01Apr09 The Banks

Im looking for a local bank that can help me execute owner occupant flips....basically allow me to sell a home to a homeowner the same day I buy it. Looks like I have two that are seriously interested in workin on it so thats pretty awesome.

Today I spoke with the title company the bank (Beneficial) likes to use, because when the loan guy talked to her he screwed up my model in his presentation and she was like "no way" are we doing that. So I had to explain myself and she was happy.

I like this model. A guy in my coaching group....Steve Cook's Flip VIPS....Nate Andree developed it and I think its just freakin awesome. Basically it allows you to be able to buy and sell "marginal' deals. I say marginal because most of the time Nate buys at prices that would make no real sense for an investor, as far as I can tell. But he turns multiple deals per month with this techinque. Given the market and the madness out there it pays to know how to work with the first time homebuyer.

I havnt completely gotten these banks on board yet, but Nate tells me that once I hit one with them that they will be believers and will open the floodgates. Makes sense to me, I mean the loan is pretty damn safe, relative to an investor loan.

Its going to be a really awesome year, and im glad I have this little tool to carry with me and journal about my crap that I do (and dont do). Good stuff!