30 Days Quick Cash Formula

I know myself and others in this thread have/had questions regarding Matt's breakdown when running comps. I just got off the phone w/a Success Academy coach and got clarification.

The scenario in the QCF video where Matt is breaking down the numbers and figures in $20K desired profit, that profit is for the person who is flipping the property--if you are wholesaling (assigning contracts, doing double closings, etc), you still need to add in your fee!

So whatever fee you want to charge, you should add it onto the "desired profit". Ex: if you want to make $5K, you need to deduct that amt also. In the scenario Matt was using, the MAX amt was $53,300. Subtract that amt by your desired fee (this case $5K) and that will be the actual MAX amt you will offer (in this case $48,300).

Again, if you are wholesaling (which most of us are), use the revised formula below:

(Adjusted Value x 0.85) - (cost of repairs + desired profits after flipping + "finder's fee")= MAX amt offered

Hope this helps!

That is a great explanation!!! Thank you!

You may be able to go to the court house and see if there is a file with county records. It just hasn't been recorded yet. This is one suggestion. Or maybe you call before going and save yourself a trip.
Cynthia

You need to create an account with a Free Survey Creator online. A good one is SurveyMonkey.com.

For Sellers--you'll need their full name, phone number, and email address; details about the property they are selling (address, liveable square footage, # of bathrooms/bedrooms, garage (attached or detached), appx $ amt of repairs needed (if they don't know, I've been told that $12/sq.foot is a good starting estimate), condition of foundation and roof; deadline to sell house (if there is one); and maybe an "additional information" text box for them to include extra info.

For Buyers--full name, phone number, email address, mailing address; retail or investor; price range; types of property characteristics they are interested in (single or multifam, # of bedrooms/bath etc); do they desire a specific area of town; desired profit amt; are repairs okay & what types; method of financing (cash or loan); how often will they be purchasing props; how quickly can they close.

Hope this helps you out!

Hello,

I'm new here and have gone through the first video 4 times and the second one twice so far.

I'm very confused as to why is there so much talk about buying and holding, and flipping in the areas about the 30 day bonus. The main statedgy initially is wholesaling right? But I don't really understand what part does the agent play in this process. Can someone help me understand it?

Thanks,
Karemah

Hello,

I'm a total novice and I'm reading the posts here. I am inclined to inquire about the important relationship between investor and agent.

Firstly, I'd like to say that while going through the 30 days cash bonus (name not exact) We are learning that a real estate agent is an important component for our success in the business of being a real estate investor. However I'd have to say that how to go about establishing this relationship is vague at best. I've given a few of the agents "the homework" one has sent me some listings that he thinks would be great for me. The other has sent me a request to meet with me and asked would I be paying cash for the homes.

Honestly I'm reading here the way others have conducted interviews with agents and being concerned with how they get paid, what their commisions are supposed to be, and I feel as though I handled myself inadequately in my firt few conversations. I have an agent that I was impressed with, and now don't know what to say or do about the lisings that he's sent me. He hasn't sent me the MLS lisings for cash invetors yet, but if he follows through on all of this, what do I do then. I don't want him to get the impression that I'm using him, or don't intend to be serious, but by the same token, I don't really know where I'm going with this. And if and when I will need him.

Also I noted that some one here commented that Elix commented

"1. I prefer the method of getting a deal before buyers. It has worked for me and that is why I endorse it. Not saying the other way is wrong, but I do what has worked for me.

I'm curious of what you mean by this. Is this like when individuals actively seek out REO's or Probate deals?

Is any one strictly using these methods like the above mentioned and buying directly from owners? If so do you still need an agent? If so, for what purpose?

I'm sorry this is such a long post. I just have loads of questions, that seem to not be addressed. Dean says don't get ahead of yourself, but it's not really coming all together for me.

Thanks,
Karemah

Thanks, I actually got stumped at this too but I eventually figured the profit Matt was talking about would include your fee + the cash buyer's profit. In Matt's case, you could also just take 5k out of the 20k profit, and tell you buyer he's gonna make 15k

Also, if you're doing double closings (e.g. for REOs), you would need a transactional funding company, which will probably charge you 2-5% plus processing fees depending on the loan amount. I think this will affect your offer price quite significantly.

By the way, does anyone know if banks would accept an assignment contract for REOs? This question has been thrown around quite a bit, but I haven't seen a definitive answer. I might just go ahead and try it...

in your county.

I replied in a different thread and realized that it would help fellow RBBP '11 classmates as well so here it is:

Go to trulia.com and click on the 'recently sold' tab.
Now enter: "your county", "your state"
For me that would be ******* county, NY
then search
Look over above the map and click on "large map"
Now you'll be able to see where the clusters of sales are.

Don't forget you can zoom in & out and pan around on the map to get better views and ideas.

Good Luck!

I asked this question to my SA coach today and he basically said its all in the way you word it. Instead of telling the bank that you plan on assigning the contract, tell them the title is going to be transferred over to your "business partner's" name (aka your end buyer) for [tax purposes, liabilities, whatever].

I still have more questions about this as well and am writing them down as they come. I'll update more when I find out more

I got it as a gift to myself....Going over the 30 days to quick cash...WISH ME LUCK...GONNA TRY AND FIND ME GOOD AGENT TODAY

Hello DG Fans!

I am so happy to have re invented my desire to do something,instead of just talking about it, this is like a strong linkd chain that everybody is pulling for the same thing here,and I don't feel alone! I am so happy that this is the real deal,and to you awaterloo ! you may not want to be a pilot any longer,but i must say,you will always be flying high in my book! you are doing great,and so helpful,all of you....(IM IN), and not going to stop no more! thank you!

I needed to ask once we go threw all the steps, find a seller with a great deal,and a buyer who want the great deal,don't we need to know about the property history..liens and so forth? in order for it to be a "DEAL" from my understanding..i could be wrong, would we have to team up with a title company and pay for a title search each time we think we found the property we want to turn over to the investor,is not the investor going to want to know about the title?is that going to cost us to get title searches?please help

SEE PRIOR POST TO THIS

hey guys sounds like everyone here is doing such a great job, hopefully somebody could give me some info on what to do next.
I called all listings in my local paper looking for landlords but nobody seemed interested, my question is what do you guys say when you want landlords to either buy from you or sell you one of theirs.
I have my eye an a property on the MLS owner relocating, put a ghost ad on craiglist for a multifamily, similar spec to the property im looking at but so far no takers. The owner is selling for what the ARV should be, so he is well over priced. But the 2 units 5 bed 2 baths in total are both occupied, so its cash flowing right now, could do with some minor cosmetics. But not desperatly needed due to a $1650 each month.

Any ideas where to go next?

Some banks insist you only close in the name that's on the contract... others will change it if you tell them "we decided to put it in my partners name", it depends on the bank.

Here's a little trick that's worked for me:

Tell your Realtor "sometimes I close in my personal name, sometimes in my business or LLC, it all depends on if I partner with anyone or what we're doing with the property after we buy it, so we'll sign the contract now in my name, (or my business) but it may change when we close, so please add this clause to the contract".

When you're signing the contract to buy, put this line in as an additional clause... "vesting to be determined at close of escrow".

That means you can change the buyer's name when you close. So assign it and put it in whoever's name you need when you close. Just make sure you've locked up how you're getting paid...

Some banks will hesitate, some will kill it, some won't care.

Nick

Cold calling landlords is a tough way to build a buyer's list... I'd go the Realtor route, or if you want to be aggressive, call he "We Buy Houses" ads in the paper and the signs you see. You can also "Google" the name of your town and this...

"Sell my Chicago house fast" and see who comes up then call them. I wuldn't call the national companies, but you'll find a LOT of local investors that way. Find out what they're looking for, then find it for them. Put them on your list, search for deals in the areas they say they buy in.

As far as the lead you mentioned, he's asking retail and knows it'll make the buyer money... so I have a "four letter word" for you to use:

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NEXT!

Nick

He's done it again...just saw his latest video to the RBBP people. He's giving all of us his newest book on - 30 days to cash - hasn't hit the market yet but getting one to each of us.

Really awesome... again!!

going back and relistening and rereading the video messages on totalviewrealestate.com and here in 30 day plan. so much great info and tips.

Dotting "i"'s and "crossing "t"'s. I keep picking up more info...

Thanks Nick I know from what his agent is saying that hes moving south, property has been in the family 2 generations so Im guessing free and clear. The agent said that there has been veiwings but no offers submitted, asking price as I said i $169,900 I'm thinking of offering $67,720 after crunching the numbers just to see how motivated they are ?

any thoughts

When doing a double-close or simultaneous close (if it's still legal), you may need "tranactional funding", which you can borrow from coastal-funding.com if you don't have it yourself. BUT they do charge a very steep flat fee AND processing fee that equals $3,100! Keep this in mind when calculating your offers!

Hello, I've posted 2 questions and no one has really addressed them.
Now I have another question.

The one agent that I was going with and has been the most co-operative has sent me the following question when I asked him about getting me the cash buyers list.

"I'm working on the properties now. In order to pull the cash buyers it will take a small investment of cash and time from me to do so. Can you send the proof of funds to me first before I spend too much effort on this. Thanks Karemah!"

So now what do I do?

Thanks,
Karemah

Michelle, I believe it varies on the amount you borrow. There's a processing fee plus a percentage. (but yeah, you PAY for it, lol)

Also, huw78, maybe see if he'll sell with seller/owner financing if you think it's free and clear. If it's cash-flowing, you could offer him pretty much what he's asking, then assign that contract for $5k or whatever...

If financing comes WITH the deal, the price can easily be higher. A deal is when you either get great terms or a great price. Either can be assigned!

Nick

Please refer to Awaterloo's previous post (via link below) regarding this matter

http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...

It takes him/her around 15 minutes if he knows how to use the computer, lol. All Realtors pay for MLS use, but it shouldn't cost him any more than he already is paying, unless there's something I don't know about, or he's accessing a feature he didn't have in the past.

I'd tell him "depending on where the deal is and price range I get my funds from different investors and assets, so I can't really do much until I find a deal".

Or, get the coastal-funding letter...

Or level with him. Tell him you have an extensive list of buyers and once you find a deal, you bring in a partner who brings in the money... and depending on the deal, you can partner with one of many different people. So Mr Realtor "find me a deal and I'll bring in the POF".

Realtors are a pain in the butt, lol.

Nick

Thanks Nick for answering this question for me.

I really appreciate it.

Take Care and wish me luck.

Karemah

I am having trouble finding a good agent in CT

I want to thank everyone on this thread (and the DG site in general) for all the great information you're sharing.

I just finished making my calls to find a REA. This was a process I was dreading (sometimes the phone can seem like the most terrifying beast in the world), but I was armed with all of the notes I've taken from the comments on this thread as well as Dean's book... and it went GREAT!

It went like this:

1) Dud

2) Dud

3) I hit pay dirt

4) I hit pay dirt again

5) Dud

6) I hit pay dirt again

With all of the information I had in front of me, I was able to answer any question they asked, AND I was able to maintain control of the call and make them realize I was interviewing THEM.

The three REA that were good are all investors themselves. And, each of them are in the process of sending me an email with the following information:

1) The best area of town to be in

2) The price range that is selling the fastest

3) A list of all Cash transactions that have closed in those areas in the last 90 days.

A major part of the motivation I had and still have is from watching you guys start from scratch and every day are making so much headway. I didn't want you guys to leave me behind.

So, I'm off to place my Ghost Ads to get my Buyers List filled up.

Thanks for everything, and I'm looking forward to enjoying this journey with you all!

I put up a ghost ad and I mean the crickets are chirping on this one.

Just curious as to what you wrote in your ad that got you so much play.

Thanks for the consistent help,
Karemah
P.S. Does it seem like I'm hoaxing if I don't put my phone number in?
I would rather receive emails, but I can add my number if it will help.

It's best to add a phone number in your ghost adds. But, if you don't want your house phone ringing at all times of the day, then it's best to get a second number to funnel your calls through. Here are two good suggestions:

1) Use Google. Google has an option to get a free phone number that can go straight to a voicemail and/or be forwarded to your normal phone.

or

2) Use Kall8. Go to www.kall8.com and set up a phone number. This site does charge a monthly fee, but it is a very small fee (about $5.00 - $8.00 per month depending on how many calls you have coming in). You get an email notification every time you get a call in. And, you can check your messages online anytime.

With either option, you will be able to call the people back when it's a good time to talk (this helps you to be prepared, and makes it easier to say that the property is no longer available because you didn't pick up the phone two seconds after placing the ad and telling them that it's gone).

Hope this helps,

Dean,

Just watched the latest video from you for RBBP participants! Thanks for the new book, I'm looking forward to reading it!

God bless.

Just curious what my fellow investors are doing for including a business card with your letter to cash buyers (day 2 of 30-day)? Are you setting up a separate number or email for buyers to contact you and putting that on your cards?

Hi Michelle!

Thank you for taking the time and sharing the information...very very helpful.

Ron and Ingrid