All Forum Posts by: Brian G.

Find the heir's mailing address and send them a letter expressing your interest in the property.

Brian

To be clear, I'm not demanding 15 minute comps and I'm not expecting something for nothing.

Using REOs for example. I've read for the best chance of success - Make an offer directly to the listing agent so that they can get both pieces of the commission. I've also read not to ask the listing agents for comps because it's in their best interest to skew them in their favor. Since I need comps to make the offer, and I can't get reliable comps from the listing agents, my option seems to be to ignore the advice of submitting the offer directly to the listing agent, and to use my own agent to run comps and submit my offers. That is the approach I took, but my agent seems to be resisting putting in a low offer.

Jeffrey, using the city website or courthouse to find values is something I was unaware of. I will look further into it and if you would care to elaborate I would appreciate it.

Anson, offering to list the property with the agent on the back end seems fair, but being that I would be wholesaling the property I don't know that my buyer would go for it. Maybe some type of payment (ex. $100) would work.

I appreciate the feedback.

Brian

I have one realtor I've been using for comps so far. When I have asked for comps it has sometimes taken a day or more to get them. I was told by another investor I should be getting comps within 15 minutes. Most of the comps I've needed have been on non listed homes (estates). So, the question is, how can I get a realtor to give me comps quick when they have no upside to doing it? Do you offer to pay them on a closed deal?

Brian

Jeff + Scott, I appreciate the help.

I have also been sending out mailers to probate homes. So far, I have found some "want" to sellers, hopefully soon I'll find someone with a "need".

Brian

Originally posted by Scott M.:

So I can better understand....you want to:

- work with a realtor to buy bank owned homes
- get a POF letter so you can show you can buy the homes cash
- put a property under contract
- try to sell it to another buyer BEFORE you have to close on it?

Scott, I guess I meant a simultaneous closing. As I understood it, that wouldn't require transactional funding?

When I met my agent, I said that I'm looking to find cheap properties that can be fixed and flipped. I said that I know some cash buyers and I'm looking to locate a deal for them.

Here is what my agent asked me in an email and what I'm trying to get answers to:

Hi Brian,
Wanted to also see if you have any proof of funds from whomever it will be signing the contract when you find something? In case a house comes on and we have to move quickly the banks/agents will need that if it will be a cash deal. And if someone else is doing this with you are they going to look at it as well?
Take care,
Real Estate Agent

Hopefully that is easier to understand.

Brian

I was planning on double closing to get around the no assignement. I've never done it, but that seems to be a recommended way to go about it.

I was seeking advice on - I feel funny submitting a proof of funds (say Coastal Funding's letter) to my agent as if it came from my cash buyer. But, if I tell her I'm wholesaling the deal and that I don't have one particular buyer lined up yet, I think that it could get messy. So, I was wondering how others have dealt with it.

Brian

Scott, bank owned properties (but I'm pursuing personally owned homes also).

Brian

I got an email from my real estate agent saying that any foreclosure properties I want to submit offers on are going to need a proof of funds letter. I've read that you can use a Coastal Funding letter to get around this issue, but I need to figure out how to proceed while being up front with my agent. I never mentioned that I would be assigning the deal, but I said I would be bringing in a partner who is a cash buyer to close the deal. Even if I got a proof of funds letter from a local investor, I can't guarantee he or she will be the person who buys the deal from me...

Please let me know your thoughts and opinions on how to solve this proof of funds issue. Thanks.

Brian

For example's sake, let's say I found an apartment building that appears to be a great buy and I'm trying to put the deal together with no or minimal out of pocket money. Let's assume I have a lender who will fund the deal and I'm raising private money for the down payment.

Is there a way to do due diligence on the property without paying for the inspections myself?

Brian

Originally posted by Webb Sledge:

1) Do you put your name, the company name, or no name at all right above the return address on the envelope?

2) Do you address each letter individually to the homeowners, put some other moniker such as "Resident" on the envelopes?

3) Is there a more cost-efficient way to mail out a lot of envelopes than to stamp each one? At $25 worth of stamps per street, it's fairly expensive.

4) Has direct mail worked for you?

1) I've been using my name

2) Address each letter individually

3) Post cards? Not sure, I've never used them.

4) I've gotten responses, but no closed deals yet.

Brian