deals. Whether it's direct mail, newspaper ads or signs.

go to www.dunhills .com they should be able to provide this list of absentee owners (Landlords) or any list broker can get it for you. There are plenty of other lists like...

Pre-foreclosure
Expired listings
Probate properties
and the list goes on and on.

Hope this helped!

Courtney,
First off is this for you or your buyer? The amount you're getting financed goes in the first line.

You would put the going Interest rate. I usually just put "6.75"over " 30" years.

Loan commitment within 30 days if I'm the buyer and 14 days if I'm the seller.

I hope this helped.

Figgy, I'll tell you like I tell my students, if you are going down to the bank for financing sooner or later you're NOT going to be eligible for a loan.

If you know how to buy properties creatively... "Subject-to", Seller Financing, Lease Options and Options etc. Then you can purchase as many properties as you can find.

Which then comes to "Marketing" It doesn't matter what business you're in "Marketing" will always determine your bank account. The investor's who are making a killing in this market understand who to target and what gets sellers to respond. This business is all about setting up marketing systems to get sellers calling you.

Hi Leesa,
Try driving the neighborhood to see if there are any other houses for sale in the area and what they're going for. Just understand that these are listed prices and NOT the Sold prices.

When you call on other homes in the area that are listed make sure you get the heated square feet to see if the house is similar in size, amenities etc.

Another site that I have NOT personally used but my students have is CyberHomes.com

Hope this helps!

Just put in the addendum or contract... "The Buyer(s) have the right to inspect and approve prior to closing".

Dan,
I don't know who told you that it's illegal to give your opinion. As far as I know that's a bunch of HOOEY.

I've never known anyone to get into trouble for giving their honest opinion.

Dan,
tell your prospective buyer to drive by the property and take a look. If you're leaving enough money in the deal for an end buyer you shouldn't have any problem wholesaling it.

If you're wholesaling in a war zone then this could become an issue for your buyers. I would tell the potential buyer everything I know about the area and let them decide if their in or out.

There's nothing legal or illegal about what you say. It really comes down to being an ethical business owner. If you want to have repeat buyers you'll be up front and honest with everyone you deal with. If you burn someone knowingly they will never do business with you again. And remember they will tell others about you GOOD OR BAD!

Hi Patrick,
The reason your realtor won't make vebal offers is because nobody will take her seriously. Just tell her what you're offering to the seller and have her draw up a contract for you to sign.

You'll get alot more offers accepted if you put it in writing so the seller knows that you're a serious buyer.

Is there a reason why you only want to make verbal offers???

Rich,
We use Balloon payments all the time with seller financing.

For instance... we just closed a 3 acre property with a home that was owned free and clear. The property is on a main road. The person selling it had it rented and the tenant's were not paying them. We offered them their asking price. We told them we could pay the exact same monthly payment that they were trying to get from their renters.

Here's how we structed the balloon payment and terms. The Sellers would receive the monthly payments of $700.00 dollars principle payments NO Interest. We paid them their full asking price of $175K with a balloon payment due in 60 months.

So if the loan went the entire term of 60 months we would have paid down $42K and we would have to payoff the remaing debt owed of $133K.

We are currently working on rezoning this property to Commercial.

If you're getting into a Balloon payment just make sure you CLEARLY know your exit strategy. I always plan on the worst case senario because nothing ever works out exactly as you planned.

Good Luck!