[Anonymous]

Anonymous

We had a lot of CREWealth members at the Napier-Wilson seminar in Pensacola last weekend.

Let’s share what was the best thing you learned there?

[Greg Christiansen]

Greg Christiansen

$2 in equity is only worth $1 in cash to Jimmy Napier. All the houses for sale are looking for cash, but not all the cash is looking for houses.

Ex, a $100k house with $60k in equity would only get an offer of $80k (20 cash, 60 sub 2) max assuming no repairs.

[DON WEDE]

DON WEDE

Jimmy’s idea of not having to play hard ball with all payers who may fall behind. Give them some hope and maybe work something agreeable to both.

Don Wede

[DON WEDE]

DON WEDE

Greg:

I think Jimmy likes to get $2.00 in equity for every $1.00 cash. $20,000 in cash buys $40,000.00 of equity.

Don Wede

[DON WEDE]

DON WEDE

I agree with your assessment of the “mini mobile home park” .

Don Wede

[DON WEDE]

DON WEDE

I think Jimmy uses this $1.00 in cash buys $2.00 in equity as a negotiation tool. It is a way to show a seller the power and value of cash to Jimmy. It makes his term offer look much better. The less cash Jimmy has to put out up front the more he can pay for the house with terms.

[Greg Christiansen]

Greg Christiansen

Correct Don–I wrote this when I was exhausted. I meant to say 60k in debt, OR 40k in equity, hence the sub2 for 60k. Thanks for catching my error.

[Anonymous]

Anonymous

That’s why I love my multiple offer strategy.

I just helped my daughter get another deal.

I offered the seller $90k cash or $100,000 with no money down and no interest and payments of $600 ( the house is worth about $185k)

She took the seller financing.

You just never know until you ASK!!!!

Since I can’t talk my daughter in to keeping rentals yet – she plans to sell this one with seller financing and wrap the underlying loan.

Jackie