All Forum Posts by: Jeff Fairchild

Your time and college money and any other money you have would be better spend buying up all of the courses you see on here, and forgetting that college course and going out and making tons of money.

http://www.amazon.com/Buying-Real-Estate-Without-Credit/dp/B000YHG79M/ref=sr_1_2?ie=UTF8&s=books&qid=1210804122&sr=8-2
is an awesome book and talks you through what you do from the moment you step in the sellers' homes to getting the deal signed. They didn't hold back with the awesome info in this to try to sell you on their multi thousand dollar training which is not recommended, but the book is.

I also read http://www.amazon.com/Weekend-Millionaire-Secrets-Negotiating-Estate/dp/B0013D32FI/ref=sr_1_4?ie=UTF8&s=books&qid=1210804239&sr=1-4
which may even be more what you are looking for. That has some good tips as well.

If you want to find desperate sellers learn from wendy patton or Vena Jones Cox.

Their courses are also sold on ebay cheap.

Basically, its use a bunch of marketing methods to get a huge amount of leads so you dont have to try to make every deal work.

Direct marketing is a biggie.
http://www.reiclub.com/freebies.php

I think we also have to keep in mind that the reason for the ratio in the first place is to be able to compare deals. It is to be able to quickly tell whether a deal is good or not.

One question I have though. Why are we not including expected appreciation and the tax deductability of the mortgage in our calcs?

How do you guys usually respond to the seller when you first offer the lease option or subject to and they say that they dont want that and need a cash offer?

I've collected quite a few #'s and emails from investors who have "I buy houses" types of ads on craigslist and other places. I've heard of people contacting them first before you send them a deal to find out what they want.

How do you have your buyers list organized?

When you get a deal, do you usually just send out a bulk email to 30 buyers at once or do you go to your organized spreadsheet and make phone calls one at a time till you find a buyer?

Is it ok to ask each investor what % of arv they buy at or will they be offended?

I'm assuming it is best to shop the deal around as much as possible to get as many investors interested so you get multiple offers. What lessons have you learned in this area to get the highest assignment fee possible but without offending any investors?

Anything else you've learned to get the most out of your buyer list/deals?

Thanks,
Jeff

I had never heard of using handwritten signs for this purpose. Has anyone else heard or tested and could tell that they work better? That sure would be a huge amount more worth than just ordering them predone. Anyway, here is the site that I plan on buying them from, I shopped around, it seems to be cheapest. http://www.supercheapsigns.com/
Has anyone found a cheaper source?

Which of the below strategies would be best? Or what other ones do you have that would be better?

1. Prequalify for hard money loan. Get loan, do light fix up. Hold until able to sell to a consumer

2. Prequalify for hard money loan. Buy deeply discounted reo fixer in double close with selling to an investor for fee. If not able to find any investors, buy the deal with hard money loan and do regular fix/flip, sell to consumer.

3. Same as #2 but instead find a contractor who will do the work and split the profits of the deal.

4. Find private investor who funds the whole deal and repair cost with his money or a hml. Then we fix it up and lease option it out and hold over time, splitting profits.

5. Same as #4 but just rent it out

6. Same as #4 but sell with owner financing

Is it hard to find private investors to do this sort of thing? Is it hard to find contractors who will accept no pay in return for half of the profits?

James,

I would be looking at doing one at a time, not in bulk. Which of the below strategies would be best?

1. Prequalify for hard money loan. Buy an reo that only needs a few repairs. Sell to a consumer with all of my profit being financed as owner financed second, thus getting my profit over time.

2. Prequalify for hard money loan. Buy deeply discounted reo fixer in double close with selling to an investor for fee. If not able to find any investors, buy the deal with hard money loan and find a contractor who will do the work and split the profits of the deal.

3. Find private investor who funds the whole deal and repair cost with his money or a hml. Then we lease option it out and hold over time, splitting profits.

4. Same as 3 but just rent it out

Is it hard to find private investors to do this sort of thing? Other than just finding the good reo deals, is funding a bottleneck that prevents investors from buying more deals?

When you ask a title company for the forclosure leads, what exactly do you say. "Could I have a listing of Notice of Defaults in the area?" How would you phrase it?