All Forum Posts by: Jim Keller

More information is needed to give the answer..... a notice of trustee sale needs to be filed and then 21 days after the home can be sold.  This is the law in my state.  I track 100's of these type of properties and have seen over 10 or 12 postponements of the sale date good luck 

It's called a self directed IRA, the problem is in a self directed IRA you can't put the money in your own deal. A good plan would be to find a friend that will do it for you and you can do it for them. Ether way it's a real hidden Gen that will make you wealthy very fast. Good luck

 Mark

I use Property Radar, it's a web site that give me all kinds of information in property.  I have been also experimenting with virtual assistant, anything to get me off the computer and in a living-room giving a presentation.  Remember the movie Jerry Maguire his hot fiance called him Lord of the Living-room..... That's how I make my money, I'm kinda joking around a little but not really.  The more clients you service the more homes you buy. 

 I just set up a search in Craigslist and when a new hit comes up IFTTT sends it to my email and I call direct.  I have others that send an email responce, only one deal so far but there will be more.

Hi guys.... 

Great topic, I have been using IFTTT for 6 months and bought a flip house through it. Closing escrow in 3 weeks we should make over $80,000...... as you can imagine I love the site.   My newest venture is a vurtual assistant that will help me find default sellers that will sell to me.  Any advise would be helpful, this is advanced stuff.  Simple but cutting edge,  thanks guys.

 Hi Chris,

I'm all in..... I started buying single homes and flipping them in the Riverside and Orange county area about 8 months ago.  I have bought 5 homes 4 are sold I made 150k plus and will continue to do that.  

My goal is to buy a 50 to 100 unit building, using the cash from my flipping business.  I know a person that will be successful doing this business needs a team, a strong team.  I have a great comtractor, and a very experienced lender.  Things like property managers, attorney's for evictions, account these type of service providers 

I would like to keep in touch with you and between the 2 of us help each other build our teams. Help each other examine the deals, I know my success has come fast and strong because I examined 100's of SFR's and never did anything. Then one day I just went for it and never have looked back. We need to do the same for muti unite buildings. Then when we are ready to buy and close escrow that's what will happen.

I read a great story on bigger pockets the other day about a investor in my city bought a 81 unit building for 3.1 million fixed it and rented it and sold it for 5.4 million this month or 3 years later.  I will look for it and send it to you if I can.  

Hope to here from you soon.

 I only have experience in mid level neaghborhoods I'm working on my 16th right now all have been very profitable and I never have to make choices like "this area needs solid gold toilets" on my flips I'm always having to tone it down and pay less for my rehabs.  On average I get above 90% financing on purchases and rehab and make over 50k per.  I just don't understand the multi million dollar deals where you put 300k in to the deal and make 200k to much risk for not much reward.

David thanks for the responce, they all lead with "I'm not going to sell my house" and I say no problem...... and then ask what is your plan if the bank just sells it?  

We use this system to get in front of the seller before anyone else, and it works.  In my original post I made it sound like this was some new thing for us.  It's really not we have been buying and listing short sales from sellers like this for the last 8 years.  It's only the last few weeks that I have identified this "class" of sellers that has me so excited. 

Simply put if you have been placed in a mod by your lender for 5, 6, 7, even 8 years ago and your loan goes back into NOD or NOS today and you need $34,000 to reinstate "the bad deal" and you think you have $90,000 equity you as a home owner have almost nothing, after listing and paying commission..... other than a sale date in 3 or 4 weeks with a bank that just wants their money and know's that there is a small amount of equity they will not postpone the sale like the first time this happen to the owner, they will just SELL THE OWNERS HOME FOR THEM... Which is where we started this post.

@Sean O'toole

Sean's company helped me locate thousands of these type sellers in my market.  The cost for those leads is $54.00 per month no letter postage or anything just a farm of possable sellers.

 David

Got a call from one of my bird dogs this morning saying her realtor friend says we are doing it all wrong, that defaults are dead..... I told her to tell him he was right, one more competitor chased away by a little hard work.  We just use the Modification as a key that identifies people ready to sell.  they couldn't pay they modified and now they still can't pay..... and we step in to a home that in most cases is in bad shape and perfect to flip or buy at a good discount. A win/win/win !!!

 Mark,

I'm late entering the Riverside market, but have done very well on flips over the last 18 months.  I have 4 going right now and have completed another 10 projects from Moreno Valley to OC.  I see more than anything your timing could not have been better, can you talk about the economic factors that made this such an easy decision to jump in and take on this huge deal.  I understand you had the cash but what we're some of the key things that pushed you to spend the money on this deal.