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All Forum Posts by: Jordan Johnson

Jordan Johnson has started 11 posts and replied 45 times.

Post: First Direct Mail Campaign

Jordan JohnsonPosted
  • Pearland, TX
  • Posts 46
  • Votes 8

I'm getting my ducks in a row before my first direct mail campaign. I'm going to purchase a list and send post cards. Firstly, I'm wondering what an proper message for wholesaling will be for the postcard. I've been looking around and it seems a lot of them say, "I buy houses for cash!" which is a great attention getter for a motivated seller, but is that an honest slogan for a wholesaler to use since I wouldn't be necessarily be the one buying the house? My goal with the mailers would be to find properties to wholesale, or if the owner would be willing to owner finance I would purchase the house, so again "I buy houses for cash" wouldn't work for me. What would be a short eye catching way to draw ing potential sellers?

Secondly what should I do as far as the phone number I leave on the card? Should I use my personal number, look into a second pay as you go cell, or use an answering machine and call them back? 

I've been looking in to all this for over a year now and I've decided nothing is going to happen just by listening to the podcasts. I'm very excited and nervous to start this journey. Wish me luck!

Post: Houston Texas meet up

Jordan JohnsonPosted
  • Pearland, TX
  • Posts 46
  • Votes 8
If you weren't able to go the the meet up last week there will be one June 14th at 6:30, again at the Black Labrador.

Post: Houston Texas meet up

Jordan JohnsonPosted
  • Pearland, TX
  • Posts 46
  • Votes 8

Yes, there is one tomorrow. They're very informative and there's a lot of people to network with. They have a page through meetup.com that will alert you what day it  is every month. Hope to see you there some time. 

Post: Houston Meetup - August 20, 2015

Jordan JohnsonPosted
  • Pearland, TX
  • Posts 46
  • Votes 8

Wow, thank you so much for organizing the meet up. My fiancé and I had a great time and we learned so much from Ray. I can't wait for next month's meet up. 

Welcome to biggerpockets!

Post: Houston Meetup - August 20, 2015

Jordan JohnsonPosted
  • Pearland, TX
  • Posts 46
  • Votes 8

I missed the last one, but will be at this one. See y'all there!

Originally posted by @Jayden Hakunti:

Yes the seller does mean factor in the cost into the final purchase price and thus the mortgage payment and down payment will likely increase. You can have a relative gift you the money but only if the money's origin can be verified.

My advice to you is to shop lenders and ask your current and other lenders about Texas down payment assistance programs. I am in the midst of saving another deal here in California with a very similar story. If you were here, we have several down payment assistance programs to help you. At the home price you are seeking you'd only need to come in with less than $900 to close. But homes are a bit more expensive out here however. 

Because I am not license there, I have provided a link to more info on down payment assistance in Texas by the state of Texas. On their site they will have reputable Texas lenders there for you. 

Texas State Down Payment Assistance.

 Thank you for your help. I have looked in to the down payment assistance program with my lender and I make to much to qualify and my fiancé doesn't make enough to qualify for the loan on her own so unfortunately that's a no go. But the way my lender organized my loan, it'll be like we're getting the assistance through the bank but with a higher interest rate. So everything works out in the end. 

Originally posted by @Frank Jiang:

Do either of you have money in a 401k, IRA, etc or any other investment instrument that you can pull out for the down payment?

I do but it doesn't have enough in it to pull from.

I think I figured it out with my loan officer. He played with the numbers to cover most of the closing costs but with a higher interest rate so everything will work out evenly.

Thank you everyone for the help. 

Originally posted by @Account Closed:

You can also use gift money from a relative for down payment if that is possible

 Thank you Steve. We have thought of that, but I rather explore any other options we have first before we ask my my fiancés parents or my own for money. 

Originally posted by @Tom S.:

@Jordan Johnson

I don't think raising the purchase price will work, because you're already in contract and I think it would set off lots of red flags, especially with an FHA loan. Also as mentioned above, the bank will not lend higher than the appraisal amount.

If it helps at all, remember not all of the money due at closing is a cost.  A lot of it is prepaid items like insurance or taxes, so you're not losing that, just pre-paying it.

- Tom

 Thanks Tom.  After the house has been inspected and appraised and everything, would we be able to go back into negotiations to include the closing costs as long as the house appraised for what the cost would be with the fees?