Greg Christiansen
, IL Active 4 weeks, 1 day agoForum Replies Created
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Posts
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Rob,
I saw your question but wanted Bill to answer it as it would be more complete than mine. However, he’s absolutely right. His doorknocking class was one of the best I’ve ever taken and the most practical. Sometimes it’s hard to take the “sale” from the salesman, but I would highly recommend getting this course ASAP. Learning Trusts, and entities and wholesaling and rehabbing is great, but creating deals through offers is the lifeblood of the industry (along with management-take David’s class ASAP). Master those two things and you are golden.
Thanks,
GregDylan,
I can’t speak specifically to preforeclosure doorknocking, but if you want info on doorknocking, you definitely want information from Bill Cook. his doorknocking class was one of my top 5 of all time seminars. Unfortunately, I’m not sure he is teaching it anymore, but there should be plenty of material you can find with him doorknocking. Also, him and his wife have recently taken over CFD so I assume he will load more videos shortly.Hi Michael–you are right, great class David offered. Jackie is correct, there is a ton here for asset protection and land trusts. These are things almost no one uses, so good luck finding a lawyer that can keep up with trust stacking or some of the unique plans that folks use to protect themselves.
Dyches Boddiford used to offer a land trust class but I believe it has been at least 2 years since he offered it. As soon as he offers it again, I am making a beeline to that class. He has several courses on asset protection as well.
Jackie, given the rapid inflation which seems to be increasing each month, interest rates would have to skyrocket to slow anything. I bought a 4 family in a great area last month and am looking to close on a house in a good area next month. Even with the insane prices right now, these were both really good deals. I’ll be looking for private money going forward but I think that won’t be difficult as everyone is looking to get out of USD right now.
Dee,
Good analysis and I didn’t even think about the medical kidnapping. That’s scary stuff!!!After 3 weeks of radio silence and half a dozen calls, I finally got ahold of the seller. I was actually on my way to his house as a last ditch effort to talk to him. This is 90 minutes from my house. I called him on the way to tell him I’d be nearby just as a ploy. 20 minutes from his house he called!
This was by far the most productive discussion as he just started spilling information (much more than the 6-7 other calls we’ve had). He of course asked how much I had so I turned it around and asked how much he be needed and I learned he wants 10% down (~$35k). This seems reasonable.
The other WHY he is selling (besides age and burnout) is because he has a bank note due in October of $300k. He said he is willing to let it go to auction If he doesn’t sell. This was very telling. To me, he said the lowest he would take is $300k but possibly less. He also said he wanted to sell the note at a discount to someone who wanted payments. He does NOT have a note buyer in mind and I said I know several people who may be interested (on CFD maybe 😬).
NOW I can craft the deal (with or without the 10% down) by creating a note that someone can buy at a discount and stretch out my terms to make cash flow even higher.
I’m trying not to get too excited with this new information but I feel closer to taking this deal down!
All,
I just can’t get this to a contract. After several conversations with the owner, he is now asking $365k. Also, he is willing to take payments. I made an offer via email a few weeks back. Now, he won’t get back to me. It’s so weird–do I just keep calling him every day and leaving voicemails? At this point I don’t want to lose the opportunity, and I don’t want to be irritating, but if he isn’t returning my voicemail, what else do I do? I was hoping to meet him (he lives about an hour away) and asked for a face to face meeting several weeks ago the day before I made the offer but was met with: “Well I’ve got a lot going on, but maybe later”.
This is just blowing my mind. He has to be motivated as he is 78 and been trying to sell for 2 years that I know of. This is his fourth and last park to liquidate.
Thanks!Sometimes they come back….
I just saw a new add for the above mobile home park (over the last two years, it’s dropped from $500k to $450k to $425k and now $395k. Clearly when the owner told me 2-3 months ago “Its been sold” he had a typical sellers attitude, and something fell through (buyer was a flake, found something wrong with the park, etc.). I do know the quotes for repair a water main line are $150-200k, but didn’t think there was any other big issues.
I plan on calling the owner today to find out the status. Also, my JV partner may not be in a position to help fund the deal right now, so I have plenty to do.
I’m doing a grab bag of collections. My oldest tenants pay at my bank. They stop in and say “I’m here to pay the rent for Taxationistheft Properties” and it works great. Other folks use PayPay and in the last year I’ve tried Cozy. Cozy can take awhile, but so far so good.
I do want to try Zelle as I am guessing when PayPal sees 10k flowing through my account every month, they will get suspicious and maybe doc me some funds. I also need to look into ACH but haven’t pulled the trigger yet.
Ronald,
I’ll be interested in seeing what others have to say in the forum, but I’ll give my two cents. With all the weirdness emanating from DC, it’s tough to say. 10 million people behind on mortgages, about that many behind on rents, and none of them able to be moved from their housing, the supply is seriously low. Additionally, we are inflating ourselves at a rate the Weimar Republic would be proud of, so prices are at an all time high. I don’t see either of these things changing anytime soon, therefore flattening out, or declining aren’t likely. I did see the 30 year mortgage rate finally bounced off the floor so that is one thing that may help, but the long overdue correction many of us have been waiting for, could be quite a bit away.
Having said this, I am trying not to wait and still make good owner carryback financing offers in this environment. I don’t want to delay and if I can find or build good opportunities, I’m taking them. Of course, eliminating as much risk as possible is key in any transaction right now.
GregSeems to me like this is becoming more and more common. The 72billion in rents owned made me laugh in comparison to the 1.19 trillion dollar fund Biden is releasing soon.
