Ask Matt Larson A Question

great insight on using 401 i sure am glad to have this in my tools never thought about using it!! thank you!!

Offer $3500 cash. With a 10 day inspection contingency. Then after you lock it up check everything out and make sure you are fine with it. If they don't accept your offer wait 5 days and resubmit the same offer. If they still don't accept it then resubmit the offer every single week until they do accept it.

Glad I could help. Also don't forget to show other people how to do that when you lock a piece of property really cheap because then you can assign it to them and they can pay cash for the property.

thanks again matt and i will keep trying to find a bank to refi that doesnt require seasoning!!! cant wait to get an assignment under my belt also !!

Hi Matt,

Its great to see you online tonight to help our people and you been a great acess to us. Thanks for your time answering all of our quuestions. Hope to see you more online.

Warm regards,

Paul T. La Moy

Thanks for answering questions also you're my inspiration too

I appreciate the kind words!

matt
OMG i can see clearer (i'm very visual) with what you have shown me so far. WOW, the distinctions make a world of difference. confidence is in the building LOL.

Q: can you give an example of when assigning a property wouldn't be feasible
and so you'd have to turn to the IEE?
Q: how or where can i find out if it's legal in my state? R.E. lawyer?
Q: back to ur youth pastor student, his partner put up the cash...what was the exit strategy?
Q: in response to jeremy, u said ur flipping and selling props when they
go vacant...how do u know a vacancy is coming? is it a 4closure?
Q: also r u selling to investors or regular buyers? does it matter?

P.S. here's a clue... u can just follow the yellow brick road that matt has laid out in the book. wink wink

here's to living the dream,baby!
cynthia

Matt,

Thanks so much for the update. I enjoy reading this forum and thread because it has a lot of good information. Good luck with your future book, there will be plenty of time to get it completed and to market. You have a lot of DG members that are looking forward to reading it. Whenever you finish it, please let us know. I know you have a lot of great information and insight to share. I want to be a sponge and soak up as much of that information as I can.

I know sometimes there are just not enough hours in a day to get through half of what you hope to accomplish once the day starts. The market seems so good right now, you almost have to get the deals as you find them. I really enjoy real estate and can't wait until I can do it full time. I feel the biggest thing holding me back is the day job, but I hope to be free of the day job in the near future. That is why any free moment I have, revolves around learning as much as we can about real estate. Thanks again for sharing your insight, tips and techniques with all of us. Continued success on all your deals! Believe and Achieve! - Joe

First, you would use the IEE instead of an assignment of contract when your end buyer is not a cash buyer.

Second, call a RE attorney or title company to see if you can add a consulting line item expense on the HUD 1 statement.

Third, the exit strategy for the youth pastor was rehabs and flips and rentals.

Fourth, I know when one of my rental properties is going to go vacant because the tenant calls and puts in a 30 day notice.

Fifth, I am selling to first time home owners.

Hope this helps!

hey matt
i am loving learning from u but i have to go to sleep
although i don't want to. my brain doesn't want to stop. i have school first thing in th a.m.
sweet dreams...i'll be back. this was awesome. i feel revived and exhausted. have a great night.

sincerely grateful
cynthia

Needing your insight on some other potential properties I could possibly offer on that I need your advise on to possibly lock up contract & assign to another investor; multiply family each unit 4/3 list price $19,900; assessor's values:

Year 2009
Appraised Land $33,000
Appraised Building $250,800
Total Appraised Value $283,800
Assessed Land $13,200
Assessed Building $100,320
Assessed Total $113,520

another similar property each unit 4/2, on same street offer by the same lender, list price $7500; assessor's values:

Year 2009
Appraised Land $33,100
Appraised Building $162,500
Total Appraised Value $195,600
Assessed Land $13,240
Assessed Building $65,000
Assessed Total $78,240

now these units I could possibly rehab (if I can find a HML who lends on multi-family--know anyone) & sign them up for availability under county's housing choice (formally section program. Researching yesterday & found out the FY2009 FMR for HUD is $1169 for 4 bedroom unit in my area which I could possibly get depending determination of 3 comparable submarket rentals. Hmmmmm, gotta research that part further indepth. How should I proceed with either of these properties?

Grady Corbin here, I add my shout out to the other voices thanking you for your effort and inspiration.
I remember your teaching, to purchase a property, do fix up then refi and pull out cash; I've done this a couple of times, but on my last purchase on contract for deed, my banker stalled. . . .them came back and said I have to wait 12 months!!! Houses like this one sell in the nineties,, we bought it for 66,000, and so the banker said as far as he was concerned, $66,000WAS the market value and would only loan 85% of that. .
should I just keep going to other banks?
thanks grady

Hi Matt, please help me understand this. Is there any relationship between Dean's Real Estate Academy and National Marketing Resources? I will ask follow up questions later. Thanks

Julius Mugisha
Indianapolis, IN.

Hey Matt, I am in the process of talking with a bank on an REO, mY plan is to buy it out right with HM then fix & flip it. Were you saying that its hard to Flip REO'S, in an earlier post.

Before Matt could answer your question, i thought i would give you a quick response since there's a lot of you. I hope you don't mind Matt! REO's are very difficult to assign, in fact almost impossible to assing, but if you can purchase REO's out right fix them and flip them, then you should do more of that. That's what i'm doing and i'm very positive that Matt is doing the same thing. Good luck!

Lloyd

How do you go about getting capital to purchase properties in a lending stricken market?

Thanks Lloyd, I kinda thought the way i want to do it is fine. Thanks for the confirmation.
I just got nervous when i saw Mat say REO'S are hard to work with. But he was talking about assigning and double closings.

Congratulations on all of your success, Matt.

A. 1)Pool funds with other investors.

2)Hard money lenders (private)

3)Lease/option w/FSBO

4)Partner with friend/relative who has excellent credit and/or $$$$

Found a 4/2 1670 sq vauled at 140,000 can buy REO at 60,000 rent low in area but great deal no major remodel just paint and light repair. What do I need next?

Hello,

I bought a house last month. My whole intention was to buy it, fix it up and sell it. (Flip it). I talked to the real estate agent and he said you have to wait 3 month before you sell it. I thought you could by properties and flip them quick? I live in California!

Just reading all the info about is a big inspiration to me.when most people say if I could do so could you I do not give it to much weight.when I read about your progress you do not need to say it you show it and thats what i needed to see and read
so thank you very much for your leadership by example,all my best to you and your future investments and your investments in the future.
anthony palumbo

if you had a buyer who must qualify for lending then that's why you would have to hold it for 3 months (requirement for seasoning) otherwise you would direct them to a local (small) lender you partner with who doesn't require seasoning to see if they qualify for loan on your property. God bless with all your investment endeavors.

Alana

Hi Matt,

First thank you so much for taking your valuable time to answer our questions and for inspiring us to do bigger and better things for ourselves and others.
Myself and my wife have been trying to do your 25 to 1 system and have run into a couple of roadblocks. First there doesn't seem to be many FSBO or non-REO properties in the our area(S.F. Bay area)to sift through to make offers on. Out or the 40 or so in our area on the MLS I would say at least five are properties other investors are trying to flip. I am also wondering when you make offers with assignment clauses what terms do you offer? There seem to be some pretty good REO deals but I don't have money to buy myself and cannot figure out a way to pass them off to other investors.(LLC's are $1000.00 in Ca.)

Thanks for all your insight, and direction Matt. You are truly an inspiration to all, I have 2 fab props in pueblo if your interested... I'm hoping to follow in your, and everyone else's footsteps here... just doesn't seem to be turning out that way???

I echo everyone, Thanks Matt! I also would like to talk a bit about your 25:1 strategy. My agent has made offers on almost 50 properties and we didn't hit one yet. I focused on house that have been on the market for over 90 days and have motivated sellers, REO's etc. I even pull up comps and only make offers on those that are ALREADY listed below market value. Can you talk about the fine details of your formula. I am not giving up yet but is not working for me in PA.

I also wanted to ask why REO's are not working for no money down strategies? I thought you could double close on these with a hard money loan such as Coastal Funding? Thanks in advance.

Here is what I want you to do. 2 things. One is have a realtor pull a list of every single sale in the zip codes that these properties are listed at. Then when you do that it will tell you what a property was listed at, what it sold for, and how many days it was on the market. I need the averages. When you do that write back. Next, I want you to put in half price offers on every deal you like until you get to 25 offers. Then let me know what happens.

Yes! Go to another bank, and another and another. Don't stop calling banks until you find a bank that doesn't have seasoning. Here is a hint. Call a small local community bank. Ask if they have in house loans. Tell them you own a property outright and want to refinance it asap. Don't tell them on the phone when you bought it but, ask them if they have seasoning requirements on in house loans. Remember call small banks.

I think there is a relationship between NMR and PMI. I don't know much about that stuff though. What are your questions?