All Forum Posts by: Johnny Kang

@JJ O. , @Jeremy VanDelinder

This might help; https://www.uphelp.org/pubs/getting-your-mortgage-...

Basically, whether you decide to fix it up, or sell, getting escrow funds released is not something you have to worry about, but if you decide to fix, proceeds goes from your insurance company to your mortgage company, and they'll issue checks to your licensed GC, so "profiting" from insurance proceeds is not something that can happen "on paper." (do ppl come up with creative ways to do it?; yes, but if you're going to rehab your property, you know what my answer would be). 

Whichever way you decide to go, you have to make sure you have a Public Adjuster on your side, so they can be your advocate in getting the most from your claim, as well as a good restoration company that also does the rehab, so they can point out all the things needed to bring the property back to a habitable condition & the cost (the need for these ppl also applies, even if you're going to sell, since you'll need to know what the proceeds will be). These 2 parties have to work in conjunction to aid you in reaching your desired result on your claim. 

@David Wright is correct. Posting it on CL, you'll get a decent amount of replies from investors.  

@JJ O.

This is a niche I was kinda "forced" to get into, after spending a decent amount of money on direct mail. 

If you're looking to sell, your best bet is to find either; 

1) Fire Damage Restoration companies, that also do rehabs (the lingo restoration companies use will be either "rebuilds," or "recons"). Companies that do both are hard to find (operationally they're set up differently, and margins differ as well), which is why most restoration companies usually don't do both. 

2) Find an investor who has experience in this space. 

Don't do an AOB (Assignment of Benefit). 

@Sean Dougherty

You can get the bank to issue something called 1099-C (Cancellation of Debt). https://www.irs.gov/forms-pubs/about-form-1099c

(I'm not an attorney / CAP. This is just what we do when we do short sales)

@Trevor Asay

On our team, we have an Admin VA, and a VA who does skip tracing.

Most ppl will talk about going to some type of an online platform (UpWork) to hire your VAs, but you should try to find VAs outside of that for a few reasons. (we found ours by posting on the Philippines' Craig's List)  

- Although the talent pool is good at places like UpWork, I found that a lot of VAs you hire, once they get a better paying assignment, at times will drop you without even a word, so you end up spending a decent amount of upfront time training them, only to start the process all over again. They have more of a "consultant," or self-employed mindset.

- When you post directly in the country you're seeking help from, most people responding are just looking for steady work; "E" quadrant. 

- They can keep more of the pay you give them (we pay via PayPal). 

- Caveat to all this is that, you still have to have a filtering process; [i.e. test them on various tasks required for the job, have instructional videos so once hired, they can just watch the video(s), have bonus structure to incentivize, etc]

@Nguyen Quach

When you say no response, how did you try to reach him?

Also, keep in mind, it's a numbers game, so can't expect to get something going with 1, or a few prospects.

When I started targeting this niche, I was compiling 80-100 leads on fire damaged properties in NYC every month. Having lots of prospects puts you in a very different position. 

@Jack B.

Hey, look at that! Hope it's what you're looking for. :)

Wow, @Steve Babiak seriously? You having a bad day or something, you feel like you need to verbally snipe at someone today?

I'm fairly good about letting things roll off my back, although I've seen this kind of belittling comments from so called "seasoned" investors on BP more times than I would expect from people who, one would think, would have some standards, given how they've "succeeded" in business. 

BP should have a 3 strike rule with people like that (but I digress). So I kept it light, despite your initial snide comment. Like, "eh, just let it go." Heck! I even gave you a vote, man.

But for some reason, of all the things I pointed out in response to the original post, you feel the need to keep harping on that one thing I mentioned, like you just have to keep beating on a dead horse. 

So is this what you teach your kids? To try to bully people, if you can? If they're an easy target, for seemingly an honest different perspective they have? (again, you having a bad day, bro?)

You don't know me, so don't get sarcastic with me. And if you've done it twice on this thread alone, with your 13k posts, God knows how many times you've done it to others. 

Keep your attitude to yourself, cause I'm not the kind of person who rolls over and plays dead. Got it?

Have a good evening. 

@Chris Hosier

I wanted to see if I had the guts to go against the grain and make it. 

That I faced my fears and had the will to push through, when most quit. 

@Nick Hedberg

I started off with door knocking, till I realized, "nobody's home, cuz they just had fire!" 

Took me a whole day of doing that to figure that out. 

So I smartened up and call them now. 

@Steve Babiak

LMAO Great Point! 

I didn't even think about that. We NYers, we think the world revolves around our world view. LOL