30 Days Quick Cash Formula

I'm not sure how many people you've talked to when you mentioned several, but personally I think I would keep going until I've talked to maybe 50 RE agents/professionals before I would think about if I'm on the right track. Similarly, I probably called 30-40 banks to find some who would do no-seasoned refinancing couple of weeks ago.

And worst comes to worst, TF/assignment doesn't work in your town (I don't see why), you could go a little bit further to another town, or even another state. In fact, I drove 200 miles to close a deal last week. But I wouldn't recommend it if you don't have to!

Good lucK!

I'm not trying get people to see things my way; rather, I'm sharing based on experience of what has worked for me and others.

You're not going to run into all of that resistance when you're dealing with seriously motivated parties. Similarly, no amount of explaining is going to coerce an unmotivated party into doing a deal. I learned that the hard way. Doing deals with motivated parties is like slicing butter with a hot knife.

For example, I'm working on a deal in TX with an agent who's unfamiliar with creative financing and assignments, but he's willing to learn, and his seller is motivated to sell. That's all I need. As a result of my agent's willingness to learn, we're working concurrently on another deal (which also involves some creative financing).

Just to piggy-back off of what Ken shared, I also spent most of last week cold calling nearly 200 banks/credit-unions (spread out over 7 markets) to find the ones who'd do the "no season" refinances.

Sometimes, I felt great, and other times I didn't. Yet, I just had to "keep smiling and dialing" as Zig Ziglar has said often.

Ken, it's nice to know I'm not the only crazy one.

200 banks/credit unions??!! NOOOOOOOOOOOOOOOO!!! Oh, well I just gotta do it. Seriously thats pretty awesome.

RENinja

Thanks. I didn't set out to make that many calls; rather, it just happened organically. I made about 30 calls per market, and my eyeballs felt like they'd pop out towards the end of last week.

Well thats good, now you've racked up a lot of experience. I don't like coldcalling, but I have to do it(I don't like calling anyone, except people I know, lol).

RENinja

I could totally feel you man! Multiply my coldcalling 5-6 times and that's probably few days of work for me. I'd definitely prefer talking to my girlfriend than the bankers, but I did learn a great deal of information and the right questions to ask. Plus I found SEVERAL that 'said' they would do no-season refinancing! Of course it's not a guarantee until it actually happens

The first call is always the hardest, but once you blast through that everything becomes easier. You're right Eric, I told my buddy I coldcalled 30 banks and he looked at me with a totally shocked face. I guess we're all crazy people...

Have a wonderful weekend guys, and keep moving forward!

PS: Susan/Steve, give us an update when you get a chance, our bet is still on Now I just need to sell that property or rent it out to win!

lol I don't like to make any phone calls--so making cold calls took me WAY out of my comfort zone. Yet, I bit the bullet, and I learned to make cold calls, because it's a necessary skill.

First let me say this will be my tuffest thread that I have ever had to write. It is day number 120 of my RBBP 30 day fast cash program. I am so glad that this will be buried way in the back of this thread as it is about my failure with this program. But I feel the need to get my burden off of my chest.

All throughout the program things were moving just like DG said it would. In the first week I found a good Realtor, I found 3 investors and I felt very confident that this would make for me the new life I was looking for. But just two days after I ordered the RBBP program I was laid off from my job. This put a really big financial pressure on me as I had put up my meger savings for the down payment of the program. But I pushed on full speed in hopes that all would be well in the end.

The RBBP is a beautiful educational program and everything works just like DG said it would if we just follow the blue-print. Well, everything except one small problem. What I found by day 30, had re-enforced by day 60 and could not find a solution to by day 90, and have given up on at day 120 involved the system of how to figure the offer prices on homes so that I could be competitive with other investors in the home buying market place. I was being undercut on all of my offers because the formula was taking too big of a piece of the pie from the sellers.

My service, as a wholesaler, meant that I needed a 40% below FMV offer to be accepted by a seller while other investors who did not use a wholesaler could offer somewhere in the range of 25-30% below FMV on properties. I tried cutting my fee to just $500 instead of the suggested $4,000. I also cut my cost of business from the suggested 12% to just 9% for closing fees and Realtor commissions. All of this did not allow me to win a single offer on a property.

On day 30, I had to make a call was able to reason with DG's customer service agent and was given a 30 day extention before my next payment was due. Still unemployed, I think that this was a very generous gift from Dean. Day 60 came and I still was unable to get an accepted offer out. I had to make the second call to DG's customer service. And by this time I am falling behind on things like utilities and creditors by at least 30 days. Again, DG gave me another extention for 60 days. WOW! he is really generous.

Then on to day 90 and still no successful offers being accepted. I was up to over 100 offers by that time. Some had countered at least once but my highest and best offers were always too low. I am up to 8 buyers by then but with no properties to give to them. I also have two really great Realtors who have stayed with me all along through this.

Today was day 120 and I am done. With my second payment just 2 more days away, I made the last call to DG's customer service. Dean was very kind and said that they would just cancel my payments and that I could return the RBBP package to them.

I just feel so defeated by all of this. To all of you out there, please do not give up! I am not giving up! I will loose my internet, cable TV, electricity, and my cellular phone in just a couple more weeks. But I will find work again...I will recover...I will continue to work at this because I am very confident that it will work for me someday.

Theo T.
CogniWorld-LV

Finding accurate ARV and accurate rehab/remodel costs, then offering based on the numbers of the deal. NOT 50% off list! Finding them evaluating and getting them under contract at a price you can wholesale (if that is your strategy) IS the hard part of this business. Everything else is easy!
That is what you need to concentrate on when you get back into it PERIOD. What good is a buyer or a realtor if you do not know and understand your market??
Some areas won't work at 70% off ARV (NOT LIST!!!!!!!!) Some like in California are more like 80% of ARV to get an accepted deal. Real buyers will pay because they know the market too!
In Detroit you can buy at 10% of ARV (just a joke but close!)

ONCE AGAIN, your best deals are going to come from UNLISTED, MOTIVATED SELLERS and doing the deal directly with them with NO REALTOR.

Good luck and don't join the 95% that give up!

Michael Mangham
MD Home Acquisitions LLC

We are still plugging away. We have 2 contracts out. One on a duplex and one on a single family. We are actually going to outright buy the duplex and then turn around and sell it. Selling it before closing has not happened and we promised a close regardless if we found a buyer and we only had 2 weeks to make that happen. We've shown the property numerous times, but no offers yet. We have learned a couple things that I wouldn't do wrong again. First, we have been allowing our buyers to negotiate on the price and so then we put our price a little bit higher to allow for that. But, now our price is a bit too high and it keeps people from checking out the property. Soooo, going forward, we will just keep the price as is and price it accordingly. We are still trying to figure this part out. Many of the investors out there don't have much problems dealing with wholesalers out there, they don't care at all, but a lot of them have never bought that way before. I'll keep you posted once we get one of these under contract and then again after we close because once the contract goes into action, that's when the real juggling and fun begins. LOL! Hows your deal going Ken? You started rehab yet? How much longer until you start trying to find a tenant?

-Susan

Sorry to hear about the job loss. Find a way no matter what to get yourself back in the game!

RENinja

I am sorry for your situation, I kind of know how you feel even though I have not had a job loss. I would not like it if I did not have electricity in my home but as far as getting on the internet, you can do that at your library, that is what I am doing right now. I like the library computers better than any other. If you don't have phone service you can either use a neighbors phone or a public phone. I know it sounds inconvenient but until you get back on your feet these may be some alternatives to having some sort of service you can use. Try to make lemonade out of lemons. Hope you can find other ways to get things done. If you have cell sevice that would help or you can get a burner phone, they are cheap and service is not real expensive. Let everybody know how you are doing.

Can anyone break it down for me the difference in Wholesaling and assignments? I'm totally confused, I've had years of experience in Property Management and Tax sales. But not this. Please Help!!

Trina

Michelle,

First of all thanks for doing this thread. My question is about seasoning. I haven't done this yet, but if I buy a property out right, do I have to hold it for a certain period of time before I can sell it? I sure would hate to get stuck with a lot of holding costs that I wasn't counting on.

I have a business to buy under, does that eliminate the problem? Do all states work the same on this issue or is it a bank issue?

When it comes to funding, if anyone needs help with transactional funding, I
can help with that, especially if you don't know where to go to find hard money lenders. Thanks again, RMP

http://cashcoordinator.com/myrapayzant/

Hey Susan, I haven't started doing rehab as I'm still waiting to hear from another investor who might want to buy this deal as is from me. The actual repairs came out to be wayyy higher than we expected and it's not as good a deal as I originally thought. I will still profit but it's probably not worth the risk and time. Another lesson learned

Plus it seems like it will take much longer time to finish rehab and resell (especially near the holiday season). So I thought it might be a better option to just flip it to another guy and use the money to buy up other rental properties.

Now, if I close on the deal to sell to the other investor, I win! Stay tuned...

Why don't you just try Bird Dogging for a while... to build up a little cash

Where in the world is Michelle and Awaterloo

Ken, we are in kind of the same situation with our duplex. I think we got a little over confident with our first deal that we thought it was time to jump in with our own money. I think I would advise to others that they need to wholesale and follow the results of the investors that buy from them on at least 10 deals before they invest themselves. We will still make money on our deal too, but it definitely adds a little more stress to the game. We are going to a local REI class this weekend to learn more about how to estimate rehabs and stuff. That is the part that I"m mostly confused about right now and I would rather be able to estimate everything my self without having to bring in a contractor every time. But, I know that the reality behind that wish is that I am going to need a LOT more knowledge and experience before that will happen.

The clock is ticking! Who is going to win this contest Ken? Our phones are ringing off the hook with people wanting to see our properties. Is yours? LOL! -Susan

Got something pretty cool going on here. Wish I could join the competition.
I'm keeping a close watch on this.

RENinja

A business partner and I purchased a property all cash a few months ago (pre-RBBP). It's a fixer with a long-term tenant. We purchased it initially intending to flip it quickly as a handyman special with seller financing; yet, we got it with enough equity so that we could rehab and rent or flip it.

We intended to list it with an agent (since we're both remote), but we couldn't find one who was a good fit (even after having gone through 30 to 50 agents/brokers). Most of the agents/brokers that we spoke to sounded so defeated. You know, . . . like "nobody is buying right now," "your listing is probably going to sit on the market for a while," "this year is pretty much a bust," . . . and I wasn't trying to hear that.

Ultimately, we decided (a week or 2 ago) to take matters into our own hands, and we opted to market the property ourselves using some of the RBBP marketing techniques. We borrowed some of Greg Murphy's ad ideas, and we adapted Nathan Street's Edge 2010 "no seasoning refinance" technique. All I can say is that we should have done this sooner; we actually are kind of overwhelmed by the response that we're getting.

Anyway, that "no seasoning refinance" might help you out too. You also might consider reselling your property with seller financing, and selling the note (or a partial) to recapitalize.

A third option, that you might not have considered, is to do a swap.

Susan, I think the best way is just to jump in and learn. Taking action beats going to seminars hands down! But obviously if you're applying your knowledge then more power to you Maybe I should go to a class too...

dp2, I'm actually considering Nathan's technique as one of my alternatives. But I planned to do it after the rehab, it should also work before rehab! Thanks for the great idea.

Recapitalization might be a very good solution. I remember watching one of the Edge video about it, I'll do some research about it.

How does a swap work? You mean swapping/trading props with other owners?

Wow, guys, you are all doing great, pushing it through and getting amazing results:)
I'm putting out bandit signs and calling for rent signs to get my leads, also add some landlord buyers to my list. In the beginning it was kind of slow in terms of results, but now I'm getting great responses.
Persistence pays, as you figure!

Good luck to everybody here!
Thanks for your support.

I read about your situation and I have to say please be strong, believe and expect the good coming your way soon. Try to see in your mind that you already have everything you need, just to generate a feeling of it so you could be on track and go forward. Don't base your decisions on what you have otherwise you will never get what you want.

Life is just testing you to see how badly you want your goal to be reached. And if you won't be strong enough to get through this then you don't deserve the reward. So please be strong, believe in yourself and you will make it. I believe in you.

Let us know how you are doing and good luck.

Regards,
Zane

Zane's post reminded me of an inspirational video I watched on Youtube. It asks the question: "How bad do you want to succeed?"

Here's the answer:
When you want to succeed as bad as you want to breathe, then you'll be successful!

Link: http://www.youtube.com/watch?v=4GcusXA069I

Stay strong Theo, pick yourself up again and we will see you at the top!

Hi...I started ordering my business cards realy soon after I started the end of Sept/11. They have worked extremely well for me so far..they look like a professional business should be, easy to hand out and prompt questions about what a REI is( which I gladly explain), This has gotten me lots of properties, Now I just need the investors/buyers list and I will be off and running.

Yes, some swaps are trades, and others are closer to bartering. The mechanics of how one works will depend upon the underlying details of that deal. For example, I know someone who swapped a pickup truck and a house in exchange for another house. I know someone else who swapped some computer work and a note for a house. And the list goes on. . . .

Keep in mind that no 2 swaps are exactly alike. The details will depend upon whatever the primaries negotiate.

Especially when buyers want properties not on the MLS. I also want to know how someone would do this anywhere in the US? Can anyone give me some answers or direct me to a thread that gives me that information? Can I also do this from the internet?

Birddoging is almost the same as wholesaling, you just do not lock up the property, but give the address to your buyer.
Since you are not doing any research on the property, you get paid less($500-1000 per lead).

You can find it more in detail in 30 days fast cash formula Dean's book.
And I think it's possible to do by phone and computer, just have to create your own system for doing that.

Hope this helps

So, we closed on the duplex on Tuesday (meaning we purchased it) and today I took a call from another investor who looked at the property and he wants us to do owner/financing. It sounded tempting, so I called an attorney investor that we met to get his opinion. This deal could be a slam dunk. We would basically be getting $20K cash up front with a 5 year note and 12% interest for a grand total of $30K in profits. All we got to do is draw up the paperwork and it's a deal. Ken, do you feel the heat?!?! LOL! I'm getting ahead of myself, the devil is always in the details. We are going to try to square this deal away tomorrow. If we close by tomorrow afternoon, then I'll feel OK about spending a day at a real estate class on Saturday. Heheheheh!

I agree that it's always a better idea to get out and get your hands dirty. That's the best way to learn, but sometimes, it's a great idea to try to learn from people who have already made all the mistakes. I for one, would definitely like to learn about rehabbing a lot more. Most of the other investors out there don't know much, so I'm just getting ahead of the game. For all you RBBP people out there, you guys need to get your hands dirty and step away from your reading material, videos, webinars, and LOCK UP YOUR DEALS AND THEN MARKET THEM! This real estate thing is MUCH easier after you get your first deal in the books.

-Susan