KEB'S later years

Ok we did a yard sale from all the stuff left behind in the house we picked up on a reverse mortgage. We made 625 today and will finish it out sunday. This was turned into a short sale that we have sold (as soon as it closes) for a 26k profit. We used no money and made 13k each on a reverse mortgage.. That's a first for me and Roberta... If everything closes it will be a great month..NOW GO GET SOME

Thats some good stuff there! I just love this
Im glad you put the deal together. Tell us more!!!

How did the reverse mortgage short sale deal work? Can you explain please?

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Sorry was out working a big deal....Ok so the deal came to us word of mouth. Dad died and mom was put into a home out of town. Son who has lived with her for 25 years (he is 50) got the notice that the company was going to foreclose on him in a few weeks. He had no money to save the house so we turned it over to our short sale company and it was off to the races. After getting yanked around by the reverse mortgage company we found a buyer at 230k (put him in our place and stepped out with a note) we locked it up for 204k. Not bad for a deal they say can't be done...lol Oh: we took it as is, where is and how is..We had a yard sale Saturday and made 900. We have two big items on cl and if they sell we will clear 1,600. Not bad..

The reverse mortgage short sale wholesale will close Friday...wow that was a mouth full to even say much less to do. All said and done we will get 11k each plus 1k from the short sale company. Not too bad.... Sold trailer Saturday for full price....two others in pipeline as well...Feb will be dry because we have to do company paperwork as well as get ready for the edge...

Ok so the paso robles house is 99.8% done and we are doing open house in the am. We spent the day staging it and so on. We go to leave and BOOM the water line blows and that is that until AAA gets there...Always be prepared for what gets thrown at you.. We walked up the street ,got dinner, called AAA and worked on business and leads until they got there. I am going to be dragging Saturday...But for that kind of profit I will drag in style..lol Will post what it sold for and what happened.....

This is bar none the best deal to date.. The Paso Robles house sold the first day at above asking price. Details: we bought the house for 60k and put 75k in rehab (complete gut). The arv is 290k because the house sits one block from a VA park and a 18 hole golf course. We completed the rehab in six weeks and sold it Friday night 30 minutes after we closed the doors on our first open house. The price was.....wait for it....293k and we opened escrow today. That is a home run anywhere.... win, win,win win for all involved in this deal...NOW GO GET SOME

So the edge is a few weeks away and I am laying out my class. Yes I am doing what I ask dean for last year on stage. I stated that I would teach on the stage to fill my dream when I started with DG in 2010. SO here I am with my great partner teaching at one of the best events in real estate in the country. I am scared but ready to rock it. The class will be on OPM in your back yard. I have not used my money in well over a year to do any deals. If you ask and can show that you know what you are doing the money is there...NOW GO GET SOME

You go Keith

Just weeks away honey.... Can't wait to give you a big dreams come true hug.... Soon

HAHA! I am so proud of you! Us DGers make things happen!!

Thanks

Well as if the edge was not enough with speaking on stage, meeting great people, helping put people into the right mind set about only doing deals where everyone wins! Even thou I was sick as a dog on stage I would not have missed it for the world. We have been doing a rehab in Paso Robles Ca. for the last two months. We helped a family get out of the deal because the son had a heart attack after mom was placed in a home. Wife told him to get it gone before it killed him.
The house was next to a park and a golf course (old military track) that needed a complete gut and the dope heads living there gone. I let him name the price and I said yes (big YES). Bought it for 60k and put 75K in rehab. Sold for 293k in four hours at open house. I had a 54k check (uncle sam took an extra 3k holdings at close)at my home when I came back Monday. Wait all three people (Roberta, Brian and Me) had 54k check. This was the largest deal to date and the best part is we helped a family who had been looking for months get in a home... Smoked it..People you can do this I am here to provide it...Thank you again Dean for letting me touch so many lives...I will get better on the stage which is the new goal I replaced with speaking at the edge...CHECKED OFF...NOW GO GET SOME

For the people that say yellow letters don't work....... I say horse poooo.. Just got a call from a guy that I sent two letters to one year ago. Wants to sell his MH that he owns the land under. I sold one in this park which was half the size of this one for 45k in and hour. Home run number two is coming so get your gloves on baseball fans.... Please use yellow letters and bandit signs because they work....NOW GO GET SOME

Hi Keith,

Your're an inspiration to us Newbie's here in California. It is encouraging to know that deals can be found and is available for the taking -- just need to find them.

I have a question regarding short sale. You said you have a company that takes care of short sale -- what do you mean by that. Do you need a company specializing in short sale to do that kind of deal and what exactly do they do. Also, somebody mentioned that for REO deals, we cannot do a double close since a buyer is required to hold the property for a number of months before you can sell, is that true?

Thanks,

Dan

Thank you for your kind words and for taking action to be here on the site. I use a company that does nothing but short sales (over 300 per year) because they know how to do them so well. I tried doing one myself and learned that it was not for me. The company I use does it all...I just put the two parties together and they do everything else. If I buy it I make money on the house side. If someone else buys the short sale company pays me for the business.

I have done doubles with banks but it will depend on the escrow company and the bank. First American has been great with me...
The buy could lease back the property for a two month period if nothing else which would solve your hold time with the bank.. Hope I helped.. NOW GO GET SOME

Another question I have regarding dealing with a Short Sale Company. Do you send your deals to them after you get it on contract and what is the process -- do you do an assignment contract with the company and if so, what kind of contract would you have with the end buyer. Does this companies advertise at all and where can I find them. What kind of qualifying questions do you ask them to see if they are a good find.

Thanks,

Dan

I have been working with the short sale company for over two years now and they know if I am buying it they don't have to pay me. We have had a written agreement for two years now and have never had a problem. I can't give you the name because we have a NCND agreement that I get paid for anybody I bring them. Real easy to work with one but make sure there are no fees to you..Keith

UPDATE: Roberta & I Signed, Sealed, Delivered with Seller Wednesday at 1:30 PM
5:30 PM - had buyer on premise to view house
Received text from buyer it was a go, his sister was buying:
Purchase Price: $40000
$25000 down
$15000 carry @ 8% for 3 years
$470.05 monthly Cash Flow
Will sign with buyer this coming week

Helping -- 35 year old school teacher and single mom with 4 children get into their very first home. She is currently paying $1100.00 rent. Plenty of room for the little ones, nice yard and safe neighborhood while owning her own home. - Booyah!

Wednesday: (Scheduled & Signed)

4 bed/2 bath
1980 Manufactured Home
1440 sq ft
5662 sq ft lot - In a park, but they own their own land
$73 monthly HOA fee
Free & clear
Inland California

Purchase Price = $17,300
Repairs = $25,000
ARV = $80,000

--- Helping 70 year old couple. Man is retired fireman & veteran. Wife has a fractured back. They have come up against over the past several years financial troubles with death of their son and medical issues. They have been paying taxes & HOA monthly on this house for 10 years with it being empty. We will take all costs from Wednesday on out. You could see the huge relief on his face when we agreed to purchase this house from him.

Just got off the phone with buyer on the above trailer deal and she is a go. We go over on Wed to sign and get check for 25k with payments of $471 for three years at 8%. Now that was an easy deal. The unit has two items on it to be fixed as far as paperwork goes but we have done it before.. NOW GO GET SOME

I tried to find a way to post the video of Roberta and I getting a 25k down payment on our latest trailer deal but couldn't get a link. The buyer showed up with cash not a check but hey... that works. I posted it on cashflow for those of you that are there. I am over 100k net and we just hit June which is putting me on track to make my goal of 150k..Should blow that one away and the best part is I also get to mark off my goal list the 25 people who's lives I changed !!!!!!!! NOW GO GET SOME

That's really awesome. Way to go Keith. I'm sure you'll blow away your target for this year.

I have been hessitant on getting into mobile homes since I have not found a cash buyer yet who wanted to be involved in. How did you find your buyer for this one and how long before you found one. Also, did you sell this one for 80K with a down of 25 and the rest you'll carry for 3 yrs? Is this one of those lease option again or is this a straight buy.

Thanks,

Dan

Hi Dan
This was a straight sale (wholesale). The arv is 80k but we sold it for 40k with 25k down and payments of 470 per month at 8% interest over three years.
Find the person that needs to get their trailer off their hands. Put it under contract and then wholesale it to someone that wants to do the work and save or find OPM (which is everywhere) and figure what rate they want and one that will work for you.. Then just do the paper work. I showed this at the edge this year so if you can watch that it would really help.

Keep doing amazing things Keith! I love the creativity

Wish I had someone like you to work side by side with to teach me instead of stumbling and working this alone,,,,,,,, great to always read your posts thank you.for the advise and insperation

Off to the santa Barbara reia meeting today to talk about deals and what we have been doing. I look forward to doing these because the location is unreal. On the beach in santa Barbara...Yeaaaaa Now go get some

Good luck there Keith! I know you will do great things.

tell us about it when you return

The reia was great but the best part was we picked up a new opmer for our next project. Which as it happens was Friday morning. Short sale offer accepted at 235k (we wanted it at 200k) which will be real tight after we finish rehab. Pulled 85k for three people which will cover rehab and purchase. We are doing a donna doo on this one...Lease option with 15k down (high end home)and lease payments of 1,500 per month, purchase price is 300k in three years. All profits are split five ways , so everyone will make 22,450 over three years or 22.67% (don't have numbers in front of me). This is the most we have ever spent on a home so we will be watching the numbers real close... BIG SMILE

Ok here we go. The short sale that I talked about last week had an inspection done and a BOP which showed that the house should sell for over 300k (paid 235k). Broker just sold one around the corner for 330k which was a bigger model. We left there with him and went to deal number two and he stated that this one would sell for between 225-235k. We are doing a subject too on this one (211k) because the owner is leaving the state and it is an adjustable loan. We will do a lease too own with 15k down, 1,500 per month and 24k at the end of three years. You have to think outside the box.... this deal had some issues but we/you need to become the problem solver. There is money to be made if you do. So all in all over the next three years on these two deals Roberta and I will clear 96,200. Not bad for helping two people out of a mess. NOW GO GET SOME