All Forum Posts by: Luke Simonetti

Really great advice here! Thanks everyone.

@Joseph Cacciapaglia We actually just did this with the most recent lead and may even close on it. Talking through how "other investors/wholesalers string you along" really helps build the rapport. Great point.

@David Masciangelo These leads are exclusive from the company, but that doesn't stop the leads from googling for other "i buy houses" websites and posting their info on there. Generally it's "We need to sell our house, we're shopping around for some offers right now". Most people, unless it's a unique situation, will want multiple offers on their homes and choose the best one. My lead generation company can't prevent sellers from shopping. However their whole business model is paramount to making leads exclusive to us. We get about 3 leads a week. What makes them qualified is they go online on their own will, fill out a form for "i want to sell my house fast" and then we contact them within 30 seconds of them submitting their info. Other than that I'm not sure how much more qualified you can get

@Zackary C Dunn That's very interesting. I'm assuming that works out well more often than not for you? Do you find that making a verbal offer is sometimes "shocking" to them? Like to the point where "they need to think about it"? If so what do you do in those situations?

We pay for qualified leads in our area for motivated off-market home sellers. But it seems like the majority of the distressed seller leads that come through are "shopping around" for multiple offers. We may be the 3rd investors they speak with, or the 1st, etc.. Regardless, we may walk the property, talk with the seller, then email them an offer (EM included, no or low DD, closing in less than 10 days or flexible). All in all, we make pretty compelling offers from my perspective. A lot of people have ghosted us or simply say they're taking another offer without providing information on those other offers..

How can we make ourselves stand out? Does anyone have thoughts on how we can better compete or grab the attention of the seller?

Is it better to make verbal offers as opposed to emailing a contract w/ the price? We generally don't make verbal offers solely because most people aren't ready to make a split decision like that without mauling it over or consulting their spouse. We don't want to put someone on the spot.

Any thoughts are greatly appreciated! 

A couple of days ago we purchased a flip in Gwinnett County. This was not a short sale, REO or a foreclosure. Upon a walk through before closing, we discovered the occupants are still there.

The purchase & sales agreement stated that "buyer shall obtain possession at closing - property shall be free of all tenants & occupants as well as personal property".

The mother of the family owned the property; she lives in Michigan. Her children (2 of them) currently live at the property (ages in mid 20's).

We closed on the property, and drafted a contract with the wholesaler (Who was the POA for the out-of-state owner AND is a family friend of theirs) to delay disbursement of assignment-fee funds until the property is vacant.

The occupants said they would be moving out by this weekend. Now they're saying it may be at the end of the month, though they claim they got approved to move into an apartment, etc etc..  

I want to post a Notice to Quit or a Demand of Possession, but I'm afraid that will imply we have a tenant-landlord relationship. It also can imply that they owe us rent. Neither are technically true. (There is no written or verbal lease in place since it is the children of the mother who owns the property; it's just family members).

Aside from the advice of "seek a real estate attorney", what is the best next step for us?

Any advice is appreciated!

Hey everyone, I'm trying to analyze this MHP. Its 3 units. The property is in good condition, with a few minor things that need some attention. 

1989, 1981 and 2003 are the years built. The newest one needs all new floors, the oldest one needs a new roof. I'm estimating 10k in repairs. I have them under contract for $26k/ea. Rents are 600, 650 x 2. I think thats about market value, I could potentially get a little bit more on renewal. 2 of 3 units are occupied, with a tenant lined up as soon as the floor is laid on the 3rd unit. 

I'm just not sure how to appraise the value of the MHP if I buy it in cash, stabilize it for a few months and then go to a bank for a commercial loan. Does any one know how to value this deal properly in terms of what a bank will appraise it for, how that calculation is run, and if it's treated commercial since it's MHP? 

Thanks for the help!

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Is it true that there is a limit of 10 Fannie Mae loans over a person's lifetime? 

If so, is that 10 concurrent loans, or just 10 total?

Does it apply to non-owner occupied/investment properties as well? 

This is in regards to conventional loans.

Thanks!

Thanks for the input, @Tim Herman!

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*This link comes directly from our calculators, based on information input by the member who posted.