All Forum Posts by: Mike Mariotti

Thanks, Kerry I talked with Visio and LendingOne I will reach out to Mofin haven't talked with them yet.

I need to do a cash-out refi with a no income verification loan on a rental I have in Tampa, FL. I came across Next-Financing rental program and saw starting rates at 4.99% that is lower than most places I have talked to. I want to give them a call but they aren't open yet and I cant find an NMLS # on the website or much info online for them...

If anyone has used them how was your experience?

Thanks!

Appreciate any help I can get.

I have never purchased a property directly from a seller in foreclosure that was occupied.

The Numbers

Purchase Price: $100k-$110k "$40k to pay off for the HELOC included in purchase price"

Repairs: $25,000

ARV: $175k-$185k

I am meeting with a family of 5 who inherited their mothers' home and is now in the beginning stages of foreclosure. They tell me the home is free and clear beside a $40k HELOC that was taken out. I have been to the property and met with one of the family members that is currently living in the house.

1. 1. I talked with the attorney handling the foreclosure and they told me that they would accept a payoff at a lower amount than the $40k the family is telling me that they owe. My question is do I need to have the final payoff negotiated before I have the family members sign the agreed price on the contract?

1. 2. One family member still living in the house with two adult children. They don’t want to leave and the parent has a prior eviction in the last 2 years. The adult children both work and would be moving with the parent. I am trying to help find them a place to stay but has been difficult between the income and eviction on record. I would like to avoid having to evict them if possible but also don’t know if I can find them a place to stay…

@Jamie Burns how do you like REIautomator so far I noticed you're in Orlando, FL and wanted to see if you are happy with the property information in your area?  The reason I ask is bc I'm in Tampa and know that list providers are stronger in certain areas.  I am going to reach out to REIautomator and see what they say. 

Thanks Justin I will take a look at property list manager; now that you mention it I think I have heard for them before.  How long have you been using their service and do they have good customer service if you need help getting things setup correctly?  

Hey Everyone,

I’m hoping you all can help me get my head around the idea of “stacking list” to find motivated sellers. I haven’t done a wholesale deal yet but am marketing consistently. As I continue to spend money on marketing I want to be as effective as possible at targeting motivated sellers. I have heard of “stacking list” but can’t figure out a strategy on how to effectively do this…. For example, if I have a driving for dollars list, tax delinquent list, divorce list etc how would I go about identifying which properties/owners are on more than one list to focus in on those sellers?