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Mark
You absolutely do NOT need to hire a coach or mentor.
We’re right here to answer any questions you have — no additional charge.
Wholesaling is the easiest thing to do — YOU CAN DO THIS!!
Do you have the real estate profits on steroids book? it really takes you step-by-step through what you need to do — and exactly what to say, etc.
Jackie
Hi Everyone!
My business partners and I started our business here in Orange County, CA, about a year ago. Our specialty is Short Sales – at both an investor and retail level. (When the bank doesn’t accept our investor offer, we will put the property on the market and sell it at the retail level and collect a fee for our services). We also just recently started trying to purchase REOs.
I am very happy to find Cash Flow Depot! We are interested in learning how to think “outside of the box” with creative financing.
I look forward to learning!
Thank you,
Remy Dorman
HI Remy
Glad you joined up.
Jackie
Will & Katja Moya
Tampa, FLI am a Real Estate Entrepreneur not a Real Estate Investor YET! (Jack Thanks for the clarification).
I have been in the game for about 4 years, currently recovering from the last few years. I am re-learning and re-structuring my business. I have two children and another on the way, currently serving in the Air Force Reserves. I have done close to 50 deals. And I LOVE the Real Estate Game, so i refuse to give up and get out. I found my passion so I cannot stop learning despite of the temporary real estate hiccup. I really want to grasp a concept of two that i can perfect so i can build the momentum I once had because I refuse to go back to work for corporate America and put my families future into someone else?s hands.Jack and Jackie, my family thanks you for your leadership, incite and positive guidance.
Will Moya
Tampa, FL
Hi Will and Katja
I’m so glad you joined the family here at CashFlowDepot.
See my answer to your other post about ways to get back in the game.
There’s a whole other real estate world besides rehabbing and selling!!
You’ll learn some creative techniques and strategies here.Jackie
Hi,
My name is Diana Douglas, I made a drastic error, loaned money to a contractor $73,000 to remodel/sale homes. He was to pay me 12% interest and have my money back w/in 1 year. (I am a single mom, veteran, & disabled, this was my retirement money). The funds were deposited into a mortgage brokers acct., contractor & broker told me house they’re working on is worth $280-$330K, then the market turned & they dumped this unfinished house in my lap to try to recoup my money. Now I find out the house was NEVER worth that much. Both broker & contractor had bankruptcies 2 years prior & did not disclose that to me. I am so stressed I can’t think rationally. I have filed a police report against them for embezzlement/fraud. But apparently law enforcement is inundated with similar complaints.I desperately need a mentor, with some ideas and guidance that could help me turn this situation around.
Hi! this is Remy. Love all the education and creative ways to invest. I’m still fairly new at this, but sure do appreciate all the information and the willingness to help us newbies! I was fortunate to be able to hear Jack, John Schaub and Pete Fortunato in San Francisco this past May. My business partners and I have been extemely motivated to apply all that we learned. Thanks again for this incredible information and support!
HI Diana
You should go after the contractor for the $73k but the reality is that you’ll probably never see it. The best you can hope for is a judgment.
I’m a little confused about what other loans are on the house and if you have the deed to it now. Can you share more details so i can try to come up with a solution. Where is the house?
Jackie
Hi Jackie,
It’s in Post Falls Idaho, (Coeur d’Alene).
There’s a $175K 40 yr mtg @ 6% PITI + PMI + $1225.
I’m going to try & pursue short sale, it was Countrywide, (impossible to deal with) now BofA. Do you know how BofA is handling short sales? At this point I don’t know if I should catch up pymts, & try to rent it out, it just went into foreclosure 8/12. Do I risk them not selling to me for less & incurring more atty fees as the process lingers? Do I have to compete with other buyers? I’ve heard NW US should be 1st to recover from this mess.Every BPO/contractor I’ve had look at this said he has committed fraud as it there is only 1 week of labor & materials = less than $10K.
Mortgage Broker knew the money was being spent where it shouldn’t have & did not tell me. Broker aided with fraud by telling me house was worth $280K & providing free tiles, some items purchased from 2nd hand store. Contractor had the owners mo stmt showing PMI ins. I’ve talked with attorneys re: civil judgement, they’ve said embezzlement & fraud IS embezzlement & fraud & should be pursued criminally with state contractors board, Idaho Dep of Finance, Atty General & local DA. They both had a fiduciary responsibility to me. They both lied about their assets/income/successes, & value of house. I found receipts in house $11K,of which $2,600 had anything to do with construction, balance is for gas, food, entertainment, pymt on his shop in Vancouver,WA. Numerous cash transfers $3,000+ fm construction acct to personal accts.
Sorry I missed answering part of your question.
No other loans, I thought about a lien, but if it forecloses the lien would disappear. No I don’t have the deed these IDIOTS, just did a lease option, never went through the title co, paid the owners cash under the table to walk away, then handed the lease over to me as ‘collateral’ for the money I loaned when the market went south. I’ve been dealing with the ex-wife, (they’re now divorced), a few weeks ago, the ex-husband called & wanted to move back in! I have my daughter in the house to take care of it while I try to resolve the situation.
I have $70K left but, this money has to last me the rest of my life & now increased debt because they didn’t pay me the interest they were supposed to. I could have paid cash for the property, but because they’ve done this, I’m out my money, left with a house & pymt that’s upside down, and 0 interest coming in. I don’t think these *!%#@? care or comprehend what they’ve done to me.
Hi everyone —
My name is Bradley Gong, and I’m a new investor from Sacramento, CA. I’m following Jackie’s advice and building my Buyers List prior to finding houses to wholesale. I’ve got a solid list so far, but would like to add a few more to my list of people to contact when I find great deals! If that interests you, please let me know so I can follow up to determine what property/deal characteristics are most desirable to you, so I can just bring you deals that you?ll actually want to look at.
I look forward to your reply and also to getting to know other CashFlowDepot members.
Thanks!
— Brad
Hi, I haven’t been on cashflow depot for a while, so I wanted to reintroduce myself and ask a question that’s been on my mind….
When I recently became interested in real estate investing, I got a bunch of great information about wholesaling from Jackie. I got stopped in my tracks when I realized that I would have to approach buyers and try to sell them houses…
Is there a particular niche of real estate investing or some similar wealth building technique that I could get into that doesn’t require much speaking? I’ve stuttered since the age of 6, and selling, negotiating, and even just networking is a bit challenging for me. Although I am working to improve my speech fluency, it would be great if there was something I could do right now to build wealth which would probably also increase my confidence and, in turn, improve my stuttering!
Thanks,
Mark
Hi Mark. WELCOME BACK!
Don’t let your stuttering get in the way of your success. Sellers could care less. All they want it to find someone who can solve their real estate problems.
Wholesale buyers could care less, all they want it to find a great deal
There is a way for you to sell your wholesale deals with minimal interaction with your buyers. You can post the deals you find on http://www.SuperCheapHouses.com for FREE.
At SuperCheapHouses.com you can sell your houses with an ONLINE auction. So you don’t even have to speak to the buyers.
Use Craigslist and signs in front of the house to drive traffic to SuperCheapHouses.com for prospective buyers to submit their bids.
Much of the interaction with sellers can be done with email or letters.
You can also make money by being BIRD DOG for other investors. Drive around to find run down houses then submit then at http://www.MakeCashin9Days.com The leads you submit will go to investors in your area who are members of ExtremeSuccessGroup.com They pay at least $500 for each house they buy because of your lead.
There’s always a way!
But seriously, don’t let your stuttering get in the way. Sellers and buyers just want to deal with an honest person who can help them.
Jackie
Hi Gene,
My name is Roy and want to move to Texas. John Schaub told me Texas has strange laws concerning debt, lease options, and trusts and to study CLE posts and learn more. I am hoping you and others on this forum can enlighten me on Texas legislation as WA is getting really bad and ruining our country. We are like a pilot test state and getting worse than CA. All comments greatly appreciated. personally also as my email is [email protected]. Of course it is good to post on forum. I am looking at areas east of Dallas as I have friends there.
Roy
HI Roy
You won’t like Texas any more then Washington. It is getting worse daily.
You cannot buy with a lease option unless you plan to live in the house if there is a mortgage on it – if it is free and clear then you can buy with a lease option and sell with a lease option BUT…..
You cannot sell with a lease option unless you give the buyer the deed within 6 months – and if they change their mind you have to give all their option money back.
If you violate any of the above, it is a $250 a day fine
In most cities you have to register your rental properties with code enforcement, pay a $65 a year fee, and let them inspect it annually plus in between tenants. If you dont’ play by their rules or there is anything they don’t like, they will shut the utilities off until you correct it… even if the tenant is still living there. Oh, they also want your social security number, drivers license, cell phone, home phone and email for you and your tenants.
You can buy with a contract for deed but do NOT sell with a contract for deed.
If you need to do an eviction, you have to give the tenant the toll free number for free legal aid, print the eviction notice in 14 point font and if there is any chance they speak spanish you better have it in english and spanish.
If the tenant speaks spanish you better makre sure the lease agreement is in spanish and english even if you have no clue what the spanish part says.
the list goes on and on and on..and it is getting worse every day as more liberals move in to austin.
You’d do better moving to Colorado, Oklahoma or Arkansas – those are the only states that have not been hit ….yet.
Jackie
from Texas
Since mobile homes in parks are not real estate, they don’t fall under “real estate” laws – like mortgage lending.
You can still do Lonnie deals in texas. If you sell more than 1 a year you are required to get a mobile home
dealers license – it’s a boring 3 day class that cost less than $500 plus you have to get bonded and insured.If you sell mobiles on land ( attached) then it could fall under the mortgage licensing laws.
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