All Forum Posts by: Jim Keller

I just attended a master leasing seminar put on by Dave Tilton in Las Vegas.  I have not done one yet but I will find one, your welcome to call "your network determines your networth"

Jim

Hi Lena

Wow you pulled a few scabs it sure seems.....

I would encourage you to act, when I was new action was the best way to slove problems.  Early in my real estate life a mentor gave me "permission" to mess it all up.  I did often.

Times have changed, I'm no longer new and either will you be.  Just kick some butt, take some names. Learn how to not hear stinking thinking, develop lighting fast evaluation skills.  Learn to become a problem solver.  

If anyone of the commentors on this post wanted one of these 10 homes you had under contract. They would do what you needed so they could get the deal, and that's an undeniable truth.......

Give them hell

Jim

Its like anything you every really want, you have to work at it, just showing up doesn't cut it.  I only invest in Southern California I typically flip everything. That's not to say we haven't keep some of them.   

I think it's the scarcity mind set that I guess I'm speaking to.  Not only do I know for a fact cash flow deals are just waiting to be found in the OC I have purchased them for myself.

The 3 "D's" as I call them start with probate from the greatest generation to the baby boomers its the largest transfer of wealth in the history of the world. Everyday in the OC 5 to 505 "just a guess" new prospective sellers comes to the market place.  It would be impossible for any one of us to speak to them all. This is just one of the 3 pillars that a successful Southern California investor must work Death, Divorce, and Default.  

Sound horrible, but a truly endless supply of sellers from all 3 of those sources.  I spend most of my prospecting time somewhere in those 3 segments.

Good luck 

Jim

Hey guys 

Consider just driving out and saying hi to all of these people that are in a tax sale . Remember that they have a choice to pay off the tax bill, continue renting the property if they can bring it current, or bring it current and stay on the property, as well as many other options.

My team and I typically go out and just make friends with try to be  there  second option .  Their first option is always to keep their house  you want to be there second.  

Your welcome to contact me I love developing new strategies on how to purchase distressed properties

Hi all

Great topic, cash flow in Newport Coast, Irvine, Huntington Harbor you may as well be looking for unicorns.....  or just a better rental area

Yesterday I was in Vista "not Orange County" I know, we purchased for under $240,000 it will Cash flow.  I have another in Anaheim on Brookhurst and La Palma we are all in at $320,000 it will cash flow. "I took over a 2% modified first"

No agent called me and asked if I wanted them or the 3 other properties in the Inland empire we are closing on this month. All of them can cash flow by the way, we beat the bushes and everyone knows we are cash buyers.

We salove problems that most buyers just complicate, stop making it about the deal and focus on the sellers.  They will all tell you how to CLOSE THEM...... listening and empathy beat finance skills and ego everytime. 

Jim

Eric

Don't let anyone steel your dreams..... sounds cliche but I believe it big time.  Rebo gateway is just a way to kick start you in this business.

Our phone rings off the hook these days because we have been contacting default sellers for years. If you use a service like Rebo and just pound and pound you will find a seller sooner or later that will just say there done.

Today I opened escrow with a longtime wholesaler here in the Inland Empire, he told me he started working this out of town seller 2 years ago.  Learn from that, we have done the same thing many times and built a business around it.

Don't focus on the quality of leads, focus on your team, your ability to raise cash, your construction evaluation process, escrow, title all aspect of our industry.

Drive your area, locate 20 homes that "look" like you could buy them for a deal.  Run down, dead lawn, trash in the front or sides of the house, broken windows, multiple none running cars in the driveway or yard.  Your job is to find the neighborhoods where these home are.

Once you locate them go after the owners, find out why the home looks this way.  Ask them simply "can I help you with this home" and just shut up and let them talk.  Get their email and cell number and follow up, and follow up, and follow up.  

One will fall right in your lap, Rebo gateway or not.

Good luck 

Jim

No good deed goes unpunished...... my phone is buzzing tonight with a seller calling my names.   9 text's in the last 15 min.  He coursed me out over the phone, but I still sent the offer.  You just never know "Im NOT the desider"

Good luck

JIm

This is a very simple deal for a lender to do for you..... it's a small loan with you having more than a majority of your "skin in the game".  

Finding a deep pocked individual to invest along side you should be easy.   Do the work, have details of the purchase, rehab, and mutiple exits.  Every investor wants to know when and how you plan on paying the money back. 

The numbers don't lie any experianced private investor will know in seconds if this deal works or not.  Focus on exactly what each one is offering, 

I would recomend understanding how to figure your total cost of capital.  I flip homes in Southern California it typically takes me 90 to 120 days to purchase, fix, and sell.  

Our cost of capital is under 11% on the amount borrowed and on most deal my loan to value is much higher than what you have stated.

Good luck

Jim

I flip and only own for a maximum of 4 to 6 months, we use REIGUARD. The coverage protects us very well and for a 300k ARV property we pay about $175 per month

The best part for me is after we got set up with them I just make one email and we have a proof of coverage.  I use private money for most of my purchases, so this feature is helpful.

They also allow me to pay the first month to start the newest policy. One deposit and mutiply policies, be patient with them in the begainning there hard to get started with but have eased my job big time.

Jim

As an agent you work and your license is held under a brokers license.  Depending on the agrement you have with your broker, he or she may have the right to do whatever they want to do with your listing that you obtain for them.