All Forum Posts by: Account Closed

We deal only with people who have jobs and documented income. We also only owner finance, never rent - you get a higher quality occupant with careful owner finance screening. I'd venture to say that strippers aren't going to be our clientele either!

My partner and mentor has told me many a time, take the 5 or 10 grand and put it into your first deal. There are lots of experts out there that will work with you for next to nothing, or nothing at all, you know. I'm not saying you can't learn anything valuable in those courses, I'm sure you can. But there are cheaper and better ways to break into real estate investing than guru classes. 

Yes I agree there are mentors out there who will mentor you for free. If you can bring value to the mentor's business, as someone mentioned above, it is indeed a win win for all parties. I have been fortunate to be able to do that in my personal situation in San Antonio. Thanks for the good comments guys.

regarding running credit, he may run it, it's not my area. But most of these folks have no credit anyway. We just have to show that we have made sure they have the ability to repay, and we do with the job and documented income verification. 

If we had a high default rate, my partner wouldn't be one of the top RE residential investors in town. He knows what he's doing and he follows the law :) thanks for the comments though, much appreciated. 

joe

Nope. We have done thousands of these deals. There are no risks they aren't aware of. There are risks with rentals - vacancies, people trashing the house. The risk here is a default, which is solved by a 60 day foreclosure process and reselling the house to another buyer. Get the house back in better condition and resell it. 

We qualify everyone according to law. We have a team of lawyers on this trust me. Job and documented income is what matters.

My partner has done thousands of houses with several hundred investors owner finance. Upgraded entire neighborhoods. I would not invest any other way.

the key is very carefully qualifying people of course. Out of 500 people who call us for a house, a handful qualify. Patience is the key. If you want to get rich quick, go try the lottery :)

Hi dodd frank is not an issue. You can do three deals a year, after that we use a loan originator. 

Our default rate is low. When it happens, we resell it in 2-3 months to another buyer. No big deal. 

My mentor retired himself at 28 with owner finance distressed properties in San Antonio. Blue collar hispanics, no credit, documented income, 5k down. Must have stable work history. Works very very well, good markets and crash markets. 

thanks!

The other thing I have done with some available cash here in my TX city is to do flips. Put down 10%, hard money the rest, resold in two months, made 20k. Market is appreciating so it's not too hard if you find cheap deals. 

After getting killed in RE investing in VA on my own, I would NEVER invest as a rookie (someone with less than 50 deals), unless I have the guidance of an expert mentor. You can find mentors who don't charge you; mine doesn't. I buy his deals, so sure, he makes money, but he makes ME tens of thousands.

I went to a RE meeting and asked, how many people here have done 500 deals? I talked to a couple people who raised their hands and that is how I found my mentor. We do buy and holds owner finance mostly, 10-15% roi on most. Also do some flips.