All Forum Posts by: Jim Keller

It all worked perfect.... my marketing paid off we put a great home under contract today with in a half mile of our last project finishing up next week and will be on the market.  

That is the good news, the bad news is the home is in conservitorship.  Please give me the good and the bad, in California I'm not sure if the court needs to rule on the sale or if the conservitor can just make the call.  

If anyone else has gone through the intire process from offer to close and has any advice I'm all ears

In California  I use property radar, many homeowners  with equity that are behind on there first, second, even 3rd.... Be nice an show a lot of empathy and follow up over and over and over.  The biggest thing after that is be ready.  Kiss on enough frogs and one is bound to be a prince......

This week my partner and I are working on a home with a ballance of 397,000 on a first and second both not performing with a value of 620,000.  My other partner that markets shortsales found the home owner last year and we refered to a hard money lender to save him from foreclosure on his 3 junior leins.

So on this deal we will give 15k and a monthly payment for the remander of his ballance maybe 500 per mo. for 100 months and hopefully get control this week.

The truth is we put a first right of refusal on all the notes we pay.  We find they spend the money very quickly and will come sniffing around and settle for a much smaller ballance 24 or 36 months later..... then bam instant cash flow 

happy subject too

Jim 

My 2 cents......

The truck brand is not your problem. Take a deep breath..... this is America you have more choices/options  than you could ever know.  I have just read 5 or 6 great ones.  Pick the one that suits you best and MAKE IT HAPPEN we all don't hit home runs on every at bat get through your troubles, document them all. 

Start a list of thing you must have on your next deal and close escrow on your next deal.... fast don't liston to any of the "friends/family" that tell you not to.  Never give up I tell you never give up..... truck problems will fad away bigger pockets last a lifetime

Jim

Good question and one it will be easy to see the first hard money deal you do.  

Private money is the money hard money lenders barrow to lend to you as hard money. There is a real benifit in finding a private money source and just fund your own deals. I have seen others become a hard money lender and lend private money they gain access too, cut the investment performance aspect out of your payday.... make that someone else's responsibility.

I have a few deals under my belt and just got paid on my last one. I have a couple more on deck but seem to be stuck with nothing to start new. I'm in Riverside, San Bernardino, and Orange county area let's JV or send me a wholesale deal..... we can tell all the BP nation about our success! $!$!

@maureenhealy I'm right there with you... just a few more under my belt.  First let me say im proud of you.  People come to me and say they watch TV  think thay would be a great home flipper.  We both know how hard it was to first just jump in and then OMG stay working on 1,2,3, and even more.  I now for me it feels good to know we're building something good for our family.

To answer your question, I work with a small private finance company called rehab loan group in California and they have done me well. There loans are 80% of ARV and with the ballance of the funds used for the rehab. I guess what I'm saying is there are good options out there go to as many meeting as you can. I met the rehab guys at a Meet up "go to the app store for it" My wife and I go to 3 per month "good adult time" and learn a lot at them. You might have the same luck we have had at these type of meetings.

Good luck and keep working hard.

jim

Good job man... nice when your good to a good person and good happens.  Sorry for all the good speak but what goes around comes around.  The video was great, tell me I have never done a burn out deal.  What was your big unexpected incounter on the burn out.  

Ask more questions, set expectations, and communicate at a high level...... words to live by.  Thanks guys, I will keep you advised of my progress 3 great answers in under an hour.  I need to spend more time on this site, I almost always have the answer but it's so nice to hear other concur.

A few weeks ago I met a retired gentleman that had moved to Washington state.  His home in Riverside, CA was vacant and in bad condition and there was a title issue that I helped him clean up.

Well all this good will has paid off, he came to town for our closing and he asked me exactly what I do.  I gave him my elivator speach hopping he wouldn't feel taken advantage of. 

What came out of him mouth floored me..... He says "I have $700,000 that I'm not sure what to do with, could you help me" you just never know.  

On to my question, Im interested in hearing from others that have set up this type of arrangement with a passive investor.  I have an idea on how I will set this up but I'm looking for some "POT HOLES" any of you may have hit with a simular situation.

I flip properties, 2 or 3 at a time using a mixture of hard money and my own cash.  My plan is to do 5 to 7 deals per month and add a project manager to my team.  Any In put would be helpful