All Forum Posts by: Matthew Santillanes

If you have a little extra cash you can always set up a VA (virtual assistant) to handle many small tasks that are involved in sifting through the rubble to find a great deal. For example if you do mailers but don't want to take the calls then hire a call service to do it. Just give them a script, very simple with all the essential questions. Then you call back on you're own time.

That's just one way of having the business work somewhat without you.  Use VAs to post ads on Craigslist.  Unlimited ads.  Then they take the calls. 

And if you don't have time to go check out houses you could always put an ad in CL for people to simply go take pics of the house's interior.    

Just a few thoughts off the top of my head.

Matt

Hell yeah man. Your friend should be able to simply allow you to "wrap" the REC, or take it over.  I'd go through a local title company buying it from your friend by wrapping the existing REC.  You will obviously then be liable for the property and the original terms.  But I don't see why you couldn't simply buy it from him if you have the $38k.  

Hope this helps.

Matt

Hey Dylon,

Not too sure what you mean by side hustles.  I'm sure you've heard of wholesaling properties.  From your post I would guess you don't have much cash to dump into it.  But there are many ways to wholesale in the beginning with very little cash.  That's a whole new subject though.  

Other things you can do is offer services to investors who are well established in your market, such as hanging flyers door to door, their direct mail needs, showing houses for busy wholesalers.  

Have I narrowed down somewhat the kind of work you're looking for?  

Matt Santillanes

          HOW I GOT MY FIRST DEAL, GOT 3 OTHERS, AND ONE MORE ON THE WAY.....BLOG

This really has been quite a journey for me, and it’s only the beginning. I started with almost nothing and little support from anyone around me. Not because they didn’t agree with what I was doing, but more so because they just didn’t understand. One thing I’ve always known is that I do not want to work a normal J O B ! The thought of it really makes me die inside. There are very little options out there that would allow me to live a “job free” life. And real estate investing is one of them.

I started in real estate investing a little over a year ago, and I did what many are doing now and that’s learning as much as I could. No one around me really knew how to do what I wanted to do, so I was forced to learn on my own for the most part. What did I want to learn? Well basically how to become filthy rich by investing in real estate. Am I filthy rich now? No, not yet. But I’ll tell you what, I have completed the first step towards my goal by getting a few deals under my belt. Was it easy? Absolutely not. Was it worth it? Absolutely!

I’m sure that you just want to hear how I did it. Direct Mail…………….AND………………. Networking, networking, networking + follow up, follow up, follow up. Notice that direct mail is ‘part’ of how I did it, but not ‘how’ I did it. And direct mail is just one marketing tool. I’ll get to that later.

There is plenty of info on BP about direct mail so I’m not going to go in too much detail with that. All you need to know is it works! Narrow down your audience that you are looking for and mail them CONSISTENTLY. Maybe one mailing every 2-4 weeks depending on your budget.

What do you mail them? A letter saying you’re a local investor and want to buy their property (Obviously more detailed than that, but you get the picture), hand-written in blue ink, and hand stamped. I got my first deal off my first mailing to residential home owners. My list (obtained from a list broker) was broken down as so, I chose a particular city I wanted to invest in, selected only houses with 50% equity or greater, and have been owned for 20 + yrs. I was contacted by the owner of what would become my first deal, but not for another 4 months!!!

I had deals in my hand but I was such a newbie that 1) I didn’t even know for sure if it was a deal and 2) I was unsure and not so confident I could get it across the finish line alone. I would need to find a cash buyer, and I had a pretty short list of buyers at that time and none were interested. The process repeated itself for months. I got REALLY frustrated and began doubting myself, and just getting depressed sometimes. I mean, I felt like I was doing everything right but it just would not work!!! But I kept taking action and NETWORKING because I knew I needed someone to help me cross the finish line. Along the line I met a few people who I thought would help me make these deals deals, but for one reason or another it didn’t happen.

I got lucky and met one of my current business partners Dave Torres. Maybe I wouldn’t call it lucky. There is a saying that goes “The harder I work, the luckier I get.” That is such a true saying. Had I not kept working hard, sending letters, making calls, analyzing deals, sending more letters, networking, following up, then I probably would not have met Dave and may not have gotten my last four deals. One of those deals putting over $15,000 in my pocket! You can only imagine how happy I was. So, I would like to take this opportunity to thank you Dave for your guidance, patience, and kindness you have shown to me. I am so grateful we met and I look forward to the many deals we’ll have in the future. Anyone that has the opportunity to work with Dave should consider themselves extremely lucky.

So I met Dave, showed him my deals and before I knew it I had it under contract, and within a few weeks my very first check in hand. $6000 J And that was a great feeling. To know that it wasn’t just some theory that you hear about, and that everything I was learning wasn’t all BS!!! It’s real!!!

So how do you find a deal? Market for deals! Send direct mail, put “We buy houses” flyers on doors, put up “we buy houses” signs in neighborhoods you want to invest in, ads online, newspapers, on your car, tell everyone what you are doing, look in the obituaries (yes the obituaries). Think!!! That’s sound dumb to say, but sometimes just taking a minute to really brain storm and be innovative will get you across that hurdle. It’s done it for me many times.

How to close on a deal assuming you were like me and had nothing to put down? Network, network, network!!! Go to REAs, join online discussions on RE social media websites, reach out to people on these sites and tell them what you are doing, that you have live deals, and ask if they are cash buyers. Invite them to have coffee or lunch. Go to RE auctions and talk to the people there waiting to bid because they are cash buyers. These are a few ways to find money.

But mostly don’t be greedy. Be willing to give in this business. Whether it be your time or a part of your deal. Leveraging off the experience of others will help you excel faster in this business. And you want that, because this business is difficult. It takes ACTION!!!!!!!!!!!!!!!!!!!!!!! Real action. You have to treat it as a business. If your phone is not ringing with potential sellers, then you’ve got nothing. Take real action now. Go buy a list, get your letters, mail them out, and find a buyer for your soon to be deal.

It’s real folks. This real estate myth that everyone talks about, but few can seem to find. I wish you best of luck in your real estate ventures. Remember it takes real action to succeed. And never limit yourself on what you can achieve in this business no matter who you are. My partner and I are currently looking at multiple properties including a 36-unit apartment building and a 75-space mobile home park. And we will continue to pursue larger and larger properties. If you feel like reaching out to me to talk, or you have a deal you’re working on, or you are a cash buyer looking for deals you can contact me anytime. 

Matt Santillanes

MS Partners LLC

Thanks everyone for their comments

Hi,

I intend to purchase a multi-family commercial property in the next year or so. I will have some capitol but I would not be able to obtain conventional financing. With owner financing is it feasible to get up to 95% LTV??? For example I'm interested in an apartment building for sale at about $1.8million and have roughly 5% to put down. I'd appreciate some comments

THanks Ned

Thank you everyone for the advice.  I've had lots of great input here on BG!!!  

Thanks Brandon,

So I have an "Agreement to Assign Contract for Sale and Purchase" form now.  I see one spot on the form where it says to put purchase price to not a place that says "Assignment fee".  Does BG have forms we may use???  EG purchase and sales agreements and assignment contract?

Hi,

I just got off the phone with Fidelity title here in Albuquerque, NM.  I asked them some advice on how a real estate wholesaler (something she's never heard of in 30 years) sets up an assignment fee on the assignment contract.  

The lady at Fidelity said that I can write and or assigns on the P&S but I cannot have a higher price on the Assignment Contract. So how do I get paid? Where is my assignment fee put in? Can somebody lay this out for me as if I was a child? Please

Thanks,

Matt