If I have a successful letter campaign when sending them to distressed property owners, (find the property then go through the county recordes in order to get address of owner), what do I need to take to the first meeting, contracts, etc…?
And what is the order of operations for this to work, please correct me if I am wrong, assuming financing is preapproved: Send letter, meet owner, get appraisal, make offer, close??
If anybody has a copy of the letters or contracts or other documents I would appreciate a chance to look at them, thank yall in advance.
What type of investment are you looking for? Are you looking for a wholesale deal because you mentioned it was a distressed property?
If you could specify what your intentions are we would be able to help better.
Brandon
I want to buy the property, rehab as quickly as possible, and then retail it.
Do you alreay have the lending in place?
Or
Looking to do Sub-2 and/or Hard money?
The lending would already be secured through hard money.
Let me explain better: I will get loan approval from a lender to buy properties up to say 150k, after finding property I would like to meet with owner in order to put my figures together to give the lender, the loan would be based on each individual deal. I would borrow 100% of the money, purchase price, rehab, and closing costs and pay it all back plus interest at closing.
Just as a rule of thumb see if your lender will give you a pre-qual/ Loan approval letter that says you are qualified to purchase a property up to 70% of the appraised value…
Reason if you have a letter for 150k and the person has a property they want 150k for because it appraised at 160k they fail to understand why you are offering them 105k. The letter clearly states that you can get 150k so that is what you should pay them right… Where as if the letter says you are qualified up to 70% of the appraised value the appraised value is 160k minus the 30% it is right where you need to be.
Sorry I was starting to ramble on there totally off the subject let me get back to the original question.
Send letter, meet owner, get appraisal, make offer, close?? NO
Send letter, Meet Owner, Get COMPS (no need to put out money for appraisal if the comps are not good.) Make offer, Do Contract, get appraisal, Close
Is there a place that I can get the proper contract, and other needed documents?