Ask Matt Larson A Question

Ask Matt Larson A Question

Hi everyone! I wanted to start a post where anyone can ask me a question. I will do everything I can answer each and every question. I haven't been posting much lately but I can promise you I haven't stopped doing deals. I am making more money now than I ever have. You can do it too! Don't let hitting a roadblock stop you. Just ask me how to power through it!

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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!


FOLKS MATT HAS LEFT THE

FOLKS MATT HAS LEFT THE BUILDING LOL..


Book Deal

Hey Joe,

The book being relevant for today's market, why not publish it as an e-book? It's less expensive, it's rapid deployment, and available to most people, as a secondary fall back maybe have some hardback available for purchase with the authors signature? I'm sure you have covered the basis and maybe you have even done a workbook or added a step-by-step dvd or a few? I was studying aerospace engineering years ago and life takes funny turns and I just never went back to finish college after getting burned out and getting married. When I found Dean's course I ate it up with a fervor and I can't get my hands on enough real estate information. I have a new passion and I really like reading the posts because I can learn from all the experienced mentors on the site...Thanks Indiana Joe!

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Never Give Up, Never Surrender!


seasoning and refi

Matt.
I've sought to immulate your method to buy a property, do a fix up, improve and then get a refi, possibly with a cash out. I've run into a big snag with my local banker who has financed most of our deals. One deal was I bought on contract for deed for 66,000, what was owed on about a $91,000 property; did the fix up and sought the refi. the banker came back and said I must wait one year; his ceo said that the fair market value of the home was what I had paid, $66,000. . . . .and they would only finance 85% of that if I chose.
I said no, because I wanted some cash out,... to keep investing. Have you run into this? I have learned to welcome and read with great interest, the ideas you come up with.
thanks much.
Grady. . .

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crosstown looker


Hi Matt

Meisela here . Matt how do you fire a property manager that doesn't do his job ? and how do you tell the REA that he's not posting your property in the right place , nor uses the best marketing tools , etc . ?
Thanx Matt

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Thank you sincerely ,
Meisela

"If you think you can or if you think you can't, you're right! "


Great Stuff in this Post

So now I am a little confused on assigning REOs. Isn't it possible to do a double close? Or maybe you get a hard money loan, fix it then flip it? How does the LLC thing work?

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... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


Questions

Hey Matt,

I hope you are still answering questions here, I have a few:

1. Had you made a decision on your challenge?

2. I have 3 realtors that I am down to, after soliciting over 500, they all have been in the business about the same amount of time 15-20 yrs. One seems aggressive and a go-getter, but refuses to get a list together until we meet, even then she called my idea "stupid" but she is not afraid of offending people. The other has 20 yrs in real estate investment and started his own realty company about a year ago, he also partners with his brother who has a property management company and bought a national franchise (I just got his list and am going thru it). The third one is working on the list of houses.

3. How do you determine which houses to make offers on? I am taking a quick look at the mls sheet I get and any photos to see if the house looks decent. I convert the price to a SF price, then I am using Dean's TotalView to get a quick estimate of the value as well an a average SF price for comps for the last 3 months. Then I can see how the house is priced compared to value. I plan on putting in a 50% of list offer thru my realtor on the 25 best houses from the list. Is this what you do? I imagine after a while I won't need to do a lot of the math. It is taking a while to get thru all the properties.

4. There are a lot of REOs in my area, I was planning on get a transactional loan (1 day loan) and doing a double closing on these. I read in here that this does not always work and you recommend an LLC? How does that work?

Look forward to hearing from you.

__________________

... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


Hi Matt

I got the EDGE course over a week a go and its helping thremendously. You and the presenters are awsome. I have learn a lot so far but I am still stuck on the contracts. I have been putting my team together but I still need a Lawyer, title company and escrow. I have a two part question:

What is the best way to get a real estate lawyer? This an Obstacle I am trying to overcome due to a divorce and bankruptcy.

My second part to the question is I am using Greg Murphy Lease Option techniques because my credit is on the craper. I want to do assigments, but where I am stuck and its keeping from going forward is what contracts to use. Some people use lawyeers, some others use title companies.

What document you use to get pay.?

Max
Oklahoma

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Commit to the Lord whatever you do, and your plans will succeed.

Prov. 16:3

"I am talented. I am creative. I am greatley favor by God. I am equipped. I am
well able. I will see my dreams come to pass."

Joel Austin


Assignments

I would like someone on here to show me how to fill out an assignment contract and purchase contract. Is it possible to put one on here with **** information so us newbies can learn how to fill them out? Or maybe you can put a link to one for us


Hi Matt

Have you done any deals with any Bank REOs,and is it possible to do a no money down deal,or what would be the best way to go.

Thanks
whurndon


Thank you for opening up for questions.

I am only on page 2, and there are 5 pages, so if someone has asked this before, please forgive me. :blush:

How long did it take you to feel really confident with working RE deals? How many deals did it take, and did you go through any issues of feeling uncomfortable in the beginning? I've cut out all negative people (except my husband, although I do spend less time with him. BAH!) and when he has the tv, I turn the bad stuff around into opportunities in my mind. Did you have to overcome any failures and mistakes in the beginning that put a damper on the whole outlook, and how did you deal with them and overcome them?

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assighnments

hi matt, i recently went to a real estate office to see if i could look at some contracts like option to purchase, discharge of purchase agreements, and property disclosure etc. the lady asked about what i was wanting to accomplish and so i told her then she proceeded to tell me that locking up a property and reassighning it to a 3rd party was illegal if i was making a profit off of the property because i wasn't a real estate agent! im very frustrated now. i live in utah, is it different for each state or the same? the lady is a broker and i couldn't understand why she became almost defensive while i was speaking to her! so my question is if its legal to assighn properties then why is she telling me that its not legal, and is it different in some states than others?


Hi Matt

This is the first time I have checked out your blog and I have been skimming through mostly the most recent questions and answers. Anyway, to get to the point, I have a comment and a question regarding the above question from "Maurim" regarding assignments.

I was at a social gathering and struck up a conversation with a lady broker. Several of my friends have gone to this person for loans etc. because they are investing in rental properties.

I told her this story and she too said it was illegal. So I let it drop, thinking she knows more about it than I do.

Story - I know of a house in my neighborhood that sold at the top of the market for $385,000. When the market dropped, it was foreclosed upon. It sold at auction for $96,500. I was kicking myself for not trying to buy it. But, I have never gone to an auction and secondly, I did not want to cash in my investments just to have cash in hand. Even though I know I am good for the money, I did not know how to purchase the property. The person that bought it at auction had no fix up at all to do. He hired 4 men that showed up one day and worked in the yards and hauled off a few things left in the backyard - like an old barbeque. He probably paid them at most - $500.00. I went and talked to the lead man and picked up his business card. He then put it on the market at $125,000. It sold rather quickly. Again, I didn't buy it, because I could see the profit he was making even after paying a realtor's commission. He was making over $20,000 and only owned it a couple of months. And at that time I didn't want to pay the extra money when I knew he had gotten a good deal at auction. I am still kicking myself because at $125,000 it was a great deal for the people that bought it. And yes, I checked - it sold for his asking price.

Well, this broker lady told me it was illegal to buy a house and then put it back on the market for more money. Something because of all the poor lending practices and such going on and folks going through foreclosure. I live in California. Do you have any insight on this? Thanks,

Kathy V.


Where is the world is Matt Larson?

Matt must be in hiding, we'll have to keep this on the top of the list till he answers!

__________________

... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


assignments

I'm definitely not Matt. But from reading Dean's books and many comments in the journals/forums, etc. Assigning contracts isn't illegal whatsoever. The thing is some individuals just don't understand it and have never done it so they think it's illegal. People on here say you just need to ask around either lawyer, title company, other investors, etc. to see what they know about it. Assignments are just another tool that most people are unaware of and yet it's powerful when you learn it. I'm just now in the midst of my first assignment, end of this month is closing so I will know more after that. I hope this is somewhat helpful. Another way to ask realtors is do they work with wholesaler investors, that's what assigning is.

I explain it this way to my friends and family: It's like going to the store and buying clothes on the super clearance sale (yellow dot, extra 60% off the already marked down price, etc) and then selling it to someone else for a higher price. Like what IndianaJoe does with craiglist/Ebay. We as investors buy a house from motivated seller on clearance and turn around to sell to someone else. I don't know if this makes sense and it probably won't change these broker's minds you just look for someone else. Hopefully somewhat helpful.
Cathy


Hi Matt

Good Morning,
My name is Donna and my question is how do you assign Bulk REO Tapes? I have several people offering them to me and I do not know what to do with them. Can you explain it to me or do you know where I can find the answer to this? I am just not sure. They sound very profitable. I also know people who purchase them and I would like to put the sellers and buyers together and get paid in the middle. I have read Deans book but could not find anything about this specifically. I would partner with someone who knows how to handle bulk reo tape transactions.

Thank you in advance.

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Donna


getting started is the hardest!

Hi Matt, I purchased Dean's books in Dec-09 and my partner and I are broke and know that assignments would be a better place for us to start. We found out that working with an REO agent won't work since we cannot get a POF letter. We tried going on Craigslist like Carol to do assignments without much success (we need more of the blanks filled in). We are anxious to start anything but are of course scared but not enough to keep us from taking Action. We just don't know where to start. We put signs out, 'we buy houses" and "facing foreclosure? DON'T" with Deans script but had no calls. It's not that we're afraid (and we are a little) but that will never stop us because our desire, goals, and definite of purpose still and will always rule. Our family and friends need us and will be the catalyst for our success. We just wish we could go to one place and start and when it works, do it again then later branch out. For starters, we know that our first couple of deals must be buy and sell to get us out of debt and then branch out to buy and holds for long term gains. We always seem to go back to your start, but since you started out, banks do not lend 100% any longer (but we haven't tried either, I imagine that because the banks use agents more now, it's harder to get to the decision makers, what do you think? And, do you agree that options you had in the beginning have changed for the harder since you started. I would like to know more about assignments as the previous newbie student like us asked earlier. We are anxious. determined, ready, able, deserving, we expect it and are deserving of it!!! Will you put us in the right direction and give us the Boot!!! We want to buy 10 homes this year and help others to do the same. We appreciate you and the DG Team. Thank you. Patti & Margaret


I'm sure he'll show up here again...

but ya prob. can't blame him for having so much fun...buying up all that RE! Indeed we are in a special time where new millionaires will be made in the diverse markets of today, help from Matt & the others here is "PRICELESS!" finding new ways to arrange deals that are win/win... is where it's at! I too am a newbe, but w/some prior exp. and insight enough to buy a few small parcels of land on e-z contracts(i.e. $150 a month or so), we started w/baby steps. We've only had our books for a few days but I have already lined up a home listed @55K...but the comps are way above that for that area(it looks messy in the pics from the agent) I spoke to the agent today & lined up a preview for the end of this mo. I've decided to use the deed's to my land as security/collateral,(to a hard money lender or other investor maybe???? need help in the right way to do this "NOW, never tried a hard $$ lender before) These deed's have an assed value right now of above 50K, just using most of the 10 parcels we have aquired. Using Matt's re-fi trick we will offer the bank up to 27 to 30K "Cash" depending on how much work it needs when I see it,(looks like mostly just overgrowth detracting from it's curb-appeal)so along w/a spruce up & paint, & seeing more than a few specks of the river through the brush in the pic's today, I'm sure I can give the home back it's old river view once again, I have worked most of the construction trades for 25 yrs. building homes, not too worried over cutting down overgrowth or if something needs fixed. Oh, did I mention it's overlooing a beautiful river in Oregon! We plan to live there after we re-fi, taking out 60%(or 36K @ if it will appraise around 60K FMV)of our new equity(since we would own it outright once bought) should be enough $$ to repay the investor his 30 K ...put a few K in our pocket at closing & we should have no problem paying the low monthly payments ourself's. Now... if ths house will appraise for 65K or more aft a rehab & w/ it's river view restored it's looking like our first deal will be a great start....SOON WE WILL KNOW, & yes Matt I could use your guidance if you care to reply....Thanks a ton..."EVERYONE!"


Reserving LLCs for REOs accepted

Hey Matt! Whoa! Super stuff man! Thanks so much!

Got a few ?s on reserving LLCs for accepted offers on REOs.

1. How exactly do you set this up in your contract so you have enough time to find and reserve the LLC so you will have it when the sale takes place? - Since you are working with banks, we are working with pros here... don't want to look stupid. Eye-wink

2. How exactly is this strategy used and what is it's process?

3. Would it be best if you have a Series LLC and you would just reserve another LLC under it or better to use a totally separate LLC?

Thanks millions... you blow my mind away! Smiling

Dvorah

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Dvorah
Just jump in, make your mistakes-use them as stepping stones and make your dreams reality!


Picking Properties & Reserving REO

Matt:

Two questions for you:

1. On your 25:1 formula, do you do any financial analysis on the 25 properties or do you just look at the listing and pick the ones that look good?

2. I want to know more about reserving an LLC for an REO, does it matter what state the LLC is in? Is California the best deal? Are the forms for selling the LLC?

__________________

... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


Contact between DG REI members

Hello,
I am new! I thought I had seen a forum site that gave info about how to establish contact between DG REI members. I have searched the forums page but I have not found the info. Also I can not find out how to set up a personal profile/info page. Could you give me info/assistance? TNX.
I'll accept assistance from any member(s). I'm not too proud. I'm trying to learn, I'm a student!
DAN


Contact between DG REI members

Dan

Hi, my name is Ogal and I've only been on this site a few months. As far as setting up your profile page, if you are logged in go to the upper left-hand corner and look for the link to your account. Once there, find the profile tab. You will be sent to the information page where you type in what you want other members to know. When finished, this profile will show whenever someone clicks your name.

As for contacting others, I haven't had much luck since my initial postings. Not even PMs get a response. I hope that means everyone is so busy they don't have time to help us newbies with questions we don't find answers for. But it is still a little un-nerving. Good luck and keep reading the posts. Investigate this site thoroughly, because like Dean says: Action is reqired!

Ogal

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"Only those who can see the invisible can accomplish the impossible"
Patrick Snow
"Instead of using your words to describe your situation, use your words to change your situation" Joel Osteen


to matt larson

hi. my name is david thornton,i am new to the d.g. family.i have done everything to come up with money for coaching.i can't do it .i'm trying to concetrate on the fastest strategy to do a deal.some a-z steps please.iv'e read profit in real estate now.i'm a little lost.please if you could mr. matt,e-mail some steps so i may try them so i can show myself i can do it to?i'm at dvthron@neo.rr.com.thank you very much.i hope to meet you.i will one day.god bless you. thank you.


Contact between DG REI members

Hello Ogal,
Thanks for responding. I really appreciate it. To update you, cbrpwr has not responded at all. Must be too busy with all the goings on setting up out in PHX.
I did get a very few responses (PM & Email) and was able to get my profile page set up properly. I'd like to stay in touch with you, if you would consent. I prefer using Email. I realize not everyone has access to Email , so I am aquainting (sp?) myself with this PM program. Please check out my profile page (contains my Email address). This will be my introduction to you. Again, Thanks much for your response.
DAN


hi

hi my name is demetris and im jus starting but ive been contacting FBO and asking the owner will they be willing to give a finders fee to me in return for a buyer and a lot of them agreed to it but now my problem is making a buyers list can anyone give me some good tiips on developing a buyers list I would appreciate the feed back thanks.


Matt

When you do your 25-1 deals is the 30%-50% discount off thier asking price? I live in Indiana and when I look up properties online the most recent fair market values are from 2005, and some of the properties show the tax assessed values but most of the houses listing prices are well over those, sometimes even a few hundred thousand dollars more. That's why I was wondering if you make your offers 30 - 50 % off the asking price.Also I found a property where the owner said submit your owner financing offer. The listing price is 19,900 and I plan on holding and renting it out so I was wondering how should I write out my offer? Thanks for your help


IEE Deal Assistance

Hi Matt,

I have asked about IEE Deals in another area which looks just like this one, so I hope that I'm not being repetitive. I've had Dean's books about seven months and due to lack of $, which I have learned should not be a reason for not getting started. The IEE strategy is interesting and my partner and I would like to do one with a buyer that I have right now. My ? is this. The property is in foreclosure, owner paid $300K in 06 (I think) the asking price is $150K. My realtor said comps in the area are between $170 & $180K. I would like to offer $120K. My buyer has $100K in cash and anything over that in price would have to be a mortgage. For starters, will the lender accept an IEE Contract? If so, would my partner and I put the property under contract using my partner's LLC ( I am in the process of purchasing a home for myself as a 1st time homebuyer with county grant $, and cannot own even an investment property prior) and if our offer is accepted, we would do another contract with our buyer and the additional purchase price of $130K, including our fee, we're thinking $5 or $10K, leaving the buyer with $40-$50K in equity. And, how much should we, as the buyer put down to make it an appealing offer when financing the balance? . Bottom line, if I haven't confused you, is this a workable IEE deal? Thank you Matt very much for your help.


#1 way to find deals to wholesale

Hey Matt,

Seems like you are a superstar on here. What is the number one way you use to find deals to wholesale/assign. I'm just tired of assigning a deal here or there and want to amp it up to 4 deals per month. Buyers are not the issue for me its finding the deals.I appreciate all the help. Thanks!

All The Best, Jason B

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Hey Matt

Thanks for taking your valuable time to come back on and make yourself available to all of us!
My question to you is this: when you decide to invest in a new city, what resources do you use to determine the most desirable area as far as resale, school systems, etc. Do you rely on a local realtor, or a managements co. advice, etc.
Thanks in advance,
Laura


Upside down home owners

Matt:
Thanks for taking the time to answer our questions. I am a new investor in Southern California. As you well now many home owners are upside down on their mortgages. Does this effect any of Dean's strategies? What are the best techniques to work with distressed home owners or what tips could you give in this regard.
Thanks,
Ray


Resistance to Assignment of Contracts

Hi Matt, I'm fairly new in the real estate investing game and I reside in Charlotte, NC and I'm being met with quite a bit of resistance to the assignement of contract method. I've talked to several Real Estate Agents/Brokers in my quest to find a really good one and I keep hearing things like: "You're not going to be able to find an attorney here that will close an assignment of contract deal." "You're not going to be able to find a distressed enough seller that is going to willingly sign over the rights to their home to you." "It's unethical because you are taking all of the equity out of a sellers home who is probably already in a bad financial situation." I was hoping to start out with real estate investing with assignment of contracts because it seemed like a fairly quick way to build my own capital so that I can eventually start buying those properties that I wish to hold on to. But if everyone around me is telling me that it can't be done, I'm not sure which way to turn now. Have you heard of this happening in any other cities? I understand that some cities/states like Charlotte, NC were not that adversely effected by the real estate loan mess so doing assignment of contract deals may not be that neccessary or even wanted. What would you suggest that I do if I have none of my own money? How can I overcome this obstacle? Should I just keep looking for those real estate agents/attorneys/brokers that can handle and are handling assignment of contracts in my area? I'm sure one or two must exist. Any advice?


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