Ask Matt Larson A Question

great meeting you at the edge and i hope i didn't put you off when i discussed the travel issue. i read your story in the right now book and i too travel 350 miles one way to my buy and hold area where i want to eventually move back to every other weekend.
that's in n.c. and i currently live in md. because of family. in short i can move later, but i can't get another momma . my question actually was in the area where i currently live i'd like to do wholesaling but have one zipcode near where i am and because of the distance i have to travel in my other area i don't want to go too far. the area is rural and i know from greg murphy it can be done in a small area. my three thousand word lead up to my question is do you know of a way to sharpen my comps within that one zip code. thanks for your help.
keep moving forward, rob

p.s. hope you don't mind if i comment on this, but johnny if i had it to do over again i think i'd have saved a world of time by joining the academy. they can help you moving forward and they're just a phone call away. your never too old and i praise you for wanting to take action at this stage in your life. by the way, can you talk to my mom?

After posting on Craigs List, I got an investor to call! they asked me "Are these properties you are selling owned by you or are you getting them from another source?
If so, how many people between you and the actual seller is there?"

I'm not sure if I should just let them know I'm wholesaling or does it really matter at all what I tell them?

Thanks,

Joshua

I'm going through the material in The Rock Bottom Blueprint right now my question is when I finally find a real estate agent who will work with me how do they get paid for helping me with a wholesale deal ? Rich

The Realtor gets paid by the seller of the property.
keep in mind that you will not tell the REA that you are a wholeseller, just that you buy and sell.

Hi Matt! I've found a house that i would like to share with a partner here in Utah. I haven't been able to hook up with anyone yet. This house has substantial equity. I have good credit, but not the funds. Can u recommend anyone here in this state to vp with?

Do Deans and your techniques work here in Ontario Canada as well? Do we have the same forms and documents and do they work the same way? Will the numbers be the only difference? Are the Canadian Real estate Laws different? Thanks.

Number 1. The agent does not cash the check unless the offer is accepted. So you can make all the offers you want using a COPY of a check.
Number 1. part two. Have a real buyer in place so that you can use his money to cover your earnest money.

Number 2. Why would you bird dog if you have done all the research and found the property. The way to do this is put the property under contract and sell it to your buyer.

Number 3. Once again, put the property under contract, you will have full control. No buyer can steal your deal. Have buyers ready.

This is all fine stuff but is totally meaningless unless you know how to find, evaluate, put under contract and professionally present your deal to your buyers.

Josh, do you have deals ready to sell? If not, you are worrying about a bunch of details that you will not encounter until you have a deal!!

Matt, I've Recently Join Ameraco And I've Tried To Submit A Deal They
Want 3 Comparables On The Property How Do You Find Out What The Comparables
Are?

What Website Do I Need To Use To Find 3 Property Comparables? Or Is Ameraco Asking For Too Much Information When Submitting A Deal? If You Would Like Can
You Please Partner Up With Me On A Deal And I Will Split The Commissions 50% To 50% I've Never Assigned A Deal To An Investor.I'm Real Nervous About Doing
This I Need Someone Like Dean Graziosi Who Has Been There.I've Noticed The You
Have Closed Quite A Few Deals.

Hi Matt
When you talk about giving your agent 15% commission,is that on the total sale or just your profits?
Jeff

I'm a 59 yr old disabled vet with bad credit will this work for me.

^^^ it depends, are you willing to go all the way through with it?? if you are then you bet ya, if not then im sorry your passing off on a great opportunity

Hi Matt I'm trying to get a direction - I have a great broker and I was thinking about tax lien property in NY -where I'm from - cant do finders fee unless I have a Realtors license -cant decide which way to go .

Hi Matt Just want to ask is there something im doing wrong or not doing enough, I have been in the success academy for over a year now and still haven't done a deal yet I feel like giving up but don't want to so do you have any advice for me?

My comment is that I have read all of Dean's books I watched you time and time again, I followed your 25:1 ratios and after being with the acadey alittle over a year now I finally got my first offer accepted back in June, I had asked the selling broker to allow me to close with in five days after acceptence due to the fact that I have Cameron Dunlap as my funding person, he only deals with back to back closing, the selling broker agent denied me that request, mind you that she had the three day contingencies removed, she then came back to me with the disclosure of being a Fannie Mae property and it had a 90 day deed restriction, which in this case Cameron could not help me because he does not do any funding that lasts for 90 days, I had some issues that were minor to fix in the house and I asked the selling broker to give me $10,000 credit or to have the 90 day deed restriction removed. she denied both requests and then the day she had put in the contract to close escrow which was July 20th I asked her to have more time and she denied that as well. After all that I lost the house and was not able to do anything else and now I am fighting to get my EMD back which she is just being imposible to deal with. I have contacted my attorney and he suggests that I plead for some of the EMD back at least. What do you suggest to do and what do you do when you have a deed restriction that is on a Fannie Mae property? Please help

The 90 day deed restriction only applies if you try to sell at over 10% of what you paid!! So if you make $10,000 total(your fee and all expenses can't exceed 10%) on a $100,000 you can double close those all day! OOPS!! Always consult your attorney first.

Also, Cameron does offer some short term loans. There are also ways to legally get around the 90 day Fannie May seasoning issue if you want to make more than 10%.

What did the cash buyer you had lined up for this deal have to say?

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Matt,
its nice to see your here to help us newbies. I attended your Boots on the Ground training in Glen Ellyn in July, and have begun my journey into RE Investing. I have placed several offers and had one accepted. This prop we will be buying, rehabbing and renting out for cash flow. So, my question is this. Im really neededing to make sure Im doing this all right, but Im having an issue determing the ARV of a prop correctly so that I know when Im submitting offers that Im calculating everything correctly. A couple times I went to Zillow, and used the Zestimate figure as a ballpark, deducted RE commissions, sellers and buyers costs, holding fee's, rehab costs, end buyers profit and my profit, used that end figure as my Max offer, then went a % below for my actual offer. Is this a correct way of determing ARV and Max offer? Something tells me Im doing this wrong. Any advice you can give would be great.. Thanks Matt.
Tammy LaPuma

I have been working with a realtor who owns investment property and seems pretty knowledgeable about the area. I asked her to do a search for properties which have been listed as as-is, had at least one price reduction and are vacant. She's making a big deal about this and says it's a lot of work to do that search, involving three different screens.

Am I missing something? Can't you just design a search with whatever criteria you want? I finally just asked her to send me listings that have any of the search criteria and I'll do the rest.

Comments? Is this really a difficult search? Is she old school? Should I guide her or move on?

Barb

I have a serious buyer with deep pockets. A couple of years ago he and his clients bought 300 properties in Pittsburgh. He asked me to find him 10 houses now, and if things went well would like to buy in the hundreds. So, my dilemma is this, the agents I have been working with are willing, but also are overwhelmed. As you can imagine, I really want this to go well, any advice or guidance that you can send my way would really be appreciated. My buyer wants to spend an average of around $20k per, but can fund more if the numbers really work well. I'm excited but a little overwhelmed myself.
Thanks
Bill

Hi Matt,
I am new at this, but I am stuck because I have 2 properties in IN and have not been able to find a bank to refi my properties I have spoken with Joe J from IN, called about 20 banks/credit unions and my property manger who is an investor there, as well as my coach who owned property in IN previously but none of them have any banks that they have worked with who would do this and I can't find one who will do the no season refi. Dean said you work with a bank in the Quad cities area I believe he was from US Bank, but not sure? You have done lots of deals with him. If this is so. I would like to find out if he has a contact in IN because there are US Banks in IN. I would like to refi pull the money out and repeat this process but need a bank first.
Thanks

Hi Mark my name is Tony Grant and I would like to ask how would I go about doing this for a new buyer who want me to finance our home?

Here are to break down:

1. The FMV is $285,900 we owe $60,000 on the loan.

2. The ARV is $350,00 repairs needed $15,000.

3. The area comps: $329,000 to $350,000.

4. Here is the break down from Zillow: http://www.zillow.com/homes/13412-biddeford-ct-germantown-md-_rb/#/homed...

Thanks for any help you can pass my way.

Tony

Hi Matt!

I really enjoyed your sections in Dean's book, and you inspired me to take action!!!
I have some questions still about closing, in particular, how to do a double closing with an assignment contract. Could you provide me details about this?

Thank you,
Denise in Las Vegas

Hi Matt - my husband, Dave and I have been to numerous events in Vegas and we were taught that you can put $1.00, $500 or $1,000 down for earnest money. Well, we've run into several roadblocks with that idea. First off, you are required to put 10% earnest money up on ALL REO's. Where do you find funding for this? We've spent our last dimes on the training and a couple of liens so we are tapped out. We actually had 3-4 properties we were working on, but were told we had to put up the 10% earnest money or the bank wouldn't even look at our offer. We surely haven't given up, but its getting harder and harder to keep going when every time we do something, we run into another road block. We've been putting out offers, we've been doing the work and looking for FSBO's as well. We are willing to try whatever it takes to earn the money we've spent on training to start out with. That would not only boost our bank account, but our confidence. Any ideas on how to find anyone who finances earnest money? Thank you!!!

All you need is a better Agent. I have personally witnessed search criteria entered into the computer and it takes less than 5 minutes. You made it simple for her, she for some reason is making it hard for you.

NEW AGENT!

I just make offers on 28 property's 50% of the asking price and my agent said I need to give her a deposit check for more then $2000 but she did not say how much more to make the offers, they are on the mls listings for more then 90 days , vacant and with price reduction. I thought the only time your needed a deposit check was with Reos bank owned property's.I wanted to assignment these.I thought it was no money down.

With the goal of netting $350 per rental property as my goal, we are having to get in-house financing unless seasoned for 6 months. At that interest rate, we can't meet our goal. I understand ya'll do the in-house loans. How do you make the desireable profit paying the higher interest rates? And, seeing that they are adjustable rate mortgages, how do you avoid the increase in payments down the road. Do you refinance after seasoning?
Thanks so much for your input.

Lisa Groves
Arkansas

Looking for Matt and Dean when they were talking about Matts 25:1 stratagy?

Watched it the other day now I can't find it?

Anybody??

Matt,

As i pulled a list off the MLS, Houses that are Vacant, As-is, and price reduction most properties are Bank owned.

Is that what we are looking for?

I have been doing assignments and now i am ready to move on.

Thanks
Jay C

When I signed up for Insider Elite I saw where you were going to put together some type of wholesaling total package. Are you still going to be able to do that? Even though it may be a repeat of what's already out there in segments in other places, I'd love to see it.
Matt, you've been a great inspiration to so many of us; thank you for that. But I've been realizing that my greatest obstacle is my fear. I now realize that this is my greatest "Why" from the seven levels deep; to overcome my fear and to know that no matter what happens to this economy that I can overcome my fear, go out on my own, and not just provide for my family; but be very successful! Could you please address overcoming your fears when you started? Thanks.

I posted the other day when I was in a hurry and realized later that the forum was started in 06/2009; I felt so stupid. I don't know why this was listed as an active forum; that's what got my attention.
But as I thought about it, I realized that this process we all go through is in some ways a process of discovery; a discovery about ourselves.
I've been studying Dean's Real Estate material in earnest now for almost 90 days since I joined Insider Elite. I've read all five books now: Totally Fulfilled, Be a Real Estate Millionaire, Profit From Real Estate Now, Your Town Your Real Estate Profits, and just two days ago I finished 30 Days to Real Estate Cash. I've been doing this while viewing as many videos on Dean's Insider Elite site that I can; it's been awesome!
What I realized is that my true "why" is to overcome fear. Not just overcome, but to decimate and obliterate fear! I'm guessing that is what Dean has called your "Villain Within." Just realizing that has been liberating! This was something that was really grabbing me at a gut level.
And so even though Matt may not read this, I know someone else will. And now I realize that the wholesaling techniques are clearly spelled out in the 30 Days book and Matt has already answered the question about fear with his by-line:You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
So let's battle on!