What am I missing? 9 monthes, 1 deal...

What am I missing? 9 monthes, 1 deal...

Aurora, CO · Member since 2014 · 26 posts · 4 votes

I've been interested in real estate for over a year. In that time I have read God knows how many books. I have "partnered" with  a friend who has hard money connections.  I've been going through the pre-foreclosures for multiple local counties and trying to find numbers to contact the owners. The people I contact either don't want to talk about their troubles (classic denial) or have another avenue they are working on.  

Every book, website, forum, blog I read, makes everything seem easy.  Find a good home at a good price, make an offer, then sell to an investor for a profit. How hard can it be? Except for the part where I talk to someone who wants my help.

 I have been financially in trouble for a year.  I work 55 - 60 hours a week trying to make ends meet.  In my spare (lol) time I have been working the real estate. 

Here is my plea. I am motivated. I need help. A coach, a mentor, a partner.  I am willing to  do all the work. To learn. In return, I will split profits 50/50. I am open to terms. I just need to fill in the blanks. I want to be successful.  

Please help.  My family is counting on me.

Thank you.

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Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
11y
The only people that "make it seem easy" are trying to sell you something. The only time RE is easy is when you have a ton of liquid capital. Doing deals without money or experience is hard... which is what you are trying to do.
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  • REA and accountant (CPA) · Omaha, NE · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Jay Hinrichs:

    @John Baker


    5. You need significant cash.. because in my experience in doing this for many years and well over 150 homes bought pre foreclosure.. is the deals happen within 48 to 72 hours of the actual sale.   And most of the folks will need 15 to 50k to bring it current and keep the sale from happening.. there is no time for a loan.. you need to be able to stroke a check. you need to know how to deal with the trustee companies you may need to send a driver with a cashiers check into the company to stop the foreclosure etc. This is when the deals are made and one of the reasons we were so successful at it. so many of the competition really did not have any real money or liquid capital they could tap on a moments notice.

    that's the reality of NOD buying.

    It was pretty easy to stop a trustee auction by listing a house with RE agent and accepting ANY ridiculous offer, below listing price, below what is owed etc.. RE agent will have to work short sale scenario after. 

    We personally stopped a FC sale with a simple call to trustee rep, 30 min before auction. The auction sale was postponed INDEFINITELY. Never asked what the $$ accepted offer was. I have been told that auctions are being cancelled all the time...

    I don't know if it works in every county/trustee/situation, but it makes sense that Trustees are required to give a benefit of doubt for a fear of being accused of homeowner rights violation. Perhaps it worked because it was a call to a trustee rep directly, the day of the auction, on a short notice... and the rep was not in a position to make any other decision than to postpone. Had we called 24+ hrs before the auction, the accepted offer would have been scrutinized by the bank and/or trustee lawyers, and auction would still happen on-time...

    If anyone ever had a similar experience - please share....

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Lyuba Barrington  May have worked for you but this NOT the norm by any stretch

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