All Forum Posts by: Jay DeCima

Aaron

Hi my friend.

Are you still doing flips in the Inland Empire?

Hope you are doing well. 

Take care.

Fixer Jay DeCima

NEW:  for "newbies" and "old salt pros"!

Step-by-step online training at your own pace.

for full course details, and special pricing.

For the last 30+ years, I taught this material as a 3-Day LIVE seminar to thousands of students.  Many of them went on to become very successful real estate entrepreneurs. 

18 chapters (560 pages), with 30 minutes of audio with each lesson; me discussing the tips and strategies of that chapter (not me reading the pages).  

I show you what investing vehicle I used to build a business of 250+ rental homes in California.  I will show you how to plan and build your real estate business the same way.....without starting with a boatload of cash.

Good luck.

Fixer Jay DeCima

MY 5TH PUBLISHED BOOK. 2016 release date.

-Newbies will see how my plan allows you to buy groups of cash flow houses on a single parcel, without starting with a boatload of cash.

CLICK FOR DETAILS.  

-Why 85% of my purchase are with seller financing. The sellers want to carry the financing.

-A huge benefit of seller financing is the opportunity to buy back the amount you owe at a steep discount.

-For old pros....see how Jay can help your speed up your real estate investing plan.

-Buying groups of homes is way faster than acquiring them one at a time. Let me share my 40+ years of experience with you.

-It is available at Amazon as a digital book or paperback and Barnes and Noble.

I hope you enjoy it.

See my blog on BIGGER POCKETS. Click here.

See my website blog at fixerjay.com

 Terrance

In your keyword set up page, at the end of your keyword choices, do you have this box UNCHECKED..........."Hide alerts from the Marketplace forum?"  Having it unchecked will alert you when your keywords are mentioned in the marketplace.

Good luck.

Jay

one more thing.

In Calif., I  only rent to Section 8 tenants that already have an approved voucher IN MY COUNTY ONLY.  After approval, I fill in Sec. 8 paperwork and tenant takes to Sec. 8.  Section 8 schedules an inspection in 10-14 days.  

On the date of the inspection, and assume it is approved (I already know what they need), deal is approved, tenant moves in, giving me deposit and their portion of rent.  Section 8 pays from the inspection approval date and I get first check from them is about 3-4 weeks, direct deposited to my bank.

Good luck.

Fixer Jay DeCima

Kathy

THE RIGHT INVESTMENT IS THE PATH TO CASH FLOW

Buying rundown houses is the IDEAL INVESTMENT BUSINESS for small-time Mom &. Pop operators. Affordable rental houses are In short supply and profits are the highest in the business. Unlike buying traditional homes where investors must agree to restrictive bank terms, rundown properties are mostly financed by the people who sell them.

With over 40+ years of investing in Northern Calif, and 200+ units at  my high point, renting to Section 8 tenants has been very profitable to me. At any time, 30-50% of my rental homes were Section 8.  I buy groups (5-15) of older, ugly (at purchase time) on a SINGLE PARCEL.  These may be small houses, duplexes, conversions, etc. 80-90% of the time they are seller financed and about 10% down (about the same dollars you would put down on a single family home in the suburbs.

Affordable rental houses are not dependent on appreciation for profits like regular houses. Instead, investors routinely Increase the value by making cost effective (fix-up) Improvements. Cash flow, which is almost unheard with regular tract houses, is pretty much guaranteed with affordable rental properties.

Safety can be a serious concern for leveraged investors! With fix-up properties, “sweat equity” can quickly pump up the property value. Obviously, added value translates to higher earnings – making failure nearly impossible. Take a good look around – how many apartment buildings end up in foreclosure? The answer is almost none – the reason is because they produce positive income for their owners!

In my town it would take a couple,both working full time, to pay for my $800 2 bedroom rental. A screened (by me) Section 8 tenant may only pay $50-$400 for their share. HUD pays the rest on the 1st of the month deposited to your account.

I have very few evictions with section 8 because if evicted they could lose their voucher and then where would they go.

There is a simple yearly inspection for basic safety items.  You need to maintain this stuff anyway.

Final note:  YOU screen and choose the tenant.........NOT SECTION 8.

Keep learning about Section 8.  It will be well worth your time.

By the way here is how you find the fair market rents Section 8 will pay for all units, from studio to 5 bedrooms, for every county in the US.  https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

Good luck.

Fixer Jay DeCima

For Section 8 tenants.   

Go Section 8

http://www.gosection8.com

good luck

Fixer Jay DeCima

Adam

When you borrow money from banks to finance real estate, you’ll quickly discover that a group of rental houses and small apartments, properties with more than four units are a whole different kettle of fish than financing the home you live in! Mortgage money for investment properties is generally classified as commercial lending and most always comes at a much higher cost than residential loans. The reason is because bankers feel commercial loans are much more risky than a homeowner’s personal residence.

Seller financing happens when a property owner sells his property and agrees to carry back or finance the amount of the sale, less the amount received for a down payment. Say for example; he selling price is $100,000 and the down payment is $10,000. In this case, the seller would agree to finance the balance of the sale price, which equals $90,000. In other words, the seller substitutes himself in the place of a bank or some other institutional lender.

When you develop the skills to negotiate and purchase properties using this type of financing, you’ll be setting the stage for some very lucrative profits that the average investor doesn’t even know about. Not only will you place yourself in a position to earn future profits, but you’ll also enjoy a much safer investment strategy without any personal risk. That’s because seller financing is not really a loan! Not one penny of cash money is actually disbursed from the seller to you, the buyer. It’s really an extension of credit granted by the seller to facilitate his sale!

Should something go haywire and you find yourself unable to make the payments, and you default, the seller (lender) can take his property back, but that’s all! He cannot take other assets you own to satisfy the unpaid balance or deficiency.f Most bank lenders can come after everything you own to satisfy their mortgage debt because you are personally liable until it’s paid in full.

About the lucrative profits I mentioned above! Let’s take the $100,000 sale where the seller accepted $10,000 down and agreed to carry-back or finance $90,000. I would bet within 3 or 4 years after the sale when the balance is still close to $90,000…if you were to dangle $60,000 cash in front of the sellers nose, he would take this discounted amount in a New York minute. When he does, you’ve just made 30 grand. I have done this many times over my 40+ years of investing.  Believe me… you want seller financing! Find out everything you can about it.  It will be well worth your time. 

Keep in mind you are unlikely to get seller financing for most single family homes.

Good luck.

Fixer Jay DeCima

Samir

Food for thought from some investing in this business for 40+ years and 250+ rental homes in Northern Calif. at my high point.

There’s never been a better time to join ranks with “do-it-yourself’ real estate investors than right now – TODAY! From a pure financial standpoint, owning income-producing properties could easily turn out to be the smartest security decision you’ll ever make.

Tens of thousands of traditional jobs have simply vanished into thin air, while savings and retirement funds are siphoned away for everyday living expenses. Creating a long-term financial backup plan makes more sense today than ever before! And as you shall learn, the skills to make it all happen are quite easily learned by average working folks willing to make the effort.

Millions of people have thought about real estate investing and many have even given it a fair try. What most haven’t done, however; is to learn enough to develop a serious business plan that brings in foldin’ money every month! I’m talkin’ about a wealth plan that nearly every investor is capable of building and operating themselves. Right now is a perfect time to “wake up” – and release the ”financial genie” inside yourself!

The investment business I’m talking about will allow you – the investor; to enjoy almost absolute control over all your earnings and future profits. This is extremely important! It’s the real key to investor success. Look around you today! Most workers have almost no control over their jobs – or their earnings. They must live in constant fear about the decisions of others – not a great confidence builder for your future, I’d say!

Good luck.

Fixer Jay DeCima

Tyler

Property 2 hours a way is fine.  Out west here properties are a longer distance away.

Good luck.

Fixer Jay DeCima