All Forum Posts by: Rafael Floresta

And it should go without saying, but it is really important:

Make sure you have a way to prove you paid her for the rent from here now. Receipt, or pay with a check.

Hey Mark!

I am sure the BP community is happy to have you here.

If you want a deal analysed, post it on the Deal Analysis forum.

You don't have to disclose the address, but by putting the city, you will be able to hit local people using the keyword alerts.

If you consider yourself a beginner, or just need to touch on the primers of real estate investing, the Ultimate beginners guide is a great way to start.

Good luck!

Not a problem! Feel free to PM me or @ me if you need further help. I am no pro, but I am glad I could help.

Equity is important because in most deals determine how much "discount" you can get.

If I own a property worth 100k, and owe 80k, I have 80% LTV, 20% equity.

That means I can only sell my house to you for at least 80k, without doing a shortsale or bringing cash into the table. (You can do subject to, but that is another story).

If I have 0 equity, owe the bank 100k for a 100k house, it is bad for the wholesaler because there is not way he can get a discount, because me as the seller will want "retail" so I dont damage my credit with a short sale.

If I have negative equity, I am motivated to get rid of the property, and it doest matter how much it sells for, as long the bank approves.

I am simplifying things, but that is why equity matters.

If this is your first time I highly encourage you to do driving for dollars first.

I don't know what is wrong, but I suggest contacting listsource support. They actually have a pretty decent support/sales team. They will get it sorted out for you.

Lets analyse this way:

If you got a call from someone that has negative equity, would you be able to make a deal out of it?

If you got a call from someone that has 0 equity at the ARV, would you be able to make a deal out of it?

If so, to these two questions, equity doesnt matter. If not, it matters.

It looks like it might be your first mailing batch, correct?

What is your strategy once your phone rings? Are you willing to work with any problems the seller has?

I started doing driving for dollars, so then I could narrow down the problems to houses that needed work, or houses that might be from old people.

Sometimes they don't have the data. When you put a closed range, it will exclude all those records.

I would probably not do the whole state at first too. Pick a big zipcode, test your waters on that list first.

For example new jersey is pretty easy to get mortgage information, but on some states you can't.

Maybe set really big ranges (like 1984-2014) and see if it returns any results. If it doesnt, than it means they don't have that data for your state.

Why do you say jersey is tuff for wholesale? And whatever works for Bergen County probably works for south jersey near Philly.

I see lots of activities in the low end in Philly (30-100k).

check this site for what is gentrifying (based on issued permits).

http://constructionpermits.phl.io/

Which state are you located?

Ask her to pay for the moving company. Or whatever can make you move easier. Being that you are great tentant, it shouldn't be hard to find a new place...