All Forum Posts by: Jim Keller

 Hi Dan

I would question a 100K rehab on a 250K ARV first off.... But lets assume your right on. I have done this a few times and its very simple. Go to the owner and write and offer to purchase his home for the 85K you want to pay and in the agreement write that they agree to cooperate with your short sale agent. Then "assign" the contract to your favorite agent, this is an important step. The agent you give this to should be the agent that will be "giving" you access to their future short sales or investor cash only selling situations they come in contact with. The owner and your assigned agent will come together and list the short sale and the agent will negotiate the short sale. I would be sure to assist the agent in understanding that 100k worth of repair is needed to make this home livable. An estimate from a State lic. GC is a must, as well as 5 low low low comparable sales. All of this is needed and in the end you have no control, and you may or may not get approved for the price you have offered. If it turns out the approved price is over what you can buy fix and flip for you might find a buy and hold guy and just give the contract to him, that will be your agents responsibility.

What ever you choose to do, do it this week and move on.  The key to working these type of deals is to spend as little time as possible on them until you really have a deal to work on.  When Short Sales were on every corner in my market southern California, I had as many as 15 of this type of contracts going at one time.  Out of those 15 I completed 5 and the agent I gave the deals to found me 5 other deals,  so choose well and move fast and you will be a winner in this type of transactions.

Good Luck 

Jim

 Hi guys

Come on out to the Inland Empire every deal I have done this year I have done with 1/2 the amount your talking about.  We made 10 separate investments all way under $50,000 and used private "hard money" for the rest and profited handsomely.  Flipping is alive and well in Riverside, and San Bernardino County I can recommend the MEET UP at the Mission Inn the 3rd Wednesday of the month,  I'm there and 75 others talking about flipping homes in the area.

Good Luck

Jim

Troy what is an unsecured assignment roll? I focus SFR flipping and have a great team I might add I'm just not sure what that is and how you need a team to aquire it?

Jim

JD

7 years ago I went to a $3,900 training offered by Bruce Norris located in Riverside, Ca. It worked out very well for me and still use the information he showed me, with that said I knew others that had taken his course so it was an easy thing to write the check.  

I would be very sure that the money your going to spend learning something new is worth it.  The little voice in your head is probably right, go with it.....

What ever you do it's the greatest business, I make make good money and am paid for the work I do.  Over the years I have included my wife and 23 year old daughter in the company, it's just a good thing all around.  

I might recommend you spend the next 30 days attending as many meet ups about real estate investment as you can you may feel more clear about what a $5000 value really is.

Good luck

Jim

 Gerrit

Brian in my opinion knows what he is talking about, in just 30 min on the phone he helped me a lot. I have located and put under contract 2 lease purchases in the last 60 days. The first we are in the middle of flipping and the second because of the condition and LTV we are wholesaling. Both of these deals were very easy to work with, the best part is the sellers have been so helpful. We have virtually no money cost for the purchase, a real win win for everyone.

The secret is there is NO SECRETS...... start by understanding you needs and wants, your limitations, exactly what you will buy or pass on.  Once you honestly come to terms with that reality, go tell anyone that will liston that you are a buyer on, _______________________"FILL IN THE BLANK".  After you have told the right person your first deal will literally fall in your lap and your biggest problem will be are you ready to act.

I recruited  a house wife in Palmdale, Ca. that I have been talking to for a few weeks.  She decorates cakes at Sam's Club in her area, I told her just to tell every one she knows that she pays $1,000 to anyone that give us a person that needs to sell a home and we make an offer on it to buy and they accept. Well she found one and I went with her on the appointment this weekend, it may take a couple more meetings to close it but I feel very good about the deal.

It's that simple, let me know what you come up with..... take my challenge your welcome to call me and I would love to help.  

I'm not aware of your market conditions but I would never sign an agreement with an agent that locks me into them.  The agents that i work with are happy to do so and work because I can close fast on any deal that fits my buying standard.  I make it their responcability to locate and do the research, ofcourse I check on them.  Make it all there job, train them to only write offers on deal they can stand behind.  If they don't fire them and get another.....  

Jim

 Kyle

I'm using the same strategy on Tues. Only I spent some time looking at our local MLS, and found what I think is a hungry agent. I would question a investor agent as to how committed he would be at locating "deals" for you.

My thought was to find the 25th ranked agent in the farm area.  I hope to be a add for him by showing him my new strategies.  I will be telling him I need 15 deals in our farm.  He will represent me on the buy and list my homes when I sell.  I have other duties I will require from him as he proves himself worthy.  

I would recommend you have a plan for him, an exact deal you would buy and buy fast. Show him your ability to close fast show him your a player in this market.  

Make a commitment to him to buy any home he brings you at say 65% of ARV. You may have to do a little calculating on your own numbers but that is a promise I know I can make. Then I show him homes I have already have done it on. This year I purchased 11 at 65% or lower of ARV. if you have a friend in the business or mentor look at his number to prove to your agent it can be done.

Good luck 

Jim

 Hi Ida

I'm Jim from Riverside, Ca I have a leases purchase we are in the late stages of negotiating in the Newhall, Valencia area.  Its a 2,500 sq ft pool home we will be wholesaling for around 500K if you have an interest call me.

Jim

Parker

I work in the Inland Empire the medium home price is $345,000 I have done many of them this year.  Vurtually all of my deals have been under this price.  We also have a condo going in Anaheim, Ca. we purchased for $250,000  this is a flip for us as well.  We found an lease purchase in Anaheim too, this has been a great deal for us, only $10,000 cash for the option and we only pay a lease payment as I fix the home so I can sell it for more.

You can do it..... we all have to start somewhere.

Jim