All Forum Posts by: Jason S.

I think you implied you would be OK with 10% interest if it were long term - There's some CA HM out there for longer term - say 9.9% 8 years fixed interest only 60%LTV.

The fix and flip HM - I know of 1 where you can pull off a $100K fixer with the kind of cash you have on hand - need about $30K per $100K borrowed and they lend 65% on future value which is rare these days.

It depends on your target property characteristics. There are also several on this forum that do well with out of state rentals.

1. Courthouse steps has cash buyers - though they are a jaded bunch so have yourself organized before an approach - talk to one person off to the side - they are a secretive bunch also.

2. You could pull trustee's deeds and then look up the buyers after the sale.

3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.

4. REI groups.

5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.

6. There are cash buyers for almost every area on Bigger Pockets - or at least people from every area that know cash buyers. Develop relationships for your area and then talk to them about the deal you can bring to the table.

7. Cash buyers are usually easy to find when you have a great deal.

8. That was my 30 second list - given time I am certain we can expand upon it. the key is all of the above can identify cash buyers - as long as you take the time to do the research - In reality you only need to know 1 -3 buyers for any product type that you could spin deals to - if you have 3 SFR buyers and none want your deal - its probably not a deal. same for commercial property etc. If you are looking for those willing to buy borderline deals then, well thats for another post.


Some of this is a repeat of Todd's post above - Sorry Todd I didn't read your post before I started typing.

Sometime that pipe can get deep - especially toward the end depending on how it was installed.

I do not know the exact rules because I secure all trenches but - and this also depends on the soil - the looser the soil the more shallow you need "shoring" If it's more than a 3-4' deep take care and slope the sides- the deeper you get you need to secure the sides. if you do not - you will die .

Sorry to be so severe but it is so easy to die in a trench it is not funny in any way. Usually sewer line do not get too deep until the end - but you never know who installed it - hence my post in this thread.

Depending on your soil - make certain your mini-excavator is big enough for the job - nothing worse than having a machine too small and fighting it rather than spending the extra $50 to get a bigger machine. I used a mini-excavator one time in solid almost rock soil and it was a waste of money.

Anyhow - I was primarily concerned that sometimes pipes get deep especially over a 120' run - if yours does then do not get into that trench - no one realize how easy it is to die in a trench - even if just above the waist - Yes, just above the waist.

Originally posted by RubySlippers:

I'm to new to feel I can contribute but I can't wait to see the finished product. Good Luck!

Looks like it's just you and me Ruby Slippers.

What do you think? I think that if someone is looking for short sales they should send a certain number of mailers out everyday, knock on a certain number of doors of those in default, and make a certain number of calls. As we buy existing listings as well as listing prospects how many to existing listings and how many to prospects each day?

What do you think?

And what other things should be in the plan? Like I said, I am out of practice on this stuff but need to put a plan together to help other BP members.

MAYBE! - this would get more action in the marketing forum....

There are scattered posts that outline daily activity plans for wholesalers & Realtors.

It's been a long time since I had to have a "just starting out plan" and I am putting together some daily plans for those I am mentoring on identifying short sales and contacting Realtors.

Any help, links, input from the BP community would be appreciated. Even if it is a plan for Realtors to get listings - I want to take from the many and put together a single plan. When it's done I will post it for peer review and critique.

Thanks in advance!

What about your poor home owner?

There really is no need to pay for a mentor. What a "racket" You pay me to give me leads. Wow! We all should be so lucky.

If the guy is making money from your leads you should not have to pay him for them.

Soft credit leads are a little harder to come by because you have to look a little to find services offering them - but notice of default and notice of sale leads are available from every foreclosure tracking service on the net. Bigger Pockets has a list of them and I am certain if you sign up at least a referral commission will go to Bigger Pockets as they very much deserve.

But please look at the posters who said $0 down and $0 per month for a mentor. That's the price - and most will give you free leads or direction on how to get the leads - certainly without paying the mentor.

Remember - a mentor IS NOT doing you a favor. The plan is to MAKE MONEY off of you. Make no mistake. If they charge you for the mentoring it is because they do not expect you to make them money any other way, i.e., they expect you to not become successful.

This is no doubt why Guru's charge money - they know that 99% of the buyers will never actually put down the effort to succeed.

When I mentor I will work with someone forever helping them to understand etc - but eventually if they never actually implement anything - then they become a friend - not someone I am mentoring. We talk - and I offer - but they decide what to do.

Reasons for the bank:
1. Their could have been other liens.
2. Are you certain that the NOD, NTS, and liens you are looking at are all for the same loan?
3. If you are really curious then pull all the docs and cross reference the recording document numbers, loan numbers, apn's, etc to ensure everything was as it appear to you. Who knows maybe if something is not right you have a way to help the owner get the property back via a lawyer.

Reasons for the homeowner:
1. Who knows.... maybe they owe so much in taxes or whatever that they just don't care.
2. Maybe the husband does not want the wife to get the cash from some divorce settlement. or vice versa
3. Could be a dozen reasons - all of which I have seen.

Make certain the loan file you purchase is very clean. A good lawyer can tear a bad loan file apart - actually a good lawyer can tear a good file apart.

Know what you are buying. If the homeowner has a change of heart and wants to fight you you could have your hands full.

Do not get me wrong - I love notes and I love the method of buying the note and then getting the deed-in-lieu or however you are doing it - just go into the transaction with your eyes wide open.

Originally posted by Jonathan Brown:

I recently joined BiggerPockets and I am looking for some expertise on investing in this down market.

I am experienced in rehabs and rentals but I am looking to expand my rei horizons. I have a little over 300k to invest and I would appreciate any insight, recommendations, or directions the community has to offer.

Thanks!

What do you want?
Cash Flow with all your cash invested? Cash Flow with as little invested a possible? Absolute ownership or leveraged?
What is your risk tolerance?
How involved do you want to be?
Where are you located? Do you want local deals or?

By saying "expand your rei horizons" does this mean you do not want rental or re-habs? You want to work with notes? as a lender? You want a trustee sale investor program? Short Sale Investor program? etc.

So many questions. If you could narrow it down a little you will probably get a lot of input from an expert in your desired direction.