All Forum Posts by: David Dey

Quote from @Greg Scott:

This is stressful, especially for your first deal.

1) Take a deep breath

2) Center yourself

3) With a clear mind, evaluate all your options 

My first reaction was, does it make sense to complete the construction?  If you sold "as is" would it be smarter than spending more time and money to end up at a $20K loss.  My next thought is "why sell"?  In the long-run real estate is very forgiving.  If you complete the repairs, can you rent it for more than your monthly cots. If you can kick the can down the road, you might end up in a good place. (Delaying the exit helped save my first deal.)

There may be more ways, but there isn't enough information here to provide other ideas.

Phenomenal answer from someone who no doubt has the experience to back his wise answer.

I really don't have a great Sub2 attorney, as we create all our own contracts. However I do have a good title company that probably closes the most sub2 contracts out there and has to fix so many contracts that she ought to do her own course.
check out Vicki Strickler at trust & title.  

Trustandtitle.com

Quote from @Account Closed:

Quote from @Antonio Bodley:

Quote from @Account Closed:

Quote from @Antonio Bodley:

What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?

It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look at

Using Subject To, to Get "Free" Properties

https://www.biggerpockets.com/forums/311/topics/1060320-usin...

What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.

Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?

 Funny enough, I know both of them.  They both know what they’re doing.

Pace is one of the smartest investors out there who can actually do what he says he can do.  Now is he doing it to the same degree as he was doing it? 

Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)

That being said, NO ONE has a perfect record of overcoming objections.

The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem.  Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.

So in your post cards, address the problems not the solutions (other than yourself)

Ex:  foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..

Quote from @Peter Vekselman:

Quote from @David Dey:

As to real estate investing, I would say it was less than 5%, based strictly on consistent action alone.

I say consistent action, because everyone took action in some way, by either purchasing the course, watching the YouTube vids, going to the seminars, even the next stages of setting up the LLC, business cards, etc…

The key is consistent.  

There’s an old saying, “a journey of a thousand miles begins with a single step.”

Well that is true, but there’s more to the story.

A journey of a thousand miles does indeed begin with a single step, but if you don’t take the next step and the next, and the next, you will never get to your destination.

It’s the same thing with this business.  Most people think that their initial step will have enough momentum to get them to the finish line.  However, they must maintain action day by day or they will never get to their destination.

The other part that I believe is, this is one business that should not be attempted alone.

In the old days, most businesses were learned by a relationship between tradesman and apprentice.  This should be no different.

Even the realtor process requires a salesperson(apprentice) to fulfill 2 years under a broker(trademan) before they can venture out on their own.

I believe this would reduce quite a bit of trial and error and failure in general if this process was truly available to the investor community.

I am a huge advocate for a mentor/mentee relationships.  

@David Dey

I especially subscribe to your second point.  And I call it the biggest pillar of Success.  ALIGNMENT!!! 

I truly believe it.  As I mentioned in another response, every level of success I have achieved has correlated to a relationship developed.
(not necessarily a mentor each time, but someone who added to me and my experience)

Quote from @K S.:

Quote from @David Dey:

I say consistent action, because everyone took action in some way, by either purchasing the course, watching the YouTube vids, going to the seminars, even the next stages of setting up the LLC, business cards, etc…

The key is consistent.  

There’s an old saying, “a journey of a thousand miles begins with a single step.”

 Just curious if you're the <5% that is able to retire off your real estate investments alone? Because this is the typical motivational speech you get from every book out there i.e you can do it, consistency, one foot in front of the other and sprinkle in some Chinese proverbs and you're better off selling DVDs and books for a living instead because it's more lucrative than Real Estate.

I don't think people are understanding the question. The question is why don't people make it in real estate. The people who never started real estate is not included in the <5%. It's the people with multiple properties that are a liability, take up all your time when you could have just invested in the stock market 20 years ago with employer 401k matching that would have got you that early retirement.

I disagree.  I believe that the <5% includes the ones who have done a few properties and the ones who haven’t.  They may have gotten  a contract or two because they offered too much and can’t dispo it .  Those are the ones that can not only improperly skew the offer market and can give the ones who are making genuine offers a bad rap. 

Also, I don’t have anything to sell.  These are principles I have learned studying this game over the last 25 years plus having been a part of over 2000 deals.  (And yes I have lived exclusively off of my earnings in REI for the last 25 years)

Just because a “guru” may have said it doesn’t make it false, just like you condescending it doesn’t make it false.

That being said, when I say “mentor/mentee” I most certainly do not mean some national “guru.” 
I mean an actual person who is succeeding in the apprentice’s local market.  Someone who can give him/her the guidance they need.

At the risk of being accused with plague is in another “ancient Chinese proverb,” I can honestly say that every level in this business I have achieved, I can absolutely correlate with a relationship that I have acquired.  (Not always a mentor, however someone who added something to me and my knowledge or experience)

Quote from @Nancy Miller:

@David Dey Thank you. Good advice. I think it's a family trust? I agree about being better not to sue. Hopefully just the threat of it will be enough to get things moving and force this crazy person's parent to put them in an institution and not let them run wild terrorizing the neighbors. But I don't think I have a choice but to involve a lawyer because I have significant financial losses if I have to move and I'm sick of complaining to the HOA and the police and not getting anywhere.

 If I were you, I might first try contacting the trustee of the family trust to see if you can resolve it amicably.

If that doesn’t work, contact an attorney and have them reach out to the trust or the trust’s attorney. 

Look in the clerk of courts official records and search for the trust by name or the trustee’s name.  There might be some records that reveal who the attorney is.

Also check civil records of that county, checking again the name of the trust.  Possibly even checking the name of the occupant.  Chances are there are other issues there that you will find against the occupant. 

If he has any kind of criminal or civil record, chances are the attorney who handled his case will have been paid for or may be the attorney of the trust.

If all else fails, then you go for the “full court press.”  (Legal double entendres are the best😁)

If you go through the other two processes first, you will have strengthened your case because you will be able to demonstrate that you tried every possible remedy before taking this drastic step.

hope this helps.

As to real estate investing, I would say it was less than 5%, based strictly on consistent action alone.

I say consistent action, because everyone took action in some way, by either purchasing the course, watching the YouTube vids, going to the seminars, even the next stages of setting up the LLC, business cards, etc…

The key is consistent.  

There’s an old saying, “a journey of a thousand miles begins with a single step.”

Well that is true, but there’s more to the story.

A journey of a thousand miles does indeed begin with a single step, but if you don’t take the next step and the next, and the next, you will never get to your destination.

It’s the same thing with this business.  Most people think that their initial step will have enough momentum to get them to the finish line.  However, they must maintain action day by day or they will never get to their destination.

The other part that I believe is, this is one business that should not be attempted alone.

In the old days, most businesses were learned by a relationship between tradesman and apprentice.  This should be no different.

Even the realtor process requires a salesperson(apprentice) to fulfill 2 years under a broker(trademan) before they can venture out on their own.

I believe this would reduce quite a bit of trial and error and failure in general if this process was truly available to the investor community.

I am a huge advocate for a mentor/mentee relationships.  

Hey guys,

Long time no post.

However, I did want to make sure that put this one out here as I believe the time is right and I think that this will be a blessing to everyone.

>Ahem<

Did you know that in every one of my 25+ years as a real estate investor, my fourth quarter has always been my most profitable?

Not one time during all those years have I failed to land a whopper during the last three months of the year!!

In fact, many of my biggest closings have been on the 23, 27-30th of December!!

I believe there are three reasons why this is the case.

1. Lazy investors!!

Now don't get me wrong!! I'm not advocating that you ignore your family and do your best Ebenezer Scrooge impression. (Bah Humbug!!)

I have family and I enjoy them immensely through out the year!! And we have a blast through the holidays!!

But what I don't do is check out on my business as many investors do specifically the closer we get to the end of the year.

Listen guys, deals don't stop just because we do.

1. People's problems feel worse around the holidays.

When you are struggling, physically, mentally, or financially, it tends to intensify around the holidays.

If you are the head of your household and are struggling to make ends meet, let alone buy Christmas gifts for the kids, it feels all the more desperate during this season. If you put out your lifeline out into the world during this time, I guarantee someone will reach out for it.

1. Banks, businesses, and financial institutions want their problems off their books by the end of the year.

Those REO's that have been an issue because the banks are waiting for the right offer, may be a little more pressing to be unloaded during this end stretch and this may be the difference between an accepted offer or a missed deal.

I'm light of this information, it's easy to see how this imbalance between the increased deal potential and the decrease in competition can create the perfect storm for profit to the savvy investor that is willing to go the extra mile and not check out through the holidays.

So what are your plans for this holiday season?

Trusts themselves are not asset protection vehicle per se.  They are usually more for anonymity and or estate planning.

what kind of trust is it?  Land trust?  Family trust? Etc… 

A law suit is as good as its assets.

i would go through the county property appraiser and see what properties are owned by the trust and then make final decisions on whether you want to sue.

Ultimately, the bottom line is that you should always look at a law suit as a last resort.

Getting into a lawsuit is like going into a boxing match, even the winner gets punched…

And you never want it to go to the judges!!

sent you a friend request and pm