All Forum Posts by: Mike Henderson

I wanted to post the first part to get feedback from people and the second part is my immediate action items.

Target Market: Anyone who has a house for sale, buying a house or a mortgage. LOL. I think these solutions for a specific target market will also allow service to a broad based market. The specific target market is Denver, Colorado metro area. I'm trying to target people in the preforeclosure arena, before the home hits auction.

USP: Unique Selling Proposition. I'm going to target these people and try to help them make the best decision. I really don't care what the decision is, I just want to make money from it. Here is my solutions to go over the homeowner with

1) Refinance. This is most likely what they want to do. I'm in the process of getting a Colorado Brokers license.
2) Work out agreement. Whether it is a restructuring, forbarence, or modification. I was originally going to handle this myself. I now believe I'll outsource this function and merely act as a sales agent
3) Short sale. I'm in the process of getting a Colorado Real Estate License. This is how I would target my listings. I'm aware of the paperwork involved, but listings are gold for a Realtor.
4) Buy the home myself. Ultimately I want to be a Real Estate Investor. Doing these other things will allow me to make an income to pay bills like a normal job and allow me to earn capital for my investments. My dream is to be able to buy deals "subject to", but I think I need to have the full arsenal of tricks.

This is my basic approach. I know Colorado has some wierd foreclosure laws and rules. I'm in the process of investigating this. I thought with all the bright people why not start here. I certainly have more details about this; financing, exit strategy, and others. This is the most important part.

PART 2 - My real life influence with the plan.

Most people start REI investing it seems by buying some books and DVD's, maybe even personal coaching. I understand and I do spend money on stuff, but that doesn't mean I have to like it.

I thought it would be wise to try to get a job in the industry. My idea is if I'm going to spend hundreds or thousands of dollars why don't I try to spend it the best way. Getting these licenses as the key to unlocking a lot of immediate income and long term opportunities. So as I get ready to undertake this event any advice appreciated.

David that is one of the best posts ever.

Can I quote you in my seminar, "The only two factors that truly matter when determining value are the price at which you could sell if for or the amount of income you could generate to service the debt."

That will be $2995 please, $1995 if you sign up right now. LOL. Notice how much of a noob I am.

Yes you are both correct. I've been two a total of 4 REDC and Marshall and Hudson auctions. I have been to one Jefferson county trustee auction. At govt. auctions it's cash on the barrel. The others the deposits in certified check is made out to cash I believe. They have lenders for on the spot financing.

I think I am starting my marketing plan is passing the Colorado Realty exam and going to those auctions. They offer the registered agent, when people sign up for registration at the auction gets 2%. What if I agree to kick back 50% of the transaction the moment I get paid. Hey Mr. Buyer would you like an extra 1% discount without doing anything.

Want to go to an auction Wheatie or Joshua?

For those who aren't in the professional poker community this guy is asking for the D&B of a poker player. LOL. My name is Mrgenius, on all sites that I play. Remember mostly play cash games and I play AP a lot more than Stars.

Yes long term, I've been playing for 4 years now. I have a name Genius Ventures, figuring that would cover whatever I'm going to do next. I'm a cash game player, and of course I play tourneys. I play mostly Omaha hi/lo. I'm just getting frustrated with poker. I've never made under 35K or over 50K.

This week I played in 4 of the Pokerstars WCOOP events. In two pot limit omaha tournaments the money all went in on the turn when I had the nuts and a redraw. I lost both hands.

Thanks Joshua. I joined the groups I was interested in and of course that included the Denver one. I will be at that meeting and I'm greatly looking forward to it.

Thanks for the welcome Dick Green. I'm glad you appreciate the similarities involved. This should be fun and work out great.

I'm just introducing myself to this board. I want to lay down a challenge and go from shortest time span of introduction to closing their first deal.

I've lived in Denver for thirteen years, I am originally from Springfield, MO. My only experience in RE involves being a buyer myself, trying to sell my home this spring. I also used to be a mortgage broker and marketing director for a mortgage banker. Closed 11 loans in six months as a broker. Before I got out of business in 2004. Since then I have been a professional poker player.

I can't seem to break 50K per year as a professional poker player. I'm going to get involved in the real estate arena. Likely forms include one or more of the following: mortgage broker, realtor, and investor.

Since I found this site I've probably spent (50+ hours) reading the articles and forums. Guess I needed to introduce myself.

Seems like a ton of people are from Colorado; both in REI and this forum. Josh, Wheatie, a mortgage stud (can't remember his name), and at several others I have seen. I don't want to slight anybody, especially those I might wholesale a deal too. There is also a preponderance of gurus in my opinion. Peter Conti, Bill Bronchick, and others (Paul Wells?) I plan on posting my business plan within 72 hours and would love feedback on it.

I'm just getting started in this so I'm very unsure, but yes this was part of my plan.

I'm targeting preforeclosure and subject to. I thought I would include my standard clause about the ability to negotiate the deal with the bank. Whether it is a forebearance agreement or a short sale, I think you should always try.

I'm curious for those of you who are trying to buy deals this way what structure are you using for your financing? Peter Conti has a book about buying foreclosures that talks about this strategy.

That article freaking rocked!

Originally posted by Wheatie:

The bid was probably from a representative of the lender. Their bid was the amount they were owed. They will almost always make a bid equal to the amount they're owed to protect their interest. If someone bids higher, they will win it. If not, the lender gets it back.

Jon

I'm new at this, and I even live in Littleton, Colorado. I'd love to take you out to lunch to pick your brain for an hour. From my initial take into these auctions is yes the lender always bids as much the lein in about half the properties at the recent Jefferson County auction they were bid up a lot more than the lien amount. At least according to my data that came from Realty Trac. Just curious to get your take on this.