30 Days Quick Cash Formula

30 Days Quick Cash Formula

IMPORTANT!!! Before you ask a question, please go through the thread's Table of Contents via the link below. Your question may have already been answered!

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

Topics of regular discussion:

*Finding the Perfect Real Estate Agent
*Building a Buyer's List
*Ghost Ads and Bandit Signs
*Assignments VS Double Closings
*Contracts and Purchase Agreements
*Earnest Money

This will be updated as progress is made Smiling

__________________

~Michelle Casey

"Now all glory to God, who is able, through his mighty power at work within us, to accomplish infinitely more than we might ask or think."~Ephesians 3:20


Where are you and where do you want to be?

How's everyone doing lately? Are you still making progress every day, even just a little? Dean was right when he asked us to set accomplishment goals instead of number goals. I haven't closed on my first deal yet, but I'm getting closer day by day (even though my goal was to make $5k the first 30 days).

In fact, I just signed a contract with my end-buyer for a double close, and the closing is scheduled to be on 10/17. It's a short sale so there's a few items to wrap up between the seller and lender, but my agent is taking care of that.

Also I've solved the question I had in my previous post -- my agent wasn't expecting more than 6% commission, so it's all good. Lesson learned: set expectations right with everyone from the beginning!

Whenever I get a little down, I'll come back to DG.com and get some inspiration/motivation to move forward. Remember: You create your own future!

Have a good weekend y'all!

__________________

Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.

Wishing you abundance,

Ken Siew


What happened to Alex Waterloo???

Has anyone heard from Alex Waterloo. It seemed like he was doing great and then all of a sudden dissapeared.

__________________

I am tired of just getting by and working for someone else, so this is my new lifestyle and thats the bottom line because I said so!!


I miss listening to their success story.

Hey Damion, me too, I want to know what Waterloo and Michelle are doing now. They are such an inspiration for everyone here. Now ... we have Ken is getting closer to that success.
Ken, I admire you, you are very consistency and working really hard to get your first deal done. Cant wait to hear more of your progress.
Congrats! Ken.
I have been away from 30 days quick cash formula because of work and personal issue. Now I'm back in business.


thanx mark

Mark K wrote:
Open links by right clicking on them and selecting "open link in new tab" that way you won't lose your place on here.

Thanks Karen for compiling the list, that helped a lot!

For those of you finding this by an outside link, this Table of Contents is for the 30 Days Quick Cash Formula (A RBBP bonus) thread started by our very own Michelle. Click Here for the beginning of this thread.

QUICK REFERENCE TO COMMENT #S THAT ARE PARTICULARLY HELPFUL:

QUICK SUMMARY OF 30DQCF FOR BEGINNERS - #733

WORKING WITH AGENTS

  • FINDING AN AGENT TO WORK WITH - #8 #55
  • WHAT TO SAY TO AGENTS YOU'VE PRESCREENED - #9 #308
  • HOW TO TRAIN YOUR AGENT - #30 #326
  • WHAT TO DO IF A REALTOR ASKS YOU FOR A PRE-APPROVAL - #14
  • HAVE AGENTS BEGGING FOR YOUR BUSINESS - #96 #320 #333
  • MAKE YOUR AGENT LOVE YOU - #1113 #550

WORKING WITH YOUR CASH SALES LIST

  • WHY YOU NEED A CASH SALES LIST - #26
  • GETTING RECENT CASH SALES LISTS - #11
  • FINDING BUYER CONTACT INFO FROM YOUR CASH SALES LIST - #42 #121 #205
  • USING GOOGLE EARTH TO FIND WHERE YOUR BUYERS ARE BUYING - #1510
  • WORKING WITH GHOST ADS

    • EXAMPLES OF SUCCESSFUL GHOST ADS - #58
    • REPLYING TO YOUR GHOST AD INQUIRIES (by email) - #116 #155 #297 #327
    • REPLYING TO YOUR GHOST AD INQUIRIES (by phone) - #886 #119

    EVERYTHING ELSE...

    • LINKS TO PROOF OF FUNDS SITES - #95
    • GOOGLE VOICE FOR U.S. LOCAL PHONE NUMBERS - #160
    • BANDIT SIGN DO'S AND DON'TS - KEEPING TRACK OF SIGNS - #185 #292
    • CONTROL YOUR CONTRACT - IMPORTANT CLAUSES / CYA - #186 #333 #376
    • FEES, THE FUN PART! - #211
    • ”COMPETITION” IS A GOOD THING - #243 #258
    • EXAMPLE OF MSG ASKING BUYERS FOR CRITERIA - #367
    • MAXIMIZING TIME & CREATING EFFICIENCY - #784
    • BREAKDOWN OF AN ASSIGNMENT OF CONTRACT - #805
    • PROPERTY VIDEOS & QR BARCODES - #1210

    If anybody thinks any new links/post numbers should be added, by all means please send me a pm and I'll throw it in.

very nice of you to set this up

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


@rwoloss; AndyS and Dp2

I want to thank you guuys for taking the time to allow me to vent and then offer me a few solutions I never considered. I especially like the one about the title company!

I guess the bottom line is I need to keep searching for a realtor. Most of them these days are looking for the fast sale and are not willing to roll up their sleeves and sweat a little for a long-term profitable relationship. So YES I will continue to search for a competent agent, but I'll also start looking into title companies (I need one for my team anyway).

I've always loved the support on this site! Thanks again...

Ogal Gaines
LAGO Acquisition, LLC

__________________

"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


Systems Building

@Ken_Siew. Your progress is so so so so great. We're all looking forward to one of the homegrown RBBPers land their first. I want to get there too.

I'm still full steam ahead with the realtor that remained after all the rest fell by the wayside. We've put in 10 offers every week for the last couple weeks, and he and I have discussed ways to make offers that are more competitive with what's going on with my marketplace. It's taking me a second to learn the best way to estimate repair costs in my initial offer. How are you guys doing it? 50% off listing is not realistic for MLS listings in my area (I've looked at the statistics), so I need to be a little more dialed in with that "repair costs" variable. My agent also suggested I try short sales that have fallen out of escrow, b/c banks may be more motivated to take lower offers since they were expecting to close. I can see that he just sent me a fat list of those criteria today.

I just put out bandit signs for Sellers for the first time today. One of the areas where I wanted to plant signs actually had a security truck and I could literally see the security guy picking up bandit signs on the other side of this huge parking lot, that I JUST planted one minute prior! I had half a mind to trail the security truck so I could retrieve my plucked signs if he happened to toss them in the dumpster! Ha! I decided to leave that area alone b/c of the literal sign bandit. We'll see how the other areas respond.

I also spent some time exploring some neighborhoods and I picked up a couple birddogs through a mailman and a local who kept his eye on his subdivision. They actually pointed me toward two vacant houses that I will research. I also found one myself that I'll look into as well.

So... MLS and FSBO lead systems are slowly getting built. I'd like to automate them as much as possible, but I can see that they both need some energy and refining upfront before I can do that, which is great by me. It's very rewarding feeling progress and learning more about the REI world and implementing better ways to do anything and everything. Ha!. A deal will show up soon, and hopefully I can join the ranks as an official wholesaler. How great is that gonna be? Hope you guys are all making progress as well. Please do share.

__________________

Your friend,

SHINE


Hey ogaines!

It is hard, but... Think about what Dean always says, it starts off being hard, but soon, instead of the wind being in your face, the wind is at your back and you're flying along.
I think I've found a good realtor, in another city about two hours above me. I'm possibly going to do virtual wholesaling there. We emailed each other a couple of times, I asked him directly if he is comfortable with making a lot low offers and he said yes. I told him I was in another city in my first email and he said he was comfortable with overseeing repairs and closings, beginning to end. He told me to just ask if I wanted to see any listings, so I asked for all listings that were vacant, as is, and have had a price reduction. He sent me about twenty listings, I looked them over, checked them out online, all of them except two, were way too nice for me to even offer on, emailed him about the two exceptions and I'm waiting for a response. Thinking it over though, I realized I made a REALLY STUPID MISTAKE!! In one of my questions about the two exceptions, I asked if the bank had taken back the home that was a possible SHORT SALE! ARRGH! I can't believe I asked if the bank had taken back the home, banks do short sales to PREVENT HAVING TO TAKE BACK THE HOME!! So I don't know how things are going to turn out now. I hope it all goes good.

If there are investors in Baton Rouge, LA, please PM to discuss working together.

RENinja

__________________

"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee


RENinja

Don't sweat the mistake question. If you don't hear from the agent in a reasonable amount of time, contact the agent and play like you don't know anything. When or if he/she brings up the comment, make like Nixon- DENY, DENY, Deny. Explain that you didn't proof read your email before sending it. You must have mixed up 2 different sentences without realizing it. Then ask them 2 different questions. 1 about REOs and 1 about short sales. This should hopefully get things back on track. (I always blame technology for any mistakes. It even happens on this sight to me. Smiling )

Hope this helps...

Andy Sager
DG's AndyS

__________________

Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni Laughing out loud


Thanks Andys!

Thanks for the encouragement. Might be another dumb question, lol Smiling but what is a reasonable amount of time to wait for an agent to respond? I have emailed agents, they responded quickly, then I respond and they don't reply for two weeks. Should I follow up with the agent?
Thanks, you pros are a great help!

RENinja

__________________

"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee


RENinja

To each his own regarding acceptable. If you are serious, you want an agent to act quickly to your requests because you are not in the business of wasting people's time. They should know that every day they don't respond is costing THEM money.
The only thing I can say is that the longer you wait, the more time the agent has to think badly of you. Don't give him/her that chance.

Hope this helps...

Andy Sager
DG's AndyS

__________________

Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni Laughing out loud


Hmm...

Sure does. I won't let that happen next time.
Thanks!

RENinja

__________________

"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee


How to find auction

Hello,
I'd love some tips on how to efficiently find out the dates and times of local auctions.

My online search brought up related info but not the actual dates and times of live auctions we can attend. Suggestions? Thank you!


RENinja

Thanks for the pep talk. I hope things work out for you. Me, I'm gonna keep on swinging...belive that. But for now, I'm sticking to owners!

Ogal Gaines
LAGO Acquisition, LLC

__________________

"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


Local auctions

NewHaven wrote:
Hello,
I'd love some tips on how to efficiently find out the dates and times of local auctions.

My online search brought up related info but not the actual dates and times of live auctions we can attend. Suggestions? Thank you!

You should be able to find them listed in your local newspapers or if not there, call your county/ city and ask where the auctions are or where you can find listings for current auctions. They may be being done at the county courthouse steps as opposed to the property sites.

Hope this helps...

Andy Sager
DG's AndyS

__________________

Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni Laughing out loud


Thank you Andy

Yes, Andy, that helps! Thanks!


East Coast Real Estate Investors.

Hi Ken how are you. I am currently deployed overseas, but I to work on the east coast as a Real Estate Investor. I am curious to know which locations you work out of. Best wishes and good hunting, Semper Fi.


where to start?

ok i need help big time im just really not getting where do i start im thanking im just to excited some one please help me!!!!


deedeerg11, homework...

If you have any materials(RockBottomBluePrint, Dean's books, 30 days Fast Cash, etc) start reading! Go to totalviewrealestate.com, click on Find It, Lock It Up, and Sell It, and watch the training videos. Go to realwholesaling.com, there are some great articles on there from Carol Stinson. Absorb as much as you can so you can become familiar with the 'lingo' so to speak. Anything you have a question about or isn't to clear to you, search it in the forums. If you can't find an answer, post a question in the forums, the other members will be glad to help. Please post in the appropriate forum, it will help to keep others from getting confused! Please fill out your bio, it will allow other members to understand your goals and assist you better. You might also find others near you to partner with, or just get together to discuss whats working, what isn't, and to encourage each other.
Good luck and best wishes on your real estate journey!

RENinja

__________________

"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee


Thanks!

Thanks for the very detailed info. I'm certain will be helpfull to me and many others. Semper Fi. D-LO


Wow!!

Hope you didn't fall off your chair! I would have. Looks like you've found a fantastic REA for your Power Team. I'll be waiting eagerly to hear about the fantastic deals you two put together. Semper Fi. D-LO


Question about Short-term Loan Interest Rate

Hey guys, got a quick question as I'm thinking about the financing for my 2nd deal -- a 3br/1.5ba duplex. I made an offer with cash, with the initial thought to wholesale it. It was approved by the bank (a short sale). On 2nd thought, I decided to get it myself and lease option it to a tenant buyer (still looking for one). So I'm thinking to close and then cash out by refinancing immediately after rehab.

Question: What would be the average interest rates for borrowing private money for 2 months? I want to be fair to my friends with cash and create a win-win situation.

Thanks!

P.S. I googled and found interest rates between 10 - 15% annually. So to keep it simple about 1% per month. Just wanted to get some real world stats from investors out there Smiling

__________________

Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.

Wishing you abundance,

Ken Siew


Congrats Ken

Ken_Siew wrote:
Hey guys, got a quick question as I'm thinking about the financing for my 2nd deal -- a 3br/1.5ba duplex. I made an offer with cash, with the initial thought to wholesale it. It was approved by the bank (a short sale). On 2nd thought, I decided to get it myself and lease option it to a tenant buyer (still looking for one). So I'm thinking to close and then cash out by refinancing immediately after rehab.

Question: What would be the average interest rates for borrowing private money for 2 months? I want to be fair to my friends with cash and create a win-win situation.

Thanks!

P.S. I googled and found interest rates between 10 - 15% annually. So to keep it simple about 1% per month. Just wanted to get some real world stats from investors out there Smiling

Congrats on nearing your first profits in Real Estate. Either in the 30 daysto quick cash book or on the Edge Matt Larson indicates that 10% a year is the average.

How challenging was it to orchestrate the double close on deal#1? I am looking at a property tomorrow that is a short sale already approved by the bank. The listing indicates that they are looking for a quick close. It looks like the numbers will make since but I have to physically see the property. Right now I am going off of the pics and my realtors advice. Initially my plan was to just wholesale but I am thinking about using private or hard money to rehab on this one to bring in a little more money.

Again congrats Ken. I hope you will be cashing your first check soon.

__________________

The only thing that will get you out of your comfort zone is your why. It's what drives you. Is you why stronger than your pain? If not I suggest you go back and focus on your why!!!!

You may not always get what you ask for but you'll never get what you don't ask for. So what if someone tells you no.


Double Close

It's a little bit complicated with all the paperwork and approvals, but my attorney and realtor are taking care of those (that's why they say you need a power team!). I'm just bringing the money to the table and making sure the costs are minimized. You won't believe how many silly mistakes people make! The closing is scheduled to be 10/17, so I'm hoping everything goes well til Mon!

As for your listing, are you putting in a cash offer below the listing price that will allow you to make a good profit? It doesn't necessarily have to be 50% off if it's already priced well below the ARV -- sometimes 20% off listing could be more than enough. But if no investor is buying at the asking price, just be sure to do your due diligence because there's probably a good reason for that.

I know you're running on a tight timeline since you quit your job, hope that you're making great progress!

__________________

Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.

Wishing you abundance,

Ken Siew


Ken - Interest Rates

You can also do the % on the amount of money instead of time borrowed. For instance you can tell your friend, If you lend me $8000 for 2-3 months, I'll give you an 8% interest rate on it, or $640 for the opportunity to borrow your money.
There's always different ways to word & negotiate terms.

__________________

Mark K. Cool

Life Disclaimer: Past Failures are NOT indicative of Future Results.

Real Estate Glossary - Click Here for PDF

View My Everyday Blog - Click Here


Short Sale

Ken_Siew wrote:
It's a little bit complicated with all the paperwork and approvals, but my attorney and realtor are taking care of those (that's why they say you need a power team!). I'm just bringing the money to the table and making sure the costs are minimized. You won't believe how many silly mistakes people make! The closing is scheduled to be 10/17, so I'm hoping everything goes well til Mon!

As for your listing, are you putting in a cash offer below the listing price that will allow you to make a good profit? It doesn't necessarily have to be 50% off if it's already priced well below the ARV -- sometimes 20% off listing could be more than enough. But if no investor is buying at the asking price, just be sure to do your due diligence because there's probably a good reason for that.

I know you're running on a tight timeline since you quit your job, hope that you're making great progress!

I haven't put in an offer yet. I am looking at it tomorrow. I have ARV at $86k. The current asking price is $55k(Price reduced 8 days ago). From the pics it will definitely need interior paint. The walls look really dirty. The grass is overgrown and it has some sad looking brush that would need to be cleared out. The only other thing I see from the pic is that the kitchen cabinet under the sink has a curtain on it. I am not sure if it is just missing the cabinet doors of if there is more involved. Once I get a good look at it tomorrow I will put in an offer. As of right now this is where I am at.

ARV $86,000
-15% $73,100 (As per Matt Larson's teachings in the book)
-10% $64,500 (Additional to be conservative)
Rehab and profit?
I realize that Matt includes the 30 day T.A quick sale discount in his 15% but I am trying to be a little more conservative. Tomorrow will tell me where to go from here.

__________________

The only thing that will get you out of your comfort zone is your why. It's what drives you. Is you why stronger than your pain? If not I suggest you go back and focus on your why!!!!

You may not always get what you ask for but you'll never get what you don't ask for. So what if someone tells you no.


@ken_siew

Ken_Siew wrote:
Question: What would be the average interest rates for borrowing private money for 2 months? I want to be fair to my friends with cash and create a win-win situation.

Thanks!

P.S. I googled and found interest rates between 10 - 15% annually. So to keep it simple about 1% per month. Just wanted to get some real world stats from investors out there Smiling

Ask your friend what kind of yield does s/he want, and then give it to him/her.


Mark K and dp2 - great advice!

Thanks guys, I agree with your suggestions. I have those ideas at the back of my mind, but wanted to get some input before asking. He's actually funding my first deal on a double closing. But I think comparing transactional funding and short term loans are like comparing apples to oranges. So I dropped a note to him so we'll see how that goes.

__________________

Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.

Wishing you abundance,

Ken Siew


Hey, Guys

I'm so glad that everybody moves ahead full steam!
Just wanted to share something from what i saw yesterday.

It was an introductionary webinar for upcoming workshop in Las Vegas from the guy named Than, who hosted a successful RE show on TV "Flip that House".
What he was talking about in that webinar was so many things that Dean and Matt Larson has taught us.
For example, he was talking about pulling the Cash Buyers from MLS, then automating that proccess.
He talked about wholesaling in today's market as a great opportunity to create quick cash to invest in rentals and/or commercial buldings.

It just made me realize, that people are gonna catch up soon with what we guys are doing here. So It motivates us to push forward even more.

I know we are ahead of the curb.

Good luck

Dennis

__________________

- Truly believe in yourself! -

Dennis


Than Merrill

dtupak wrote:

I'm so glad that everybody moves ahead full steam!
Just wanted to share something from what i saw yesterday.

It was an introductionary webinar for upcoming workshop in Las Vegas from the guy named Than, who hosted a successful RE show on TV "Flip that House".
What he was talking about in that webinar was so many things that Dean and Matt Larson has taught us.
For example, he was talking about pulling the Cash Buyers from MLS, then automating that proccess.
He talked about wholesaling in today's market as a great opportunity to create quick cash to invest in rentals and/or commercial buldings.

It just made me realize, that people are gonna catch up soon with what we guys are doing here. So It motivates us to push forward even more.

I know we are ahead of the curb.

Good luck

Dennis

Before finding Dean, I was listening to Russ Whitney. He claims that he was the designer of most of these investment tactics that everybody like Than (he mentioned him by name)is using now. These concepts have been out there for quite a while.
On a positive note, Russ is now doing webinars about how to do RE investing from a more personal aspect. "It should not just be about the money." Just as Dean says, helping people out of their bad situations will produce more side effects (ie money, satisfaction) than anything else. The game of GREED is not too well received anymore. That will give you your edge. Like Matt says about our bandit signs "Don't worry about putting them where other signs are because ours are better and will be seen." I say don't worry about the other investors, be better than them and you will succeed.

Just my 2 cents..
Andy Sager
DG's AndyS

__________________

Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni Laughing out loud


How to not pay upfront for earnest $ or property inspector?

How to not pay upfront for earnest $ or property inspector? I was told both are possible from a DG/RBBP mastermind group (I'll ask them as well) and they are somewhere in the RBBP materials but I haven't found them after looking.

I'm looking for a way to further lessen the money I need to put up for an assignment, double close or LLC close when dealing with a bank/REO style that requires purchase and also any deal wherein you want to get a property inspector out to the house as soon after an offer acceptance as possible.

If you don't pay the inspector until the deal is completed/at closing, it makes me worried they are motivated to avoid certain issued to ensure less problems are found that could jeopardize the deal.

Once I get a deal or two done, I'll feel better about putting up earnest money (I like Greg Murphy's strategy of only paying $500 or if absolutely pressed, $1000 by a bank in e.$) and paying for a property inspector but right now I want to lessen my exposure as much as possible.

I will go with Greg Murphy's strategy of getting twice the earnest money I put up from my cash buyer... that will cover the property inspection and the earnest money even in the rare event the deal falls through.