All Forum Posts by: Sage White

Can I get a referral on a great investor friendly title company in Arkansas?  

Jorge

Reach me at four zero seven, 867, 7676.

Thanks,

Mary

Jorge and Ramy.......Sorry for the delay.  I will reach out to both of you when I get to my computer tonight.

Here's my research/test after being denied by TLO   similar to @Ramy Khalil :

I had tested 50 names with Spokeo  and Beenverified and unfortunately the results were poor.  Then after doing a month's  research found a freelancer who searched the same 50 sellers with nexis lexis. ( The results were 80% accurate). The freelancer had access to TLO with one of his customer in the past. His feedback was TLO and Nexis Lexis were similar in results.  I was very happy with nexis lexis results that I had the Freelancer to search 235 vacants.   Very happy with the results as I was able to get 2 contracts.

About TLO: Found  2 other TLO approved investors who was willing to share the business reason they used  when they applied (a few others were very silent to diverge any info). The consistent answer was"use for verification of applicants for their properties since they want to protect their assets". 

 I did hear from another TLO approved investor yesterday who said their reason was for real estate.  But I know the credential dept will ask more. 

I have a business partner who is a realtor who manages a couple properties so we plan to join forces to apply for TLO in the future however for now Lexis Nexis is meeting my current needs and plan to do another round  for my next vacant campaign.

Cameron Dunlap has findtheseller.com which I also tested a little. For a flat $49 per month unlimited skip trace you will get basic info. But if you pay I believe $5 for a 2nd tier search you will get more. I tried the $5 and did find an address of a missing sister. However, I am getting more bang for my buck with Nexis Lexis VA where the freelancer charged me $135 for 100 names with multiple numbers for each vacant. I decided to hire him full time.

I am willng to share my VA services to skiptrace your list for the same fee before I hired him. Just reach out to me directly as I also tested out 2 known vacant databases for accuracy.

Before I started the owner already said they knew about 70% minus repairs.  So with that knowledge I said from day 1....offers should be that formula and then see how close the seller would get to that.

After 2 weeks of giving more training to the VA (like ask for pictures of the seller said no repair or work is needed or you cannot use a comp of a house from a different city over the tracks), it's time to do what the owner advertised. The advertisement was we could find, negotiate (in 30 to 45 days) and resell to a buyer since I am a wholesaler. So I said on Tuesday night to start finding leads and negotiate and send an offer.

Well my VA went back to one of the leads (which by the way I was getting on average 1 lead per day where the sellers were asking 90% of ARV). She made an offer on what the owner was asking with no repairs to account for. I even sent an email last week giving feedback about that paricular lead and spelled out the number I needed to get it at (in writing). So I instantly had to have her retract the offer. There was no way I could use this person or go through another training of another new person on my dime.

The VA is a nice sweet person but I dont have anymore bandwidth to train and continue to go over items as I was expecting an Experience VA. The VA cost for this company is $5.50 per hour.

I paid 2 weeks in advance the previous Friday and the bad offer  incident happened on Wednesday. 

At this point I did ask for a refund to the owners assistant for my Friday's payment.  the owner was on a business trip ( which I wanted to discuss now versus until his return on Monday which is doable since we all have cell phone).   I did get an email from the owner that said We do not do refunds and we will fix this.  

My point is I can't continue to pay for training someone if the owner said 'experienced'.

I will update this posting in 2 weeks to explain what happened. I will also post what recommendations I would share with everyone before hiring a VA.

By the way, I used another ProVA company for 8 weeks now which I have been please with thus far. I use them for making my vacant calls. They learn fast and have found sellers for me with their tenacity to fund a vacant person. They have more experience than the Virtual Resource VA I was given. I currently pay them $4.00 an hour but I bonus them for every contract I can get due to their efforts. I can share their contact info.

Sorry for the delay all.  Thank you for providing your advise on my post.   

I did email the seller partner that wants to sell his interest that I need first to see of all documented expenses, cashflow, etc.   It's been several days now and waiting on his email.  I figured that he would have to ask the other partner for this possibly  having to have the discussion about selling his interest.   This gathering of information from the other partner would have to start the conversation.  I agree that I would need to have a discussion with the other partner and most importantly start receiving cash flow.

The Seller partner did say he would do seller financing on his interest for at least 7 years which is good.  I'm in the waiting stage now.  

As I think of it now, I did ask why the interested seller didn't want to advise his partner.  The answer was he rather sell his interest approach route first.  I think when I talk to him again, I'll ask him what is the worst thing that could happen if he advised his other partner.

Will update this post when I get a response.

All,

Need your opinion on this before I decide to walk away from the offer.  I have a seller who called on a yellow letter campaign.  He is out of state and wants to sell his interest (50%) on a property that is income producing and a couple of blocks from a college campus in Arizona.  His name would be replaced by my name on title.  He has been a silent partner and his other partner has managed everything to keep the property occupied.  What I have been told is the property is always rented and this property is in a historic district.  He is open to seller financing his interest with a little down and willing to go 7 years with the financing.

My questions to those who buy multi unit rental properties are the following:

1)What have your experience been for those who ever bought property like this?  Or pros/cons for anyone who wants to comment

2)What numbers should I be looking for once I get a copy of the last 2 years of documents that show proof of rents.

Thanks,

Sage