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It’s WAAAAY too quiet here!

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing It’s WAAAAY too quiet here!

This topic contains 35 replies, has 0 voices, and was last updated by Avatar of corkhorner_2 corkhorner_2 10 years, 6 months ago.

Viewing 15 posts - 1 through 15 (of 37 total)
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  • #5615
    Avatar of corkhorner_2
    corkhorner_2
    Member

    What’s up with everybody?
    Few questions and few answers.

    Is it that ‘bad’ out there?

    I have a partner who works probate. We conact all of them. Some will, some won’t.Just a niche we work.

    I continue looking for the junkiest of junkers and motivated sellers/banks.
    any of you finding junkers ez? Have em and don’t want them? JV? I have 40+ years general contracting, repair/remod. Perhaps we need to ‘Team Up’ especially for SoCAl market which is a sleeping tsunami about to unfurl.

    thoughts? Questions? Answers?

    The future is now,
    cork horner

    #29201
    Avatar of mtnwizard49
    mtnwizard49
    Member

    Hey Corkster,

    Probate? Are you saying you see dead people?

    #29202
    Avatar of corkhorner_2
    corkhorner_2
    Member

    You just couldn’t refrain that one , could ya WizSter? :roll:

    Yeah, we do presentations at http://www.BodyWorlds.com too.

    Besides, we get much the same responses from the dead as we do with UNmotivated sellers/buyers who still fog a mirror.

    Then too, it could be possible we are contacting heirs, administrators and executors.
    think of it as Graduate School for EHT! 8)

    Corkster Unlimited.

    #29203
    Avatar of homesavers
    NULL
    Member

    You answered your own question by saying you are working “junkers” this requires CASH. And the reason why this forum is quiet. Do you have access to private investors with cash? I can get you all the “junkers” you can handle. Some at less than 20K a piece.
    The NARS EHT Trust is an excellent periphery device to protect all parties interest in a transaction. This is for the most part a CASH market. Sure you can lock up a property leaving a good or bad loan in place but you still need to consider the numbers. The RB is going to need to bring CASH right? Anybody says different is trying to sell you something. You still need CASH! other peoples cash or you own. We have to look at the numbers here. Should I acquire properties at the lowest possible wholesale price? Or should I acquire them closer to the retail price? You still need cash no matter what you do in this business. There is no such thing as free real estate. The cash either comes from you, the buyer or the seller. Probate is definitely a CASH deal. I have never heard of an Attorney that would work for free and heirs that do not want to get paid their inheritance!

    CASH- Cork!! Do you have it or access to it? If so I will send you all you can handle, if you have an exit, believe me.

    Note: it takes max 10 Grand in actually cold hard, Federal Reserve “Fiat” money to make a deal happen. The rest is a 720 FICO, income qualified risk taker.

    #29204
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Well Homesaver,
    First , i am not skilled in cut/paste/quote here, so I will use the next best method…Memory and reviewing.

    It’s not a matter of the dollar amount. Example: In detroit, the banks will GIVE you FREE HOUSES. Why? It costs them too much to keep them and giving them away is cost effective. So, if you bdo some homework Detroit becomes a model unto its own.

    A million dollar house in SD for about 60% of a REALISTIC ARV minus repair costs [maximized] , say 100k; u then have acquisition at 500k. These become the POTENTIAL money makers. Now then for those RB’s with some cash [and they do exist] they will do an eht on ‘million dollar homes’ even financed with private money at higher interest above ‘bank rates’.

    Do I have the cash to fund these? As to not be evasive,
    NO, I don’t. Do I have operating capital and human capital?
    Yes, I do. It’s operating capital and particularly human capital that drives the boat.

    There is a common denominator approach to funding deals as publicized by ‘deal gurus’. It is this: MONEY FINDS THE GOOD DEALS. So, if you control a GOOD deal, the money will beat a path to your door. The trick/key lies in accomplishing the transaction engineering to design ‘the good deals’

    As to probate, we have gotten deals past the lawyers. The ones we focus on are already past court admin. It’s a niche market paddywack, give the frog a loan’ An old Mick Jagger joke. Do we get a lot of probate? NO. Believe it or not, many heirs just ain’t motivated to do ANYTHING.

    In regard to the current mortgage shuffling and meltdown, it’s anybodys ball game now. The banks for the most part are not capitualting. Period.
    in my view, they are waiting like rattle snake do…for the big strike.

    I see out of the approx 6 million homes transacted/year, there has to be doable transactions. Tell ya what, HomeSaver, call 6 million sellers and we could then jv about a half million deals. ya in?

    cork horner
    phd, Idea Engineering

    #29205
    Avatar of homesavers
    NULL
    Member

    @CorkHorner wrote:

    MONEY FINDS THE GOOD DEALS. So, if you control a GOOD deal, the money will beat a path to your door. The trick/key lies in accomplishing the transaction engineering to design ‘the good deals’

    Let’s talk about designing good deals. You have the same access I do to the Seller sources. What is it that we need to talk about here? Finding buyers?

    #29206
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Homesaver,
    access to all the deals is not equal to transaction engineering to create doable deals. Studying the archives here will delineate that.
    access is not the equivalent to control/transaction engineering.

    In my experience, well created and well engineered will get deals closed and financed.

    Now then, as Mr G and others SM perhaps has emphasized SALES skills. That is the driving force.

    If you want to give me details for SocAL deals you think you have, lay them on me. I will comment in advance we may not agree.
    It would require extensive Q and A.

    cork horner

    ps
    it is pretty common knowledge the basic homebuyers right now are first time buyers using all the perks avail.

    #29207
    Avatar of bill_gatten
    bill_gatten
    Participant

    @homesavers wrote:

    There is no such thing as free real estate!

    What?? So now you tell me!! What the h*** am I supposed to do with my new shipment of 10,000 copies of A Fortune in Free Real Estate (the nation’s number one best seller by me)?

    Holy crap! I now have a gigantic boat anchor that will sog all up once placed into the water.

    Sigh….

    #29208
    Avatar of buzzbox
    buzzbox
    Participant

    How do you do this one.

    Owner has just lost a long term tenant – on the way out they trashed the place, probably take about $40,000.00 and a capable contractor to put things in order.

    Zillow says the place is worth about $280,000.00. Zillow doesn’t know about the damage. Three bed 2 bath rambler, build in the late ’60′s.

    The owner probably has the resources to handle the repairs, or at least borrow to deal with the problem.

    What do you think the procedure should be to get this project into a trust?
    Strike a deal with the owner, MAV at 250,000 say, after construction work.
    Have them obtain funding to fix. They’ve got to spend the money anyway.
    Escrow the deal while the work is being done.
    Convey to trustee when work is completed out of escrow.
    Set up a standard long term EHT with SB/RB and IB.

    Is there another way to do it?
    Then place an RB

    #29209
    Avatar of corkhorner_2
    corkhorner_2
    Member

    In my view, I would put the deal into an eht with you as IB before anything begins.
    Maybe, even; let a licensed contractor be the rb, before they move in.
    There are many variations on getting the work done.
    Sounds like a Ca house. Are you the IB?

    My corp has a licensed contractor on board. Slam dunk.

    Best route, let Bill G participate. Chaching.

    Bill, ya still have my po box.

    c h

    #29210
    Avatar of buzzbox
    buzzbox
    Participant

    Property is in Seattle

    Yes I would be the IB

    If property goes into the trust first, it has to come back out for the improvement loan, unless someone is willing to loan to the trust or a beneficial interest.

    Don’t want my name to show in title chain.

    I have a contractor’s license.

    #29211
    Avatar of bolieunj
    bolieunj
    Member

    If you guys have vacant and abandoned properties near you that are not in “war zone” neighborhoods, let me know. I’m looking for those now and have transactional funding to close on them.

    In addition, what is the cost/sqft that you are seeing for repairs in Ca? Here in NJ the multipliers we’re seeing are $10 – $20/sqft from properties that are bad to really bad.

    Leon
    apertureholdings@live.com

    #29212
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Leon
    I am old school and don’t use sq ft.

    I rough out costs based on the project needs, re plumbing, electric etc. However i was a licensed contractor many years.

    However, I have seen brokers use 20$/SQ FT as a medium repair cost.

    Iterested in Ca high desert in the under $50k bracket ?
    An investor associate bought move in ready 3/2 homes for 58k that apraissed 90k.

    Do you have flipping level funding or medium term about 10% interest or less?

    Know anybody at ‘Soprano Funding?” :roll:

    cork horner

    #29213
    Avatar of bolieunj
    bolieunj
    Member

    Where in the high desert? I grew up in socal and have family in the high desert? I’m not sure what “flipping level” funding means. I am not looking to hold financing, but do have “jumbo-level” purchase financing. However, I am not looking to hold them and aim to sell them in 30days or less. Title seasoning is not an issue. So if they need work, I would be looking to sell to a contractor/rehabber. If they are move-in ready, I would be looking to sell to first-time buyers.

    Leon

    #29214
    Avatar of homesavers
    NULL
    Member

    @bill_gatten wrote:

    @homesavers wrote:
    There is no such thing as free real estate!

    What?? So now you tell me!! What the h*** am I supposed to do with my new shipment of 10,000 copies of A Fortune in Free Real Estate (the nation’s number one best seller by me)?

    Holy crap! I now have a gigantic boat anchor that will sog all up once placed into the water.

    Sigh….

    Ha. No I think you can still sell the dream. I just haven’t figured out how to get free real estate yet. Somebody needs some money somewhere. Unless I missed something along the way. How are we going to make money without money? We are not the Federal Reserve.

Viewing 15 posts - 1 through 15 (of 37 total)

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