6 Deals in 6 months and going strong!

That means a lot coming from you. You and Matt Larson are my role models, best wishes to you this year, I know you don't need luck

My partner is definitely in a better position financially as far as his job and credit score is concerned. I do nearly all the negotiating and looking at houses, managing the contractors, finding tenants, advertising, etc. while he holds down the steady job and helps with the communication with the banks.

12 is the goas but I will certainly welcome more! I like to set modest and attainable goals, ones I know I can reach if I push myself. I absolutely hate disappointing myself.

It's not easy in fact just recently the bank we have been working with had an audit and they said our investments are risky because we don't have anything in them (of our own) Only 30-40% equity! and they all cashflow very well.

All it means is more hunting, PERSISTENCE IS EVERYTHING!

Iowa to be exact

All it takes is one deal, once you have the confidence the rest is pie.

I literally called every bank in the phone book, my very last call said they could do it.

They have all been done through a local hml as well as local banks. I think so many people are scared to talk to bankers or ask for money, they need to understand that banks need to lend money and we need it for our business. What a perfect match as far as I'm concerned!

Way to go Mark....You have set the pace for your future. 2011 is all yours. Thanks for posting, this provides motivation and inspiration for alot of us.

Are you using a Realtor or are they bank owned or private seller????
Barbara

When I first got into this I didn't believe there were so many good deals out there either, but the more you find, the more you expect to find and when you expect it you always get it. I live in Iowa, so for me I use to think, oh you can't find deals 50% off or more, that only happens in Florida, Arizona, California etc. I was so wrong.

If you expect to find them at market value you will, if you expect to find them at 20% off you will and if you expect to find them 60% off you will. Many people are struggling to find money to buy right now, if you are persistent you will be able to find incredible deals.

so did the banks have a problem refinancing a property that you purchased through a HML? or was that not an issue?

also what if you were not able to refinance a certain property what was your back up plan to pay off the HML.

Would it be possible to fix and flip to pay back the HML if the refinance could not be approved?

Thanks for posting about your success greatly appreciated.

yes we could have sold them and I probably should have sold a couple but it's also nice to see the assets being built up. One of the things I love most about this business is there's not really a right or wrong way to always do things rather we do then learn from our actions.

the banks didn't and don't seem to mind if a hard money lender loaned the money on the property as long as it's a solid deal. It's not always easy, we are constantly looking for lenders because we know that most banks won't work out and most won't want to move as fast as we want.

Thank you so much for your words of encouragement, I've been away from this site for a while and you inspired me to take action again.

Mark,

You are truly an inspiration. Thank you for posting your success story to share with the rest of us.

One question... how are you cashflowing the properties? Are you renting them, or are you selling them as lease options?

Thanks again for sharing, and inspiring those of us who will be making our first deals in 2011!

Mark,

What did you actually say when you called the banks concerning the no season refis?

Thanks,

that means a lot to me. please take action and give it everything you have and you are guaranteed success.

To this point we are renting everything, but we are going to start selling some and doing some flips as I'd really like to get into the multi-units.

When I called the banks I got right to the point. I can't help but to have a direct approach, I don't like to waste time especially when it is likely to be many phone calls before you find the right bank. I simply called and asked to speak with a mortgage banker, once on the phone I asked them if they could do a refi without a seasoning period and if they said yes or possibly then i'd ask if they refi on the appraised value or the purchase + rehab. It's crucial that they can do it on the appraisal value so you can get your(or hard money lender) money back out. That's about all you really need to know. If you find a bank willing to work with you then schedule a time to meet and get your financials in order so you can have a better and more professional presence when you meet.

good luck!

I see from your posts a lot of inspiring information. I am just starting out and i see a method here that i will try for myself. I love the idea of shotgunning offers i am going to talk with my realtor and see if he will do this with me. Also the way you use the HML and and then shifting it to the bank I think I can be creative enough to do this too. I am blown away at how easy this can really be done and cant wait to implement it in my REI strategy.