All Forum Posts by: Jim Keller

I finance my flips with a hard money lender that specializes in the rehab fix and flip space exclusively.  We both are in California and they are a true no recourse lender.  I have completed only 2 deals with them and had a track record of flips before starting with them.  

I would never stick my lender with a bad deal. I may be nieive about this but I just would never let them loose.  

In the last few deals I have done all with hard money lenders I have made a good profit on these home something I could have never done with out them.

By the way I'm one of the inexperienced investors you seek of. I pay an 8% flat fee on my loan amount. The amount is figured at 80% ARV and accounts for all of the fix up cash plus the purchase price. The best part is no payments for 105 days "and yes I know I'm prepaying the payment"

So to close I love hard money lenders....... all in cash is only 8% of purchase plus fix up.  I love my lender...... and the no recorse aspect is just one my reason to smile

call me and I will give the name of the lender in Riverside CA  that I'm speaking about.

Nothing like a little honesty from a pro...... I have personally completed over 20 Ocwen short sales.  We have on our staff an ex Ocwen employee and we still see the same nightmares you speak of.  

The simple truth is if you can't afford the debts at today's rates.  Cut your losses and move on, it's the right thing to do for virtually every client I have ever given council to 299 of 300 or so.  

Just the other day a client we spoke to over 4 yrs ago came back to us..... my wife is doing there short sale now.  After years of just holding on, selling her wedding ring to make back payments "not the first time I have heard that one"  all to save a home they couldn't afford.  

Donald Trump takes his lumps and moves forward its why he is a billion air.  If you learn one thing from him make it this.  If your hat is to small to keep your cattle safe, sell some cattle and live another day.

Our wedding ring couple unfortunately had to come by all of this the hard way.  3 days after finally starting with us he lost his mother to a stroke.  I can't help wondering if all the time and treasure he put in to keeping the home means anything now.

Investors do a good thing in this market. Keep helping others and good things will come to you and yours.

NO is the only answer........ if your buyers really thought about it they would agree to.  No upside only downside

@Sam Alpha

I get a kick out of people saying they agree with the banks...... I have never worked with one bank that ever gave me a far shake they will never get one from me.

I would turn in a new HUD with you getting commission and if they don't sign wait a week and send it in again. Most banks shuffle there files around so much you may get lucky.

Poor banks....... get real!!!!

Well it's time to get real..... been buying and selling homes using a mixture of own money and hard money.  To date in 8 months I have completed 7 deals and made way more money than the time I have put into them. After living for 50 yrs I finally feel like I have a real estate investment company.  

OMG I have a real estate investment company and don't even know what I don't know about running a profitable corporation. 

Of course the aqusition, evaluation, purchase, closing, construction, and remarketing, are a full time job.  The corporate structure and operations have become the biggest obstacle I face today.

I operate in Southern California and would like a referral to, or leadership from a seasoned pro.  I need things like the best way to manage my banking, legal aspects of partnerships and the management of these entities.  What to spend my time and money on and what to ignore and run from.  

I know I could do 10 of these per month, I just would love to hear from anyone that has pushed through from just a few deals to a seasoned pro.

Bernie great post....

219 contacts to 83 calls then 4 purchases that is outstanding!!! 50 per yr would change my business to a crazy level.  Thanks for the tip.

JIM

I know there is always a butt for every seat. Consider paying a bonus to the agent that brings the buyer..... always works for me.   Close it and find flip #2......

@Marty Gold

Marty, I know that in the beginning it's very hard to get lucky enough to find a compitaint real estate agent.   I would recommend you make a simple business card that has your name and contact with the simple sentence "I buy homes for cash".  Don't take more than 3 minutes to design this card 99.9% of them will be put in the trash can or left on a bar. You should buy a minumum of 1000 if your committed buy 5000.

Then find 2 or 4 investment clubs to attend. You should pass out your cards to everyone and I mean everyone.  Be the first one there and the last to leave.  Most of the time there is always a group that meets afterwards for coffee or drinks.  In my experience virtually all of them are the people in the club that are really working.  Tell them what you want and ask them how to get it.

You will find more deals and good business associates than you can handle...... good luck

 Great reply.... it's why I'm on bigger pockets.  Common sense, no tricks, no gimmicks every home I have ever purchased from a privat sale, or public offering I was just filling a nitch the seller needed filled.  I know this is missing from most start up investors. Face to face contact is always the way to go.  Donald Trump flys to his appointments on a 25 million dollar hilocopter he could do it on a 10 million dollar one, but the first one kinda proves a point.  

Let's not be afraid to be all in..... what ever this means to you and your business.  For know my used Acura MDX is a good stand in for my future helicopter.   😎

Jim 

Great job man...... how much time do you have in this deal.  10 hours a week for 8 weeks 80 hours total with $35,000 profited  that's $437 per hour...... you should be proud of yourself.

My big goal is to turn my small 7 deal per year jod into a 30 deal per year empire.  Your welcome to come along, there is gold laying in the streets.  Good job reaching down and picking it up.