All Forum Posts by: Waylon Gates

HI Chelsea, I don't work in the Scottsdale market, but I do know that the market right now is a sellers market and 'great' deals are harder to find, but as always they are out there. My recommendation would be to get into the local REIA AZREIA.org they are one of the best in the country and you can learn tons and meet seem great contacts.

I have looked at some of the 'flips' in scottsdale and in my opinion many of them are Subpar so if you produce a superior product than I would imagine that as long as you can find the right deal you will not have any problems.  

What I would say, flips are work..   It is a job. not an investment.  I am not saying don't do it, but if your looking for wealth building flips are not the way.  Flips can be means to an end if your wanting to try to build cash.

Best of luck and keep us updated on your progress.

HI justin, do you have any more details on this property?

Are you the seller or an agent?

@Lawrence Patterson As sure as I am breathing I am certain that if you find a deal you can find someone to fund it.  

Here is what I did when I started and still do today if I need funding.

1. Call everyone you know and the that what your looking for.   I mean everyone, until you have called everyone in your phone your not done.

2. Real Estate Investor Associations. Find your local REIA and there is where people that are your match are going to learn and find deals.

3. Craigslist, newspapers, Facebook, etc..   all free marketing that you can put it out there that you are looking for this.   

4. Title company / Closing agents.  Every single deal that happens goes through these people, find the ones that work with investors regularly and they have the contacts to share your deal..  You will want to give them a short run down and your contact info and they will forward it to there people, obviously people that have money don't want to have their info randomly given out.

5. Google.  "Hard Money Pennsylvania"  

If you can't get someone to fund your deal by the end of #5 you don't have a good deal.  

I know it seems crazy and maybe even a little ridiculous, but these steps absolutely work.  You need to put in the time and do the legwork and you will have success.  If at first you don't succeed try again, and learn as much as you can along the way.   

Best of luck!

Congratulations..  The first one is one of the hardest.  Your on your way!

@Elizabeth Newcombe I just read through the posts again and I can't stress enough...  Just make offers and you will eventually get what you want.   If it is a property that there is no one else that might be trying to buy it than you can take the stance of trying to play the negotiation game and start really low and then go up a little and back and forth,  I have found that to be a waste of time for most of the deals.  You make money by doing volume, not by hitting it big on one deal.  Work your numbers on a property and then write a legitimate strong offer and you stand a much better chance.  I can't tell you how many times I have been the 2nd, 3rd, or 5th highest bid and end up with the property because I am serious buyer.  

As far as the agent that you use to represent you, I have found that any agent that is persistent can get your offer in front of the asset manager.  Trying to use the listing agent is a flawed approach.  Your better off to develop a strong relationship with 'your' agent and let them be your front man with all negotiations.  That way when you come back again later, or when there is another deal that comes up the other agents will know where to go to find you to offer you specific deals.  This is how I get off market deals all the time.  The active real estate agent community knows that my realtor represents 'that guy that will but a house like this and make an easy deal.'  That has made me more money than trying to second guess the bank.  

You have to also know that the auction price is set by a different group than the REO side generally. There are different concerns in the foreclosure than once the property is foreclosed and the bank actually owns it.

Here is the (not so) secret to getting deals.   Make Offers.   I truly can't make it any easier than that.

Best of luck to you in your investing!

I have done many REO deals and I know many REO agents. There is no magic formula or number. Make an offer that will work for you and see where it goes. If it isn't accepted than way a couple of weeks and try again. The banks generally have no idea what they are doing as far as pricing. They generally get pricing info from an agent that is willing to work for less than $10 per hour, so they aren't getting the best info. Just make offers and some will stick and some won't.

@Justin Windham Do you have to choose?  Maybe that is the question that I am not clear on.  Could you not contribute to both or is there a limit on that?

@Justin Windham Is there a reason that one would chose between the two? It would seem to me that contributing to both would be good. Do you prefer a 401k vs a IRA for any specific reason?

Daria,

You are not the first person to be doing some estate planning.  I am sure that they will try to answer your question..  I would ask for something in writing of a copy of the policy from the bank to cover if there is an issue.  I have not heard of there being an issue, and I have done many 'wraps' in which we definitely change the name of the owner and we don't have them called due.   The time when you start having problems is when the payments aren't being made.  I am NOT recommending this as a just do it and see what happens, but rather making the point that the lenders do not benefit from calling notes due that are performing.  As always get an attorneys professional opinion for your specific circumstance.  Calling the bank is easy cheap and most likely to get you very direct answers.