All Forum Posts by: Jim Butterfield

@Ed Brancheau thanks for you input. No I don't expect many calls. I think the rule is 1000 leads 60 calls 10 serious and maybe 1 offer. I'm starting at 2k mailings. Wanted to go bigger about 5k but then there is a learning curve for me to speak well and talk to the seller smoothly. Dont want a hundred calls coming in and botching them up. Rater screw up on small number. 2k will be good for this 6mo campaign.

Hi all, just now jumping into advertising. currently work is slow, I can respond to the calls. if things get busy, i wont be able to respond same day. I know i dont like to leave a message when i call some places. I'm not expecting a huge number of call backs from prospective sellers but thinking bigger. How many use VA virtual assistant for answering the initial calls?

welcome... sniff around and see what BP has to offer... LOTS shall i say. forums, support, knowledge, and resources... great site. Enjoy your stay

I dont like HOA's primarily due to expense the add. However depending on the area and fees they can be a good way to keep the neighborhood in good shape. a Friend of ours pays $450mo for her $560k condo. its a ritzy place of town and is very clean and maintained. unfortunately all the homes there look similar due to same HOA and style of home. BUT no trashy tenants and junkers on the lawn.

So i dont rule them out depends on situation. I do own 1 unit of 5 total we own with HOA

@Nick Belsky actually this is from multiple lenders.. 3 so far. the answer is... 

Unfortunately, that's just the nature of that kind of refinance. By being an investment home cash out it already increases your costs significantly. The fact that its also a multi-unit property also adds to the cost. The costs all have to do with how much risk the lender takes, and they charge points accordingly. Normally in a SFH primary home you can get 0 points or even lender credit. In this situation the only options are with buying points

@Kyle Keller yes i heard the number went from 13% of portfolio down to 7%. I also heard the person that made that decision got fired over it. So im willing to wait a few months and see if this changes.


hello Joe,

Yes I will keep looking. I really hit the hornets next using online refi loan search... 

So what's the real reason refi on investment property is soooo outrageous? I'm doing a refi on my personal home, cost about $1200-$3k. Now I'm getting quotes on my 4plex and they want $11k-$14k loan costs. 

Thanks Brad, I know when going through a realtor, and financing there is a gazzillion places to sign. It can't really be that complicated. Most of what i remember is forms to cover X person for this and Y company for that. Then you have the financing side. 1 do you understand your payment, sign here, 2 do you intend to pay this, sign here. 

Yes title is just waiting on me to get back to them, i dont want to start that process until it gets closer. 

i think a primary residence if you have lived there for 2 of 5yr is exempt of capitol gaines.

I have negotiated a deal with a lady up the street for her house. Long story short, separated from husband, let him live in house with son, he passed, son has issues, she wants son and the house gone. She is doing the eviction process now, it will complete in Sept. I have some time. We have signed contract. I have a hard money lender lined up for the purchase. I have contacted a local title company to do the switch over. I have walked the home and its a mess, but no major issues. Clean up, paint carpet and should be good to rent. I will rent then refi to get cash out and pay off the lender. 

I did google /BP search for help, and only find Wholesale deals info. Typically I use a realtor for last 5 homes, this is first owner direct deal. 

Any other steps I am missing? 

thx, Jim

thanks @Greg Scott for the input. Yes they are not paying rent, so eviction is NOT possible. Attorney said there is no relation with the owner and the "friends" only through the son. the son is in jail now. Nothing really to tie them legally from what attorney said, so they are now squatters. Beth, the owner said her attorney said $7500-$10k for squatters removal. not sure of the details. I'm wondering if we give them $2k to leave would they agree and not come back. If they did come back what is our action. Need to find that out. 

I like the idea of the tow company. the camper belongs to her son. she has paperwork on it. but could still use the service to remove what they are living in. More reason form them to move on.