Friday, November 28, 2014

nov 28

******* LEARN TO EARN! *******
Real estate learning and networking opportunity:
How to make $$$ flipping houses - what you need and what you don't need:
To make big money, you do NOT need to know how: to use a hammer, screwdriver, or paintbrush. You do NOT need a huge buyers list. You do NOT need a real estate license. You do NOT need a formal education or an above average IQ. 
Here are the three things you DO need:
1. Learn how to generate leads on a consistent basis. Ideally, off market properties, that you can buy at a discount. Many of these will not be at a discount. Hence, you need to learn how to generate a lot of leads.
2. Learn how to quickly evaluate these leads. The good deals go fast, and you need to decide quickly what's a good deal, what's garbage, and what goes in the "maybe" pile. I evaluate about 100 deals a month and end up moving forward on 1.5 of them, on average.
3. Learn how to structure the deal you move forward on for maximum profit. I was stupid, so I sometimes took $5K for a deal I could have made 6 figures on if I had structured it properly. I have also gotten $100K wholesale fees. I double closed and made 6 figures multiple times. Once you decide it's a deal, you need to use the strategy that will maximize your profit. I used to be just a wholesaler. Now, I am an investor. However, wholesaling is still a great strategy to use. Just make sure to measure the risk/reward of the various strategies, and not leave a bunch of money on the table.
All of these, and much more, will be discussed in depth at the upcoming real estate seminar. To attend, send me an e-mail confirmation.
LOCATION, TIME AND DATE:
Saturday, Dec. 6, 2014
Rancho Mirage, CA 92270 (Palm Springs area)
The meeting will be held from 9 AM til 5 PM, which I may extend to 6 PM for Q&A.
Cost: $395 for a limited time only.
BONUS: All attendees will receive 4 excellent books on real estate investing, including my own manual. 2 will be sent immediately by PDF and 2 other hard copies.
We have only 3 seats left. If you are interested, send an e-mail to jayre01@gmail.com with the subject line "seminar".
Note: This will be a small class, under 20 attendees, so lots of time for everyone to ask questions and network with others.
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Wednesday, November 26, 2014

nov 26

I work less than the average person, and make 20 times as much, so I don't expect any sympathy, but this "job" is stressful in its own way. Hardly any transaction is totally smooth, and it's constant stress until it closes. Not to mention you spend half (or more) your time chasing leads to try to get them in contract. Not for everyone. If you don't have tenacity and persistence, forget it and join corporate America, or get a government job.
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Tuesday, November 25, 2014

Nov 25

By the time I go see a house, like I just did, there's probably a 10% to 20% chance I will "buy" it (get it under contract). I've already done my homework to filter out the unmotivated dreamers and BSers and to make sure it's a good fit. I look at 100 leads a month, but less than 10 houses, and "buy" 1 1/2.
  • Kathy Kennebrook Before we ever go see a house we have spoken to the seller, they have sent us photos and we have made an offer that the seller has pretty much accepted subject to our inspection. When we get responses to our direct mail campaigns they are mostly prescreened for us so we don't even deal with the non motivated sellers.
    November 25 at 12:49pm · Like · 4
  • Jason Buzi Screened by a call center or personal assistant?
    November 25 at 12:56pm · Like
  • Jason Buzi Good job one upping me, Kathy ! LOL
    November 25 at 12:57pm · Like
  • Kathy Kennebrook Jason Buzi Not at all just sharing what I know 
    November 25 at 2:12pm · Like · 1
  • Jason Buzi I was just kidding. So who pre-screens them for you? Your personal assistant or a call center or the seller themselves with the questionnaire?
    November 25 at 2:20pm · Like
  • Mark Mynhier I keep telling people that you have to not be afraid of the "No". As a guy, I have been told "No" more times than I can count...in this business getting used to the "No" (whether it is me saying that "No, this isn't a good deal" or "No, I won't sell it at that price") and learning how to overcome it is an asset.
    November 25 at 3:52pm · Edited · Like · 1
  • Matt Yates Haha I might be the devil of real estate investing. I put 100% of the deals I find AND like under contract AT asking price  BUT then I usually make people mad when I come back with an ugly rehab estimate, and downplay their property...HOWEVER, 68.987% of the time I get the # I am looking for. To each their own right? 
    November 25 at 3:57pm · Like · 1
  • Tony Alvarez Matt Yates- That is known as a "Terrorist Offer"- All of us trip over that tactic when new to the business, until we understand the damage we are doing to ourselves long-term. It works well primarily with individuals you never have to deal with again- like absentee owners or owner sellers you deal with directly, or even RE Agents who are desperate or new, or even ones you are dealing with for the first time- However, it will not stand the test of time within a small Target Market where everyone gets to know who you are, or where you are relying on building long-term business relationships to leverage your business /time.- I would not really use the term "Devil" to describe what a person is that chooses to use this tactic long-term, I think inexperienced or maybe just unwise might be more accurate. Best. 
    November 25 at 4:19pm · Like
  • Jason Buzi Tony, Matt - I have never had the balls to try it myself, other than once or twice when I really had to. And then it didn't work. But I know investors as or more successful than myself who do this regularly. They buy mostly direct from owners, and it's rare to deal with the same person twice. I have been thinking I should use it more, but I prefer to honor my word when possible. However, sometimes you really do need a price reduction to make a deal work.
    November 25 at 4:26pm · Like · 1
  • Tony Escobedo yea man that's awesome, same here I don't go see any hm's unless they are motivated & the #'s work, awesome
    November 25 at 4:31pm · Like
  • Matt Yates Tony Alvarez I am far from new. Been in institutional and private finance for 10 years. Run one of the largest Transactional Funding companies in the country. (NOT bragging), just stating I am far from new. The WAY we do it, and present our reduced off...See More
    November 25 at 5:20pm · Like
  • Miles George its all a game anyways. they only bought it as an investment.
    November 25 at 7:53pm · Like
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nov 25

Guys, here's a freebie for everyone, and PAY ATTENTION please, as this information could be worth hundreds of thousands or even millions of dollars to you. I know it was to me. I used to only wholesale. So, if a property was worth $1.2M (excuse my Bay Area prices), and I got it in contract for $800K, I would be happy to walk away with $35K and thrilled with $50K. Nothing wrong with that, right? Well, maybe. Depends how you look at it. That's a $400K spread, and I was making give or take 10% of that. Now, if I were to buy the property outright, of course I wouldn't realize 100% of that spread, as there would be some costs, but surely I could realize most of it. Now, what if I could line up a buyer at little or no risk? Someone that was ready to buy the property from me once I closed, whether they were buying all cash or needed a loan? Or even multiple buyers, so I had a backup. Could I walk away with $250K or $300K, so my buyer gets a good deal, maybe $100K or $150K below market, but I don't have to leave hundreds of thousands of dollars on the table? This is called "double closing" (don't confuse with "simultaneous closing") and it can be done using something called "transactional funding". Now, how exactly does that work, Matt Yates, and how much does it cost? When can and should it be used?
  • Rhonda Wilson I'm sorry but where is the rest of the instructions? Or am I suppose to get them from Matt Yates?
    November 25 at 11:07am · Like
  • Jason Buzi I'm waiting for Matt Yates to respond.
    November 25 at 11:07am · Like · 1
  • Kevin Capra 2 points is what you can count on for transactional funding. But I would be very surprised if another investor bought it with only $100k or so in room. I would advise any of my students against it in fact.
    November 25 at 11:22am · Like · 1
  • Matt Yates Sorry guys I have been processing loans. End of month. I am not a big typer so as disappointing as it may be, I'll give you the BRIEF, then direct you where to get DETAILS. Essentially our funding is used for the Investor that can find a great spread by making "CASH" offers. We provide the Proof of Funds, the Investor makes their cash offer, and immediately starts marketing for their exit. I also have Investors that have Buyers and they are hunting on their behalf knowing exactly what they want. Either way the exit buyer is either another investor (landlord investor) paying cash, or more of a Retail Buyer using financing. We close on the property using our cash, and turn around immediately to flip to exit. If the buyer is using cash, it's as quick as title can record. Shannon Peace can attest to this as she has closed deals for us, OR it can be extended term (30,60,90 days) depending on how long the retail buyers lender takes or if there are any deed restrictions. This double close allows the investor to be the seller and not have to show the exit an Option Contract and ask for a measly assignment fee. Visit us on FB, click the MORE tab, then GET FUNDING tab, and download our complete funding submission packet. There's your details. Now go visitwww.facebook.com/getfundrealestatefundingnow
    November 25 at 11:28am · Like · 6
  • Matt Yates Cheers!!
    November 25 at 11:28am · Like · 3
  • Matt Yates We fund 100% of the Acquisition FYI. We range from 2 points to 50/50 Equity Splits depending on the transaction, dollar amount, and relationship. Do NOT waste your time hitting up other companies that promise <2%. I know EVERYONE in the industry and trust me...you get what you pay for...PLUS I already know we are the most well funded. How do you think I get easy leads 
    November 25 at 11:31am · Like · 3
  • Justin Ballard Jason Buzi hope that helps answer some of your questions.
    November 25 at 11:37am · Like
  • Shannon Peace Sorry guys..my phone is ready for thanksgiving! Lol 

    I do these all the time and can close in the whole state of California...my biz card is on my fb cover photo if you ever need anything else.
    November 25 at 11:44am · Like
  • Keesha Smith Matt Yates, the link doesn't seem to be working!
    November 25 at 11:50am · Like
  • Matt Yates https:www.facebook.com/getrealestatefundingnow
    Same Day, 30, 45, 60 & 90 Day Transactional Funding
    Bank/Financial Institution
    Same Day, 30, 45, 60 & 90 Day Transactional Funding's photo.


    Same Day, 30, 45, 60 & 90 Day Transactional Funding

    725 Likes
    22 talking about this
    November 25 at 11:52am · Like · 2
  • Matt Yates Rommel M. Lomboy can also attest to our ability
    November 25 at 11:53am · Like · 1
  • Kathy Kennebrook I don't wholesale much anymore, I have gotten greedy I want all the profit 
    November 25 at 11:53am · Like · 2
  • Matt Yates MUST HAVE EXITS or the alternative IF the spread is there is to pay points upfront. Some skin in the game.
    November 25 at 11:54am · Like
  • Matt Yates We're trying to be flexible but its a fairly secure model this way and allows us to lend Nationally. We're not your local hard money lender. We DON'T want to take properties back just make $ on our money
    November 25 at 11:56am · Like · 1
  • Kenne Dinham Jr. Transactional Funding .. ABC Transactions. . Double Closings .. 

    Ahhhh, that reminds me. (and I hate to bring up past failures/lessons, but it seems to fit the discussion here).

    Back in 2013, a colleague of mine said she had a client that was looking to sell a portfolio of timeshares and needed help finding a buyer. I spoke with the guy, and find out this is not a "few" timeshares but rather 4,400 timeshares . After about 7 or 8 months of NOTHINGNESS, I guess he assumed I wasn't going anywhere with the sale. I then contacted him to discuss BEING the buyer. With the asking price reduced from $5.3m to $3.7m, my new mission is to secure $370k (10%) and get funded for the remaining 90%. 

    I didn't know much about selling timeshares, especially not 4,000+ of them, so I sought an End-Buyer to take the full load. After a few weeks of the proper search, I FOUND A BUYER!!! 

    A Venezuelan team of investors have taken interest in the portfolio, and their broker tells me they are prepared to purchase the whole bunch. I tell him these are EASILY sold on the market at 10-15k each, and well---I was made an offer on those numbers. . $66,000,000 --- of course I accepted the offer. Now it became time for contract drafting and title searching, etc .. I called my Transactional Lender who said he could do the deal, and would only charge 1 pt.

    My attorney was working very diligently for 2 weeks to get they documentation in order. My title company assured me that though the portfolio is in Florida, they can still close title from our New York offices. 

    Going back and forth with the Venezuelan buyers attorneys office, I discovered that the entire operation was fraud. There WAS no Venezuelan buyer. The so-called "Attorney" was a FRAUD . the Broker was a FRAUD .. And I was left looking like a TOTAL dumbass..

    LESSON LEARNED :: Vet Your Buyers THOROUGHLY ~ Vet Your Sellers THOROUGHLY .. and don't be left looking like the only Dumbass 
    November 25 at 11:59am · Like · 1
  • Rommel M. Lomboy Yes! The Turn-around is quick! Have your End Buyers in position once you've secure the A to B Contract! Create your Spread! And make your Money!!! Matt Yates, is on top of your Deal til Closing!
    November 25 at 12:00pm · Like · 1
  • Matt Yates Kenne Dinham Jr. that SUCKS! Sorry to hear that. We were once taken for $1.25mm because we used a mom and pop title company. This is now ONE of the reasons we use a company with an E&O policy big enough to secure our transaction, as well as write our closing letters to read that the Escrow Officer will NOT release our funds until end buyers money hits Escrow. If it's a buyer using financing, we make them put up EMD of equal to or greater of what the Lender is requiring for the down payment. We also do our own independent evaluation of the deal. At the end of the day if we DO need to take the property back, it's a quick flip.
    November 25 at 12:18pm · Like · 2
  • Jason Buzi Matt Yates, sorry if you already answered, but how much do you charge?
    November 25 at 12:30pm · Like
  • Matt Yates Thanks Christopher Burton. I feel like it's been a LIFETIME since we've talked. BRING ME SOME DEALS BROTHA  Jason Buzi we charge anywhere from 2% on a couple day deals to 50/50 equity splits depending on the relationship, the strength of the deal, etc. We are the leader in this type of funding because we treat our clients well, and are always fair priced. Like I said earlier, you really get what you pay for in this business. Just like an Attorney. You can hire a public defender or you can hire a specialist. We're the same way.
    November 25 at 1:05pm · Like · 1
  • Shannon Peace Timeshares are a completely different animal and resale situation imo.
    November 25 at 1:12pm · Like · 2
  • Mac McLean I've read about double closes before. awesome technique. I've heard some people do them same day!
    November 25 at 1:14pm · Like · 1
  • Matt Yates You CAN do them same day Mac, just depends on the state and their recording times.
    November 25 at 3:58pm · Like
  • Kris Ontiveros I like the idea of carrying back a portion of the profits. Especially if you can create huge six figure profits. What better way to minimize taxes (I think) and create long term cashflow. Plus I imagine that could make it easier for your end buyer to qualify/afford to purchase. Is anyone using this strategy?
    November 26 at 9:56am · Like
  • Kenne Dinham Jr. HIDDEN SECRET ~ Double Closings are one the most effective ways to "invest in real estate with none of your own money and none of your own credit, and see profits instantly" , like most of the so-called "Guru's" will try to sell you on
    November 26 at 9:59am · Like · 2
  • Jason Buzi Matt Yates and Kenne Dinham Jr. - where can people read more about these techniques? Any gurus or authors or trainers teaching this? Don't hear much about it.
    November 26 at 10:30am · Like · 1
  • Matt Yates There's been a lot. We Teamed up with Brian Meara and Jeff Watson back in the day to provide their students TF when they released their Short Sale course. I am sure there others that teach the methods. It's a really simple method though. Tie up a property either on an Option or PSA giving you "Equitable Interests" in the home and right to resell. Market the heck out of it during your DD period. Find the exit, get them under contract, use that contract to open a pre-escrow, send ME the items on my TF packet checklist (A-B, B-C PSAs, HUD1 Statements, etc.), we wire in funds, wait for your exit to wire in theirs, we release the funds, and close A-B, turn around as quickly as we can and close B-C (US selling to the exit), and you get cut your check from closing, we get wired back our original investment plus our fee. DONE. REPEAT.
    November 26 at 12:38pm · Like · 2
  • Jason Buzi I got it. Just wondering if there are any books or podcasts.
    November 26 at 12:42pm · Like · 1
  • Kenne Dinham Jr. To be honest, I cannot recall any specific source I tapped into for this knowledge. I, like most merely learned as I go. I studied several sources, both text and video. Both paid and free and easily Google searchable, I just cannot pinpoint the origins. 

    I appreciate this group, and others like it for the open forum aspect where a "newbie" can get advice and guidance from those that have tried and failed, tried and succeeded, and succeeded and coached.

    Any advice I CAN share, I will always make it my best effort to do so.
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