All Forum Posts by: Jorge Quintero

Hello, BP! I’m starting a marketing campaign and wanted to do some direct mail marketing with probate leads. However I think they’re more difficult to find than other lists like absentee owner or foreclosures. What resources do you use to obtain probate leads?

Great idea Paul!

My 2018 was a great year because it was the year I:

1. Got started in real estate investing

2. Closed ten deals in my first year with a couple of them being fix and flips, and some buy and holds

3. Was able to quit my day job from the profits I made in my profits

4. Built up a trustworthy and hard working team that mutually benefit each other and allowed my business to reach the next level.

I am so excited for the new year!

Wow! This sounds awesome. I will be there!

Johnny Soriano like was said, you can finance a multifamily property of up to 4 units with an FHA loan. Anything greater than 4 units is considered commercial and is a whole different ballgame, you wouldn’t be able to use the FHA for commercial properties. Hope that answers your question!

I also forgot to mention that even though you have an investment property, a second mortgage under your name is no issue! Usually banks cap the number of real estate loans under your name to 4-8! So you should be in the clear with no problem of financing.

Joshua Easters from my understanding, it’s very difficult to use equity in an investment property to fund other investments. I’m not sure how that translates into using it for a primary residence. However, if you are making that much money, and are generating cash flow, I don’t see why you couldn’t just buy the house with conventional financing. If you’re worried about the down payment, you could always use an FHA loan that requires as little as 3.5% down and it requires you to live in the residence for a year. Since you plan to live in it already, this isn’t a problem. Do be aware that if you decide to use the FHA loan, putting a down payment less than ~20% will also cause you to pay the MIP (mortgage insurance premium) which is used to protect the lender in case you default on the loan. This would increase your mortgage by about $100 a month with a couple of fees included up front. There’s also lease options where you could rent out a home from someone in the area of interest and have the exclusive right to buy the house for a certain number of years at a predefined price. This works really well if you’ve done research on the local market and pick a house that potentially appreciates a lot. You could save up money while renting the house out and later buy a very valuable home for the price that was determined when the lease option was signed.

Brian Utley I agree with all the points already presented! I recently spent some time with my mentor stuffing marketing letters into envelopes and the way he does it is very clever. The letter itself appeals to the demographics of the area you’re investing in. I’m located in Houston, Texas, where 30% of the population speaks Spanish as a first or second language. He had a concise message in English with most of the strategies presented in this thread and the same message in Spanish! It was a small detail but one that I think will be very effective in our city. If you live in a diverse city, it might help to incorporate this strategy. My mentor also strongly emphasized the need to have your letter opened as has already been mentioned. The cover of the envelope was devoid of any propaganda. That way, there is nothing the receiver of the letter can use to associate your letter with propaganda or trash. The more mysterious your letter seems (using different color paper, somehow making the letter stand out without giving away any info until opened), the more likely your letters will be read. Hope this works!

Tony Castronovo like Cori and Felipe said, if you need any extra hands or any help with any part of your REI business, I’m always willing to help. I love to get new perspectives and as a new investor myself, I’m always looking to get hands on experience.

@Account Closed I’ve been driving around and have collected addresses for some properties that look interesting. I plan to get the phone numbers of the owners and call them asking If they’re interested in selling. I’ve also been spending a lot of time on HAR.com looking at listings but those get snatched up quickly and it’s hard to make an offer without having to wait for the realtor to get back to me. Do you have any other ideas?

Dave Van Horn thank you! I checked out the post and it was very informative.