Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Matt Robinson

Matt Robinson has started 364 posts and replied 439 times.

Post: Finding (& Closing) Private Money Lenders in Your Area

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

“Private Money, Part 3 – Finding (& Closing) Private Money Lenders in Your Area”

-April 23rd, 2015 @ 7 pm, Emerald Coast Convention Center –

What’s the number one obstacle that real estate investors face when starting out in the investing and house flipping business? They don’t have any MONEY!!! It’s the age-old quandary that entrepreneurs have found themselves in for decades: If you don’t need the money, the bank will lend it to you…but when you need it, they won’t!

However, those of us who have cut our teeth in the CREATIVE real estate investing world know that there are literally DOZENS of ways to buy and flip real estate with NO MONEY DOWN. This isn’t just the stuff of late night infomercials! Just last month, a student in Destin found private money for their deal sitting next to them in the meeting, and I just got off the phone with a member who found private money to fund the construction of 2 new homes to the tune of hundreds of thousands of dollars!

FINDING private money is just part of the equation…you also have to know how to CLOSE the private money lender, and answer the objections or concerns that inevitably will come up. THIS MONTH, at the Professional Investors Guild April workshop, we will show you how to solve both parts of this private money equation, and set you on a path to creating 7 figures+ to use in your investing endeavors.

Some of the topics we will cover include:

—> How to FIND investors who are ALREADY actively lending to investors

—> How to Overcome Potential Investors Objections (& Close them on the Spot!)

—> How to Use Public Records to Find those with Self-Directed IRA's

—> What to Say (and NOT to Say) to Stay Out of Trouble with the S.E.C.

—> What is “Crowd Funding” & Can Retail Investors Use it?

This is truly another CAN’T MISS meeting, so mark your calendars for THURSDAY, April 23rd at 7 PM (Destin/FWB). Registration and networking begin at 6:30 PM. This is going to be another INCREDIBLE NIGHT of education and networking…and INSPIRATION!

This meeting is free for all 1st time visitors and members, so INVITE A FRIEND, and come join us! Directions & Maps Available at the Links Below:

Map to Destin/FWB Meeting Facility

Post: Benefits of Selling to a Wholesaler

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

It's a good idea to run the numbers for them...because many times that simply compare your offer (say $50,000) to what the Realtor said they could get (say $80,000).  Well, very few people actually get full list price, so let's say they buyer that comes through the Realtor offers $76,000.  Well, a lot of buyers in that price range ask for closing cost assistance, which can be as high as 6%, or in this case around $4,000, which leaves you with $72,000.  Plus you have to pay the standard seller closing costs (which I pay if I buy from you) which will run $2,000 or so for title insurance, etc...so now you're at $70,000.  Then, after inspections, they find some outlets that don't work right, and some wood rot that has to be repaired, and it runs you a $2,000 to repair, and now you're at $68,000.  And chances are, since you're listed at full retail, it will probably take 2-3 months to sell, and at your current mortgage payment of $800 per month, plus property taxes, maintenance, utilities, etc...you'll pay another $3,000 sitting here waiting for a buyer (hoping for a buyer), which brings you down to $65,000.  And we haven't even gotten to the big real estate commission, which runs 6-7% in most towns, so there's another $5,000...bringing you to $60,000 (on our BIG $80,000 list price from Mr. Realtor).  And that's just if everything goes JUST RIGHT.  Here I am with $50,000 cash, close in a few days, and you're moving on with your life.  It seems like it's worth a small price reduction to just be done with this mess, doesn't it? 

That pitch isn't necessary for some sellers, who are desperate, and will give you a deal no matter what.  But there are a bunch of sellers who are "motivated", and with a little help running the numbers will end up saying yes.  It's that middle group that many wholesalers miss out on, because they're not willing to go the extra step to make it clear that their offer isn't nearly as low as it appears at first glance, when you compare apples to apples.

Best wishes to you!

Post: Should I finance my current home for investment capital?

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

There are a lot of gurus out there that will tell you to leverage your future and sell your kids to get started in real estate investing, but that's incredible unwise.  I would NEVER recommend that someone take on NEW debt in order to "get started" in a business they haven't even proven they can do successfully.  You could end up NOT being very good at it, and then you just have another $15k in debt and nothing to show for it.

And you don't NEED $15,000 to get started in real estate investing.  You need a few dollars to get started with marketing and finding motivated sellers, and then you can wholesale to buyers with cash until you have enough money in your war chest to do deals of your own, and make the bigger paychecks.  You should be using your investing to PAY OFF your mortgage, not create more debt.

Plus, when you BORROW money, and it's not your own hard earned dollar...you tend to make less informed decisions.  When it's coming out of your wallet from a week's pay, you think harder, do more research, and make sure it's the right marketing strategy before you pull the trigger...which is a good thing.

So, my advice, if you can refinance the principal balance for a lower rate, and that frees up some money in your monthly budget so you can launch a motivated seller marketing campaign...then THAT is the right route. 

Post: Finding (& Closing) Private Money Lenders in Your Area

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

Come on with it, cuz!

Post: Finding (& Closing) Private Money Lenders in Your Area

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

“Private Money, Part 3 – Finding (& Closing) Private Money Lenders in Your Area”

-April 14th, 2015 @ 7 pm, Pensacola Bay Center –

What’s the number one obstacle that real estate investors face when starting out in the investing and house flipping business? They don’t have any MONEY!!! It’s the age-old quandary that entrepreneurs have found themselves in for decades: If you don’t need the money, the bank will lend it to you…but when you need it, they won’t!

However, those of us who have cut our teeth in the CREATIVE real estate investing world know that there are literally DOZENS of ways to buy and flip real estate with NO MONEY DOWN. This isn’t just the stuff of late night infomercials! Just last month, a student in Destin found private money for their deal sitting next to them in the meeting, and I just got off the phone with a member who found private money to fund the construction of 2 new homes to the tune of hundreds of thousands of dollars!

FINDING private money is just part of the equation…you also have to know how to CLOSE the private money lender, and answer the objections or concerns that inevitably will come up. THIS MONTH, at the Professional Investors Guild April workshop, we will show you how to solve both parts of this private money equation, and set you on a path to creating 7 figures+ to use in your investing endeavors.

Some of the topics we will cover include:

—> How to FIND investors who are ALREADY actively lending to investors

—> How to Overcome Potential Investors Objections (& Close them on the Spot!)

—> How to Use Public Records to Find those with Self-Directed IRA's

—> What to Say (and NOT to Say) to Stay Out of Trouble with the S.E.C.

—> What is “Crowd Funding” & Can Retail Investors Use it?

This is truly another CAN’T MISS meeting, so mark your calendars for TUESDAY, April 14TH at 7 PM (Pensacola). Registration and networking begin at 6:30 PM. This is going to be another INCREDIBLE NIGHT of education and networking…and INSPIRATION!

This meeting is free for all 1st time visitors and members, so INVITE A FRIEND, and come join us! Directions & Maps Available at the Links Below:

Map to Pensacola Meeting Facility

Post: Newbie from Pensacola, Fl.

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83
Originally posted by @Rob Ringlehan:

@Matt Robinson

 Awesome, I'm going to try my best to come. I work nights right now but I can probably take off. Is this going to be a monthly meet up?

 Yes, Rob, we'll be meeting every month in both Destin & Pensacola.  The next Destin meeting will be April 23rd at the ECCC.  Thanks!

Post: Newbie from Pensacola, Fl.

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

@Mike Flowers Glad to be here on BP, even if it's for a short stay.  LOVE that profile picture, bro!  Livin' the dream!

@JPaul Mills - Trust me, man, I won't have much time to be on here.  I was just trying to reply to some guys post I found asking about doing subject-to in Florida, and so I had to create an account.  Then I decided to find out why all these people kept putting "JPaul - Bigger Pockets" on their visitor slip for how they heard about PIG, and that led me here. Haha!  This is still your domain, homey...keep holding down the fort!

Post: Newbie from Pensacola, Fl.

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83
Originally posted by @Rob Ringlehan:

Hey everyone, I'm also from the emerald coast and AD Air Force stationed at Eglin. I am just getting into real estate investing and have been reading a lot and just found bigger pockets. I paid the $2000 to attend a 3 day training seminar for the Flipping Formula but after reading some of the posts here I got a refund. I figure there's enough resources here for any level. I Interested in flipping a forclosure but I may start out small with wholesaling to get my feet wet. Are there any REIA'S near the destin area? I've only seen them in Pcola?

Rob, I'm the founder of the Professional Investors Guild, a real estate investing club based in Pensacola.  We are launching a new club in Destin this Thursday, March 19th at 7 pm if you'd like to come.  It's being held at the Emerald Coast Convention Center.

Post: Can you take over FORECLOSURES subject-to in FLORIDA?

Matt Robinson
Posted
  • Developer
  • Daphne, AL
  • Posts 444
  • Votes 83

Jordan, to answer your question regarding Florida, it truly depends on whether the person is in foreclosure or not.  If the person is in active foreclosure, meaning the Lis Pendens has been filed, then you can not take it subject to the existing mortgage in Florida.  Foreclosure protection laws signed by Charlie Crist, before he was run out of town on a rail for being a flip flopping politician who can't even decide which party he is in, state that if a property is in foreclosure and the title is transferred, then the lien that was in active foreclosure must be FORMALLY ASSUMED or PAID OFF, as well as any other liens which would not have been extinguished as part of the foreclosure.  Otherwise it's a violation of law, and could result in a huge fine and some jail time.  My understanding is that you can take it subject to all you want if the house is not in an active foreclosure lawsuit, as long as proper disclosures are made to all parties involved, but you should obviously contact a local attorney for advice on that.  Best wishes to you.