All Forum Posts by: Rick Pozos

Hard money lender, private lender, IRA lenders and partners are the ways to go. A private lender might be a friend of a friend who has some extra cash that does not want to only get 1% in a CD at the bank.

Quest is a company that has self directed IRAs. Some people use their money to buy for themselves, but some have this money and dont know what to invest in. You have to convince them that YOU are the one that they should invest in. They are going to work somewhat like a hard money lender, but there are usually no rules that are set in stone. Show your ability to pay back, and develop the relationship with the individual. There are other self directed IRA lenders, but I have found that Quest is very friendly and easy to work with.

When you have a deal, let someone else get the loan. You have to give up half the deal, but half of something is better than all of nothing!!!

Direct mail to find motivated sellers is great.  If they do not want to sell to you as the investor, they may want to list with you the Realtor. Either way, you win!! Maybe your business cards are double sided, investor on one side, realtor on the other. Hand out cards to everyone you know and everyone you dont. Tell every friend, relative, and person you see on the streets what you do. Business will come your way in no time.

Exactly. For single family, keep it simple. Are you buying it right? Is there cash flow? Those are the main items to keep in mind for single family and even for 2 and 4 units.  

Deanna, 

Did you get the house with the extra sqft?? Let us know what happened.

Sounds like a deal to me. I would talk with the seller and find out his/her motivation. If they do not NEED the cash right now, ask if they will owner finance with a small down payment. Otherwise, you can get a contract and wholesale it to someone else. If you have the cash, it would be a great cash flow property.

Its not a needle in a haystack, but it is work. I send out over 1000 postcards every month. I talk with people everyday. Some are good deals, some not so good. It is finding someone who is motivated to sell. If I want one of these deals that I find to be a no money down deal, all i have to do is partner with someone. Truly, I find deals, but to make it no money down, PARTNER with someone in your area who already has the resources and financing in place. This is the easiest ways to make your deal a no money down deal.

The easiest way is to find a great deal and use someone else's credit.  Partner with someone who can help you get a few deals going so that you can make some extra cash. If you are donating half of your deal to someone who can make a no money down, no credit deal work for you, is it worth it?? I think so. When I started over 10 years ago, I partnered a few times with people to get things going.  Later on, I was the one that people partnered with. 

After you have a few deals under your belt, you can find some self directed IRA money or private money where you can do no money down deals.

Doing Sub-to deals can also be a way to find a no money down deal. No credit is ever needed for those. 

In every big city there are big companies and small companies. Dont be intimidated by one company.  They may do 20 or 30 or 50 deals a month. You only need to do one or two or three at 2k - 5k each. That should be plenty, right?? You are not competing with them. 

Market to distressed sellers, get something under contract, then take it to your local REIA and sell it. As you meet others at your REIA, you will find cash buyers. Dont focus on building a list before you find a deal. Someone once told me, "if its a deal, somebody will buy it". The hard part is finding good quality DEALS. When you find one, finding the buyer is easy.

I am not a gambling man. I would go with the almost sure thing of 4k.  Four Thousand dollars is not a bad deal. Take the money and run.  Someone with cash usually has a few friends with cash also.  You are probably better off making connections with the cash buyer.

I would want to know the name and number of the executor. Also, who is getting the property, is it several siblings?? who are they, where are they, do they care about the house or is it just going to be an extra christmas present for them.  Get to know the daughter and find out her motivation. The greater the motivation, the better the price.