Geoff You Forgot....

[<Steve> 82]

. . .who was that masked man!

[Jason (AL) 1]

Haha!

 

It seems that I wasn't the only one that noticed he answered like, every post

in the Real Estate section.

 

I guess we'll hear from him again when he has something else to push

from his website.

[<Steve> 82]

Yea, he had some good points though....

 

So, Jason how are things going this year with L/Os. You mentioned that you are pulling away from sub-to deals and putting more focus on L/Os.

[Jason (AL) 1]

Not necessarily pulling away from sub2s, entirely.

Just "broadening my horizons" and shifting into deal maker mode, instead.

I've not done any SLOs and don't plan to. However, I'll sell properties

via a LO, not to mention, I'll do CAs any day of the week.

 

I've also been looking for junkers in my area to buy

not for cash or to wholesale, but to pick up via owner-financing.

It's not that I'm trying to force anything, but I've got plans

regarding these. But then again, I'll not turn down a wholesale

deal for a few G$.

 

Whatchu been up to?

[<Steve> 82]

Jason sounds good.

 

I just moved a junker as a CA although originally it was set up as a PO. I could have moved it faster as a CA as it helps rehab investors not have to worry about financing initially as they can do their fix ups during the lease term and then get financed.

 

I've just finished up a busy spring moved 11 properties, 2 SLOs and the rest CAs. Going into June I have (2) CAs and (1) SLO and a re-rent of a property that is vacant that I own.

 

Going part time on the job, I am trying to stay ahead of the curve and expect the best but plan for the worst. The goal is no job by next spring, I think passive monthly income will be the key and SLOs can offer this.

 

What's your plan with junkers? If you don't mind me asking.

[Jason (AL) 1]

Cool stuff, Steve.

You're doing awesome!

Are the majority of all those CA leads still coming from email

marketing?

 

As far as the junkers....

Very simple:

If they're free & clear, I'm negotiating owner financing --virtually turning

that nasty situation for sellers into a bank for them.

If anything is owed, I'll take 'em sub2.

 

My exit strategy is to sell with owner financing, and auction off

the down payment. Mainly, perhaps, on ebay.

I'll then carry the balance around 9%, or so, on a 15 or 20 year note.

I'll make just as much, if not more, compared to just wholesaling it just

off the auctioned down payment. Not only that, I'll have the monthly

cash flow.

 

I'll also do CAs, like you're doing as well. How'd you negotiate that 1, by the way?

 

Like I said...I'll structure things depending each specific deal.

 

Later.

[<Steve> 82]

Yes mostly email marketing a coupe deals from bandit sings.

 

Your down payment auction sounds interesting and also using ebay. Having a front end profit and monthly cash flow is nice. Why do you shy away from SLOs? Seems kinda similar.

 

As far as my junker deal, the seller had the motivation to switch from a PO to a CA to initially get the payments off his back, and it solved the t/b's (investor's) problem of getting financed only after the repairs were completed. He had the cash for the repairs. I received my fee and was out of the deal. win-win-win

[Jason (AL) 1]

Your down payment auction sounds interesting and also using ebay.

Having a front end profit and monthly cash flow is nice.

Yes, it's a lucrative strategy being used in Alabama with

great success. Of course, if it can be done here, it can be

done anywhere.

Alabama property prices look good to those California investors

with money to park. Hell, their down payments are equal to and sometimes

greater than actual house prices here.

 

Why do you shy away from SLOs? Seems kinda similar.

I reckon cuz I've been a sub2 guy all these years.

...I figure if I'm going to be in the middle of a deal, I'll

want to be the owner. Plus, I like to owner finance my sales.

I may venture into a SLO deal, if there's good enough reason for

me to.