All Forum Posts by: Bart Ford

His talk was about private money lending.  The plan boiled down to this

1. Get a verbal commitment from a PML
2. Find a property that you can get for 70%ARV - Repairs
3. Borrow 75%ARV from PML.
4. Buy property, do repairs'
5. Sell Property, pay back PML.
6. Profit. 

In order to find PMLs he was willing to give you his course for the low low price of $1497. But that's not all... 

Basically a big sales pitch with little content. He claimed he would give you access to 8000 new PMLs a month. Basically by doing public records searches and giving you a list of names of people who have made recent loans to cold call with his script in hand. 

The kicker was when he offered to refund your money if, within six months, you get PM using his plan and write him a testimonial for advertising purposes. So, I guess that's sort of a perverse money back guarantee, like saying "If this BS actually works, we'll give you your money back!". As you can tell, I was pretty unimpressed. 

Sounds good. I'll be there

These are some really good thoughts. I think I will reach out again, but be on the look out for signs of flakiness as a trait. I don't plan on signing a contract just yet anyway.

Thanks!

@Stephen Lassiter now that I'm back in town we need to plan a Tulsa BP happy hour.

Is anyone in the Tulsa, Oklahoma area going to the real estate investor association seminar tonight?

Where to Get Money Now with Jay Conner

http://tulsareia.com/events/main-meetings-events-2...

I've never heard of the guy. He's not an active BP member, but nobody's perfect. 

Well, not really "firing", because they were never hired in the first place, but here's a "hypothetically hypothetical" situation and I'd like to know what others would do.

I met face to face with an agent and we talked about a few things. I initially liked the person and thought they would be good to work with. I emailed a few days later requesting more info about something we talked about. The person replied and said they'd get back to me. A couple of weeks have gone by and I haven't heard from them. 

Should I give them a pass just this once and try to recontact them? Or should I look at it as "90% of your job is maintaining relationships, so not returning an email when you said you would is a big red flag."

Note: That this wasn't the deal of the century I was calling about otherwise I would have called back immediately and every ten minutes thereafter. Also, I'm also just getting started, so I'm unlikely to be seen as a "big fish" for the agent.

The high cost of low prices.

I'm new too and have no real experience, but I've been reading about it a lot lately.

You've got to start with your after repair value (ARV). Do the comps, and come up with a conservative estimate of the the final selling price.

Then determine your repair costs. Best to hire a contractor. Again, be conservative.

Then determine your holding costs, including costs related to buying and selling.

Then determine your profit.

Then come up with your maximum offer.

Hopefully this helps. There is a lot more depth to all of this that you can read about. If anyone with experience thinks I'm off the mark, please jump in. I'm still learning myself.

If we started seeing insane price growth due to the lending practices, then I'd think "bubble". Right now I'm still thinking "recovery". 

Although, I may have blinders on. I live in Tulsa, where we've always seen modest, healthy growth and never really experienced huge, unsustainable jumps in real estate values. 

Thanks for the warm welcomes!