Had a great conversation with you today Steph, even though it was cut off a little short.
Honestly I feel pretty similar to what she said over on her blog about the stars aligning. Ive been busy making offers in a few areas of Philly, I have a bunch of activity, and I took a look at an area close to my house here in NJ.
I figure why not roll the dice over here as well. Never done a deal that close to my house. Kind of funny really, but hey sometimes what I do doesnt make too much sense...cause there's a bunch of wholesaleable crap about 20 minutes from my house.
One thing ive been doing pretty heavy here lately is looking for private money partners and local banks that I can do some KISS flips with...i dont know how to insert the uh hyperlink thing yet for bob's kiss flipping course so whatever.
Basically a kiss flip is selling a wholesale home to a homeowner instead of an investor. It makes a lot of sense in this market weve got because its tough to get investors financed unless they have 30% or more down and the cash guys are CHEAP. I can do a hard money loan with them to get the 30% but its just a pain in the ass seems to me.
I have locked up a couple local banks in the area that are cool with doing deals where I buy and sell on the same day to an owner occupant. I also have a private money guy that is looking to do some deals.
Seeing the majority of the market is the owner occupant it makes sense to know how to sell to them, probably said that before but ill say it again.
My challenge right at the moment is staying focused and keeping myself out of the rut, executing quality stuff on my daily list and closing deals....Closing deals and closing some more deals. After that I need to close some more deals and find a few more to close.
I was watching Larry King last night an Trump comes on....he makes me laugh. He did have some solid things to say about having the mondset of champion which is super important especially right now.
Lots of people out there have nothing but crap to say about this awesome opportunity market. Trump was takling about alot of stuff that im not gonna go into right now, but his main thing was that you need to think like a champion and work hard. So true.
The wave is coming for REOs and im ready to ride all the way back to Tahiti.
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What kind of terms are you getting for the financing for your end-buyers?
ReplyDeleteAre these conventional (20% down) loans?
Just curious, as I want to start doing the same thing, but most of my potential buyers are FHA, and the banks just can't provide terms anywhere near as good as FHA...
J Scott
http://www.reistartup.com
Hey Jerry. Was good to talk to you today. Think I'm going to go ahead w the Kiss Flipping.
ReplyDeleteI'll have to give you a tutorial on adding links and pictures and stuff next time we talk. It's easy once you get the hang of it.
J the rates are pretty much prime. The down is low though if they are first timers. The banks are willing to be a little flexible because of the equity position they are coming in with.
ReplyDeleteAdditionally they are looking at the 8K credit to be applied to the loan.
Jerry,
ReplyDeleteThis sounds like win-win situation for you. Maybe I should try it. Haven't found my niche yet. I'm in Levittown, PA. I've been trying to wholesale for 8 months, no deals and cash buyers seem to be hiding. Was able to get a list of cash sales from my Realtor. 66 cash sales from 3/08-3/09 in just Levittown and all under 150k! I'm trying to find them. Wish me luck!
Sincerely in Christ,
Leesa C.
Eph.2:8,9
L.J.Cramer Properties
Leesa im familiar with Livittown.
ReplyDeleteAnything i can do help let me know.