COASTAL-FUNDING QUESTION???

Hi,
I am also wondering about coastal funding, I would like to purchase a bank owned property for my primary residence. I need a pof to look at the property. Would this company be a good choice? and does anyone have any advice on how to use them for a primary residence purchase? Thanks
Jim

transactional funding for more options on funding and better rates

Costal Funding wont give you a home loan, if thats what your refering to. You would need to get approved for a home loan. What Costal Funding does is provide the Investor with the founds to purchase a house with the condition that there is a end buyer ready to set in and purchase the propierty that same day or later in the week ( Additional Fee's Added). They will pay the seller if the end buyer is approved and everything goes smooth in the deal.

has been so over used by newbie investors with asset managers that many of them already know the game and won't accept a POF from coastal funding.

plan on using coastal funding at all. I just used them to get the letter. I have private money lined up in 3 different places to fund my deals. The letter is real but the money doesn't have to come from coastal funding.com

When things are announced on this website, it is usually the time for experienced investors to stop using it as too many cooks in the kitchen spoil the soup. It is the biggest reason why experienced investors don't share the best ideas on this website.

good point Bill.

I thought everyone was here to help each other. WOW

Mike

Kimmy, Bill,
Correct as Usual!

Lane.
The problem with their POF letters is when the lender calls them to verify your funds for the deal the TF provider usually responds with "HUH"? Even if you plan on using another funding source (the lender goes by the POF letter you provided)the generic POF letter can keep your offer from being excepted. Use A TF provider that will KNOW you have an offer in using their POF letter and will back you up when the lender calls!

Everyone else,
Not only are lenders tired of all the newbie stuff so are homeowners! We work the pre foreclosure market and many homeowners have been slammed with 50 orange, green or yellow letters, 50 postcards, phone calls all saying we are investors and can pay cash for your house.

Then new investors building there buyers list exchange info with other investors building their buyers list with neither investor having the capability to close a deal, much less find one. Real investors laugh when they hear Oh, that one just sold, can I get your info and when I get another I will contact you.

To be successful you must set yourself apart from the masses, don't present yourself the same way 1,000,000 newbies that attended a webinar, read a book, went to a boot camp etc etc present themselves. Learn what a real deal is, blasting out 5,000 offers at 65 cents on the dollar will usually get you a lot of practice making dumb offers and ticking off your agent. Learn which properties to offer on and why!

Like you always hear, THINK OUTSIDE THE BOX!

Michael Mangham
MD Home Acquisitions LLC

Thanks a lot for all your help guys.
We all know there are good topics on this website and useful info, however, I know we tend to see the same questions over and over and it gets a little annoying.
The solution, veterans post veteran ideas and comments. Sometime we wait for someone to post a question that we have seen before and we get the same answers.
I take everything I can from the site, and try to apply it any way I can.
Thanks for all your help, sorry for spoiling the soup.

lets not forget where all you so called "experienced people" got your experience from. this site is supposed to help people not dicourage them. stop blaming "newbies" for all your problems

Everyone here is either trying to learn something from someone or trying to teach something to someone.

I wonder if the more experienced investors here were constantly slammered as 'newbies' when they first came to this site as newbies themselves...

I don't think I have read any old threads with any negative remarks...

Just something to think about...

wishing everyone success,

valerie

I have a lot of respect for the others posting on here but I will say I have used Coastal Funding the way the academy and a very top student says to use it. The top student being Matt larsen. If you are closing more deals than Matt I am very happy for you. But if you are not closing as many deals and making as much money as Matt you should not knock his teachings.

I do believe some things are over used and some new investors put the cart before the horse so to speak.

My point is this is what is being told to students to do so we can not blame them for trying to do what they have been told to do by coaches.

Steve.

I would never knock Matt's teachings . Here is an example of the problem, for example: People need to listen very closely when he talks about his 25 to 1 strategy. Correct me if I am wrong but he is selective on the properties he offers on. He usually will not offer on a home that will bring FMV. A lot of folks just go down the line and offer 50 cents off the price that's listed, 25 at a time. What if the property is already being offered at 25% under ARV? This is one to ponder, what do you offer on a home that is already listed at 25% under ARV? How do you know this? It is not Matt's, Deans or the Academies teachings that are the problem!! This is stated to help people, if they want to make 20 impossible offers a day it does not effect my business. This is just an example of what is actually taught and what people do.

I hope this or my previous post did not offend anyone. It was meant to get people to think and act and design their strategies and marketing in a fashion different from the masses. Remember this also, yesterday's strategies worked yesterday, they may or may not work today!

Michael Mangham
MD Home Acquisitions LLc

Good points everyone

I just made an offer last week on a property that was already listed at 72% ARV. It needs paint and carpet in a few rooms. No major repairs. I still offered 65% ARV because it has only been on the market for 9 days. I asked for a counter offer to get some negotiating going back and forth. I know my buyers want at least 70%ARV on a house that needs little to no repair. I have room to play with this one, so even though they have it listed at a price I can buy at, I still went ahead and offered lower just to see how low their bottom dollar really is. The lower I can get it beloow 70% the higher the fee I will charge for the assignment.

The properties you should mainly be offering on are they ones that have been on the market for at least 100 days, go after estates, vacant properties, as-is properties, job relocation, divorce sales, etc. I have never had an offer accepted after the first time. My offers were re-submitted on Monday and I now have two counter offers that I have to respond to. What will my counter offer be? The same exact offer I submitted the first two times. I know how much the 65%ARV is and the repairs needed. I submit the price I can pay and move on. Don't wait on an offer to get accepted. Keep looking at new properties and put in at least 7-8 new offers every week and put them on a 2 week recycle time. That is the way I was taught by my coach!

Sounds a lot like a phone call we had and a couple of PMs exchanged about 2 months ago!
Didn't know you had excepted offers, are they under contract? Don't be posting I have got my first "DEAL" until you have a closing complete with buyer or the place is rented with actual positive cash flow. Don't post at all if its your primary residence.
Just giving you a hard time, you'll get one soon!

Michael Mangham
MD Home Acquisitions LLC

but look at the reality of the situation. When us so called "experienced investors" started, you are right that we were newbies. But we learned on our own with the help of some gurus and mentors of the time when internet magic didn't exponentially affect millions. We worked our little area and plied our craft and made offers, relationships and deals by networking with local people for local real estate. Now fast forward 15 - 20 years.

Everything is done in bulk quantity. Where offers were originally crafted with forethought, they are now distributed in bulk form across the country. Imagine every investor on this website producing 25 offers a week. Assuming 100,000 investor times 25 offers and you'll get 2,500,000 offers being bulked across the property spectrum. In one year that would be 130,000,000 offers. And that only assumes that 100,000 people are trying to be investors. Is it any wonder that a lot of Realtors don't want to work with investors?

It isn't the fact that new investors are bad for business; because they aren't. But people who think they are new investors simply because they bought a book, read these forum posts and aren't really willing to read, learn and research are a problem. (How many post have you read where the writer simply send "what do I do next?" when they could find the answer by searching this website?) These faux investors are ruining for the people who want to be an investor by cluttering up the system with a bunch of flotsam and felgercarb.

I, for one, have always tried to help investors on this website as this place really is a tool to help folks that really want to supercharge their understanding. But the town idiots are also reading these posts and ineffectively apply the processes to the real estate public and are ruining it for people that have the propensity of making a difference.

I am not trying to subvert anyone from being a real estate investor. I think real estate investing is fantastic. But I am also not under any obligation to give my best ideas, forms, processes, work methods, marketing tools, etc. that help me run my business. I don't mind helping in a generic sense but not in a manner in which I might find my concepts competing against myself.

In closing, I simply think that investors need to realize that the best investment is to invest in themselves. I am a big believer in education; and I mean even the basic real estate course taught at a university. Practice and principals. RE law. Financing. Appraisal. There is so much more than just to gravitate solely to this website. You need to at least expand your horizon and learn the craft locally before you are trying to do deals all over the place. Learn to network and market in your own backyard as their are truly hidden goldmines.

Learn. Invest

I come across negatively towards "newbies" if you would actually read my body of work on this website. More over, I can't tell you the number of people here that I have personally called to offer them help understanding a concept or help them work through a problem. I've crafted deals for "newbies" and have taken my time to meet with "newbies" and "inexperienced investors" at no charge to them. However, there is a difference from being a "newbie" or an "inexperienced investor" and just being plain old fashioned lazy and/or stupid. And quite honestly, since I'm not be paid to babysit, I don't have to deal with lazy and/or stupid. Hope that explains my reasoning on why I am here. However, you also have the option of not reading my comments if you feel offended.

Well thought out Bill. I like how you put it.

I, in my opinion, think that investing is a craft and you will learn as you go not just shotgun 1,000 offers a week and cross your fingers for the best and so forth and so on BLAH BLAH BLAH. Like you stated.....read, learn, and invest don't just be the real estate "robot" that a lot of people are turning into or from the get go think that that's the way to be and you will have success and a million dollars! Like Mike said we just have to think a little outside the box and this is what helped me start that process very very recently. More like today to be honest:......

I have a 5 speed stick shift car. I've had it for about 3 years now and the day I got this car I found out it was a stick shift and I had NO idea how to even get it out of my driveway I was scared to death "the fear" was talking. Well the car sat in the driveway for a couple of weeks and finally I decided to try it out because I was tired of being stuck at the house and not being able to go anywhere just because of my car being a stick shift.

Well I finally got in for the first time and the thing shut off on me and well to shorten this great motivational speech I tried and tried until I could at least MANAGE to get around half *ss. No I didn't know everything about driving a stick but I was able to get around and as time passed I got better and better and now well I'll just say that sometimes I feel like Dale Earnhardt Jr in town or even on the main highways LOL, but anyways if I had not gotten in that car and attempted to learn the little bit that I needed to at least get me going I would still be sitting at the house complaining about how I can't drive my car because I just flat out don't know how to drive it and now I know all kinds of different tricks and little things that really help me out when driving down to the store or going 3 hours away from home on the main interstate highways.....and now i have the biggest confidence and ability to drive any stick shift vehicle, ONLY because I took action and started learning along the way until I finally had the simple process of how it all worked down to a science. And now I really see that it will be the same as with real estate and being to "think outside of the box sometimes and just make it happen" even if I do fall flat on my behind!

I will apologize if this may be a little off subject but I thought I would just throw this out there, maybe lighten the mood of the post a little bit.

Maybe this might even help a few people I don't know but anyways...I guess that was MY 2 cents for the day. Haha!

your body of work on this web site, and I know you are very knowledgeable and helpful to those that ask questions.... including myself. What I am referring to is comments to those "newbies" that ask questions in general and then they are labeled.. as in "lazy and/or stupid". Since I am neither and do not need babysitting, I know you aren't talking to me so your comments do not offend me.... but I would be classified as a "newbie" by all experienced investors.. therefore I am in the same category as them... and I hope I have not offended you in any way. That was not my intent.

I was a "Newbie" back in early November, I never once posted anywhere on here that I needed help or does this really work. I read the books, read a TON of forums, started building relationships with my team members, started putting the techniques in place and taking action. I only come back to this site to ask specific questions or have people critique me on things.

The point is that we are all here to help the "newbies" but we simply cannot take the time to help every single person that comes on here and post something like, "Does this really work?" Or "Help I'm new and don't know what to do." If you are not in that group then we will be glad to help you! I will not offer help to anyone who has not helped themselves first.

I must admit that I look toward to your posts and you always seem to have good advise.
Thanks for that. You have probably repeated the same answers million times and applaud your patience.
I consider my self a new investor and I also consider myself a very well educated new investor. The reason for that is because I have probably read too many posts and a ton of books.
I honestly get on this too much and could decrease that time and too apply it elsewhere.
I'm not the investor that makes journals saying I made offers or teamed up with a realtor cause those journals bore me because we have read millions of them.
I know I am making moves and don't need anyone to tell me good job.
I'll let you all know when I hit the jackpot.

I'm a newbie, and i'll ask questions, then I'll ask more questions....and then guess what? Yep, more questions. That's how people become successful in life, asking questions, and going out in the world and even making mistakes. Of course one must take the time to do research...lots of research. And yes I do agree, you have to learn to do things on your own, and not flat out ask for help for simple things. I've asked a lot of questions on this site since I joined a few weeks ago, some I'm sure very stupid in the eye's of an "EXPERIENCED INVESTOR." But I'm not sorry, nor embarrassed, cause I'm here to learn and become a super successful real estate investor. And I'm very confident I will. I know plenty of things today that I didn't 3 weeks ago because I've been busting my hump reading and doing lots of research while working 14 hour shifts, and then coming home and taking care of my 4 year old who suffers from a rare metabolic disorder. It's overwhelming being the so called "NEWBIE" trying to get out there and make things happen. But guess what, you gotta start somewhere, and its threads like these that motivate me even more to make that first million.

I liked your 2 cents. I thought everyone here was here to help because at one time everyone was a newbie.

I just want everyone on this thread to know that Michael and Bill are some of the best for helping new and seasoned investors.

I have used Coastal Funding POF letters and closed deals and not closed deals but I have not over used this letter. Plus I maybe using it in an area where there are not a lot of investors.

Anything over used can be bad. Don't give up but do not put the cart before the horse when making deals. (have your ducks in a row)

Steve.

more than willing to help anyone who has taken the time to help themselves first. P.M. me anytime for all the help you want.

Great forum everyone, thanks for everyones input, we are all playing the same game and helping eachother one way or another.
Just got back from walking my dog while putting flyers in about 100 doors.
Let's see if I get a call.

I know what you mean about reading a TON of forums.. I have been on here for almost 5 hours reading forums... but man, have I learned a lot about REOs (posts from michael mangham), wholesaling, flipping, and lots of other good stuff. I appreciate all the good information that you all are so freely giving out, and the more I read, the more I learn. (I'm also re-reading all Deans books in my spare time)... no wonder my eyes are bloodshot!!!