All Forum Posts by: Dennis Estenson

Ok, in the "webinar" video, Marko mentions the following tactics:

0-Down: purchase for the amount owed on the existing loan using sub2.

Paid2Buy: purchase for less than the amount owed on the existing loan using sub2.

Note4Equity: purchase for more than the amount owed on the existing loan using sub2, but have owner financing cover the difference.

Cash4Deed: purchase for more than the amount owed on the existing loan using sub2, and pay cash to cover the difference.

Reinstatement: purchase a house in (pre?)foreclosure using sub2, paying cash to the lender to bring the mortgage current and prevent foreclosure.

PJL: paying junior liens, short sale junior liens, not sure what happens to primary (sub2?).

Assign2Buyer: "wholesale sub2" (not sure what that means exactly)

There may be more to all these "strategies", but that's what's covered in the sales webinar video.

If you've watched the "webinar" he mentions the 7 strategies, but runs through them quite quickly. I wrote down my impression of what these 7 strategies actually are and when I get home from work tonight, I can post them here. I don't remember them all off the top of my head though.

I've heard of him... thinking about getting his system. But I'm still not sure if I will though. From what I can tell, all 7 of his unlimited funding strategies are legitimate strategies that people can do: mostly subject to, some lease options, some short sales. He definitely exaggerates how easily it can be done. And the time he says per deal doesn't include all the deals that didn't get done. So he might say someone made $15k in 3 hours on a single deal, but he doesn't mention that you will spend many hours on more deals that never end up closing.

Hi, @Riley Spiller, I'm in the same boat. Software engineer by day, beginning real estate investor by night, also looking for sub2 deals. Although I don't have nearly the starting capital you do. I think if I were in your position, I'd look into purchasing a multi-family home in a nice neighborhood with an FHA (3.5% down) loan, and go from there.

@Tom Goans as a result of your response, I've enrolled in real estate agent courses required for licensing here in California. Although I don't intend to get licensed (I like my day job), I think the information contained in the courses will be invaluable. Thanks!

Dennis

@Tim G. What time on Tuesday is this meeting? Do I need to become a member to attend? I may not be able to make the meeting this week, but I will definitely keep it in mind for the future. Thanks!

Dennis

@James Vermillion I just listened to the podcast where you were a guest. Very interesting listening to you. At one point you mentioned that you try to create systems and automate as much as possible. As a software engineer by trade, I would be interested in discussing ways that I could help that automation. Would you be interested in having custom software written for your business?

Thanks,

Dennis

My understanding is, and I'm sure people will correct me if I'm wrong, that the original mortgage should be paid off at the time of sale. So the proceeds of the sale should be applied toward the mortgage. If the proceeds aren't enough to cover the entire mortgage, then the seller should pay the balance out-of-pocket.

@Tom Goans, that is not what I want to hear! I don't have any formal education at all in real estate or law. But I also don't have any formal education in computer science, yet I'm currently a quite successful software engineer working for a Fortune 500 company.

I do understand where you're coming from, though, and I take all your comments seriously. I'm usually the smartest person in the room, but when it comes to real estate, I have a long way to go to be considered the "best informed and best prepared person in the room."

To answer your other questions, I'm not seeking "quick money", but I'm also not necessarily seeking a career in real estate. Ultimately, it would be nice to make a lot of money, but in the beginning, I'm just looking to supplement my income. If I could make an extra $20-40k/yr after taxes with real estate, I would be ecstatic.

@Adam Johnson thanks for the encouragement. I do need to join a local REIA group and start talking with other people. I haven't yet, but I'm a little afraid. Will they laugh me out of the room when they find out I have no experience and no capital?

@Tim G. I'd like to find a mentor as well. Perhaps BP can help with that, or perhaps I'll find one once I begin commingling with other investors in my area. I think right now, I'd really like to find someone who is looking for deals in (southern) California and would teach me how to find them, and perhaps provide a small finders fee for my time. Do you know anyone like that?

Thanks for you input guys,

Dennis

Welcome to San Diego & welcome to BP. I'm new to BP as well and am not a San Diego native. What part of SD are you in?