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!


even if

even if your area wasn't really affected by the real estate loan mess, there are still people desparate to get out of a home, or maybe they lost thier job and can't pay thier mortgage anymore. Real Estate Agents are mostly negative about assignments because they don't understand them. Just put offers in until you get a good deal locked up. Don't worry it's there waiting for you. You have to know what you are looking for though or you won't recognize it. Try canvasing your neighborhood for vacant properties. Look for for sale by owners. Call rental ads and see if they are interested in selling. Look around the local college lots of good rental properties near colleges. There are always deals you just have to do the work to find them.


FROM THE GATE

I'M HERE TO TELL YOU THAT I WAS IA LITLE SCARED ME NOT HAVING NO MONEY OR NO WAY OF SETTLING MYSELF IN THIS DIRECTION SE I'VE TRIED ALL THOSE OTHER REAL ESTATE COARSES BUT FOR SOME STRANGE REASON I WAS JUST SITTING UP WATCHING TV AND YOUR INFOMERCIAL COME ON AND SOMETHING JUST KEPT TELLING ME TO GO FOR IT NOT LIKE ON THE OTHER THIS ONE WAS A STRONG FEELING SO I DID AND WHEN I RECIEVED IT I LOOKED OVER THE BOOKS AND LOKED AT THE DVD's AND I SAID NOW IS THIS ALL I NEED TO DO REAL ESTATE I HOPE SO OR I WILL ORDER WHAT EVER ELSE I NEED SO I GUESS I WISH MYSELF GOOD LUCK CAUSE RIGHT FROM THE GATE I NEED TO KNOW WHAT ALL I HAVE TO DO SEE I HAD A STROKE 4 YEARS AGO I AND I HOPE I CAN DO THIS WITH THE HELP OF DEAN AND HIS STAFFS HELP CAUSE I REALLY WANT TO DO THIS BUT I HAVE BEEN TOLD I HAVE A BAD SHORT TERM MEMORYBY IT DOES NOT SEEM SOAND I'M JUST ASKING FOR HELP TO GE ME THROUGH MY FIRST FEW DEALS I'VE STARTED READING PROFIT FROM REAL ESTATE RIGHT NOW AND THE SECOND BOOK I HAVE IS YOUR TOWN YOUR REAL ESTATE PROFITS AND I'M WONDERING WILL I NEED THE OTHER BOOKS ALSO


Assign

Matt, My name is Veronia, nice to see you remember us. Thanks for taking time to help us out like Joe said you must be working 25 hrs a dy. I hope not. Now Matt do you have a specific formula to do assignment? I can find the comps but it has low end and high end so what do I do? eg a REO is listed for, $1.2M The comps Low end says $469K the high end says $618K what do I offer? or how do I structure this one? Is There a person we talk to @ Coastal Funding I called several times left many messages no answer. I still do not hav my LLc as yet
Matt, Can you please walk me through 1 deal so I can continue Please This will be my first.
Vee.


Where is Matt????

He hasn't answered a question here since June 30, 2009 -- 14 months --- #73 here !!!

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George
http://gemcourt.weebly.com/


THANK U MATT WELCOME BACK

We've all learned sooo much from you and Im grateful that your back and down to earth enough to want to be there to answer questions...

Thank you Matt..WELCOME BACK

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Tomorrow is what you BELIEVE and DO today!


AGENTS & COMPS- QUESTION

HEAY MATT,
LOOKED FOR INVESTOR FRIENDLY AGENTS. I'VE GOT 2 AGENTS THAT ARE LOOKN FOR PROP. THAT WILL TURN ME A 25-35% PROFIT..FIX AND FLIP. IN 30 DAYS...

LOOKING FOR BUYERS:IVE GOT SIGNS UP EVERYWHERE FOR BUYERS..CRAIGS-DIFFERANT STATES, ETC. POSTED SIGNS BY FWYS ETC..

MATT, WHERE DO I GO TO RUN THE #'S TO KNOW IF ITS A PROFIT OR NOT?? I HAVE DEANS COMP-SITE...IT GIVES ME CURRENT COMPS FROM ZILLOW, CYBER & APPRAISAL.COM?? ARE THESE COMPS SOLID.. HOW DO I VERIFY ITS A GOOD DEAL...HOW DO I VERIFY IF THE HOME AREA IS A PLACE PEOPLE ARE BUYING HOMES AT OR DOES IT MATTER??

ALSO, HOW SOLID IN GOLD IS AN APPRAISAL? ONE AGENT SAYS SHE AS A GOOD DEAL BUT THE HOUSE WAS APPRAISED @ 280K AS IS, LAST ONE SOLD FOR 256k, LAST BID WAS 230k & DECLINED....HOW SOLID ARE THESE APPRAISALS?

THANKS MATT

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Tomorrow is what you BELIEVE and DO today!


AGENTS & COMPS- QUESTION

Hi Maria,

The total view comps are pretty reliable but I also use the SiteX comps http://www.sitexdata.com/Home/PropertyReports.aspx as well but to determine the Fair Market Value, use the following as a guideline:-

Fair Market Value - A key to investing in real estate and structuring a good purchase is your ability to know the fair market value (FMV).

You must understand the asking price and the list price are not the fair market value; they are what the sellers want.

These figures could have been pulled from the air or the Realtor may have suggested the price. Below are four quick ways to find FMV.

1. Comparables - Contact a Realtor and ask for sold comparables in a specific area or community. They can often provide you with several properties that have sold. This will give you a general idea of the FMV in the local area.

2. Appraise and Analyze - An estimate of value of what a property would sell for under normal market conditions; completed by a professional appraiser. Analyze what a seller wants and what he or she will get.

3. Tax Assessed Value � Yearly the local county government tracks the value of a property. Most are below market value. If you do an average in your community, you will find they are consistently at a rate below market value, for example 85 - 90% of market value.

A good rule of thumb is to be able to purchase a home 15% below assessed value. This does not always hold true but can be a good gauge.

4. Courthouse Records - Visiting the tax assessor�s office can help you locate the value of homes in a specific area or community. Simply research houses that have recently sold in that area. (Internet access)

The comparable method is the most basic and commonly used method of value estimation for single-family homes.

Other Evaluations In addition to the standard evaluation techniques of comparables, appraisals, tax assessments, and courthouse records to determine fair market value, properties can be evaluated in a number of other ways.

Most evaluate the return on investment or are used to code an ideal property. There is a number of quick and easy coding systems that can help you evaluate properties:

1. Quick Appraisal The quick appraisal system codes mid range properties. This is a simple A B C system. The �A� property is the middle range property in your community, the ideal property for resale and marketing.

2. Conversion Ratio The conversion ratio is a simple system of looking at the cash invested into the property and the equity of the property.

Anytime you can find an investment that returns three times the equity of the property, generally the property is a good choice. Even if the market moves down, the equity is substantial.

3. Profit Margin The profit margin of a property is the fair market value minus the purchase price and is quoted as a percentage. A 40% - 50% profit margin is a fair deal with room for error. Even if the property needs work, there is usually room for profit.

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George
http://gemcourt.weebly.com/


Real Estate Agent

Hello Matt,
I was wandering when you have used a Real Estate Agent how did you work out the way and who pays the agent that you were doing your deals with?

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André
God is Good
Strength and growth come only through continuous effort and struggle.

http://www.andreinvestment.com
buyer squeeze page: http://www.andre-rent-to-own.com
seller squeeze page: http://www.andrebuyhouses.com


Andre

Typically the seller pays the realtor. If you hire a buying agent, then the buyer agent and the selling agent split the commission paid by the seller.

andre73 wrote:
Hello Matt,
I was wandering when you have used a Real Estate Agent how did you work out the way and who pays the agent that you were doing your deals with?

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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 ...


Middle man between 2 brokers

Hello Matt you are quite the story. Impressive.
I am a couple months into investing and about a week away from getting Private money to fund my first deal. My attorney is reviewing the terms and condition of the loan.
Here's my situation:
I like the idea of "bird dogging" and have started doing this with one local investor and one Broker from NYC NY NY . The Broker has buyers that deal in large acquisitions 1mill + no ceiling. She and her principle have agreed to pay me 12 percent referral fee on their commission on any close. I have presented her with a 2 million dollar property that she says may have potential.
Now here is the hard part. On the broker side that has the listing that I searched for and found does not believe his firm will pay a referral fee to me for connecting him up with the buyer broker who has the buyer client. I am a lic sales associate but at this point am not working for a principle broker myself. I am going to call the academy and run this by them. I thought I would ask you too for your insight on getting paid a referral from the listing agent by referring the buyer agent and their buyers to him. Any input would be appreciative.
Respectively,
John Musco _ LiveADream.

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John A Musco -
You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.
Tony Robbins


Hello Matt

I listened to your comments on the Live Call tonight 09/14/2010 Tuesday, and I would like to ask if you can tell me the details again what you say in a letter to a cash buyer that you have found on the MLS list that an Agent has given to you . What was the dialogue in that letter again ? When i heard it.. it sounded so simple and I would like to follow your lead in buying this way. I ask of you also if there is any other advice you can give me to be able to get started on my first deal. I have a buyers list, (but not a cash buyers). The "corporate job" market is scarce so I would like to do the "bird dogging" way of doing things started to pay bills off and get back on track .. I appreciate all the help you can give me ... thank you so much

Tamara and Joe Sandoval

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Joe and Tamara Sandoval


Bandit Signs

Hey Matt

What are some of the other things you put on Bandit signs to get Buyers. Awesome job on the call tonight. Thanks man

Larry

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Larry masnovi


refi?

Hi Matt,

I own a small rental property in Texas, no mortgage on it (value about 55K); I live in Ca.; how can I pull money out of this property? line of credit, or get hard money lender, and then refinance with a bank?
thanks
Valerie

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Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Matt

I wanted to let you and Dean know that your techniques you taught in the Profit Now and the Edge 2010/VIP session has worked to perfection. I found a bank that requires no seasoning on refi's and has no limit on its aggregate. They are willing to give me a line of credit(LOC) for my future cash purchases and rehabs. This will allow me to move quicker through my buy and holds as well as buy/rehab/flip.

Your post cards to cash buyers has my phone ringing off the hook as well. I was even able to become good friends with one of the larger local builders. He is impressed with my knowledge and wishes to start a couple partnerships on some deals I thought I would not be able to do for many years. It has opened the door to greatness.

Thanks so much for your nugets of information. Next month I will finally be able to pay off all my bad debt and sign up for the coaching program to further my success.

Thanks,

Jonathan

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Jonathan Jura
Jura Enterprises, Inc
P.O. Box 71
Delphi, IN 46923
www.juraenterprises.com


Chris

Hello Chris,
Thank You for responding to my question sir.

__________________

André
God is Good
Strength and growth come only through continuous effort and struggle.

http://www.andreinvestment.com
buyer squeeze page: http://www.andre-rent-to-own.com
seller squeeze page: http://www.andrebuyhouses.com


Great call

Hi Matt,

Do you have any words of wisdom when approaching private lenders. I have houses and buyers but need a private lender to do the deal.
Thanks for all information on the call.
Glennda

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Glennda Edwards
Tucson, AZ


Whoops - please see the next post.

please see following post.
Sorry.


Hi Matt, Trying to lock up a $120,000. deal.

Hi Matt,
I appreciate your time and advice! I Loved the phone conference today too! We all know Dean is right but You did it and discovered new ways to do it! Right on!

Please Advise? I have a couple and her parents have been approved for $120,000. They have a real estate agent...they did everything they were asked to do by the bank and today were turned down on an REO.
I have the opportunity to take my Realtor group -(a realtor couple that list and sell and their 2 real estate agents)...And 1)find another house - same neighborhood highly likely that the first house is in - or at least near...2) would like to get a cash buyer - buy and then turn around for a double close? How do I make sure that I get paid in this? I have a buyer - but she would be getting a loan off of her $200,000...but maybe she won't get a loan on that as the home will be purchased same day?
*** Want to buy the home for cash at one price and turn around and sell at a higher price.

This deal could all be done in a short time-maybe.

Any advice you have would be Great!
Thank you!
Mary inAZ


hey I just started I live in

hey I just started I live in Richmond but about to move to Las Vegas. I've been having problems in actually locking the property on contract. Also, when I look for the value of the property, I often go by the comparable values of nearby homes usually provided by zillow. Is there any method I could use to determine the house value?


Assignment fee while using a Realtor

Hey Matt,

If I'm doing an assignment of contract using a realtor since the house is listed (I have a buyer), how would I go about getting paid an assignment fee when both realtors are getting paid 3% from the seller? This is based on a $300K house.

Can you give me an example of how this would play out, and how much of a fee should I ask for?

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Together WE can make a difference! Smiling

Tammy


coaching

On the call the other night I absolutely love some of your strategies and would like to know about the success academy. How much is it for the coaching. I am definitely interested. thanks for your time and have a blessed day. Greg Wynn


It Seems Like You Are All Asking A Ghost To Answer A Question!!

Although the last time this website & listeners have heard from Matt Larson was on the 9/14 conference call before then he hasn't answered a question on this thread in over 14 months (see #73 here).

And according to the admin of this website he has been busy taking care of his own business to do so.

Thus, if we are going to continue asking questions here than those with just as much successful experience or more than Matt Larson; should now answer them here to pick up the slack from him if he is not in position to do so right now.

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George
http://gemcourt.weebly.com/


BANDIT SIGNS

I understand you can be fined for placing bandit signs. What is the best method if your target areas are smaller towns out of your home state?
Thanks for your time!


BANDIT SIGNS

perhaps you should do online searches here & other RE forums as well as do a good google for your answer until one of the well experienced RE people at least have answered your question here

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George
http://gemcourt.weebly.com/


Hi Matt

What would be your strategy to earn 10K in the next 30 days? I am interviewing agents tomorrow and have a few buyers lined up. Have been a member about a year, have recently lost my job, want to get into this full time, the more I read the more confused I get. I want to do a few assignments first to "build a war chest". Is this the correct strategy? Who pays the agent representing me?


Finding Buyers

Matt,
Can you tell me some techniques for creating a buyer's list. Really struggling here. Thanks

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Christine Burns


For Bill & Chris

Bill,

If matt doesn’t answer you because of his schedule, try these links to get you going. I’m not saying that the will show how to earn 10K in 30 days, but they will get you started in the right direction:-

http://www.deangraziosi.com/resources/fast-start-audio

http://www.deangraziosi.com/node/3355

In the future if you don’t get a fairly quick answer to your questions from the more experienced investors here; than post them to this website’s administrator, she may be able to answer your question directly or @ least point you in the right direction, which is http://www.deangraziosi.com/user/1145

-----------------------

Chris,

Try these links to build your buyers list:-

http://www.deangraziosi.com/search/node#keys building a buyer's list

http://www.realwholesaling.com/we-buy-houses/10-tips-to-build-your-buyer...

http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

Also, if you don’t get a fairly quick answer to your questions in the future, my above reply to Bill is also applicable to you as well and to any future askers on this thread

__________________

George
http://gemcourt.weebly.com/


Creating a Flip system

Hey William... I mean Matt (Braveheart is the best...
Gladiator is a close 2nd...)
I was not at EDGE 2010 but watched on DVD. My ahah moment was when you talked about setting up systems for flips as one would set up to receive monthly cashflow. I this is genuis and can be done. I say that because it's not the norm to think you can have monthly cashflow from flips. At any rate, I'm working on my first deal. The thing that just has to happen above all (besides breathing and feeding my family) is to complete my first deal. You'll be hearing from me soon. I plan to eventually create a monthly flip system. I just have to get through my first deal to consider myself an investor. Thanks and speak to you soon... Nick from NJ

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Procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday. Napoleon Hill


Buyers List

Hi Matt, my name is Wayne and am stoked on getting started in this business. I have found a site with literally thousands of potential buyers on line. I went to our state gov. site and serched for active Corporations and you would not beleive the results. Is there a script somewhere I can follow so I don't sound like a moron? I am really impressed with your presence and your ability to get things done, you are truely an insperation to us all. Regards Wayne


Buyer’s list

Hi Wayne,

Matt hasn’t answered a question here in going on 15 months and by the looks of things I doubt if he will be doing so in the near future. Nevertheless, I don’t know what particular script you are referring to but it is about ?s to ask buyers, here is the questionnaire that I use:-

1. Where do you want to buy? County, City, Zip, etc?
2. How soon can you close on a property; if I brought a property to the table today, what is your normal timeframe to close assuming the property met your expectations?
3. What is the size of the home in terms of the number of bed and bathrooms you on average are interested in?
4. What is the type of neighborhoods you normally buy in?
5. What is the price you are typically interested in buying in?
6. How much equity do you usually need in the property in terms of percentage & $ amount?
7. What do you as a rule do with the property once you’ve bought it?
8. What is the size of the home in terms of the number of bed and bathrooms you on average are interested in?
9. Are you willing to do repairs; if so how much in terms of Dollar amount are you willing to do normally?
10. How often do you buy properties?
11. How do you buy properties, are you a cash buyer; if not what terms do you typically use?
12. Can you share any deals with me that you may be looking to wholesale?
13. Can I get an email and secondary number (either cell phone number or office phone) to contact you with further questions?

Also, can we please use your buyer’s site as we are always interested in increasing ours?

__________________

George
http://gemcourt.weebly.com/


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