BiggerPockets

I am seeking investors to JV with, and must have a minimum $75K to fund daily Trustee sale auction purchases in Phoenix, Arizona for quick rehab and flip. I handle everything from pre-auction research to managing the property until resale.

So many deals that I watch $100's fly by while I bend over to pick up $1's (I have cash to do a deal every 45 days but would be great to do 10.) On my own I need another 6 months watching deals go bye to do 3 at a time.

I know what the numbers need to be in my market as I am closing 5 - 10 short sale flips per month, and the trustee service I am partnered with is doing 30+ purchases monthly at the auctions for buyers.

Let me know if you have interest and I can send you all information needed to make an informed decision.

I sure can Justin, In the process I'm going to air out some dirty laundry for the folks on BiggerPockets to see.

I have been a mortgage broker for 9 years and took a major hit with the credit crunch (in addition to hitting a burnout stage at the same time.) Tried to pay 6 employees even though hardly any money was coming in because I am that kind of guy. Once I ran through my assetts I had no choice but to do it on my own.

Pursued a few other opportunities that did not work out and as a result of major income loss, went upside down myself. I have children and absolutely no family that has the ability to assist me in tough times. In December of 2008, I had a few slow months and my water heater went out. I went two weeks boiling water on the stove to give my kids a bath and my heater for the house is one of those that runs off the water heater as well.

Right around this time I watched a webinar about short sale investing. THe offer was to get a line of credit through a bank to pay for the training course. I studied it as fast as I could and found a few title companies that were closing these deals, who then introduced me to other investors that gave me tips in the beginning.

I was only making a three or four thousand a month doing loans which was not enough to cover my expenses. In January, After I got contracts on my 1st few short sales, I was talking to a Realtor friend of mine about this business, and he introduced me to a woman that worked as an assett manager at two major lenders for 10 years. She had quit working for the bank and was beginning to negotiate for agents. Now she negotiates all of my short sales and I pay her well, as she is amazing.

Once I lined all this up, I approached a long time mortgage client of mine, who lent me $25K as startup capital (who I ahve already paid back with interest) so I could do short sales full-time without having to worry about busting my rear end to make a few thousand doing loans.

We closed our 1st deal in March, 2 in April, none in May, 1 in June, 2 in July, 5 in August, 2 last week, 3 this week, and 5 more set to close before the end of September.

I have a pipeline of around 50 short sales and have not sent a single mailer, called any agents I did not already know, or knocked on a single door. All word of mouth.

We now have a pipeline that is clearly going to pay us out consistently for now.

My wife is a Mommy 1st and a terrific Real estate agent 2nd. She helps me to evaluate properties everyday to make sure my figures are accurate. The guys who run the trustee service are excellent as well and won't allow someone to over-bid.

So now to answer your question:

I have the cash to do 1 deal at a time for now, as mentioned in my post, in 6 months I will be able to handle 3 at a time. If I partner with multiple investors, do all the heavy lifting for them, and we split the profit, I can do many more deals, much faster, and making myself and my partners more money, with minimal effort for them. The way I see it we have 3 to 5 years to take advantage of the current market we are in. the more I can do faster, the faster I won't have to work anymore unless I want to.

As an investor I question why you do not see the benefit in partnering up to do more deals, even if you are sharing profits, as opposed to using only the funds you already have. Isn't the point of private money to accomplish this? You obviously do not understand the magnitude of the current opportunity with the trustee sales, and working with one of the true insiders (my associates) to win bids on those properties.

Interesting that an investor like yourself would focus on discrediting/ questioning me (without having a clue about my story) as opposed to asking questions about the opportunity.

Maybe in the future you will send a direct message to a person instead of blasting it out for all to see if you question the poster. This is something someone with integrity would do. Then if you did not like what you heard or saw, you could then make an educated decision as to whether that person is legitimate or not.

I do however appreciate you giving me a perfect opportunity to allow me to tell my story of how God has blessed me with finding these opportunities after being at the worst point in my life 9 short months ago.

Do YOU recognize how lucky you are to be doing what you do in a time like this?

When you take your foot out of your mouth I look forward to your reply.

By the way, no hard feelings, I would still network with you to help each other take advantage of the many opportunities this market provides.

Chris

How was I acting like a big shot and not telling the truth? I am now consistently closing short sales EVERY week. The opportunity I presented is very real and very accurate. I was basically called out to be a ********ter which I have not done/ You just did the same thing he did and have now taken a legitimate post on a good opportunity and sort of made it look questionable.

All I was saying is that if you are going to question someone, you should do it in a direct message, and evaluate the opportunity before discrediting them.

Instead of networking, we are now calling each other out.

"putting your foot in your mouth" is what it is called when you speak out loud about something you don't really know about. Then find out you were wrong and maybe should have got the facts straight first.

Justin questioning me sounds a bit premature considering I looked at his website and it looks like he has worked on 6 short sales (recently anyways) and closed 2. (Justin, nice spread on Wildhorse in Chandler by the way, what did you net around 30k or so? Congrats.)

Do you not see the error in questioning me by assuming you understand my situation? We are all here in Phoenix. Why don't we setup a time to meet at my office and I can give you both some pointers and show you the opportunity I posted here.

it may seem like a "simple" question, but if you read my whole reply a few times, you will see it is not a "simple' answer.

By the way, Justin.... Janet Moe and Mary are having a Mastermind meeting tomorrow at 11AM at Great American. I believe you used her on a few of your escrows? Maybe you should attend, should be a great meeting. Or feel free to call her and ask about me, she knows me very well. In fact, as an escrow officer she knows tons of real Estate agents and referred her son Tyler to my wife to buy a house. Again, not trying to be a big shot, I just am being defensive because my integrity was questioned.

Unbelievable. You asked me why I do not have the money to fund the auction deals if I am closing so many short sales.

You questioned me, as to why I can't fund my own deals if I am closing so many short sales. Asking for further details should have gone something like this:

"Could you provide more information on the opportunity? Maybe some data, or info on actual deals completed?"

You clearly have no intention of taking part in the opportunity, but actually questioned me (which I am now closing 5 -10 per month) on why I don't have the money.

Why even bother replying? As far as questioning whether you know how to invest in real estate, I complimented you on your spread on one of your properties. All I said was you must not understand how HUGE the opportunity at the trustee sales is. Everyone knows you can get deals, but until I hooked up with the guys I am doing this through, I really did not understand the magnitude either.

You hit the nail on the head. You asked a simple question of ME. Not the opportunity I presented. Next time, question the opportunity, and you will get a proper response. The only question you actually asked me is WHY DONT I HAVE MY OWN MONEY? Who's insulting who?

Folks -
I do think there is certainly validity in questioning someone's background when they are asking for money, and as such, feel that Justin's first question was valid. That said, I think this thread had gotten a little out of control.

It seems like you've managed to sort this mess out while I was getting some much needed sleep. Lets just get back to the task at hand here . . .

Thank you.

LOL!!!

I knew you'd come around :)

I was just waiting, I even told Justin that this will end up happening. I like ya, I was just giving ya a little chest thumping that's all.

Just like you said, whenever a Realtor tries to challenge, they always end up losing but I end up being friends with them and a lot of times making money with them.

I'd take him up on that if I were you. He's as legit as they come.

Chris- I accepted you as a coleague, but haven't seen your info. Lets' make some money together.

Nick- thanks for the props.
Rich in FL

Thanks Keima, and yes I am a Christian and if it were not for Christ I do not think I would have the strength to push on through bad times like we had.

I have been off the site for a few weeks as we just moved into a new house and I had to go to New Mexico for my step-son's Grandmother's funeral.

She was a great woman and will be missed. On the upside the kids and I came home with half a truck full of fireworks!

Anyways, I am pretty tired tonight so I will jump back in here tomorrow and see what's going on, check messages, etc.

God bless!