All Forum Posts by: Jim Keller

@Peter comb

Peter, in California we have a product called property radar it has what your looking for. The cost is $50 per month but you will be on it all day as you work to find more deals.

Your on the right track look up the term geofarming, that is a way real estate agents used to farm for listing I adapted something like that for my flip property searches.

good luck, Jim 

The residency requirements are 1 year for FHA...... The reality is if you have a change in your status they can't force you to live in your 4 plex. It will be hard to explain if you move down the street or across town with no posable explination. The truth is if I had it to do over I would have lived in a 4plex for the first year and moved on. Good luck

Bigger Pockets..... I have found a private investor that has $400,000 to invest with me.  I have a newly formed S-Corp that I will be conducting this through.  The investment will pay 11% upfront to him or $44,000 and the remaining 356K will be secured in a bank account.   This money will ether be in the account, escrow account, or first morgage on our investments.  

We will have an agreed accounting method that will be presented every month.  Then at the maturity of his investment we will pay off his principle ballance and hopefully get a new commitment for the next year.

Does what I'm saying here make sense to anyone.  What are the pit falls, or the things I have over simplified ?

I have completed 12 flips and have 3 sfr's we rent, I invest full time and every time a big check $50,000+ goes in the account the wife is happy.  On the other side of that..... every time one that is just half that size goes out she loses it.  The first few months I took it personally and some kind of an argument would happen.  

Enough of my problems....... include her, use her input, allow her some "ownership" in the deal.  Let her be the shining star and you be the worker bee.  Some people have no contact with a "rich uncle." Take your rich uncle to dinner and have him lay out his plan for retirement.

Remember one of the first rules of sales, people won't buy what they don't understand. My guess is that your wife is different.  In time, my wife will know we are doing the right thing but it's her nature to question..... it's been hard for me to grow up and understand that is the gift she brings to our deals.  

By the way I have not lost any of our money yet!  The funny thing is she looks at me when I say that and says, "But you said we would make X amount!" I just ask her, "Why are you suprised we haven't lost any money?" Treat your wife like an investment partner. In the end, she will respect you more and a happy wife = a happy life. Good luck!

Jim

@Will Bert

Although the term "approved short sale" is often seen on the MLS You must understand there is no such thing. Short sales are approved with both the seller of course and the buyer. My team and I have successfully negotiated over 100 short sales and in every sale we ever closed were the buyer had to changed, the bank had to reapprove that buyer.

When you make a new offer on a preapproved SS the BPO is for sure the most important aspect of the new contract.  On our deals we typically never want to challenge a good BPO.  Conversely we always challenge bad BPO's with a new offer.  It just comes down to if you can close and make money at the approved price do so if you can't make a new offer.  Your agent should have a good sense of the banks tempriment.

Short sales are a great sorce of discount property, but in the end you have a bottom lime and your agent also has a bottom line.  Remember your trying to develop a long term relationship with this agent and a new BPO may not be it the agents best interest.

Win/win/win is always the best salution....

good luck

Jim

@Sue Kelly

Funny how everyone just has jumped ship away from California...... It's a interesting thing. My daughter is 23 she has had her real estate license for 20 months and has closed 15 deals. I'm very proud of her, last week she sold a young couple 23 and 24 years old a duplex in Riverside, Ca. After expenses they make $350 THEY ARE OUT THERE you just have to find them..... MLS deal by the way

good luck

Jim

@Dustin Salmon 

You have other options..... I know you can find a commercial type lenders that would help you refinance your position in the properties.  

I have heard of many people being told you can't do more than 10 Fanie/Freddie refi's when it comes to the equity position of one's property.  The truth is, it's an asset like anything else, and any asset can be financed.  

One of the key reasons I and others invest in real property is because of how easy it is to obtain a loan on the equity position of your property.  

Take this time to interview bankers and commercial lenders.  Find a professional that will help you package all of the properties in one bundle, make this the best thing that ever happened to you.  

Many people on this site own 100's of properties...... so can you!!!

Good luck

Jim

@Brian gibbons

I have been a property radar guy for 7 yrs..... in my market when any public notice is filed the 40 thieves  come knocking.  Yes I know know I'm one of them.  

My new "Farm Vision" is to regularly contact the distended property in a spicific market area and over time "own" the market by using all cash buying statagies, subject too, and even having my Real Estate agent partner list the property if needed.  I just want to be first to look at the deal.

I was wondering if you knew anyone going that extra step that has gotten any traction with any simular plan.

good luck 

Jim 

Great advise from everyone,  but.... the best part of real estate is your attatude determine you altitude.  I know you may have heard a saying like this before but it's my battle cry. YOU CAN DO THIS!!!! WHY WORRY ABOUT BECOMING THE AVERAGE AGENT. ...... 

to make 200k a year and after your broker split you make $5,000 per.   You will need 40 deals a year. That's 3.5 deals per month.  Or about 1 per week. So if you sell every 10 people you talk to and you have to pitch 30 people to get the 10 appointments figure it out.

That's 1200 touches of new people per year and you make 200k..... 

good luck

jim

I use an S Corp, but would recommend you spend all your time locat in ng the best deal you possible can.  I here many people spend a lot of time on this subject, and if you have assets that need protecting spend the time to protect them.  Then move to locating the be deals in your area.

Good luck 

Jim