For me it seems that many sellers are still in denial or they have just given up on wanting to be helped. Case in point: I had a seller that I was working with about 6 months ago. He had a property located in Inglewood and was behind 3 months in payments. At the time there was about $150-180k in "equity" (we all know that it's only equity if you actually get cashed out of the mofo.) At that time, he wanted $60K cash and he would walk away.
Not a bad deal because I was going to stick in the Land Trust and hold if for many years. The deal looked really good on paper - as many of them do (!). He had an adjustable - but he would refinance it for me-check! He was willing to hold the loan for 7-10 years-check! I was going to give him the $60k once he refinanced-check! Seems like a good deal if it all worked out. But (there's always
a but) he would not sign the Proposal Agreement! I let him know that I would not move forward in the deal unless he signed, he simply refused to sign it "right now". He wanted to wait until I found my buyer/tenant to move into the house and then "we would do all the paperwork at once". Of course the deal fell by the wayside and I moved on. No ticky - No washy.
Now... 6 months later I just received an email from this fine fella and he is offering me the same deal - but now he only needs 30K to walk away for good. It seems he has managed to hold on this long. Wow. So I guess he is one of the "lucky ones". That is; he is still in his house and it hasn't gone back to the bank yet.
We'll see what happens here. There are more deals that are not happening rather than happening and I am developing a "we'll see" attitude for now. Is it me or are there not enough deals popping here in L.A? The only successful deals I am hearing about are Out of Area/State. What about you?






market" in the media? I'm starting to feel like I cannot be bothered to read one more story about it. We all know it's here. We all know it's going to get worse. We all know it's not going away anytime soon. The story is more or less the same every day.
tarting to catch up and they think they have "breaking news" doesn't it?
rs out of homes they cannot sell, help buyers into homes they cannot get loans for.
(!)And not the old school way of sending them a letter telling them why I'm better then the 100's of other investors letters they have received.

Or rather - Business Lines of Credit. It seems if you haven't had your LLC for 2 years - you can pretty much throw most of your options down the toilet. Wow... it's not easy at all!
in real handy for down payments. I am going to hire a company to start establishing my business credit right away for sure! I think I found a good one, and will let you know. Forgetta 'bout all this nonsense!
a networking group that brings people with private money together to network with those who need it! I know that there are a lot of investors with money who would like to partner with those who need it. Hhhhhmmm. 



h this anyway?
I ask you... what's wrong with this situation? I know of many speakers who are proud of the fact that they have this policy of not "allowing" people to resell their product. I don't care for those folks and I tell you what - they will never be promoted by me. Ever. I will fight this ridiculousness as long as it takes.
Today is "The Naked Investors" Radio show and Pete and I are going to be answering the top 10-15 questions that we get asked all the time about anything... Well that is, anything real estate related!
ut now for anyone that already has properties near a college or like us - who are thinking about buying in those areas, we can now give all the renters in that one home beneficial interest therefore giving tax benefits to the parents of those college students! We take the property and put it in the NARS Land Trust. Now anyone who is paying "rent" in this home, becomes a beneficiary of the trust, and now reap tax benefits. This is way cool stuff here.
Do you think that we will be able to buy homes at the auctions and from MLS for 60-65% minus repairs here in So Cal? And if so, will we be able to buy many? Many for me is defined as 1-3 a month for now (might be more). Or is my best bet to work with bulk REO's so that I can get them for "50%" which is what I am told (how long have we been hearing this?)
should be smart" and choose to manage the bulk deals with them, which would then mean that I'm on "the team" (jealous? not so fast..) The position I'm offered is I would be "managing" the team to make sure each of our "tasks" gets done -including my assigned task, and then also managing the sales process to all the buyers. Most importantly, I would be reporting status of every house to the money investors in the deal, which sounds like I would have many captains on the ship. Basically a full time job if we are getting 20-30 houses at a time right? Apparently we'll be buying at 50% and flipping to investor buyers at 60% with the exception of the houses that the team gets first choice at. A good deal for all I agree.
say I buy a 400K house at 65% on my own - at auction or otherwise. At that price point for every 5% I'm at 20K. The question is - why in the hell would I want to get involved in having a full time "job" that I don't get paid for - (because after all - I am getting my houses at 50% off) just so I get my 1-3 houses a month at 50%? Is it really worth the aggravated stress and hesteria that would surely be put through? Imagine it people. Having about 3-4 high maintenance people telling you what to do all day long, calling you, emailing you, asking you "where are we at?", making sure all the tasks get done, and that's just with the team! Additionally, then dealing with all the buyers... Holly Schniekies. Call me a Crazy Dodo Bird, but this doesn't sound like fun at all. What pops into my pretty little head is... NO FREAKIN' WAY BABY! I don't want the money that badly.
Thank you for the generous offer - and at potentially 10% more profit per deal- it is a very generous offer. One that I could have only dreamed about two years ago. But for me, I'd rather just manage my own dealings and not have the tension and hassle of dealing with so many head honchos. It boils down to quality of life baby... In my old age, I am realizing that there is not enough cash in the world to make it worth working in a anxiety ridden environment. No can do my f
riend.
Life is too short and there're too many fulfilling ways to occupy my time. Like working with my fellow investors and running my own real estate business. Anyways, I have really grown fond of my 2 martini lunches (hic)and would miss them by having to work 50 hour weeks for someone else rather than be my own boss. Yeah Baby!
the past couple of weeks. As a matter of fact, Pete is so good at explaining this that over the past couple of weeks I have really learned this concept - and on my own show!
So what's the answer People? I get this question all the time from investors with the same problem and I wish I knew the answer for them and myself!