All Forum Posts by: Loc R.

Cash only offers have 0% chance of falling out of escrow due to the lender denying the loan application...

I think all landlords should have some experience with managing a property.

Think about it this way: a PM only gets paid if the unit is rented. Therefore, how hard do you think they're really screening a potential tenant? Or are they just looking for something with a heartbeat?

At some point due to the economy of scale and with your time being more valuable elsewhere, PMs do become worthwhile (assuming you can find one worth their fee). However, I know of a few of old (rich) landlords who still manage their own properties. That probably had something to do with them becoming rich.

Where did you come up with the $46k max offer price?

Wholesaling is about hitting singles, not home runs.

Greg:

Regardless of whether or not the "market has changed", you have proven yourself to be a legitimate player to those brokers. I'm sure if you chatted it up with them, you find some new leads.

Know what you do best, and do it.

Here's a daisy chain in a nutshell:

Legit Seller has a note. Tells Time Waster A about it. Time Waster A gets excited about it, but doesn't have the means to act on the deal and e-mails Time Wasters B, C, and D about it (of course he tells B, C, and D that he is entitled to a cut if they close).

None of them have the means to act on it, so they e-mail others, so on and so forth. Next thing you know, as the Legit Seller you have 40 people asking you about your deal, with no one really being able to act on it or knowing the exact details.

Nothing specific here, but I did want to add this perspective:

If you underwrite the loan as if you were going to keep it, then you shouldn't have a hard time selling it. I've been getting notes across my desk that I wouldn't buy for 10 cents on the dollar, simply because I know I would be kissing those 10 cents goodbye.

I would say if you're in a cash-heavy position, there are plenty of ways to increase your money without flipping houses.

Buy X at a discount from a distressed seller. X could be a business, a house, a car, something that has value. The key is that you are the one with the cash and therefore, in a position of power.

I forgot who said it, but he said "if you're not embarrassed by your offer, then you've offered too much." I don't follow it literally, but that is the mindset to have.

@Greg P: I find my notes through my website, from brokers, and from the investors that create them.

I have one investor who knows exactly what I want in my notes and knows that I'll buy them the moment he closes on his deals, which allows him to go out and do the next deal.

Here's an interesting blog post by Mark Cuban about the future of higher education...

http://blogmaverick.com/

Thoughts?

What about those investors out there who own student housing?

My only experience with uDirect was about a year ago, when I sold a note that I held within an Equity Trust account to a uDirect account.

They were rather slow and poorly informed.