All Forum Posts by: Nick Luongo

Originally posted by @Danielle Wolter:

@Dejuan Calloway I am actually in the process of getting a HELOC on a rental property. I contacted my regular lender first, and he couldn't do it but gave me the name of a credit union that would. I would recommend calling around to local credit unions. Mine will only give me 70% LTV, but that's pretty typical. I don't know if the interest rate is higher than a HELOC on your personal home, but I am personally against taking a HELOC against my home. I try to keep business and personal separated in case the s*** hits the fan.

Danielle, I know this thread is a bit old but do you mind sharing what bank gave you the heloc on investment property? 

I had one with Naveo bank that just expired (5.5% fixed, 75% ltv). To find this loan I simply called a dozen local credit unions and asked. I may reup that loan and package it with another property (which requires closing costs and appraisal on each) but want to look around a bit to see if there is anything better. I did hear about penfed but their site says you can't own more than 3 properties.

Also to OP, I personally think Jeff's email recommendation to bank is a bit cringeworthy and salesy.. I wouldn't recommend that but maybe it's just me. If banks offer heloc's on investment properties then they will tell you what's required, you shouldn't need to sell them

Thanks

Wondering the same. Reviews seemed fake.. 200 letters 80 calls.. yeah right

Good info on this thread. Where do most of you start, the obits? In the past I've used online obits, then checked if they owned property and if so I would then go to courthouse. 

Also, do you just pull dozen or hundreds of files in a day? I believe in Boston there is a limit now of 5 in a day.. and in another nearby county they seem very difficult when asking for the files. They would only give me 9 and acted like I was being ridiculous for asking. Very difficult to compile a substantial list

One thing you can do is print handwritten font onto the envelopes. If you choose the right font you can't tell it wasn't handwritten. This can also be done onto lined yellow paper

I've been marketing in and immediately surrounding Boston and am curious to know what's been working for everyone and what adjustments you make, if any, for marketing around the holidays.

I noticed a reduction in response to marketing in the last month. In the past absentee owner postcards has been successful for me, using a 4x6 double sided black and white postcard (for both wholesaling and rehabs). I have also done smaller samples of small yellow lined paper with printed handwritten font (looks very close to real) in envelopes with handwritten font addresses and real stamps. The response was similar but I plan to test it again

I market to singles, multis, and condos but have seen higher quality replies to condos.

Yeah pretty much anything on mls in and right around boston is usually not a deal. Have to go off market. That said, you can still make Boston and surrounding hot areas work. Outside the city the cash flow and purchase prices are better. In the city vacancy rate much lower (next to nothing if you know what you're doing), general appreciation, and holding value in a down market better. I do notice the investors I know that are killing it in the hot areas are not on BP

Hi Angela,

I would be interested in anything off market in the Somerville area. Feel free to message me any details. Thanks

@Ray Hurteau Did you forget to mention you also overnight fresh baked cookies with each letter? 5% in the areas you mail to is awesome.

@Nick Foundas I did listability first but more recently just use mls. I'll pull houses sold 10 years ago or more then use excel to filter out duplicates, llc's, trusts, etc. Curious to hear what others are doing though. I am not getting enough leads

I am around 1%. Usually on postcards but I've done a run of letters recently also