All Forum Posts by: David Dey

 There's a saying, "if you are willing to do for two years what most people aren't willing to do, you'll be able to do for the rest of your life what most people CAN'T do."

 I think this is an awesome "starting from scratch" story!!

You decided what you were going to do, then took the necessary steps to make it happen.  You made the investment in making the necessary sacrifices to save enough to have your downpayment.  That is truly creating your own opportunity.  

Kudos to you!!

I tell people that I have a story that was built for late night television.  With all due respect to @Eric H. His name was Walter Riddle.  

I had seen another classified that was marketing a package of 5 duplexes for 150k  (this was the 90's guys)  and so of course I called him.  

Walter answered and within 5 minutes I knew that I wasn't the buyer for these properties. (He wanted all cash)  We did however continue our conversation and again, built a great repor. 

It was somewhere around that time that I mentioned the fact that I had this deal on a duplex I was looking for funding on.  

"Actually, I'm a mortgage broker too that only works with private lenders," Walter informed me.

"This property sounds like a good deal."  "If you want, I'd love to check it out."

I was flabbergasted!!  Had I known that he was a private money guy, I would have probably blown the whole thing, but because I didn't, I was able to build a relationship and here was this guy going to fund my deal!! (And that boys and girls is a course in its self)

Long story short, (yeah a little late for that)  he looked at the deal and agreed to lend me 18k.  "You're going to need some money for closing costs," he instructed.  

"You'll also need a couple bucks to touch the place up to get the one vacant side rent ready."

When we closed the deal, I actually walked away from the table with a check for a little more than $800.  This was more money than I'd seen in one place in a long time!!

I took the check, rode the bus to the bank and cashed it into small bills.  I brought that money home to the weekly mobile home rental we had been demoted to, walked in and threw the money on the bed.  I showed the money to my brother, who's eyes widened in awe of this kings ransom.  Then we both took turns rolling in the dough!!

By the end of that year with Walter's backing, we had bought and closed on a total of 34 rental units.  That gave us a good enough income to move out of that rat pee smelling trailer and into a 3/2 2500 sqft log cabin, (rental)  and then a year later, into a 4300 sqft 7br 51/2 ba, 4300 sqft home that looks like something out of loghome living.  

Which btw, we had found a year earlier in a real estate photo guide while we were still in our motel room and had marked down as dream house...

But that's another story!!

 Actually, I plan to mainly do my outbound call group, however you did give me an idea for a marketing campaign we did years ago. (Might be time for someone to bring it back)

Holiday cards!!  For a 100% open campaign, who doesn't open an obvious greeting card?  You know, with the colorful envelope and maybe Snoopy on the outside?

The message inside will be important as well.  

Like maybe, "Turn that vacant house into Holiday cash!!"

What do you think?

Hope it helps someone.

 Absolutely, that is one of the main keys to high equity deals.

I always ask 2 questions with these type of deals.

1) If I paid cash and closed quickly, what's your bottom dollar?

After I asked the first

2) would you be willing to take any of your purchase price in payments?

I will either get one of three answers, "yes, no, or please explain," afterwhich I explain the concept along with the positives of ownerfinance.

 Aww shucks!!  I bet y'all say that to all the real estate investors!!  😜

Lol, but seriously, thanks for your kind words.

Actually, I started ramping up my marketing and making deals in October but will continue to ramp up through November and December.  

I have found over the last 10-12 years of my career that the holiday season always ends up being my strongest months, simply because of a lack of competition.  While most others (present company excluded) are taking the season off, people still are having problems and needing solutions.

Now, I don't become Ebenezer Scrooge and not celebrate the holidays.  I just don't forget that I have a business to run.  And you know what?  I may just be someone's Christmas miracle!! 

No problem, I just wanted to show you that you don't have to look at it from one perspective. Again, any deal can be a good deal if you look at it the right way.

Years ago, I was introduced to a person that had spent over 25k in guru boot camps. He had followed all the instructions and had built himself a sellers list over an inch thick and a buyers (not wholesaler but end buyer) list over an inch thick, but wasn't able to put it all together and hadn't done a single deal.

After talking to him, I agreed to work with him. We would use his list, and any deals that we closed we would split the profits.

Once we got together, I took the top 18 deals off his sellers list and bought every one of them.

We used different scenarios for each one, from cash to lease option, to first-second financing, to subject to, etc... We did not pick and choose and bought all 18 in that first 30 days.

We then took his buyers list and sold all 18 in the same 30 days.

My reason for not picking and choosing with him was to show him that, as mentioned, any deal can be a good deal if you look at it the right way.

And yes, we made money on each deal. (Not all were home runs, but all were at least base hits)

As far as your sellers are concerned, they all want to cash out, but why?  Use the greatest negotiating tools you have in your possession to find out, your ears!!

If you listen long enough, they will tell you their problems and even how to solve them.  

Find out what they want and determine if it's cheaper for you to give them the money for that thing or that thing itself.  

Hope this helps. 

 I fully agree with @Jay Hinrichs.  I've been doing this for over 18 years and actually, based on a purely education basis, I'm not qualified to be a manager at McDonald's.  

That and the fact that I've been pretty much ruined for a 9-5.  

So if you want me to get a real job, you better be ready to pay my bills!!

@Dan Dwyer and @Jay Hinrichs

I certainly hope that Jay didn't take any of what I said. (Except about the Seal clubbing, I need as much help as I can in that department... Again not the puppy fish but the 90's Rock star)  I was actually joking with him about his statement at the end of his first post about his introduction when meeting liberals. 

I actually agree with a lot of what he said as I in no way endorse the misleading or deception of homeowners and sellers.  

I think your mentality whether you are the end buyer or wholesaler needs to be service minded.  You are a professional problem solver and these people need your help.  

Do right and you will do well!!