If You Keep an Alligator in Your Backyard, You can"t expect it to NOT
Ya' know? When I used to work at the Post Office as a mail carrier, at first, I was content with the steady paycheck, but then I desired to do something bigger and better. While was out on my mail route, I had an opportunity spring up on me that changed my life. I had the chance to buy a house at an INCREDIBLE discount...and I did! I turned around and sold that house and collected a HUGE check. I did this again, and again, and as the market changed through the years, I kept on finding unique new ways of buying houses that I could buy cheap that......no one else knew about! I even recruited other mailmen to bring me deals! And all was great until...2007 rolled around. All of a sudden the real estate market that had gone up 20-30- 50% for the prior 2 years started to slow, then stop and then hit the reverse button. And I mean it went in reverse big time. Property values declined daily.
Rent rates started to go down. Everything we had grown used to changed, and it continues to change. We haven't even hit the botTom Nardone as of right now in some parts of the country. And now...Many of the rules changed... Most of them...It used to be if you were an experienced investor you would find a house at a good price, say 55% of ARV, maybe it needed $5,000 of repairs and you would call your friendly hard money lender and he would fund the purchase and the repairs. This is not the case now. Many people who were speculating in the hot market bought houses that were alligators with negative cash flow. Having a negative cash flow house in your portfolio of rental houses that sucks up precious cash flow from the good houses, is like keeping an alligator in your backyard and hoping it won't eat your dog!
Hard money lenders are pulling back, no more 100% funding, no more buying with no skin (money) in the deal. The last one we did the hard money guy required the buyer to put up 20% of real money to fund the deal and then they were only willing to fund 50% of the deal. Things have changed...Another thing that has changed is the way you sell your deal once you have control of it. It used to be that you could collect a nice sized assignment fee and the bank wouldn't blink and eye, try that now! (I don't think so!!) Things have changed...So what's an investor to do????????? Well, I'm glad you asked. The answer, at least an answer that we know works is called the "Options & Auctions". And you're thinking, OK, I know what an option is and of course what an auction is but what in the blue blazes is an "Option Auction"?
Well, it works like this, I am going to share with you where to find deals that cost you $0 to tie up, we are going to show you how to promote the sale of that property, and most importantly we are going to show you how to get paid, that's right paid again and again and again. That's right, no need for hard money loans, no need for repair crews that show up drunk, if you are lucky, no more hoping and praying that your buyer will jump thru all the hoops the lenders are mandating, no more tenants, no more waiting for your profit. Sounds too good to be true. Listen in to the call and decide for yourself...
The topics covered will include:
- How to start from scratch and complete your first deal
within 30 days
- How to locate motivated sellers who need to sell and have no idea about how to solve their own problems
- Enjoy having the competitive edge with sellers who have been told "Sorry" we aren't interested in your home.
- Discuss how you get 50 people show up for your auction
- Why wholesalers will be begging you to sell their home
using the "Option Auction" technique.
- Discuss the exact documents you need to pull this off
- And much, much, more....
You'll want to jump at the chance to listen to me as NO ONE in the country is teaching what I will be sharing with all of you.
Tom Nardone
Rent rates started to go down. Everything we had grown used to changed, and it continues to change. We haven't even hit the botTom Nardone as of right now in some parts of the country. And now...Many of the rules changed... Most of them...It used to be if you were an experienced investor you would find a house at a good price, say 55% of ARV, maybe it needed $5,000 of repairs and you would call your friendly hard money lender and he would fund the purchase and the repairs. This is not the case now. Many people who were speculating in the hot market bought houses that were alligators with negative cash flow. Having a negative cash flow house in your portfolio of rental houses that sucks up precious cash flow from the good houses, is like keeping an alligator in your backyard and hoping it won't eat your dog!
Hard money lenders are pulling back, no more 100% funding, no more buying with no skin (money) in the deal. The last one we did the hard money guy required the buyer to put up 20% of real money to fund the deal and then they were only willing to fund 50% of the deal. Things have changed...Another thing that has changed is the way you sell your deal once you have control of it. It used to be that you could collect a nice sized assignment fee and the bank wouldn't blink and eye, try that now! (I don't think so!!) Things have changed...So what's an investor to do????????? Well, I'm glad you asked. The answer, at least an answer that we know works is called the "Options & Auctions". And you're thinking, OK, I know what an option is and of course what an auction is but what in the blue blazes is an "Option Auction"?
Well, it works like this, I am going to share with you where to find deals that cost you $0 to tie up, we are going to show you how to promote the sale of that property, and most importantly we are going to show you how to get paid, that's right paid again and again and again. That's right, no need for hard money loans, no need for repair crews that show up drunk, if you are lucky, no more hoping and praying that your buyer will jump thru all the hoops the lenders are mandating, no more tenants, no more waiting for your profit. Sounds too good to be true. Listen in to the call and decide for yourself...
The topics covered will include:
- How to start from scratch and complete your first deal
within 30 days
- How to locate motivated sellers who need to sell and have no idea about how to solve their own problems
- Enjoy having the competitive edge with sellers who have been told "Sorry" we aren't interested in your home.
- Discuss how you get 50 people show up for your auction
- Why wholesalers will be begging you to sell their home
using the "Option Auction" technique.
- Discuss the exact documents you need to pull this off
- And much, much, more....
You'll want to jump at the chance to listen to me as NO ONE in the country is teaching what I will be sharing with all of you.
Tom Nardone
