All Forum Posts by: Brandon Jackson

Thanks Brie Schmidt . I'm a little late on seeing this, lol. I've actually since originally purchased this, sold the note to another investor and got a lump sum of cash from him, and he's getting a RIDICULOUS return on his money. He now receives the payments from the buyer, and everyone is happy.

Trisha Alton

It's in Clay County in Kansas City, MO. Asking $41,500

This is a 2 bed 1 bath ranch with a finished basement and half bath downstairs. The home does need some repairs and will need a clean out, but with a little clean up this will be the perfect income generator for the buy and hold investor.

https://youtu.be/-OssIKNoEXA

BIGGER POCKETS, I just recently purchased a property Subject To with no money down.!! I found a distressed seller who had just recently evicted tenants that hadn't been paying, and they were completely fed up with being landlords. They were current in payments, but we're ready to be done with the property. I educated them on how subject to works, and they were all for it! Numbers are as follows: Remaining mortgage balance: $26,000 Payment: $350 Interest Rate: 7.5% Within two weeks, and before my first payment was due, I was able to find a contract for deed buyer. Numbers are as follows: Sale price: $54,000 Down Payment: $6,000 Monthly Payment: $650 for 11 years Interest Rate: 6.9% I basically got paid to purchase this property, and everyone is happy. The sellers got rid of a headache, I purchased another investment property, and my buyer is now a new home owner. I know a lot of investors talk about the $30,000 investment properties, but so far I've had success with properties in this price range. I have a contact with thousands of buyers looking In this price range so it's pretty easy for me to move them quickly! I did have to put about $500 into the property. Getting it cleaned up (250) and getting the furnace serviced (200), but other than that this was a no money down deal. These deals do exist!! You just have to get out there and be active! Tell everyone you know that you buy and sell real estate, and deals will slowly start rolling into you. Educate yourself by being on Bigger Pockets and listening and learning from their Podcast, and success will soon follow.

Hey Rick. Welcome to BP. I've been investing in the KC area for 4 years. I've done a couple flips, wholesales and some buy and holds. 

I'm not gonna try to make it sound like I'm some guru because im not, but I can give you some insight on what I know and what I've learned over my last few years of investing. 

I currently have 6 properties, and if all goes well will have 20 by this time next week. Hit me up if you wanna chat.

-Brandon

This is the story of my very first deal which happened 4 years ago in September of 2011. I had become a member of the ************* Success Academy, and was talking with a coach weekly (Pretty much worthless in my opinion). At this same time, I had been reading books by *************. The particular one I was reading when things starting happening was "Your Town Your Real Estate". It's a great book, and I would recommend it to anyway looking to get educated about real estate.

While reading the book, there was a passage that gave you a script on what to say when making an offer to a bank and guidance on how to find good deals, and I used this pretty much verbatim when I was finally ready to make my offer. The information said to call around to smaller community banks and see if their REO department had any properties they wanted/needed to get rid of.

I called around to a few small local banks, and found one that had 2 properties they had in inventory and needed to get them off the books. One of the properties caught my interest! It was a 2 bed, 1 bath 1140 sq. ft. single family house. They initially told me $21,000. I immediately drove by the house and the neighborhood that same day just to get a feel for the neighborhood and see if it looked worthy of following up. I was pleased!

For the next month I called every 2 weeks about this property to see if it was still available, and it was. The first follow up call, they had dropped the price down to $19,000. The second follow up call, $15,000. After this, I decided to go to the bank and show them that I was a serious buyer so I filled out an application to see what i could qualify for. After filling out the paper work, I asked if they still had the property and they did. 

The VP of the bank and I went down to the property and built rapport to whole time on the way to the property (about a 25 minute drive). After looking at the property and walking through it with the VP, he told me if I offered $10K, he would be on my side and convince the president to go along. 

After going back a few times and modifying the offer, I ended up purchasing it for $7,000 cash. This was money that I had saved up from working at my job. I didn't even use my loan approval thru them to attempt I put an additional $10,000 into the property, and went back to the same bank to refinance it. It appraised for $45,000, i got 75% of that ($33,750). 

Since that first deal, that bank has loved me and i've loved them. I've done 4 loans with them since. AND....The VP that I built major rapport with has now moved up in rank and is now the President! Now I just need to find some good deals!!!

If you want to dig deeper into my background, check out the link below. It's my journal I was keeping when I first started my investing journey.

Happy Investing!!!

Critique me please. Too long? Too detailed? Not detailed enough? Run on sentences? etc...

Thanks @Ned Carey for taking the time to read my post. I just read your blog on finding a mentor from a few years ago. GOOD STUFF!!

I was informed that a lady had been trying to sell her house on the MLS but had been unsuccessful for almost a year. It was a 2 bed 1 bath house somewhat in the intercity, and she had it listed at $23K with no luck. (Buyers in that area have crappy credit and can't qualify )

Her husband had passed about 9 months ago, and she was now living in a high rise so the house was vacant and had been for a few months.

Because of my personal relationship with a close friend of the lady, I was able to meet with her and talk and negotiate a deal. 

Our agreement was as follows:

$13K sales price (Owner financed) with 5%interest and NO MONEY DOWN

$200/month payment (closed in the beginning of August and my first payment wasn't due until October) 

Before my first payment was due, I was able to find an end buyer. I sold the property on contract for deed for $5K down and $550/month which includes PITI (Principle, Interest, Taxes and Insurance) for $24,500 at 6% interest.

It's not a huge return, but the deal was done with no money out of pocket and now I'm cash flowing about $300/mo and I basically got paid $5K to  buy this house.

The original seller was happy because she was able to get rid of a house that was costing her money every month because it was vacant, and she was able to help out a young man (me 😁) that was trying to do something positive. 

I was happy because I was able to buy a house for no money down and immediately bring in a cash flow and a nice down payment.

My buyer was happy because they were able to become home owners with a small down payment, and a monthly payment that's slightly less than what they were paying at their apartment.

WIN/WIN/WIN

By the way. The only thing I did do was get the water and lights turned on so whenever I showed the house they knew everything worked. 

Robert Kiyosaki says we have to be like the banks and create money out of thin air. I think this fits that criteria...

SUCCESS, HERE I COME!!!

@James Park@David Dachtera

The suggestions and advice from the both of you really means a lot. I'm working on changing my habits because I see how much of an integral part they play in who you are and how you are. 

The books I read in my 20's were all real estate investing, and I know that's my passion. It's just a struggle leaving a so called "SECURE" job. There's always an excuse to not leave. "I need my income to qualify for this HELOC" "I won't be able to refi if I'm not employed"

When I think about still being at this "JOB" I become depressed because I'm not using my creativity here. I just sit here and push start and stop, which anybody can do! The money is good, but I'm definitely not happy and that drains me so much! 

When I took time off work and fully dedicated my time to business, it was the most enjoyable time of my life thus far! I just need to figure out how to get over the fear of not being successful enough, not being able to provide for my family without a "JOB", etc. 

Again, I understand this is all just a mental thing that I have to MAKE A DECISION ON AND FOLLOW THROUGH! Just struggling with the follow through, but I know I'll get through this eventually...