Home Forum Contact Create an Account Sign In Create a Trust

If today was your first day….

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing If today was your first day….

This topic contains 33 replies, has 0 voices, and was last updated by Avatar of cashflow cashflow 10 years, 9 months ago.

Viewing 15 posts - 16 through 30 (of 35 total)
  • Author
    Posts
  • #28727
    Avatar of cashflow
    cashflow
    Member

    Scott

    I know your a busy man, just wanted to see if you had any thoughts on my last responses questions above?

    Thanks for your time

    #28728
    Avatar of homesavers
    NULL
    Member

    CashFlow this post hits right home. I am in your area and I am experiencing the same things without as much advertising as you. I use the Scientific Method. Meaning I will watch you and others spend the time and money and get the same results I am without spending the money. :)

    This stuff doesn’t work if there is no market for houses. Everybody needs a place to live that is the only thing that helps us.

    #28729
    Avatar of cashflow
    cashflow
    Member

    Homesavers,

    I have seen your posts, your in San Fran is that right? I am in Roseville and work this area and the Sac area.

    I think this stuff works and there is a great market for houses, however it all comes down to one thing in my opinion and that is price

    I have successfully closed on avg 5 transactions a month, however they are lease options (gaspp!! I know how much everyone here despises lease options :shock:) However that is why I am here is to find additonal safer methods of these types of transactions, it isn’t that there is anything wrong with a lease option, it is just there is more protection in a land trust, from the audio recordings I heard from Bill in the success pack in regards to lease options. I do agree land trusts are MUCH safer methods and I am working towards getting those done. It is a more sophisticated transaction and the savvy sellers and buyers will appreciate it more , what I have a hard time with is how to get myself paid since the land trust seems to absorb most of the money I would normally make.

    On my avg lease option transaction I am bringing in 6k in lease option fee’s that is money to me. I have had several great months in the past 7 months, so I am happy, however I want more (good ol greed right?) I want to bring that to 15 transactions a month and I think this is a great way to do it. However if I bring in 6k on a 250k house that is profit to me, but then I do it through a land trust with that same 6k (that is all the buyer had) then I don’t see much money anymore from my understanding of the trust.

    I am looking for more marketing ideas and more ways to implement this in my market, I have a tremendous amount of realtor, lender and business referrals, just need more people with money for the down payment. I have tried several ads in regards to no money down, 5k down, etc. I have even broken the down payment down to spread over 3 months with the buyer signing a promissory note so I make sure I get the money.

    Love to read this board and I am excited about trying to implement the trust strategy in my market, that is the only reason I took the money and time to purchase the success pack as I think it is an exciting new concept to work in my market.

    Scott or Dave, do you ever travel to Sac for meetings? Would you hold a conf call with an entire realtor office if I set it up?

    Any more ideas I would love to hear, thanks guys for the good info

    Scott

    #28730
    Avatar of rick
    rick
    Participant

    Howdy Scott,

    Good to have you on the board.

    Homesavers is from your area of Sac and I’m from the SF bay area.

    When you have set up your L/O, do you have any other profit centers besides the 6k upfront money? In your success pack it shows you several more like, positive cash flow, bumpted equity, upfront money and other creative methods.
    How do you approach your sellers? We could probably use some of your methods on how you approach and what you tell the owners.

    I sure hope your deals work out okay for all the parties.

    Thank you,

    #28731
    Avatar of cashflow
    cashflow
    Member

    Hey Rick

    No other profit points yet, but trying to work those in, hard to get the extra cash flow on some of these as the rents are pretty high already, but if I see an opportunity for those I will definitely put them in

    Rick, not sure if you got my emails back on that Folsom house, I emailed you a couple times and kept getting kickbacks, I just hit reply to your email so I know I had the email correct

    Yes all of my transactions have benefited both parties were properly disclosed and we use all the CAR forms

    I get a lot of my sellers from referrals, from past clients that were happy, from realtors and loan officers. I was a wholesale rep in the mortgage industry for 6 years so I built a lot of great relationships with loan officers and realtors during that time, those people send me a lot of business. I also have been hitting cold calls, but those haven’t been working as well.

    #28732
    Avatar of homesavers
    NULL
    Member

    @CashFlow wrote:

    Hey Rick

    No other profit points yet, but trying to work those in, hard to get the extra cash flow on some of these as the rents are pretty high already, but if I see an opportunity for those I will definitely put them in

    Yes all of my transactions have benefited both parties were properly disclosed and we use all the CAR forms

    I have seen the lease option CAR forms. They are well written by CAR attorneys and have been tested in court. That is why the CAR purchase contract keeps getting bigger and bigger now 8 pages I believe.

    My question to you CashFlow (Scott) is how long have you been doing lease options? The profit centers Rick mentioned and that are in the Success pack are not available via your current method.

    I understand by your post that you want to increase your production from 5 a month to 15. The NARS EHT will not help you do that. I am going to get a lot of flak for that statement but it is true unless there are certain variables in position.

    #28733
    Avatar of rick
    rick
    Participant

    Scott,

    Comcast messed up my emails for about a week when I was gone to Washington. Is the Folsom house the 3-2 ,1313 sq ft at 350k?

    As you know I have had several folks in the Sac area with approx. 5% to come in with. Maybe they will give me more money because they get more benefits.
    Let’s partner on one to see how it goes. Let me get a signed NEO from you and we can do a 50/50 split.

    I can email you the property evaluation form and then I can send you the NEO.

    Let me know.

    #28734
    Avatar of cashflow
    cashflow
    Member

    Homesavers – not sure how you are able to respond in the email to show the data, do you use the quote button? Anyway I just hit reply below so this is responding to both of you

    Homesavers – I could actually get the profit center of monthly cash flow, just set it up through an escrow company, most of the time I don’t see a large enough spread in the deal to build in my cash flow, but if I did, I would set up the payments to be made to the escrow company, similar to how the Trust does it, if the owner/seller was getting 2,200 a month and total rent was 2,500 a month I would get the diff between the 2,500 and 2,200 minus any expenses for the monthly escrow service.

    Rick -

    I found out the house in Folsom was 4 months late on their mortgage, so we have it double listed, listed as a lease option and as a short sale, so whatever comes first. I just figured since the owners were behind on their payments a short sale might make more sense, they have a pretty big hardship.
    If you are still interested, let me know

    #28735
    Avatar of cashflow
    cashflow
    Member

    Homesavers, to answer your other question I missed about how long I have been doing lease options, I have been actively involved with lease options about a year now

    #28736
    Avatar of homesavers
    NULL
    Member

    Yes. I click the Quote button and it highlights the message.

    So you set up an escrow account to manage the cash flow if any? That is interesting. We use a Trustee. Well sounds like you are doing well closing lease option deals. If you have only done this for a year than you probably have not seen one close for the Lease Optionor I would presume? Let me know if I can provide any assistance to you that would be mutually beneficial. You can reach me at: homesavers@speakeasy.net

    #28737
    Avatar of cashflow
    cashflow
    Member

    @CashFlow wrote:

    Scott

    I know your a busy man, just wanted to see if you had any thoughts on my last responses questions above?

    Thanks for your time

    Figured I would try one more time, Scott, if you would please respond

    #28738
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @homesavers wrote:

    I have seen the lease option CAR forms. They are well written by CAR attorneys and have been tested in court.

    Now if that ain’t an Oxymoron. There is no such thing as a “well written” lease option. Well, unless you mean “well written” for the attorney.

    @homesavers wrote:

    I understand by your post that you want to increase your production from 5 a month to 15. The NARS EHT will not help you do that. I am going to get a lot of flak for that statement but it is true unless there are certain variables in position.

    You’re damn right you’re going to get some flak. That is totally bogus. Maybe for you it won’t help, but not me or anyone like Mr. Cashflow who knows what their doing.

    He does not have to change one thing about the way he makes offers or presents. He only changes his paperwork, that’s it. The EHTrust is not a replacement or alternative or a different method to Lease Options, it is the way we do them. The only thing that prevents anyone from doing more deals is them, not their documents.

    #28739
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @CashFlow wrote:

    Homesavers, to answer your other question I missed about how long I have been doing lease options, I have been actively involved with lease options about a year now

    I did Lease Options for over 7 years (and 200 deals) until one day a tenant buyer challenged their eviction. I lost every property and option I owned or had interest in, from one damn challenge.

    I liken Lease Options to riding a Motorcycle without a helmet. Sure, you can ride for 12 years (like I did) without one and never have an accident. Then one day some jackass pulls out in front of you and BAM, there rolls your head.

    My friend Tommy died from a collision, of only 5mph, when he hit his head. You don’t have to be going 90mph to get hurt or killed. You also don’t need to have done hundreds of LOs to have one go bad and lose everything. One bad apple DOES spoil the whole bunch.

    Cashflow, don’t change a thing. If what you are doing is working for you thats awesome. All you need to do is use our paperwork (helmet). Now ride like the wind.

    #28740
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @CashFlow wrote:

    I found out the house in Folsom was 4 months late on their mortgage, so we have it double listed, listed as a lease option and as a short sale, so whatever comes first. I just figured since the owners were behind on their payments a short sale might make more sense, they have a pretty big hardship. If you are still interested, let me know

    Why not try a Forensic Audit and Loan Mod?

    #28741
    Avatar of cashflow
    cashflow
    Member

    Scott

    I will call you tomorrow, would like to talk a little further via phone, will be easier

    Thanks,
    Scott

Viewing 15 posts - 16 through 30 (of 35 total)

You must be logged in to reply to this topic.

Posted in
Contact Form
Your Fullname:


Email Address:


Phone:


Best Time to Call:


Subject:


Your Message:


Security Code:

 

Can't read the above security code? Refresh