Get in there and mix it up. - Posted by Joe Kaiser
Posted by Joe Kaiser on November 20, 1999 at 20:47:48:
My partner and I signed up two deals before noon today, each one completely different than the other but each having a similar beginning . . . a seller with a problem gave us a call.
Don’t pin yourself down to a certain technique or strategy or plan. That’s not the way things actually work. Opportunities come from every direction and what doesn’t work is trying to fit them to your plan.
Get your name out there in the hands of motivated sellers, and when they contact you, sit down and figure out how best to both solve their problem and make a few bucks yourself.
My two deals today . . .
Owner in foreclosure, needs $6k to bring current. I put up the funds and received a half interest in the property. He maintains it and makes payments from here on out, and if he defaults, he loses his half interest. Nice, clean and tidy.
Other deal, owner with $1m property needed $30k to stop foreclosure. We gave him the funds and agreed to develop the property, sell off the parcels and receive a share of the profits. Again, a solution that works.
You’ll note, there’s no “subject to” contracts here, or contingency clauses or any of that other stuff. Instead, you’ll find our solutions to their particular problems, solutions that the sellers found satisfactory for their present needs and solutions that guarantee us substantial profits down the road.
Could you have done these deals? I suspect so. What about the $30k? The seller actually wanted $100k, but rather than do that, we put up the $30k and to get a toe hold and will now hook the seller up with a hard money lender to get him the balance of his funds (as well as get our money back to us). End result . . . we’re in like Flinn without anything into the project and have a six figure payday locked up.
I’m not here to tell you how smart I am. What I am trying to say is your role as a real estate investor is actually one of a problem solver. Solve enough problems and you’ll be able to afford both premium gas and a car that requires same, or just about anything else for that matter.