I MADE 66 OFFERS THIS WEEK- FIRED UP

I really hope you get those offers accepted. We have our offer in on that house upstate, we should have a response soon, the owner was out of town for the weekend, so I am thinking we get an answer tomorrow or Tuesday at the latest. We also are looking into another house about to go into foreclosure, we might offer some cash to the owner and try and take over payments if it is worth it.

I Hope that deal upstate goes well for you. It sounds like a good deal. You would have immediate cash flow with the tenants.

Whats up Build Assets. I goa a question for you. Do you think I will be able to put low offers to listing agents on homes that are in preforeclosure? I have spoken to some homeowners and I think they will take a low offer. I will deal directly with the listing agent. I don't have a specific agent I am working with. I would like to put offers in on these homes, through these agents. I don't see why not because these homeowners homes are going to the auction this month on the 25th. I would like to help these people if I can. 1 home owner was having a garage sale today. I feel so bad for them. Iwould like to help. I hate to see people in these siauations. It hurts my heart. So let me know your thoughts on this. Thanks. I still will try anyhow. I sort of feel that these homeowners will take the offer. Thanks
Kingjuss

Sure, you could put low offers to listing agents on homes that are in preforeclosure. If you are comfortable put in several offers for those preforeclosure homes.

Thanks for the reply. I am on it. I think I have a few potential deals I an get going. I am going to put 3 offers in tomorrow. Its terrible how many people are in financial trouble. I feel bad for these folks and would really liket o help som eo fhtese people out. So my heart is very genuine in helping these people out. The money is not even my motivation anymore. I dont't like to see people in trouble like this. Ok so Buiild Assets I am gonna get on that right away. Thanks again. Needed that little extra boost.
Kingjuss,

Hey Jason. We were just wondering if you had heard anything back on those offers you made a week ago. We wanted to know if you used an and/or assignee clause on those offers, or did you use a land trust, or are you doing simultaneous closings??? We are ready to start making our first offers, and have been told that banks will not look at and/or assignee clauses. A few suggestions have been made in order to get around this problem, and we were wondering if you had tried any of them. We have been looking into Land Trusts, where you sign beneficial rights over to the end buyer after receiving your fee. Another suggestion was to make offers under individual LLC's. Have you tried either of these, or was and/or assignee fine for your offers? Hope to hear from you soon, and we're hoping that LOTS of your offers are accepted!

I received so far 13 accepted offers. I am still waiting on the status of 16. Out of the 13 that were accepted, I canceled 7, because they wanted $1000 for earnest money,so basically I have 6 deals right now locked up with a total of $2400 in earnest certified checks(REAL CASH)provided to the banks. All the offers that I submitted were 50% off FMV.
I am excited about the results so far. I sent the houses that were accepted to my buyers list and I am marketing the houses as well. I would like to get a least $20K per deal. All these deals will be simultaneous closings and double closings. I DID NOT use "AND/OR ASSIGNS" on any of these.

So right now you are marketing 6 houses? That is a lot of work. Bless your heart you are doing great! That is amazing how many are being accepted.
So you are having to actually put up cash (earnest certified checks?)
Do they actually cash the checks now or have to wait till closing day to have access to the checks?

I have my way that I figure FMV..what way do you use to figure FMV?

Good job Jason! I am proud of you for taking action on these.

Wow Jason! That's incredible!! Good for you. That must have been scary placing those 66 offers, but look at how great it's turning out for you.

A few questions: Did you get 30-day inspection clauses? Banks out here in CA are wanting 10 to 17 days, but we want to demand 30 days so that we can have as much time as possible to find buyers. If you don't find a buyer in those days, will you use the inspection clause to escape the contract? Or will you try to get a hard money loan and purchase them and re-sell?

Also, have you done double closings before? Is it pretty straight-forward? We are making our first 2 offers today, so we'll let you know how it goes! We're going to make one offer with a Land Trust, and one in our name, with the hopes of adding the end-buyer to the title before closing and then quick-claiming the deed (KimmyJ's suggestion!! ). We are just looking for the cleanest way to do assignment of contract. Sure wish we could just say and/or assignee -- seems so much easier. Oh well, we've got to keep going and not let these little problems and inconveniences slow us down!!

Your thread has inspired us and keeps us fired up!!!!

Thanks for sharing your experience, but there was a question asked earlier that didnt get answered and I'm real curious. Exactly HOW did you place 66 offers? Through a realtor? By yourself? Please fill us in on this process. And you are lucky where you are - here in Jersey all offers must be acccompanied by earnest money as well as proof of funds on most of them - so its great you are taking advantage of your situtation to the max!

Just a thought but could you not just show them that if you had a high credit score 720+ or such. That maybe you could lower that $1000 earnst money?

$100 or even none maybe?

See if they are willing to deal still to get those houses sold?

That is great!
I was just wondering how you cancelled the 7. Is it because you had no earnest money down yet that you were able to back out? Or did you have that as a clause? How did the realtor (if you used one) cancel the offer? I know that some of these banks INSIST on $500 or $1000 earnest money, or they don't even consider your offer (I know, REALLY stupid on their part!), so I'm wondering if that was an escape clause you used so as not to tie up too much of your own $ if more offers came back accepted than you were ready for.

Sorry you are getting bombarded with so many questions, but thank you SO much for teaching everyone with your experiences. You will make an awesome mentor.

Rina

Thanks for the encouragement Rina. Yes, I had no earnest money down yet on those 7 specific properties, and I had no idea that some of those banks required $1k earnest money. Maybe I could have offered the $500 earnest money on those if I asked?? I think if the bank states in the MLS listing that the earnest must be $1k, then that is the only option??My realtor emailed me and asked if I wanted to still pursue it with the $1k earnest money, and I told him no. When I made the 66 offers, I knew that I would not get them all accepted because I am asking 50% below the FMV. Making this amount of offers will give you lots of confidence and experience, but I only recommend what is comfortable to other investors. It is a numbers game in real estate and I realize from reading Deans book that you really need to be engaged and not fearful of making offers. I mean how many people make 66 real estate offers?? Only us investors really understand this, not the typical first time home buyer or average home owner understands this.

Jason,

Awesome man! Good job... Maybe I am missing something, how will you get investors to purchase these homes from you if you are not using "and/or assign"? I read somewhere that they will be double closing or something. How is it done?

Thanks!

You are right.. A Double or Simultanenous closing is what I am using. Banks are not accepting the And/ or Assigns as much anymore in my area. I don't know about other areas, but in Missouri, it seems to be an issue with the banks.

Great job! So gald to hear you are marketing 6 of the houses. Call me as soon as one of your buyers decideds to take a house and we can work together some more. Jeremy

Sounds great. How are things going with your upstate Deals?

In Dean's new book is the double closing/Simultaneous closing what is an IEE? Same in Oregon, and/or assigns are not popular at all...

Rusty

That's a really good question in regards to the IEE. I did read about it in Deans book, but I still don't understand how it works. It would be good if someone can share their experience using the IEE.

We had a counter offer, and now it appears that there is another person looking at the house, so we raised our offer and we should know soon. We are looking into a few things. I'd love to get a property under my belt by the end of this month.

I hope the deal upstate goes well and if not, keep looking at properties and make the offers. I am sure you will get a property accepted soon.

Thanks Jason. I know it is hard, there are many walls that get ran into, but I will not stop, I will never stop until i reach my goals. We have some other houses we are looking at besided the one we have an offer on, so the more the better. I'll keep you posted.

We actually just started a new thread to see if we can get people talking about Instant Equity Exchange. We are getting set up for it -- our toll free numbers go in next week. We would love to bounce ideas off anybody that is going to use this strategy, too. It sounds like a great one!

By the way, I do not think that Instant Equity Exchange is the same thing as a Double Closing. In the IEE classes we have taken they say that there are 3 legal flips: the Rehab Flip, the Simultaneous Closing, and Instant Equity Exchange.

I appreciate it. Still learning! Thanks, and I will look forward to the thread and the knowledge that comes from it.

Thanks everyone!

Hi Jason,

I just received my order and am just now starting to read "BE A REAL ESTATE MILLIONAIRE." So far the book is really encouraging, especially to me since I love reading and seeing others make the deals and money with Real Estate Investing. But, at the same time it is what I wish to do also to better my financial situation......just did not have the confidence or courage to go forward. I just dream, dream, dream and take no action.

So far Dean's book makes me feel hopeful....I feel strong, ready to pursue that dream without fear and after reading this and "PROFIT FROM REAL ESTATE RIGHT NOW" I know I will be ready to take action with help from Dean and his Support Team.

AWESOME....

Not much to say after that. Well Done.

Any updates on your deals?

Did you have to present an approval letter before you made the offers? My real estate agent is telling me that no one will accept an offer without an approval letter.

Does it work differently when making offers on foreclosures and HUD homes?

Regards,

Ben

My results are that I have 6 deals right now locked up with a total of $2400 in earnest certified checks(REAL CASH)provided to the banks. All the offers that I submitted were 50% off FMV. I did have to cancel some deals due to lack of earnest money.

I am excited about the results so far. I sent the houses that were accepted to my buyers list and I am marketing the houses as well. All these deals will be simultaneous closings and double closings. I DID NOT use "AND/OR ASSIGNS" on any of these.