All Forum Posts by: Jim Keller

This can be very intimadating but in the end it's not "illegal" for a buyer to offer or market to any seller or potential seller, so I say have at it.  A few lessons I have learned is that a seller needs their BK trustee's the sell.  This is what I market for is a sale, so with time you will understand better who can who can't sell.

Keep it simple, just get the phone to ring, don't sweat the real estate sales police.  Your time is what I would be concerned about, and nothing will teach you better than a dead end or 2.  I just believe when your out making it happen good or bad your doing good.

Jim

Try Pacer.gov its a court document site, I use it for locating recent chapter 7 and 13 discharges.  Good source of clients looking for a new start.

Jim

@Raimonds Lauzums

I will tell you, letting time pass is not a good way to prove you have been damaged.  Add and attorney to your team, and for $100 dollars or so you may get a little bigger check.

Or I would recommend you just move on and learn what "title issues" mean. Being unaware is a good way to go broke in this business.  Another idea is to call the asset manager that controlled the deal.  Tell him you would release the old escrow today,  You just "need" another project to buy.  Ask him for a few addresses he controls and you will help him get this bad that clearly his bank and escrow screwed up off his desk.  You "just want to help"  :)

Good luck

Jim

@Account Closed

I have never done a deal and would never recommend a principle originator of a buy and hold or a flip property give 70% of their hard work away.  All my money partners from the start have had our best interest at heart, or I wouldn't choose them for my projects. 

I have heard from some money partners that say I have nothing in these deals..... Funny thing is last year on my tax returns I had over $200,000 of cost, expenses, and "skin" in the game. When these expenses come, the bills make it to my desk, not theirs. I'm a big advocate for my own hard work, as I'm sure you are also for your own cash. I'm wondering if a principle originator pay's a money partner 3 times the interest he get at a "safe investment", say 15% and secure it with a first mortgage. then use my hard work that finds a property at say 55% of ARV where is the cash investors risk...... then add 70% of the equity at the sale, just not the way I would start a business transaction.

I have had about 8 money partners in my time, and get 3 phone calls a week from new ones that spring up on every street corner, they even contact me on BP.  Day in and day out the 2 I use on virtually every deal has our best interest at heart, I believe they sees me as a goose that just lays golden eggs.

If money partners worked out a more even handed deal from the start they wouldn't find desperate people to work with, and many of their troubles would just evaporate.

Jim

Find a deal "A hint purchase for 50% of ARV" that is what many cash investors look for when choosing a partner. If you find this type of investment and he has cash.... tell him you need the purchase and closing cost paid by him. As well as the rehab cost and things like utility and "other cost" just spend a few minutes and think about it. Some knowledge of homes selling for top dollar in the area close by would be helpful.

When the deal is sold and all cost are put on a ledger, total the numbers and confirm with your cash partner that he agrees with all expenses. Then simply slit the profits 50/50, 60/40, 30/70, or like i did on my first deal Mr. Cash gets the first $30,000 and you get the next $10,000 and then its 50/50 after that.  be creative and you will win,  the last example was how I did mine first flip 4 years ago.  Check out my newest deal linked below.

My Last Flip closing in 10 day's

Jim

it's all on the meetup site on meetup.com

Good man just getting started,

Consider finding a partner to fix and flip, great way to get your feet wet. Do all your homework, like I know you will and hit a home run.  Go to an investor club or local meeting, your $25,000 of borrowed money could be worth millions if done right over the next 25 years.  Not to say you can't loose it all on one deal, I just know when done right this business is very rewarding.

I'm including a link to my latest flip I purchased this home for less than 50% of the contracted sale price.  When it closes with this buyer or one of the others we have in back up, we will be toasting a job well done, for sure.

My newest flip

Jim

Hi Jonathon

I would seek to understand the huge difference between an Investor and a Realtor.  I have done both and had success doing both and can tell you many of my buyers and sellers did so with little consideration.  My job as a realtor was to advise them, but in the end I sold them the home they wanted or sold their home even if it was just because it was dirty "true story".

I have knocked hundreds maybe even a thousand doors, got lucky and bought the home on the spot.  Even spent over a year just waiting for the seller to say "yes I will sell".  Every time I have found a home, I used my own money or a investors/bankers money, having to stand behind that deal good or bad.  This is the biggest difference between agent vs investor, it's all mind set.  

BP has great downloads, books, blogs, everything you need to succeed.

Good luck

Jim

@Mark Tanner 

In my oppion it's the deal, not the money partner you need to spend your time on.  I'm working on my 25th deal or so and because my deals work, because they make good sense and money investors want me.  

In the beginning I had a difforent view, the deal was just as important, but the process was what I documented.  The proceeds were unimportant and my finished product turned out great.  Because of that my resales were way over the proforma the deals look amazing on paper.

Now finding good money partners is easier, private money takes alot of my time but pays me off the most financially.  I'm saying to focus on a great product and the money just appears, like the movie Field of dreams..... "if you build it they will come"

Jim

Jay give good advice, our real estate investment company sells mainly homes we buy fix and flip.  We have 2 full time agents and a very compitaint Leander you may find helpful.  

We will be at the Inland Empire Real Estate Club at the Mission Inn next wensday if you have to time come on by you will see how real estate investors buy homes in the Inland  Empire.

Jim