All Forum Posts by: Tyler Thrush

Congrats that's great news! Do you have deal particulars you can share? I started my DM campaign the same time with no results as of yet so any info would be greatly appreciated

It all depends on which wholesale banks your broker is working with and what their overlays etc are. Usually there is a difference of .25 for a cash out vs straight rate term refinance sometimes higher it all depends on the usual suspects (credit,dti,ltv, etc). Brokers can and do work with credit unions it all depends on who your individual broker is set up with. All that being said sometimes credit unions are hard to beat with certain products and I usually let my clients know that. Best of luck

It all depends on the broker, as previous posters have said they aren't going to lose the deal over $320 so you can ask them to help you out.However,   as for YSP credits if someone is doing lender paid compensation most lenders wont allow you to change your comp as they lock you in on a quarterly basis so it has changed a little.  It never hurts to ask and if your broker is creative im sure he or she can figure something out

i just sent out the second set of mailers with the same list however this time I used a script from the company I ordered my mailers from and hired a company to answer the phone and ask the questions on the script. 

6 calls total

3 hangups

1 removed from list

2 left information but I am unable to get a hold of them.

I have budgeted everything for a year before I committed so heres to something happening soon! any feedback would be greatly appreciated.

Hello

so the mailer went out on the 12th and I have received a total of 4 calls.

1. asked me to remove him from the list.

2. Wouldnt give me an address but spoke with them for about 20 minutes and they said they would call back.  I dont think the motivation is there.

3 and 4. Hang ups

Its been awhile since I have done any marketing at all and this was my first marketing piece for wholesaling.  Overall I didnt have any expectaions but just wanted to get the ball rolling and get used to talking to people about their home and try to refine my script while handling objections.  I didnt get enough calls to do much practicing but hopefully the next mailer produces results.  I plan on using the same list and marketing piece mailed 1 month after the original piece went out and am considering us PA2live to handle the inbound calls.

Any advice or criticism welcome!

Tyler

As others have stated the lender is going to allow 75% of the rent towards your income which is pretty standard across the board. That is also dependent upon the fact that you have a 2 year history as a landlord. Perhaps a portfolio lender is a better fit in your situation.

it was a list from a list company that I used through a title company

Hi Sharon

thats correct they are absentee owners. And thanks for your reply hopefully the criteria is ok.

Tyler

Hey All

just sent my first mailers out trying to wholesale:

Total addresses 700

Criteria

3 to 5 bed

1000 to 1800 square feet

built after 1960

Owned 2007 or before

50% or more Equity

I decided to mail postcards as it is cost effective and I have had success using direct mail when marketing for mortgages.  My goal is to find some properties to wholesale as well as flip. Ill keep you updated.

Tyler

I live in Orange County and own property here and in Texas. The biggest difference I find in my limited experience with 2 SFRs there has a lot to do with weather related issues that we don't face here that causes both more wear and tear on the property and thus increased expenses. Granted it could be just my bad luck but that's what I have noticed over the last 6 or 7 years.