All Forum Posts by: Tyron McDaniel

 i love that look ahead document, can you forward a blank one, thanks

I too employ a similar strategy and it's worked great... I especially utilize this strategy in gentrifying areas where prices are going up. I have also found that the investors who stand the test of time do so because of their residual income... so it's always wise to have some rentals cranking in that cashflow! 

Thanks for that site, gotta check them out! 

I actually created this list from a content aggregator for real estate transactions. 

My  last 2 direct mail campaigns are puking UP undeliverable mail, so much so, that I am now forced to start investigating how to track down the owners and see whats going on? Any ideas on handling these...

I so wanted to respond but Daniel said EXACTLY what I was going to say! Definitely invest in a 2-4 unit as your first deal!

There are a few things you need to know...

But YES, you do have time albeit you must work FAST though and I am sure there is someone in your area on here who may even work the deal with you!

But you need to get in contact with the bank and their attorneys to determine the past due amount to halt the foreclosure and the payoff amount so that you now know exactly what you need to gain control of the foreclosure.

You need a signed Option or Purchase agreement as well and I would definitely be looking to wholesale by contacting some Top Producing agents in the area and seeing what retail buyers they have looking in that area who would be interested in buying a nice home As/Is/.

If not with an agent you could also blast or co-wholesale to the investors in your area! Ultimately you want to get going talking to the bank ASAP and figure the rest out as you read on here and move through the process!

Here's the skinny...

Pre-Foreclosure - FHA loan @ 59,872 balance
(7 months behind on payment - Co borrower passed)

After FINALLY getting through the Signature Authorization approval process they have at US Bank... (geez, borrowing 200k on a stated income loan was easier...)  - I ordered Reinstatement figures and a pay-off which at that time they stated was a 2-3 business day turn-around. But to order it, you have to call the foreclosure attorneys, ok, no problem, standard for deals like this!

Call these geniuses...

Order the figures and then call back on Friday they say ok, we got you in the system now, check with US Bank to confirm that we have accepted your request and it will be sent... huh?!??! (So my payoff request that I am ordering from you the attorney will show up in US Banks system, ok!) 

So today I call US Bank today they say "Have you called the attorneys?" duh... yes, it should be in your system! On hold for 10 minutes, they find it, everything is good expect the figures in 10-14 days! WHUT!?!??!?!

Then another 20 minute conversation that ultimately led to her calling her supervisor and "escalating" this file because of the pending foreclosure that they can't halt! 

Note: Unpaid balance $59,832

ARV $105k
Repairs $12K
Existing PITI: $674
Amount to reinstate loan: estimated $7250

Any ideas on what else I can do to get the payoff and reinstatement ASAP or to halt the foreclosure? (Anyone ever used the Fair Debt or Credit letter - not sure what it's called)

 LOL - that's why it's all about TIMING and consistency! I got a house I am working right now that when I went to the seller's house to seal the deal she showed me (4) other letters she had received and the reason she called me was because one of the other investors scheduled a meeting the seller, never showed up or call! 

I go on the appointment, in 10 minutes, I have the deed to a house with $30k equity and the ability to buy their vacant lot as well.

So YEAH there is competition but mail creative and intriguing mail pieces and you will do FINE my friend!

 I think that can work provided you have a large enough group a few to several hundred and you have hit them monthly or so for the next 90 days! It should drum up some potential Owner Finance deals or wholesale deals.