Ask Matt Larson A Question

I am going forth with lease options in Sacramento, don't have much to invest as far as capitol for marketing. Just wondering in your opion, where I should start first?

Why are you starting with lease options? In your area assignments would be a much easier route.

The advantages with double closings are:

1. You can profit from foreclosures and short sales (you can't assign foreclosues and short sales very easily)

2. You can hide your profits easier

Disadvantages are:

1. Closing costs are high

2. Taxes will have to be paid

Yes I still fly out and work with people one on one. If you are interested in having me come out contact the Success Academy and they can explain the costs.

Matt

All Freddie Mac REO's will eventually be listed with a real estate agent. If there is a number on the paperwork that is taped to the window you can call to see if they would allow you to put in an offer before it is listed. If not, they try to find out who the listing agent will be and call that person to ask if they will call you the day before it gets listed so you can have a head start.

Matt

Be very careful working with someone outside the country. Proceed with caution or not at all. I don't have experiance working with private money investors outside the US.

Matt

Go back and listen to the call again. I give specific instructions on how to contact cash buyers. Great job!

Matt

Daniel-I can tell you are going to be a Rockstar!

I have to admit that I laughed when I read your post. It takes a very special person to get someone to hang up on you the first time you talked to them!

Ok. You might be a little too much of a hard charger like me. That can offend people. And yes I offend people all the time because I am pretty direct. Don't be that way. I am always trying to tone it down. But that personality type will also make you successful.

Try again (without getting upset with anyone) be nice and talk very nice with people. They are going to make you money.

Many agent have never done this before so they don't know how to do it.

This is what you ask: "I want to research the real estate market history in my area. Please run a list of "cash solds" for my zip code in the last 90 days. A friend of mine is doing this in some other parts of the country and he says that it does take some skill to get the MLS to do this but, he has always been able to find an agent that can do it even if the agent has to call the MLS Hotline. Thanks for your help."

That is your script Daniel. Now,try, try again.

Matt

If you are a real estate agent then you really don't need to do assignments. Your commissions would serve the same end result. You should focus on your buyers list. Run a list of cash buyers from the MLS and then contact those people. Then start marketing to absentee owners and match the 2 up. You are closer than you think.

Matt

In some areas the online info is harder to get owner info. You may have to go to the courthouse and pull the owner info by hand. Go to the tax assessor office and they will help you.

Matt

The attorney will have the legal forms. Ask him if you can have a blank copy of his purchase agreement, rental agreement, and assignment of contract form. Also, ask him this:

"I am investing in real estate. I am putting out a lot of offers. In the chance that I have more than one offer accepted at one time I have a few cash buyers that would like to buy my contract from me, which I will assign to them. You do handle assignment of contract and double closings correct? Are the double closings in this state considered "wet" or can they be done "dry"?"

Ask the attorney that. You want him to do the assignments for you and you want double closings to be "dry" so you don't have to have transactional funding. Let me know how it goes.

Matt

Yes the success academy is a great way to start. Do whatever it takes to make extra money to buy in. Focus on bird dogging and assignments to make the money to get started. Mow yards, shovel snow, sell you stuff on ebay, work weekends, eat mac and cheese for a year--but get it done. I did whatever it took to get started. I sold every single thing I owned. Literally. I did not care. I knew I could buy it all back once I was successful and that is what I did--times 10! Go get it done!

I don't know how to ask you this question without getting you confused but here goes.....

I go to the seller who is trying to sell his house and I tell him that I might not be able to close on this deal but I know some potential buyers who would be interested.

I find a buyer who is interested.

I go back to the seller and tell him that I found a buyer who is interested.

(this is the question)......

Do I need to bring contracts with me and a notary to witness it?

Matt,

I am inching closer to making my first deal. (Thanks for the Edge DVD info, Conference calls, and very valuable tips)

I am a little unclear about how to work with a Realtor when doing an assignment deal and have a few questions. Any help is appreciated.

If you have a realtor who is there to help you with the deal whether they found the deal or I found it, how does this benefit them, or how do they handle the fact that you are now assigning the deal?

Even if we are upfront with everyone initially that it could be assigned, does the realtor not make commission or work with the new buyer?

Or does the Realtor still get a commission somehow?

I'm just a little unclear about the process and benefit for the realtor.

Thanks.

Vin
New Investor and Future Full Time Investor

I had started to try assignments a while ago (ive had deans Think Different program for like 2 years) but i was getting stopped up by not being able to provide a solid proff of funds(with REO's). After that, I spoke with Anita, and Sactownsfinest(don't know her real name) and they both suggested lease options. But if assignments can work, I will go for that. It would still be the same marketing right? Im picking up my bandit signs today. What would I start with first?

I replayed the call you had with Dean, great advice by the way. The tips you gave to start off with the realtor and the buyers list, that would be my restart point am I correct?

Hi Matt,

When you decide to go into a new location for buying real estate, what selection criteria do you use (for example, average rents, prices, population)? And how do you find the data if you're in another state?

Best wishes,
Oran

I'm a new investor and have yet to crack the case on doing a deal. I just have a few questions that needs to be answered please!

1. Is it illegal to assign contracts as an investor in Philadelphia P.A.? (i Have ben talking to a few real estate people that I know and they've told me that it is illegal and can only be done with a license to do so)

2.What formula or way do you present your offer? For instance what information do you use to back your offer up?

Thanks
Rob
W.

Hi Matt,

I am an SFL (some-day-to-beSuperstar) purchaser and have enjoyed every moment of what has been shared, including pages and pages of notes, many of which are me quoting you word for word because of your success. I plan to implement many of the things you have suggested.

I was wondering, though, due diligence is not often discussed and not really in any depth. There is a three-page form at www.deangraziosi.com/duediligence, but not much explanation with it. How much of what is on tehre really matters, especially when doing assignments? Is the due diligence something we would just ask our real estate agent/Realtor to do for us most of the time?

Thanks, Matt, and I'll be happy to meet you someday (Edge 2011 is the plan!)

Sincerely
Kevin A Goldman

I echo Randy's comments, welcome back to DG.com!

Hey Matt I am at a cross road. I am not sure weather to buy apartment buildings or single family homes. I am wondering from your experience what have you liked and disliked about investing in single family homes? what have you liked and disliked about investing in apartment buildings?

Thanks and Best Regards
Josh

Thanks for the info on the bandit signs, Matt.

Which one of Dean's books did you teach on the simple
formula for assigning contracts? Is that the 25:1 you refer
to in you comments in this blog?

Also,I'm having a weird experience with agents when I ask them for a
list of the last cash sales over the last 90 days. One lied and said that
didn't know if they could get it anymore. Another, told me they could get it,
but he needed to call me back and never did. Do they figure out that this is a lead list by me asking and decide to use it themselves? or what do you think
is going on here.

I am taking action on free video training and this blog. I don't have the money to pay for training now. I appreciate the free training.

Giving without expecting anything in return always comes back to reward you.

would you say you use your bandit signs more for buyers or sellers?

Could you explain what a double closing is and what a "dry"
double closing is?

Thanks, Matt, for keeping me focused on what I should be doing and
that is "assignments". The real estate attorney tip was good. Knowing
what to say and how we can use them is important!

greenacres

bring the purchase agreement. a notary is not necessary.

In a dry closing no money exchanges hands. In a wet closings money exchanges.

I use bandit signs to buy property.

If the property is listed on the market and you make your offer to buy the property thru your realtor, they would get paid their commissions when the deals closes. Their commissions are paid thru the original seller of the property.

You should start in your own backyard.

WHen I am researching a new area I use realtor.com, google.com and trulia.com
and craigslist.org

I locate a realtor in that area and start asking questions.