All Forum Posts by: Jeff Dulla

Agree with @Upen Patel and @Chris Mason. This whole thing doesn't sound right. If you wanted to gauge value based on comparative analysis, maybe ask a realtor to help comp things out. If the value is $300,000, you should at least be able to cash out to 70% based on a normal conforming mortgage. If you are looking for more aggressive structures, then you would probably need a non-prime/portfolio/private mortgage. 

Yes with the cash out part. You could do delayed financing if that is an option but it involves you paying cash originally. There are plenty of non-prime loans though that will allow you to cash out on as many properties beyond six.

Perfect. That should work fine for you. Full disclosure I am a lender but I am also a member of this community and care first and foremost about adding value to this community. There are plenty of good lenders out there. Sam above is one. Zero pressure but if you would like more info from me, just PM me. 

@Brent Tomczak - even after you file 2016, it sounds like you will not have any rents considering you haven't finished the property yet. Even if you file and show a large loss, most lenders should be able to use the 75% rule with signed leases. You may have to provide some proof that there was substantial work done to the property but that falls within normal guidelines. Rehab, rents change/increase, underwriters will allow you to use new leases. Hopefully this helps. 

@Lee Ripma Very nice of you to say but I am far from an expert. I have just tried a lot of things. And I have been lucky to see a lot of different situations. I am a process guy so I like to set things up, give them some time, tweak them and track the results. I have not always had a lot of luck with mailer campaigns. 

Info USA 

Exactly. Obviously charges to quit claim twice but obviously plenty of people think it is worth it. 

Very interesting and good to know. I know PenFed and have heard of them doing aggressive stuff in the past. Thanks Ari. 

@Brie Schmidt it actually does include 2 to 4 units. And the actual max gift increases with the conforming limit for each number of units. For instance, a four unit max gift is $40,782. Exciting huh?

I dont really have any one set path in mind. I have done a bunch of them. Direct mail, every door direct, bought lists targeted at people with aging kids, bought lists of people with ARMs, HELOCs, you name it. 

In my opinion, mailers are more of a branding tool and best when coupled with some other way to expose your name to a small area. Probably best combined with some other ad in a publication, name on a billboard, something like that. It is hard to get people to respond without heavy saturation in the market and time. 

In terms of picking off individual loans, you would have better luck buying lists and calling people directly. If the goal is the long term play and money isn't a worry, it is more about the structure and content you are going to push (having a plan for it, frequency, content), rather than exactly what company you use to do so.