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Best Quickest Method

This topic contains 11 replies, has 0 voices, and was last updated by Avatar of tmr28 tmr28 9 years, 9 months ago.

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  • #6083
    Avatar of tmr28
    tmr28
    Member

    Which NARS method is the best to use to make money in the next 15-45 days in today’s real estate market?

    #31320

    @TMR28 wrote:

    Which NARS method is the best to use to make money in the next 15-45 days in today’s real estate market?

    Well you certainly aren’t going to get a Short Sale or Mortgage Cancellation done in that time.

    I think the quickest way is to make calls, make offers, get signed NEOs and put an RB in the place. Start beating the streets for Sellers who are slightly over-encumbered and current on their payments but can’t sell and willing leave their loan in place.

    I’d advertise for RBs while looking for Sellers/Properties.

    Want a Home of Your Own but Can’t Qualify for a Mortgage?
    We’ll Buy the House… If you make the payments!
    Only 2 Payments plus Closing Costs… Moves YOU IN!

    Now just set up an 800 Call Capture Line and have them call for details. Or, create a Blog Site for Free and put all the details on the site including a form to fill out.

    The site or call capture line should give them directions on what to do next. Like…

    “drive the hoods you like and can afford, write down all the numbers of houses for sale in the area you like and email them to me. I’ll call and arrange the deal and you move in and make the payments. In a few years when you qualify you can refinance, pay ME off and put it in your own name. FAIR ENOUGH?”

    You should make several thousand bucks upfront, maybe some cash flow and definitely pick up some equity along the way too.

    #31321
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    …Start beating the streets for Sellers who are slightly over-encumbered and current on their payments but can’t sell and willing leave their loan in place.

    Scott what if they are a couple of payments down and cannot catch up? I face a catch 22 here most of the time when I talk to seller’s motivated enough to stay on the loan and move out with no cash. They are mostly behind a few payments, payment is 30 percent higher than market rent and have no equity at all. Some of them are in a pre-foreclosure status.

    Are other members finding these? Or is it just the case in my market? I just call FSBO’s and make the offer. They almost always say, “Well sounds good but I need some money to buy my next house.” People with financial trouble are distraught and trust no one so you have to be a “counselor” on these. They are the people we should help and I believe the sellers that will accept our offers.

    #31322

    @homesavers wrote:

    Scott what if they are a couple of payments down and cannot catch up? I face a catch 22 here most of the time when I talk to seller’s motivated enough to stay on the loan and move out with no cash. They are mostly behind a few payments, payment is 30 percent higher than market rent and have no equity at all. Some of them are in a pre-foreclosure status.

    Nope, won’t do it, not today. If they are behind it’s either a Short Sale or LFC. I’d do LFC and they become the RB after. Now you’ve picked up or created equity and have a ready made RB with huge cash flow to boot.

    @homesavers wrote:

    Are other members finding these?

    Yes

    @homesavers wrote:

    Or is it just the case in my market?

    Com’on, you know what I’m going to say don’t you? It’s not your market, ITS YOU! I’ve got one going in your backyard (Roseville) right now.

    @homesavers wrote:

    I just call FSBO’s and make the offer. They almost always say, “Well sounds good but I need some money to buy my next house.” People with financial trouble are distraught and trust no one so you have to be a “counselor” on these. They are the people we should help and I believe the sellers that will accept our offers.

    You will help other by helping yourself. Make Offers! Let them decide if they want it or not. If they say they want money to move out then hang up and call someone else, they aren’t the right ones.

    People with financial problems have already trusted too many people and that is why they are in the position they are in. DO NOT be a counselor, EVER. Be an Investor and Make Offers. DO NOT make their problems your problem. Their problem will be solved if they accept your offer. QUIT TRYING TO HELP PEOPLE, you can’t do it.

    #31323
    Avatar of homesavers
    NULL
    Member

    Again Scott you always have a good answer. You are correct.

    #31324
    Avatar of bigdaddy_3
    bigdaddy_3
    Member

    One of my favorite quotes:
    “I will show you how to get OUT of the quicksand but I won’t JOIN YOU in it NOR TAKE YOUR PLACE”

    This is a great time to use the “lose less now” strategy as well. If there payment is HIGHER than you can get for rent then ask them to kick in the difference each month. Otherwise, see the quote above.

    #31325
    Avatar of areyes
    areyes
    Member

    @bigdaddy wrote:

    If there payment is HIGHER than you can get for rent then ask them to kick in the difference each month.

    That would work if the seller really cared about preserving their credit. Also can you really trust the seller to kick back the negative cash flow for 3-7 years? Sooner or later they’re going to get tired of paying the negative and stop kicking back the difference.

    What’s the best way to mitigate this when that seller stops paying the negative cash flow? IB wont likely have the cash to cover the monthly difference unless they have other cash flowing properties or reserves that will eventually run out.

    If/when the RB finds out that the IB and/or SB isn’t paying the negative cash flow, the deal is in hot water. How would you handle the RB after they’ve been in the deal for a couple of years in the EHT? It’s a breach of contract on the SB side, but what about the deal between the IB and RB? RB may likely sue both IB/SB?

    Thoughts?

    #31326
    Avatar of homesavers
    NULL
    Member

    @bigdaddy wrote:

    …ask them to kick in the difference each month. Otherwise, see the quote above.

    Good in theory. Does not work in practice. “Homey don’t play that.”

    #31327
    Avatar of homesavers
    NULL
    Member

    @TMR28 wrote:

    Which NARS method is the best to use to make money in the next 15-45 days in today’s real estate market?

    Buy REOs with CASH investor (make some friends) and flip Retail. The only way to make bank in this market in that time frame. My opinion. Or make a small amount from finding a highly motivated seller that is willing to stay on the loan and Deed the property to a Trust (EHT style) and get the money from the incoming RB.

    Either way you got to market like you are being chased by an Elephant. Go do it and come back in 45 days and post the results.

    #31328

    @homesavers wrote:

    Good in theory. Does not work in practice. “Homey don’t play that.”

    Speak for yourself. I may not work for YOU, but it certainly has worked for me. It absolutely works. Granted, not all the time and depending on their motivation and pain, and the amount, will depend on their ability to “participate”. In combination to solving their problem, give them additional motivation in the form of more equity or credit for payments made.

    So Homey-savers, don’t play that game.

    #31329
    Avatar of homesavers
    NULL
    Member

    I am not able to sell it. Scott you are a master salesman so you can. I have tired and failed. I appreciated the possibility though. Maybe I will find one someday.

    #31330
    Avatar of corkhorner
    corkhorner
    Participant

    It’s like how an auto pilot works, Homey.

    An autopilot is always going in the wrong direction and self corrects to stay on the target. That is from my aviation training as an FE.

    As to what GPS navigation works I don’t know, I am from the ‘old school’—before GPS.

    If I were to guess how SM ‘got good’ at sales, it is very simply to practice and not get attached to the results.

    Nevertheless, it’s what I do. Practice. Some works, some doesn’t.

    I also follow Bill G’s suggestions: DO whatever works.

    c h

    #31331
    Avatar of bigdaddy_3
    bigdaddy_3
    Member

    Wow there is a lot of SB/RB/IB going around.. Sometimes the dog just won’t hunt which means the seller just is unable or unwilling to pay anything to get it done.
    If they are willing to lose less now then I set up a third party collection service to accept their payments. I will have them “front load” as much as I can get so that I have 6 months or more covered. If they do default at a future date I am prepared to cover it.
    It’s not something I “sell” but a solution I offer. Really and truly they HAVE to WANT to do it. But more importantly they have to BELIEVE that I am going to do what I say or there is NO deal.

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