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The recording of Jack’s Q & A conference call will be available tomorrow in the Learning Center.
But here’s a brief recap of Jack’s advice:
1. If you can’t buy with seller financing or subject-to a low, fixed rate mortgage, then PASS. There’s no reason to go to the bank to borrow money.
2. Ideally, do #1 at not more than 60% of current market value. You don’t know how much further the market will go down so be conservative. If the seller won’t go that low, say NEXT!
3. Don’t wait for the prices to go lower. Get in the game NOW to buy properties with seller financing and sugject to. The next 2 years will be your very best opportunity to get these kind of deals with favorable terms and prices. These will make perfect long term hold properties. ( more details at Jack’s Survive & Thrive seminar in CA March 15 – 16)
2. When going after REO properties forget about working with real estate agents. Go direct to the bank or don’t buy — also see #1 suggestions or just get an OPTION on the property while you find someone else to put up the money. There’s no need to buy with cash in this market. Learn to get options!!!
4. When you’re dealing with bank OR sellers, don’t be greedy. Leave some of the profit in the deal for them.
5. If you’re holding on to something that you can’t sell – get out now. Sell at a deep discount and keep on option to buy back later. But stop the bleeding now. You’ll have a hard time moving forward unless you get the problem properties out of your life first.
6. If a deal is too messed up with famiy members who won’t cooperate, then PASS – even if there is a lot of equity in the deal. There are too many EASY deals to do instead of getting tied up in a complicated family dispute.
Does anyone else have any GEMS you got out of the Q & A conference call tonight?
Jackie
Loved the call last night. Would like to hear more diverse questions, but it was a great chance to glean some pertinent information to use in deals right now.
Is anyone in Tampa for the Options II seminar yet? It’s not as sunny as I had hoped, and rain is in the forecast. If any mastermind meetings are getting together before Friday, please let me know.
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