DEALS! DEALS! DEALS! from coast to coast!

for me it is quite a transition trying to be part of something bigger. i'm kind of a loner and not to big into talking or conversing. so it is taking a lot of effort to get traction and move forward. i have done enough reading now that i should be able to talk to some one and understand the things they are saying and not look like to big a dummy. i just gotta get engaged and move forward. it's no fun being the tire kicker.

WOW you are doing amazing!! CONGRATS and I really enjoy reading your great information that you share. Your stradegies are fantastic. We are currently working in eastern PA and western NJ. We are really starting to see some crazy deal happening here now also. I am loving it.

Joe,

If you find someone that has money to invest how do you structure the deal or ongoing relationship with them? If they lend 40K do they make say.....10% on that 40K over a year's time? So at the anniversary date of the loan, they get 4K?
Something like that?

I have a friend that has some $$ they might be interested in helping me buy a house.

Thanks!

Brian

It is fun to see you doing deals now. Great job. The money partners I have in place, I let them know the deals are property specific. I can pay anywhere from 8-15% on their money. Leave it open. If you are making great money on the deal, I would pay my money guy more, but if it is tight I wouldn't pay as much. Something is better than nothing.

Since I pay pretty well with my money guys, just a month ago one of my money guys emailed me and said hey I'm ready to put some more money to work. I like that, because that means just another property.

Keep moving forward!!!

Mikessler

Thanks Mike for the input. I'm finding some great properties to hold long term. They'll cash flow now then be able to sell for a hefty profit when the market turns around. I don't want to wholesale these deals if I don't have to. I have 3 deals going through the same bank (of which I already have some loans with). My banker thinks I'm expanding too fast but he trying to get me approved for a loan where I only come up with 10% down. I do have some equity in a restaurant we own so I'm hoping the loan will go through using the restaurant as leverage. I feel like I'm sticking my neck out some and have lots of balls in the air but want to go for it.

Congrats on getting started with real estate investing. Take it day by day and improve on things such as conversations by just doing. The great thing about the internnet is that you can start conversing through email, then by phone and then in person. Take one step at a time. Good luck, you can do it. Believe and Achieve! - Joe

Thanks for your comments, feedback and congrats on your recent deals. Real estate can be so much fun. I will be visiting Cherry Hill, NJ in the near future. Good luck on your future deals. Believe and Achieve! - Joe

Reply to Brian's first comment..............

The key with working with people that may have a self directed IRA/401k is to make sure your offer is attractive. Most cases people may not even be earning 5% right now. So a good way is to inquire what there current returns might be and see if you can negotiate what may work for them. Some people could be happy with 6% where other want 15%. As long as the deal makes sense you can offer people what they want. Remember interest is calculated on an anual basis (yearly). if you borrow money for less than a year you do not have the total annual cost of interest. So this means you can pay a high interest rate if only using money for a short time and the deal makes sense. I hope this helps. Good luck. Believe and Achieve! - Joe

Reply to Brian's second comment

Its great your finding good deals and the real payday will be when the market does increase. As long as the current buy and hold properties have good cash flow each month that is great. Like my Florida frineds say do not "buy a gator". Meaning a property you have to feed with cash each month.

Try to work with more than one bank and see if you can find a local small bank that will do a cash out for free and clear properties you may own. Its important to know how much they will loan you based on loan to value and make sure they don't have a seasoning requirement that yo uhave to own a property for a certain period of time. Also, try to keep a cash reserve so if you have a vacancy with a property, you can cover the monthly bills. Good luck. Believe and Achieve! - Joe

I attended one of Dean's seminars and wanted to find out more information about the program than was taught at his free seminar, Weekly Wisdom #198 video along with the comments on here have shown me that this program works, I will be saving every penny I can lay my hands on to purchase his program!!! My only regret is not having the money to purchase it at the seminar. Thank You Dean for not giving up on me, you are truly an inspiration!!!!

I agree with that I have made a lot of offers but not consisitently and now have been making them for a bout a mo now w/my realtor here in san diego, will not give up-will have my 1st deal soon.

The best investment that you can make is in your education. Each day continue learning by reading and sharing on DG.com. Dean's videos and prior conference calls offer valuable insight as well. Good luck. Believe and Achieve! - Joe

Keep up the good work and keep making those offers. It can be a numbers game. You can also expand your search for deals to other areas outside San Diego like Chula Vista or Escondido. Know your exit staretegy and keep moving forward. Believe and Achieve! - Joe

question? let say you want to do deals in other states and you are in certain state how would you worked that out? Thanks