All Forum Posts by: Matt H

first position always collects first

buy a new copy off ebay for cheap. It shows all the no money down strategies.

Minna....Generally if you want to make either a no money down deal, or if you want to walk away from the table with cash at close you're generally the type of person is not in a situation to be picky in what you're buying. Like for example say you look at 100 properties. If you had even 10% down to work with chances are strong you could make solid offers on say 50% of those and find sellers willing to carry like 5% or 10% seconds and you'd have a done deal. However, once you start asking sellers to carry like 25% or more second mortgages then you might find like maybe 3 to 5 of those 100 sellers who would be willing to actually do that. That's why you can't be picky in what you're buying. You simply have to make enough offers and someone is bound to bite.

The way you do that is you decide on what you plan to get into. Chances are much stronger that apartment building owners will carry second mortgages as opposed to home owners. Home owners just want their money out and don't want anything to do with seconds. But building owners often are wealthy already and often are okay with holding seconds. So like if it was me I'd go on the mls find 100 buildings that I wanted to make offers on. Then I'd look up the listing agents information online. Find the listing agents fax number and fax them a "letter of intent to purchase". The letter of intent would say that you'll get a 75% first and then a 25% second. That means you'll get the property and you won't have to spend any money as long as the seller agrees to carry a second mortgage. In the case of leaving with cash at close you just get the seller to carry like 30% or more. So say the seller agrees to carry 35%. If they ask why 35%? tell them that you need that extra 10% at close in order to do improvements and reno's to the property. What you really use the money for is completely up to you. So that would be 75% first mortgage + 35% second mortgage = 110%. That means only 100% will be used to close the sale, and you'll get the remaining 10% as cash at the time of closing. Like when the lawyer does the "adjustments" crediting each party for this and that in order to balance the equation, they'll find that there's an additional 10% which will go to you in the form of cash. You should try it.

Ya but I take it your comments are based on you buying it, not using the information, not making any no money down offers, ultimately not buying any property, and trying to pass the blame onto Mr. Sheets. Like get serious. There's no such thing in life as something for nothing. You can't expect to buy a course like this, and overnight become a millionaire. However, what a course like this will teach the novice investor is how to make no money down deals. This course is like a license to print money if you actually apply the training it teaches. Like if I didn't have a dime to my name tomorrow I'd know exactly how to get back to millionaire status in no time simply based on knowing how to make no money down deals.

Never put money down if you don't have to. The lower the amount down the higher the returns. And if it's no money down then the returns are infinite. And even better if you can why not even try and get some money out at the time of close. Keep your money, you're bound to need it on a deal where someone may not be willing to carry everything. Or if you want to buy a new corvette.

Sounds like you did fantastic then! Now take that $300,000 you made and use it as your 10% downpayment on a $3million dollar apartment building. That will give you tons of liquid cash flow which you can retire on. But you know why the smokey mountains are hot right? Because there's all that coal burning underneath of them!

The housing marketing across most of north america is still quite good right now. So to be offering that much less is just a big crap shoot. No realtor is gonna wanna go driving around showing the place to a buyer who's just speculating. So I think the realtor was right in just calling first to see if the seller is "really that desperate" that they would even consider an offer. Realtors know their business. The realtor probably ended up saving you a whole afternoon of pointless running around by simply calling like that. And trust me, they want to make a sale at virtually any price. They don't care what price it is, as long as the sale goes through. They know they're business. You don't need a different agent. What you need is more money. Or if you want to speculate, just do the speculating yourself by creating a letter of intent and just getting you fax machine working on overdrive, faxing it out to all the listing agents. Because you'll probably have to send out like a good 100 or so, but someone is bound to bite and take that 20% reduction in price. But you don't need your own realtor to do that.

Verbal means nothing. Because in a court of law it becomes there word against yours. That's why you need a signed offer. Because I'm not a realtor I often use a "letter of intent" which is a basic letter detailing my information, the seller or sellers rep, the property, the price, the terms, and I'll sign it and fax it to the listing agent. Often all they do is run the info by their seller. But it makes the intent look very real and believable and often they get back to me to let me know if they agree to it, or if they want to counter. Seems to be working. Ideally thoough the best is a writen offer. Because if they counter or if they sign you pretty much have a deal.

why don't you just get a panamanian barer share corporation and hide the money down there?

"The deal of the decade comes around about once a week".... and don't you forget it baby