All Forum Posts by: Justin Fernandez

Fund the deal, and then re-market the deal.  You must have your buyer lined up first.

It sounds simple enough, but remember, how many people has this person marketed to? Which is why you want a buyer lined up first.  But a lot of people do this, it just boils down to who will admit it.

If you search around, you'll see some posts on it.

Ryan webber and Aaron Mazrillo talk about it in their 2012 wholesaling bootcamp.  

Get a referral for a mortgage broker and discuss your options with them. Instead of going through their system, you can see what's actually available to you. 

Is there any reason why you think you'll get denied?

I don't think it's in a good place, if she had to drop the price every week and then if she accepts your super low ball offer. Have you driven by the area? Day, night and late night? It just may be she wants to liquidate but by a rough calculation the place is worth 247k (income based on 5 spots utilizing a 7.5 GRM). Is the 550 the highest your market can bear with fixed up units?

3500 sounds like paint and carpet, have you walked through it yet?

It sounds like a steal so I would definitely check the area first.  You'll definitely cash flow but this is all theoretical until you get all your variables together. 

Before I get off topic, congrats on the deal! 

Sell it to fellow rehabbers. Post it on the market place. 

By using very specific lists. Multifamilies in foreclosures, tired landlords, tax liens by sorting on age of ownership, age of owner and some super networking should do the trick. Really, it's just being very likeable. If the seller doesn't like you, is in a very tight spot,wants to rob you blind, seller financing is one of the dreamer options. Unless you just happen upon someone who understands money and is ok with the time valuation. Well hell, it's doable, unlikely but doable. 

I hope it works out nonetheless. Keep posting here with any questions and I'm sure someone more knowledgeable will answer the specifics. 

Just don't give up!

What would you do if it was your mom? How would you want her treated? Yes she needs the house sold, but what else could she want?

You may have an ulterior motive in doing so, but you don't have to shove it in her face. Just be a friend and offer to help with other things?

Do you have to do that? Absolutely not. Do you want to, maybe? 

Just remember, RE isn't about houses, it's about people. 

In this day and age, old school neighborly love is all people are really looking for. 

Another aspect is more control in your transactions but it really depends on your business model. Are you wanting to wholesale? Fix and flip? Buy and hold? Give some more detail and I believe people will give you a better answer in how it can help your business. Another resource is J Scott's podcast episode 10 I believe and he covers how it helps his business. 

@Jack Butala

I agree.  Driving for dollars is for people who don't have the capital to get started running a business, but need to get capital to started and it's also a way to find leads that doesn't exist in lists.  

At some point you have to make a decision, What am I willing to trade for my time?

You're clearly there and have made that decision, maybe he hasn't.  I believe it's just another tool in the tool box for someone to utilize.  

Look for an end buyer who needs deals. Get Their buying criteria and start looking for it. So that way, you know whose gonna buy it And what they'll buy it at. Make it as easy as possible to get in and then build a business around it. 

Thanks for sharing! Daily motivation keeps the spirits high and the fears low! I'd love to hear about some difficult situations and how you navigated them. What you believe makes you a successful negotiator, how you continue to improve yourself and your business. Sorry if I'm overloading you, I just enjoy learning from people who aren't afraid to change their lives!