All Forum Posts by: Rick Pozos

Sounds like a deal to me. I would talk with the seller and find out his/her motivation. If they do not NEED the cash right now, ask if they will owner finance with a small down payment. Otherwise, you can get a contract and wholesale it to someone else. If you have the cash, it would be a great cash flow property.

Its not a needle in a haystack, but it is work. I send out over 1000 postcards every month. I talk with people everyday. Some are good deals, some not so good. It is finding someone who is motivated to sell. If I want one of these deals that I find to be a no money down deal, all i have to do is partner with someone. Truly, I find deals, but to make it no money down, PARTNER with someone in your area who already has the resources and financing in place. This is the easiest ways to make your deal a no money down deal.

The easiest way is to find a great deal and use someone else's credit.  Partner with someone who can help you get a few deals going so that you can make some extra cash. If you are donating half of your deal to someone who can make a no money down, no credit deal work for you, is it worth it?? I think so. When I started over 10 years ago, I partnered a few times with people to get things going.  Later on, I was the one that people partnered with. 

After you have a few deals under your belt, you can find some self directed IRA money or private money where you can do no money down deals.

Doing Sub-to deals can also be a way to find a no money down deal. No credit is ever needed for those. 

In every big city there are big companies and small companies. Dont be intimidated by one company.  They may do 20 or 30 or 50 deals a month. You only need to do one or two or three at 2k - 5k each. That should be plenty, right?? You are not competing with them. 

Market to distressed sellers, get something under contract, then take it to your local REIA and sell it. As you meet others at your REIA, you will find cash buyers. Dont focus on building a list before you find a deal. Someone once told me, "if its a deal, somebody will buy it". The hard part is finding good quality DEALS. When you find one, finding the buyer is easy.

I am not a gambling man. I would go with the almost sure thing of 4k.  Four Thousand dollars is not a bad deal. Take the money and run.  Someone with cash usually has a few friends with cash also.  You are probably better off making connections with the cash buyer.

I would want to know the name and number of the executor. Also, who is getting the property, is it several siblings?? who are they, where are they, do they care about the house or is it just going to be an extra christmas present for them.  Get to know the daughter and find out her motivation. The greater the motivation, the better the price.

first, I am NOT an attorney.  What I do when I have to give notice to pay rent or quit is that I dont take the word of the tenant who is behind.  If after the weekend, they are still there, go to the evictions court and get the process started.  The tenants may keep telling you they are moving this weekend, then by Wednesday, then Friday, and then by THIS weekend for sure.  Another month can go by and they are still there living another month for free.

Of course, be nice because you dont want them to destroy anything, but be firm.

Lonnie Scruggs

Maybe instead of putting a cap rate, because most realtors are not going to know what that means, put the price range for a 4 unit property that you are willing to buy. The area of DFW means quite a bit.  Big area, need to narrow down somewhat.

10% of what the seller is making is a fair amount.  If the seller is making 10k, I am sure that 1000 is not too much for him to give up to get the property sold.  This is what I usually ask for as a referral fee if I can put two people together. I would rather be on the contract as a buyer and/or seller, but sometimes it is easier to just put two people together and let them negotiate with each other.  People dont want to see two or three assignments at closing.  They feel that there is too much markup and they are over paying for the property.  Also, I am really not going to do much work for that 10%.  

Now if the two people do another deal together, I would ask that they let me know and get another 10% for the next deal also.