All Forum Posts by: Account Closed

Yep, I have a ton of equity now, but I love the fast assignment, this is why my partnership networking involves radio to find motivated sellers. from the phone call to settlement using Control and Roll is usually 7 weeks with an average of $10-15,000 assignment.

charlie 

Claudio Meira I believe it is not where you invest, but, what your objectives are; for me for over 40 years now, I would invest only where there was cash flow or equity, houses, commercial or businesses with real estate, looking at my holdings now, I have a pizza restaurant, a small grocery store a leather night club in a some apartment houses in Baltimore.
If the deal does not have Cash FLOW OR EQUITY I am either not interested or I make an offer using some creatives formulas I developed over the years of "Trial and Terror! I use "power prospecting, Control and Roll (using the auction market for quick flips and assignments and the Hybrid offers, options and delayed settlements with possession."
Every transaction can be manipulated to suit my investment goals. Most all deals can be good if you understand how to structure them.

At 78 years old, I do more out of state partnering using radio and direct contact marketing to find the equity packed deal.

Glad to give you some ideas,

I am in Baltimore.

Wishing you good luck and financial success, stay in touch,

Charlie

why would a seller want to call you, fancy fonts don't get the job done - you need a message - Wanted, real estate, house, commercial, lots and land or non-conforming properties, all cash AS IS, NO COMMISSION.

Wishing you new to investing folks - good luck, when I started in this business, about 45 years ago- I needed some good luck --- I was scared of not knowing what I didn't know, of contracts, of making a mistakes, of others taking advantage of me, my wife's criticism and the fear of loss! NOTE - NOT ANYMORE!

This is what I did 40 years ago --  I took every course I could afford, (used lots of credit cards and bartering)purchased hundreds of cassette tapes (remember those)? Looking back now of all those courses I took, I think it paid off (I own lots of real estate and businesses now.  Back those in my EARLY Days I also started to attend every real state auction, that's where my real education really started (meeting seasoned investors and learning about values, hard and soft money, leverage, negotiating and skinny contracts making offers and sharping my skills on nothing down methods and creative financing and options. (As a result of loving the auction business, I became a real estate auctioneer and owner of an auction company.

I still  teach and work on transactions nationwide. At 78 years old now, I find it nice to work smarter.

To accelerate your learning, work exclusively with an investor you respect, make sure they are real, some investors  mentors or seminar leaders exaggerate their skills and portfolio. Make them prove that they are for real! Be careful of on line real estate courses, most are fluff!

Good luck - call me anytime - i love to talk.

Charlie

investor-friendly contractors and subcontractors??? - don't know what that is. Most contractors are friendly but they are all about how much they can make, how fast they can do the job and how cheap and how much deposit up front they can get!

I believe you are In Search of someone to help you get a job done who is honest and priced right. You may not find that person the conventional way - you may have to get very creative.

I am 78 y/o and have done many renovations, commercial and houses, I am very careful whom I select and how I negotiate with them. My contractors' system has saved me many thousands of dollars and stress over the years.

My son and I have contracted for several million dollars with contractors and subs, it ain't easy keeping up with them, material, labor licensing etc. We have take some serious hits and try to avoid them in the future.

wishing you good luck - stay in touch.

Charlie 

They call themselves flippers, wholesaler and investors, most are rank armatures without credentials or money, some are pure predators and equity thieves! Many take advantage of others for the sake of a fast profit! My son and I have been assigning real estate contracts now for over 40 years, we use the system called Control and roll (look it up. We contract commercial buildings, houses, land, lots, mixed use buildings, businesses with property and real estate that has cash flow or equity. We also partner with others nationwide, But we do it right using -- *Skinny contract offers  - easy to read and understand.

1. *Make full disclosures to sellers - they need to know what happens if we can not find an assignee!
2. *Use a Hybrid system where we give up more if we make a reasonable profit.
3. *We use necessary contract clauses in our "skinny", right to extend, profit statement, certificate notification. 
4. *Understanding "delayed settlement", "possession and rights of entry, signage agreements, right to market and right to auction.
5. It is SO important if you intend to make serious money in the wholesale real estate business that you conduct your business with ethics and full disclosures.
6. Be honest in all your marketing exposure to sellers.
7. *In short if you are going to make it in this business - learn how to be a professional! Over the years we have assigned apartment houses (one was 250 units) a night club, bars, a subdivision and many lots and a ton of houses.
8. I am a little slower now at 78 years old but still do deals all the time, it's easier now and still profitable.
9. I prefer partnering with others out of state using radio and power prospecting systems to find the equity packed transactions.
10. Learn creative financing; subject to, front porch financing, delayed down payments, nothing down techniques, auction marketing, money back and creative partnering, vertical break up offers and delayed settlements  rolling options, split notes, creation of paper and substitution of collateral - to mention a few. 
11. This is a great business when done right, ethically and professionally.
12. How fun MAKE OFFERS -  be positive and learn your trade.
13. Charles 

I own 5 units near Morgan - i do not rent to them!

I have done many nothing down deals and with no interest seller financing We call it a principal mortgage

Too bad - brokers always find ways to be negative with agents (some don't want them to become too successful and leave their brokerage, IRS does not look at your contract (that's not your problem!). I understand that if there is seller finance with no interest the IRS could impute .06 interest (this is not going to hurt you  at all. it is up to the seller to take care of that, you may want to disclosure that however. First learn about - don't let others discourage your from becoming a successful investor - others hate your success!

I don't think your broker knows much about creative financing! 

Why use your own money when you can negotiate nothing down?

* On a Principal only mortgage, the loan will be paid off faster since there is No Interest all payments go to reduce principal... and because of that you can offer more for the building!

* make sure you have full right to assign your mortgage to another buyer, (assumption rights) so you sell the property with the no interest mortgage, but you can do a wrap mortgage and get interest on money you owe. Make sure there is no acceleration clause and that you build in a early pay-off discount. Do not offer a balloon payment unless you want to use it to negotiate the deal.

Get yourself a HP-12-C and learn how to use it, it can be your best friend.

you can also create paper (mortgage notes on other properties you or a partner or friend has at a low interest and use the note as a down payment consideration.

you could offer a down payment to be paid later in installments or when you assign the building or re-finance. You could offer other things for a down payment, a car or chattels. 

I don' want to get too creative in this response, but there are many of ways to have your way with sellers to accomplish your profitable deals.

Write an offer on a skinny contract with a delayed settlement subject to possession - always use "banking days" and build-in an automatic extension - this way you will have it when you need it, (and you will, nothing goes  as expected!)

Always offer "subject to existing mortgage and liens (this eliminates need for your own money)

Consider options with possession.

Offer the seller a Hybrid, that is he will be your partner and receive more profit when you sell or assign.

You could offer the seller an option to buy back (as long as you get a discounted deal.

Offer services for the down payment, we call it a "front porch clause"

You'll agree to fix or repair something in consideration for X$ down payment to be applied to the purchase price.

Creative financing is about CONTROL! learn how to CONTROL real estate and you'll never need to use your own cash (or listen to uninformed brokers). I work a program called "Control and Roll". it works great for those folks who don't have money.

Good luck to all -- Charlie

Good place to buy if price is right, I own several in the area, one for sale. AN auctioneer we always have buyer for Parkville and Towson.

call anytime -- good luck

Megan, I may be able to help or give you some referral. i am a broker and auctioneer in Md. call when you can