All Forum Posts by: Wayne Caviness

If you live in or near a city with a population of 100,000 and can find deals under 65% of the ARV minus the rehab you may be able to make it work. To be honest, I think it may even need to be lower than 65%. The tool for determining your MAO sucks. You enter your estimated ARV, then estimated repair costs and your offer price. Rather than simply entering an ARV and estimated repairs to calculate MAO you have to keep adjusting your offer price until it gives a green light on your offer price. Then of course you need a minimum of 3 comps from a realtor to justify your ARV which makes sense.

Then it has to be approved for funding. I never made it to that point. Living over an hour minimum away from any cities made it tough. I finally gave up, after no response to my emails about a possible work around on assignable contracts with REO properties. I made offers constantly but never found anything that met their criteria other than one. The seller wouldn't come down on the $5,000 EMD. I wasn't going to throw $5k at a property that could possibly be rejected after the inspection period was up.

I also made offers to JV with wholesalers, but none of the wholesalers were even close to meeting the criteria.

Most of the hard money lenders want 15% interest plus origination points, talking to my cousin whose an attorney talked like he was interested in making that kind of return. So I will be offering my deals to him.

As far as I have seen Peter Veklesman has the best deal. You don't have to do the high dollar partnership, they have a $99 a month program where you can submit deals. If the deal is good enough they'll fund it or help you wholesale it.

Fast People Search sometimes works well if you have the owners name. It's free to use but doesn't always produce results. I may be interested if you find some good deals. 

Dealmachine is pretty good at providing owner details, they also have skip trace and mailing options. If you decide to try it out use promo code NJYVLM and we'll both get $5 credit for mailings.

I'd be glad to meetup and talk about working together if you're interested.

 Hi Joe, 

I am sure the property is free and clear. However, the owner wants cash. He already has a lease option offer with a down payment.

I have located a property for $8k in a small town about 30 minutes from Tulsa. It is small and needs some work which I can do fairly cheap.

I also have a friend that I used to work with. She is currently paying $550/mo rent on an efficiency apartment with yearly leases for the past 6 years. Her lease is up at the end of July.

I was telling her that I may try to buy it and sell it with owner financing on a 5 to 10 year note with a payment between $300 to $400 per month. Now she wants it and says she can come up with a $2k down payment.

If I get this property under contract, can I owner finance it to her then sell the note. I would normally hold it, but being friends I don't feel it would be the best idea.

I don't have the $8k available to tie up right now so I would have to borrow enough to cover the purchase. 

My question is, if I borrow the cash then do a $375 to $400 per month owner finance 10 year note. Would I be able to sell the note for $15k or so?

If I can find a buyer would this be legit and legal?

Yes there is a fee to get started, but I believe it's more for the training than to get funding.
I may be wrong on this, but if you decide to take the plunge go in prepared and read through the parameters listed above by Josh. BTW, the welcome and Q&A webinars are located in the blog outside of the membership site. Easier to navigate with a tablet or a computer. You will want to attend those as they will provide additional materials you will need. 

If you know how to get a property under contract and you can meet their parameters you should have no problems. Go in with your guns a blazing, just make sure that if they aren't communicating with you and your due diligence period is nearing to pull out of the contract. Again, I recommend the webinars, at least the two mentioned before you ever join.

LOL... I am truly frustrated with them right now and I sound like their biggest fan.

Hi, I believe that this is my first time posting on BP. I do have experience with Keystone Funding on the Fix and Flip side. I have no idea what the link provided to the BBB has to do with Keystone Funding. The fix and flip side is a different part of Keystone Funding than the credit side. I wasn't involved with the credit side but I can give some insight on the fix and flip side. I believe that WCAP is a lending company that they work with on fix and flip deals and I assume that they are of the same entity divided up for tax purposes.

Before I go into my experience, I want to say that I learned a lot and I think that Keystone offers a great opportunity. If you are interested I would say give them a try if you are motivated and willing and able to get properties under contract. But, if you decide to jump in ask me what you need to know and how to get off to a running start with them first. I would really like to see someone succeed with this program. I was determined, but it took me too long to figure out how they operate. I have a pretty good understanding now. I wouldn't want anyone else to go in excited and blind like I did. I will respond to any questions or comments.

It might not be a bad deal, but I am having problems communicating with them right now.  I was given a free 30 day pass to their funding program simply for letting a fellow named Josh attempt to get me a better auto insurance rate. This would give me the chance to come up with the $500 to get started and then pay $100 per month thereafter. Of course, I was so exited that I had finally found the solution to my funding problem I didn't think to ask how long I was required to pay monthly payments after the initial $500. I'm a little sad that I no longer have access and can't seem to get anyone to help me get my acct reactivated. It may be for the best, I don't know.

Maybe I'm just ignorant but the email I received with my login information had a ton of info inside. I read it a half a dozen times trying to figure out where the welcome and q and a webinars were located that I was instructed to attend. I actually received an email from the webinar instructor Dalin, informing me that they would train me, but my team was my responsibility. All good and I completely understand that, but that email included where to find exactly what I had been looking for. This was triggered by a real estate agent I was working with on a deal in North Carolina trying to get the required due diligence period and closing dates for the contract. This contract is another story in itself. Anyhow, by this time I am nearly 3 weeks in, attempting to make another offer(new property) and learned that this property was within a Historic District. I wanted to make sure that a historic district wouldn't have any negative effects on getting funded, but never got a response. I am new to this side of the process and maybe they are just tired of my questions.

The problem here is I never received an invoice, a kiss my rear or anything. I finally, got a list of 13 properties from a local wholesaler that were really close to fitting their parameters ready to make offers. Received my comps from an independent real estate agent and now I am back to square one. Sure I can probably put any one of these deals under contract, but can't afford to tie up my funds for EMD's.

I'm a contractor, fix and flip is what I do and it looks like I'm going to be stuck there until I can save more money and get a credit score. Currently working on both steadily moving forward.