Ask Matt Larson A Question

You got it. Yes that is correct.

Matt, i need help to get my first deal going but i have nobody to gave me ANY help.I have no money ,poor credit,and i only get money as a disable Vet.So What can i doing with all these road blocks.Wheredo i go next?THANKS FOR HELP...

which book what page THANKS...I,m so lost with no help. The only i can buy is a photo of a house.(BUT) I never gave up...

Matt, first of all I think I can speak on everyone's behalf to say thanks for taking the time out of your life to help us beginners and other investors.

Having spent only a month or two in studying real estate (but with sales and networking experience), here's my shortterm plan so far as a new investor.

Is there any tweaking I should do, am I missing anything, or does this sound like a good start? I figure a coach can help me at some point, but I thought I'd take any free advice from you while you're answering. In fact that's what you said you did with attorneys at closings with your remaining 30 minutes

Step 1: Build a buyer's list through SFL cash system, realtor MLS reports, and immediate contacts like my accountant who invests, a few investor referrals in the area, and brainstorm for any private lenders I could use at some point.

Step 2: Finish building team (I'm halfway there so far)

Step 3: send letters to all buyer's list of cash sold in last 30 days who are out of state billing or multi unit buyers. I found 34 out of state buyers so far out of 461 recent cash buyers in my area!
(I did all this research while at work between sales calls or at lunch!)
I'll start the letters to them to see how many of the 34 I can speak with.

Step 4: Use the info the buyers tell me to "shop" for them and find what they want, not what I want them to have (as in your duplex buyer example).

Step 5: Find the deals for those buyers to do assignments. Use multi methods like a Realtor, bandit signs, driving around, asking, etc.

Step 6: CLOSE my first deal, build some cash with assignments and then move to the next phase, doing a cash lend/refi-to-pull-money-out strategy (if it fits).

In the meantime, I will write out and check off 3 or more top to-do list items that are most important daily, get a success coach in the near future,
keep reading Dean's books, watching SFL/Edge DVDs, checking DG.com, and most importantly networking with buyers/investors to keep building that core team for longterm steady investing.

-The last phase will be getting my wife and I out of the jobworld, and helping others learn what helped me succeed.

Thanks.

Vin Spiritoso

Hello Matt, Thank you for your time. My question is: What do I do first..get the cash buyers or get the reo bulk packages? and can I still get packages from banks?? thanks...god bless

Matt... Very nice of you to help us out... Thank You!!! I am a PT REI, part of the Success Academy and on my second flip in two years... The 1st sold in 20 days, but this one is on the market now for 76 days... Being the MONEY partner, I fund the project (closing cost, holding cost, labor, materials, etc.) using a HELOC on my primary residence which is almost maxed out for I put down more than the minimum getting the Mortgage... Lesson learned for sure... My questions are: What % of your flips do you sell FSBO vs Realtor's? The "Finding cash Buyers tips" were awesome, but what % buy your Re-habbed homes and for What reason (Primary Res, Rental)? From the call it seems like a 20k to 30k profit per deal is an average but I need to know the average time you take making that kind of profit?

Thanks a Bunch Matt
Dan and Dianna (Mcarlo24)

"May the Lord continue to bless you In All Ways, Always"

PS... To anyone reading this interested in Assignments or bird dogging, PLEASE add me to your buyers list... HAS to be SFR in the Gloucester, Camden, Salem counties in NJ... PM me!!!

Hi! Matt

My name is Brett Jeffries. I am 25 years old and I am just getting into this real estate investing. This is my first time working in real estate even though I have been working in the Sales Industry since i was 16. Here is my issue i dont have good credit at all. And i dont know what to do... I dont really know what I am doing and/ or how to get started. Can you please share some ideas or give me advice on how to get started?? Thank. Brett

Hi Matt, I didn't know if you had much experience in multi-units but in the near future I would like to attempt it. My question is... What is the best way to get financing for the more expensive and bigger deals. I once heard that you can show the rents/ p&l statements and the banks will consider the rents as a portion of the financing/ down payment, What's your thoughts on this?

Thanks Matt,

I do have a couple of follow up questions.

I will be meeting with the agent sometime next week and I wanted to know do you have any specific one liners or questions you ask when first meeting an agent? Again I have not completed any deals or really built up my buyers list yet (working on that now).

Do you recomend I discuss wholesaling, or buy fix and sell, etc.? Is it best just to let him do most of the talking and see what he recommends?

Any insight to how that conversation should go would be extremely helpful.

Thank you so much for your time and sharing your expertise,

Greg Rowe

Elk Grove, CA

Matt, you are a gold mine of extemely useful information! I had one of the agents on my team contact the MLS help desk, like you suggested, and they were amazed at how easy the seach actually was to do. I'm mailing out over 100 letters to these potential additions to my buyers list. Thanks so much for all the support you, Dean, and the rest of the DG family provides on this site to us budding success stories!!

Tony

Matt thanks for this thread, it will be a blessing to a lot of people to learn from you. I heard you say that when you make money to re-invest it back into real estate. Do you invest all of it? Why do you use this strategy when others would spend some of it? I'd like to understand from your point of view of building wealth. Thanks Matt.

Matt, so good to know you are back. I grew up just 'up-river' from the Quad Cities - my family still lives in the area. Just wondered if you have any thoughts on doing a 1031 Exchange with property from Quad City area and Prescott, AZ area? Thanks for your thoughts on this.

I was just looking at the agreement to purchase document and there is a place for earnest money (downpayment). I think when a seller sees that he is going to want a downpayment. Do you just tell them that to sell their property for them that you cannot give them any money as a downpayment? So many of the succsessful that dean interviews say that they used none of their own money. How did they do that?

Also I heard on a conference call that it is very beneficial to have a website. How to start a website for not much money? Intuit looks good and easy but does Dean have something for his students?

I,m on double go and must do my first deal soon.

Thanks for your support,

james

Hey Matt! Where do I go and find the foreclosure listing on the County Recorder's Office website?

Any advice is appreciated.

But you can go to http://www.deangraziosi.com/freewebsite

Steve

Hey Matt,

We had $250,000 of personal money to invest. We just purchased a residential for $65,000 that we will be putting on the market for $109,000. We are also in the process of purchasing another residential home for $136,000 which is appraised for $179,000. The houses need very little work done to be put back on the market. Both houses together total at about $6,000 worth of repairs, which includes new appliances. They are both HUD homes but with the larger property there is 100% financing available. We are at a crossroads, we're out of money. we cannot purchase anymore properties unless these properties are sold. So, to free up our money should we have the properties appraised and go to a hard money lender to get it refinanced? What do you think we should do? We would really appreciate your advice on this. Thank you.

April & Ken Dash

I know I have loads more to learn and I still have to get out there, but it means a lot to hear that from anyone who knows more I do, especially a Rockstar such as yourself!

Matt,

Thanks for your response.

Matt: Thanks for answering my questions. I
appreciate it.

kgreen

James, I'm not Matt, but if you are interested, GoDaddy.com is a one-stop
shop. Have package deals that can get you up and running FAST. Monthly payments
without a lot of money up front. Hope this helps. Let me know if you like it.

Kathleen

I'm trying to remember exactly what it means without having to go back and comb through the dvd. I'm on a time crunch today. Does anyone know? Matt? Thank you very much.

I've asked Dean, Matt several times, I've called the help lines.

No one knows.

What's the deal??????????????????

Hi Matt,

Just wanted to let you know that the strategy you taught at the Edge 2010 on how to find a Real Estate Agent worked like a charm! I met with him today and it went great. Thank you!

I am currently using your strategy to find cash buyers! Don't have anyone on buyers list yet. So that is top priority.

I wanted to ask, when you invest, what classification of sellers do you think is most abundant with deals (highest possibility that low offer will be accepted)?

REO
FSBO
Probate
Preforclosure
Short Sales
MLS
Auctions

I am in the sacramento area in California if that helps. I know that the best strategy is one that fits with the local market.

I want to try and target the area that will possibly lead me to a lot of deals fast! You said it best, I want to go Fast!

Thank you,

Greg Rowe
Elk Grove, CA

I am currently in the Upstate NY area and my realtor has told me that I can not assign a contract! How do I get around that without breaking the law?

get a new Realtor!!!

Not sure if this is what you need, but if you are looking at "as-is" as a criteria, i t means that the property you or someone else is listing/selling/buying etc is going to be in the deal "as-is" with no changes to it, no improvements; it is being sold in the condition it is, period.

Hope I answered what you wanted to know!

Just some thoughts froma another novice - Perhaps you can ask your new-found agent (good for you!) about the solds in the last 3 months or estimates of the numbers of teach types of property you listed that are still listed right now. Another alternative may be to call/visit a bank, tell them you are a local investor and ask to speak to the person dealing with bank-owned or REO properties and see how many they have on their books.

I think the Instant Equity Exchange (IEE) is meant to help with that (but do not quote me on that, I am NOT giving legal advice). If you have Dean's book "Profit From Real Estate Right Now!" IEEs are discussed in there.

Also, perhaps try feeling out other Realtors and agents to see if they say the same, and even call a couple of real estate attorneys to see if they would speak with you about the legalities.

Good luck!

Hi Matt I have a question for you;

Question: What can I do to lock down this house without having to wait for Foreclosure process and can I get the price reduced, plus use a Private Lender?

I have a customer with 50K for down payment but has bad credit.
He wants a home in the price range up to about 250K.
He is not qualifed or bankable.
I know of a house on the market worth 250k that meets his and his family needs.
Current owner has a Listing Agent for nearly 5 months.
Owes about 225K plus late fees.
Widow survivor has not made mortgage payments for approx 3-4 months.

Need help here...any suggestions from experienced people with sound practical advice is greatly appreciated.

I want to first that you for the wonderful information you gave me before. I want you to know that I am on the path to success and I feel it this time. I did have another question for though.

You said that in Sacramento, wholesaling would be the easiest for me to start at. Well I just wanted to know your opinion on one more thing.

Should I focus more on find FSBO's, or since we have a very big pool of foreclosures out here, should I focuse more on them?

Would you suggest hand writing my bandit signs, or getting them printed to find my sellers?

Thanks again for all your help Matt. Your the best