30 Days Quick Cash Formula

It is funny you should use a kitchen setting as an analagy for the pace in which people are going. I have a husband that likes to eat(you can tell by his waistline)and everything needs to be just so to make each dish I make to turn out right.

I guess I am more impatient than most and would like to find out more about this book that Dean wrote. I will be patient and hope things move along a little faster.

I just got my materials yesterday and am starting to contact agents I hope that I can find a good one. My area is quite new most houses are not more than 30 years old many much less and from what I've seen so far the foreclosures are all properties that were upside down. what I'm trying to say is that Southern California may be somewhat harder to deal with. I've known quite a few agents over the years and not one of them have been investor friendly at least not to my knowledge, never the less here goes. James

Good stuff everybody, thanks!! I got the book and am trying to make things happen within the 30 days. (I really really need to) It's a mighty BIG real estate world out there???!!!!!

Hello All,

I have questions, as I'm making my first attempt at a deal. I don't expect this to go far, but I'd still like to do things properly.

First of all this is a FSBO. The owner doesn't live here but in L.A. He bought the property in July and wants to sell it now. He was attempting to do business here (san diego) but he found business to be less prosperous here than he thought it would be, so he's sticking with his locations in L.A.

Now he bought the property for 357,000 in July and now wants to sell it for $372,000 now. I'm sure there is absolutely not equity in the property.

He does not want to be flexible on the cost of the property except by $1000.
I did comps and the property value is only at 342,700 and without deducting the 15% that Matt Larson advises.

Now I know many have said that Matt has us reducing too much. What is the better way to come up with the offer.

What do you all think. Before I bother going to view that property and all that what should I do. Its a 5br 3bath and it's pretty ready to go. He said maybe $500 in rehab.

Karemah

This guy is upside down going by your numbers. He bought it for $357,000 and it comps out at $342,700. He is asking for $29,300 over market value. You can figure the percentages all you want, make a silly offer, but if he owes more than its worth he is not going to take an offer that is less than he owes the bank!!

This is a short sale if the owner could qualify.

Maybe he paid cash and he will take a loss from a property he just bought in JULY???

Maybe a lease with option to purchase if this guy does not want to cash out.

I would say this is a waste of your time. On to the next.

Michael Mangham
MD Home Acquisitions LLC

Hey Michael,

That's sort of what I thought as well.

Thanks for the advice Karemah

I have been watching and reading this forum since it first started. I purchased and received my program about the same time as Michelle started this thread. Truth be told, I have tried to keep up but it is moving so fast that I have not been able to read all of it. But that is okay. It is such a great thread and I have learned so much already and am so excited to get started.

I contacted my first REA today. I followed Matt's script to the tee and the REA didn't even bat an eye when I said I wanted to make $15,000 to $20,000 profit on a property. He told me he is working with a number of investors that are doing the same thing right now.

Did I dominate the call? NOT! LOL! He pretty much told me what he thought but it seems like a good fit. I will wait until tomorrow. He is going to send me some listings as well as some case studies of some of his other investors ie: how much they spent, how much they made, what areas, how long it took, etc. Oh yeah, and he comes from a construction background so can absolutely steer me in the right direction as far as rehabbers go. I need to start with wholesaling but am eager to buy,fix and sell or hold as soon as I am able.

Anyway, I am excited but I also know that in the end he may not be a good fit (or maybe I got lucky on my first shot). We will just have to see.

I am so grateful to all of you who have offered up your stories and help along the way and I hope to do the same. I thought I would be coming in late but I see a few people just starting out now, same as me. I will keep everyone posted on how it goes.

On a side note: I am Canadian and am investing in the U.S. so I may be coming up against some obstacles that many of you won't. I know there are others outside of the U.S. working this program so hopefully we can help each other out as we go along.

Officially claiming my spot as part of the DG Class of 2011!
Shelly

I must say you guys have reinvigorated me! I have been a member for a couple of years and have all of Dean's books but no results. I had basically said "REI isn't for me"; "It won't work here in Philly"; "Maybe it's me",etc. Nonetheless, I bought 30 Days To Quick Cash and it arrived last evening. I am posting this as part of my assignment. While I've stopped in from time to time, I had stopped posting out of embarrasment because I hadn't done a deal yet. But the book, its' format and you folks have re-lit the REI bug AND hope that I really CAN do this.
Awaterloo, you are beyond amazing...You are the BOMB!! Great info, marvelous support and a caring bunch of people. And Michelle, you are genius at its best for starting this thread. I'm a couple of weeks behind you guys, but tomorrow is my day off and I'll be searching for my agent! I may even revisit old contacts and start rebuilding relationships with them to create a new network! Thanks for wiping away the cobwebs and getting the fire stoked again! I guess it was me. I lose focus and then quit. With this new system (5 day chunks) and network of support I believe this will work! And Dean...thank you for this book and your friend in excavation who motivated you to write it!

Ogal Gaines
LAGO Acquisition, LLC

Like Michael, I immediately thought about countering with a lease-option since the seller is inflexible on the price and upside-down. If he rejects your counter, then move on, but periodically follow up with him. Maybe he'll be more receptive 6 or so months from now.

The other day I got a property in Michigan under contract. My Realtor is having a fun time with this stuff too. This property is a Lake Front lot and surrounded by a lot of great homes. Check it out....it comes with a dock too.

http://www.youtube.com/watch?v=FDFrivLGsHE

These youtube videos are awesome for giving investors a great look at your available property. It is super effective and super simple to do. If you have a smart phone, you can even take the video on your phone and post it directly to YouTube and Facebook from your phone. Doesn't get any easier than this.

I have also thought of another thing that would be neat. When sending letters to sellers or buyers. You can generate a QR Barcode that you can print on to the letters. The recipient of the letter can take their phone and scan the barcode and it will take them directly to a website and show them properties or show them what you do for sellers. So many possibilities.

Here is a video on what QR Codes are - I am sure you have all seen them.
http://www.youtube.com/watch?v=Xe1o5JDwp2k

I got this idea from my sister who just got a job as an Architect. She sent out a direct mailing to all the architecture firms in Chicago and surrounding cities. It was a postcard mailing with a QR Code on it. If you scanned the QR Code, it took you directly to her online portfolio. Needless to say, she got a job within a week!

So glad to hear that you are "back in the game!!" I bet you'll have a lot of fun. Most of us (myself included) are still working on closing our first deal. We will help you along with anything you need help with! Great work and Welcome Back!!

Thanks for the info on QR Codes. It inspires me to do a few things with some of my online marketing.

Great points, and I concur. Plus, the seller might be more motivated in time. "The fortune is in the follow up." -- Than Merril.

Hello Everyone,

I would like to add my two cents in on finding owners information. Besides using the assessors website, I found a site called propertyshark.com that offer a free sign-up as well as a upgraded version. You put in the address of the property and it will give you pretty much any information about the property you seek. They cover a lot of states, so check it out and see if yours is in their database. Hope this helps.

Tricia

Remember never give up! When life knocks you down focus then get up!

Purchased the RBBP on August 4th, knowing I was going on a trip. Then when I got home, news reached me that a very long time friends passed away. A week later another great friend passed away. Allowed myself some time to grief, and help out the family. Two burials within two weeks is just too much. But now I'm back in the saddle again. Having to catch up big time though. Today I will be calling Real Estate Offices, practising the scripts! Wish me luck - everyone!

The Assessor's website says land is appraised at $5,600 for 0.14acres of land. I did pass along the info to my buyers list, and even the seller has tried selling it to other investors in the past, but no one is biting. Would demolition of the house exceed the value of the land itself (cost-wise)?

Hello everyone
Staying with my commitment to myself, I am posting daily. But even more good news! I did my homework and called some Keller Williams offices and after four calls...SCORE!! The agent spoke our language and sent me about 40 properties last night. I selected a few and we'll be going out on Monday since I'm off from work. I'm excited and my stomach is in knots. But Dean said:"Think less do more!" That's working for me right now. Keep it movin'!

Ogal Gaines
LAGO Acquisition, LLC

Another alternative is to disassemble the property, to sell the salvageable materials, and to recycle the remainder (check out the following for more info http://realestate.bryanellis.com/5178/save-money-on-remodeling-costs-usi...). Afterward, you could flip the land with seller financing. Or if that parcel is in an area that could use more parking, then you could change the use of the property, and convert it into a paid parking lot.

You'd profit from 2 different revenue streams from that deal: 1) proceeds from selling the salvageable materials, and 2) cash-flow from the flip or parking fees.

nice video of property! have you seen the ones from Chad Merrihew? he's done these youtube.com virtual tours for his properties as well and highly recommends the strategy. Here's a link to his for anyone who's interested...

http://www.youtube.com/results?search_query=cmerrihe&aq=f

http://www.youtube.com/results?search_query=cmerrihe&aq=f

Learning and progressing every day,
Valerie

Ok I haven't been moving fast but I am moving. I meet with a REA today and with full disclosure I laid it all out for him. He is 100% on board and is going to start introducing me to his team of contractors, attorneys, title companies and as I grow other agents in different markets. He also said that he is going to put out on the MLS that he has cash buyer looking for property, not sure what he means by that but it sounds good. I also have some buyers on my list and started today putting out bandit signs. My personal goal for my first deal is 30 days from today on the far end.

Hi my DG family, I have a question to you on offer price. I read and did watch how Matt Larson put it, by giving an example of $100,000 asking price as compared to the $ 98,000 actual value. However, it makes me feel confused when running the calculation to reach into an offer price. Let me give you a real example of a property where
Zillow (zestimate)has $165,500 and Totalview (Dean's website)estimated $162,122. The properity's Asking price is $159,900. When I try to run the comps against 6 properties, the offer price is well above the asking price ! Plsease help me with the following:

Q1. Are the $165,500 and $162,122 the ARVs?
Q2. Am I gonna deduct the 15% commission/closing costs, rehab costs and profit
from the asking price or from that of the ARV to reach into an offer
price?

Lots of thanks

G

i cant believe it but i just got a reply back from an agent who is willing to work with me! i think i wasnt suppose to find an agent for another month?

G, deduct the 15% from the ARV, then minus the rehab cost, your assignment fee, and the end buyer's profit.

Zillow and Totalview only give you a rough estimate, I'd advise you to consult with your agent about how much it could resell for in a month. I'd be conservative and decide on a number that would allow a quick resale. Then verify the number against the comps you're seeing.

If the asking price is already well below the ARV, a 20% discount off the asking price might already be enough to make you a pretty nice profit. These are sometimes the case with REOs and Short Sales.

Hope that helps!

One quick question, what ways do you use to co-wholesale with another wholesaler? E.g. a wholesaler got a property under contract, and you supply the deal with the buyer.

Do you sign a separate agreement with the wholesaler to split the assignment fee? If so, are there any contracts that we could leverage off DG website?

Thanks for the help!

Find another Agent !!!

Thanks! Do you mind sharing one specific way to make this work? I'm working with a wholesaler that does not usually work with other wholesalers, but on this deal he might. So I'm trying to put together paperwork/agreements that would make sense for the both of us. I did some research based on your suggestions, and I think non-disclosure non-circumvent form makes sense so we can protect our buyer's list (at least that's my understanding), and I think flex option would work great as he could simply give me an option to market the deal to my buyers.

My follow-up question is: Could you assign a deal or sell an option on a property you have under contract to another wholesaler, who will assign it again to an end-buyer?

follow-up question...
yes, you can assign to another wholesaler who will assign to end buyer; there just has to be enough meat on the bone for the end buyer.

Wishing you success,
Valerie

Thanks guys, it's been very helpful. I did find a few Flex Option contracts online so I could leverage off those.

Another question that I've been thinking about when someone else mentions co-wholesaling: once you share your buyer with another wholesaler, doesn't he also gain the ability to add the buyer to his list? If that's the case, the wholesaler could just go directly to the buyer in any future deals. I don't see any way to prevent that from happening, since the wholesaler is not obligated to pay you anything whenever he strikes a deal with the buyer in the future.

I believe the best way is to work together with other wholesalers, rather than compete against them. But to keep your position strong, the only way is to keep building your buyer's list.

What are your thoughts?

Hi the DG Admin,
would it be ok for you guys to add a distance column in your Totalview website to show how far the item at hand is located from its comparable properties. This would help us narrow our focus from among the list of comps.

Thanks a lot in advance !!

Mr. G

Waterloo,
I wanted to give you some feedback on you video. The video is great but for me it was to long and detailed. You lost me at about 4 minutes. I have been in sales for almost 20 years and if you loose attention you loose the sale. Now having said that I would try and hit all the highlights you did but in a much faster pace and cut the video in half and then put together bullet list of the details as a attachment. In my opion people's time is short they want to get in see what they need to and move on, if I was investing into multiple properties I don't have 8 to 10 minutes per video. But I would spend 3 to five to get the highlights. But that just me.

On another note as a student I do like you videos on YouTube talking about your journey through this process. I would like to have conversation with you on the phone one day. If you are open to that private message me your phone number and a good time to call.

Steve