All Forum Posts by: Mat Lewczenko

Jake you make a great point. There is a middle ground

I think that if it is your name @ wherever.com that is totally fine. I agree that it is very much a people biz and that there are those that want that level of personal touch.

My point was the disdain of the "vanity" names. Can't stand them.

Mike, I can't tell you how much I agree with you.

I also work at a college, and when I do exit paperwork for graduating students, I see that thier emails are still [email protected] and they wonder why there are no jobs out there!

Really!?!?

That's a great idea Steve. We plan on bringing them 3 examples of deals that we are looking to do right now, explain our numbers for them and then bring up your strategy. Having one ready to roll as one closes.

Even if we pay them the years worth of interest as a penalty, they are still 5-7 points cheaper than hard money on the front end.

I'm meeting with one of our small regional banks on Thursday morning, they actually DO REHAB LOANS - right now even!

They will do up to 75% ARV loan, with 50% of the rehab scope of work in escrow from us, in an account until work is complete and reappraised.

Their terms are good - 1 point, 7.5%, 30yr amort with a 5yr balloon. The only thing that I need to figure out a way to pitch is that over the phone the rep said that they "Don't do Flips", they want the loan on the books for a year minimum, for the interest. hmmm.

I said ok, no sweat. Thing is, is that we would like to flip if we can, but are prepared to hold if we can't sell. I wanted to get some ideas from the BP family as to some ways to get them to say okay if we decide to sell in a year.

Some of my thoughts to counter their objections:
1. Pay them the balance on a years of insurance if we sell as a "prepayment penalty".

2. If we sell, and pay the years interest, we will more than likely do another one right after that, and maybe two at once.

and that's where I'm asking if anyone else can chime in with some advice.

Also the REO stands for Real Estate Owned (Bank Owned Forclosures). You can often search via Key Words in the MLS like "Corporate Owned" "Bank Owned" "As-Is". Just incase you were wondering about that as well.

I just read a really interesting article about time management.

The only commodity we have is time, we trade our time for money, and based on the activities we do within those finite chunks of time, determines our success.

How do you determine what your "chunks" are worth, or better yet, how do you determine what activities get said "chunk"?

Do your activities pass your "Time Test"?

How is everyone else setting up their goals and prioritizing tasks?

As far as what your needs are, just sit down at your interview, and when they say "So, tell me why you want to be in the wonderful world of real estate?" You then reply with your current strategy or focus. For me my interview went something like this:

{them}"So, tell me why you want to be in the wonderful world of real estate?"

{me}"Well I got interested in RE investing, wanted to start by wholesaling(you expalin what this is) to other investors, so I got some bandit signs(you explain what those are), couldn't find any good deals cause all my leads are underwater, kept referring them out to my realtor friends and realized I was handing over tons of money. So I want to get my license so I can take those leads that I have been giving away, list them as short sales, have access to the MLS, build some cash so I can fund my flips and find some really great deals on buy and holds(explain that means rentals)... oh and I still work fulltime somewhere else - so I don't want to have to commit to any board duty and answer phones and stuff, but I plan on turning about 12 deals a year(24 sides) when I get going."

At this point you will know by the look on their face wether or not you are in the right office. My current broker was all about it, so that's where I hang my license.

It will be obvious when you lay out your plan to them if it fits.

Have fun and talk to a bunch of people.

Jeremy, that's hilarious, thanks for the levity. :D

Realtyman that is a great bullet list. Also reasurring that we caoverd 80% of that list and are happy to adress the rest.

Looking forward to updating everyone on how it goes.

can you elaborate on "did not go over well"?

This was an interesting post, I just looked at a property that had a similar sitaution - car collection (one worked) and a social gathering every time we went by.

What did you say, how did they react?