All Forum Posts by: Will Dennis

Hi guys! I have a quick question. I'm on ListSource customizing a list, and under the Foreclosure tab it's giving me the option to select either pre-foreclosures, pending auction sales, and bank owned.

I'm a newbie wholesaler and am working towards my first deal. I don't want to select the bank-owned option as it seems a bit complex for starting out, but between the pre-foreclosure and pending auction sale option, which should I select (or which would you select) and why? Should I not select 'any' of the foreclosure options- which I would think would include all of them by default? Should I use another list generation service entirely?

Thanks in advance for the help!

Will Dennis

Hi Jackson,

I'm curious too. My thing is I don't mind targeting pre-foreclosures or pending auction sales, but I don't understand why ListSource doesn't just let you just target both. Seeing as they don't, I'm trying to either narrow things to either the best option of the two, or just wondering if it's better to just not select 'any' option on the foreclosure tab at all, because I'm assuming it would just target all three if the other parameters are filled out but then again it's hard to tell. It's not terribly user friendly. Sounds like we're in a similar predicament though.

Hi guys! I have a quick question. I'm on ListSource customizing a list, and under the Foreclosure tab it's giving me the option to select either pre-foreclosures, pending auction sales, and bank owned.

I'm a newbie wholesaler and am working towards my first deal. I don't want to select the bank-owned option as it seems a bit complex for starting out, but between the pre-foreclosure and pending auction sale option, which should I select (or which would you select) and why? Should I not select 'any' of the foreclosure options- which I would think would include all of them by default? Should I use another list generation service entirely?

Thanks in advance for the help!

Will Dennis

Thanks John, you answered my question perfectly! Much appreciated sir!

The following scenario is a hypothetical one, but one I have been pondering for some time.  I look to hearing your answers!

My question pertains to PMI requirements following the sale of an undervalued property. In this hypothetical scenario, the new property owner (myself) decides to purchase a property for $100,000 on a standard 30 year mortgage, with $10,000 down, which is obviously less than the standard 20% down payment that would alleviate the need to pay PMI. Let's say I have the property appraised following the sale, and it appraises at $150,000. Can I refinance the home with no PMI required, since the equity covers greater than 20% of the purchase price?

Thank you all for reading and replying in advance!

Will

Thanks everyone, great answers so far! So what if a lender is willing to give an investor a 5% down traditional mortgage loan (which supposedly exists). Would that change any of your answers?

Hey guys!

Got a question about house hacking. So pretty much everyone says that house hacking is the ideal first investment, but being someone who often questions conventional wisdom, I have a few questions about this. I feel my question would best be illustrated as an example.

Let's say in our example that Joe rents his current single family home that only he lives in for $1,000/mo. Let's say he purchases his first investment property- a duplex. Let's say each side also rents out for $1,000 a month, and the mortgage is $1,000.

Is there any benefit to Joe actually moving into the property and choosing to house hack? As I see it, Joe has two options, which I will outline below.

Option A allows Joe to pay $1,000/mo. in rent, stay in his current home, and collect $1,000/mo. from each of his duplex renters, totaling $2,000. In this scenario, Joe would have $2,000/mo. in income from his renters, and $1,000 going out for his own rent, leaving him with $1,000 to put towards the mortgage each month. He breaks even.

In Option B, Joe can "house hack" by moving out of his currently rented home and into his newly purchased duplex, receive $1,000 from one renter compared to the two in Option A, which he uses to pay his mortgage. Again, he breaks even.

If Joe breaks even in both scenarios, if he prefers to pay to rent in his current home for whatever reason, is there really any benefit to house hacking from a financial standpoint? Further, if many new investors live in their duplex for a year or so and move out anyway so they can rent both units out, why not just skip the middle step and go with renting both units out as their initial investment strategy?

I guess what I don't understand is how "house hacking" where you live in the property is really of any great benefit when compared to just renting out both units- especially considering the breakeven outcome of both scenarios listed above.

Thank you all in advance for reading and for any answers you might me able to provide!

Will