All Forum Posts by: Karen Adams

Right, that's what we've got to hit on.

I can see I wasn't as clear as I thought. :)

What I'm wondering is, how do we present a case to the bank where we offer 50 cents on the dollar (short sale? buy discounted notes?) and they snap it up? There's got to be some hot buttons that we can point out to help them come to the realization that foreclosing isn't going to accomplish their goals...

- You don't want *eight more* nonperforming assets on your balance sheet, do you?
- Holding costs will eat you alive
- Houses aren't selling in these neighborhoods...
- Banks that foreclose typically recover X% of the loan...
- You're better off settling for seriously discounting these notes to us because X, Y, Z...
- etc?

We found a tired landlord with 32 individual rent houses around town. Some are multi-family, many are section-8, most are currently rented and CASH FLOWING (plus EQUITY from our discounted price)! Each has its own commercial loan.

One (local) bank has 8 of the loans and is foreclosing (landlord's partner apparently made off with some dough).

We have all 32 under contract and can wholesale any of them, but for the 8 going to foreclosure (May 20!), what's the best tactic in dealing with the bank?

How do we convince the bank that letting us A) short sale these or B) buy the notes at a serious discount, is a good idea? We want to provide a compelling case to the bank, and they've been firing their hi-pay employees and moving the minions up in the ranks, so it'll probably require kid gloves to avoid the appearance of "stepping on toes".

Ideas?

try http://www.reicameron.com/

Hi Michelle --

I can't really speak for Eric but here's what I'd guess:

The whole purpose for giving away useful information at no charge, is to collect some useful info from your visitors, in exchange. This is almost always via a "squeeze page" where they have to fill out at least an email address. Then a link to the downloadable report shows up in their in-box. But then we have their email so we can start a conversation on what they're looking for, what range, what area, etc. (So instead of getting money in exchange for info, you trade info for info.)

So if it's a phone call, you get their parameters before giving them the report. (How you do the transition is up to you, and you should try different things and track your results. Report back here!) If it's a web page, you collect their info in an HTML form before sending them the link.

Your realtor may or may not charge you -- it depends on the relationship you've established.

So the real question is, how long does it take? After you get iFlip up and running, and do some craigslist/google-adwords marketing to get some attention, how long before you see your website actually bringing deals and buyers together?

Interesting -- so your website doesn't engourage geographic boundaries such as "Columbus Homes" or "Evansville Homes"? Or did you start out geographically oriented, and then let things expand organically?

"Thrilled" isn't the right word. More like "optimistic". :)

It's still early on, we're just into month #2, and there have been some delays in delivery of/access to content, but when it shows up, it's good stuff.

Help!

We may have found our first deal but unfortunately, it doesn't fall withing the scope of our real-state training to date. Yesterday, we found a self-storage lot for sale by owner! We made a preliminary call to the owner to ask a few questions and to relay my interest.

Here is what we know so far:

- The storage lot sits on 10 acres but currently all buildings sit on just 2 acres.
- All buildings were built in 2001.
- There are 7 buildings consisting of 17,000 square feet.
- There are 110 enclosed units of varying sizes (5x10, 6x10, 5x12, 6x12, 10x20, etc).
- There's at least 1 "open ended" storage shed for boats, campers, etc.
- There's at least 1 large totally enclosed building for storing large vehicles, campers, boats, etc.
- Current owner states that until this past fall, he has operated at 100% capacity for at least two years. At this time, he has just 7 small units un-rented.
- Current owner states that he has ALWAYS run at 90+% capacity since opening the business.
- Current owner claims income from the lot at $38-40,000 per year, but I failed to ask if that was gross or net. I assume gross.
- The county assessor has assessed the property and buildings at $140,900. Taxes should then be less than $1500 per year.
- Asking Price: $375,000

Furthermore, the current owner wants to sell his home which is located next door to the storage facility:

- Brick home built in 2001.
- 3 bedrooms, 3 baths, kitchen, living room on the main floor.
- Full basement with half being finished.
- The county assessor has assessed the home at $270,200. Taxes should then be less than $3000 per year.
- Asking Price: $225,000

Current owner would like to sell both house and storage together to one buyer.
At this time, the current owner will NOT consider a lease with option to buy.
Current owner wants to retire and build a new home at a different location.

I feel he will be a little flexible on the price but not overly so.

OKAY, so what do I need to know to make an informed decision?

- Storage facility
1. Cost of all utilities (electricity, water?) per month/year?
2. Taxes? And are they paid current?
3. As for income, Best month? Worst month?
4. Number of lock-outs in the past?
5. ??????

- House
1. Cost of all utilities (electricity, water, gas?) per month/year?
2. Taxes? And are they paid current?
3. Square footage
4. Comparables
5. ??????

Of course, I don't have the money to buy either one of these, so I will have to attempt a Commercial loan. Any suggestions, recommendations?

This feels like a good opportunity, but I want to be able to see on paper that it is a good opportunity. No more emotional decisions!

Any help will be deeply appreciated.

Thank you,
Will and Karen

This is true, the DVD is only eight bucks... but beware -- you're also by default "on the hook" for nearly $100 per month for a subscription to massiveinvestornetwork.com which is... kinda useful. Lots of great links and resources and lesson modules.

And then we started getting monthly newsletter/CD mailings which aren't all that well organized (yet) but still show lots of promise.

Gut feeling says Fleck is genuine, and the evidence is still coming in. :) Haven't attended any live, in-person events tho.

We're in S.W. Indiana and we're looking at Cameron's iFlip/1-day-dough system as well. How's it going for you?

According to city-data it looks like your metro-area housing market has taken a beating! Great time to be in the market, isn't it?

I've got some specific questions for you--

In our dinky Hoosier metro area there aren't as many people, so we're wondering if the bird-dog aspect of Cameron's iFlip system will help at all... Do you have any sense for what factors would make the bird-dog system more effective or less effective?

Another aspect of his iFlip system is that your inventory shows up for of his nationwide investor network, meaning that your houses should show up on a nationwide site, improving your chances of finding buyers. Have you found that to be the case?

Hope things are well with you, and looking forward to hearing more about your iFlip experiences :)