You may be talking of deals where eveyone knows about them, therefore you better have cash upfront when you sign up a contract. Hot market deals.
Down here, there’s a huge plot of land downtown for sale that is very valuable. If I were to go to the owners and say “I’ll buy it at a nice discount, put $100 up for earnest money and wholesale it”, i’d get laughed all the outta town. They arent motivated, its a hot property and EVERYbody knows it, not my kind of deal.
I have to look where the masses arent looking for my deals. Thats where you can take properties for nothing down, sometimes NO earnest money and quick flip them.
Posted by Barry Malik on May 03, 2007 at 02:12:14:
I coppied the following from Joe Kaiser’s article:
“If you know where look and develop the proper mind set, there are plenty of deals out there that you can put together without any cash or credit. I never put my own money into a deal. If it means taking money out of my pocket, I pass. Why risk it?”
Do you really belive it. People with great credit and money can’t find a deal easily and here joe says above and making tons of money. Is it true or just to sell his courses.
Just because you don’t take $$$ out of your own pocket doesn’t
mean there is none in the deal. I’ve done it several different ways.
The 1st time was 1967, & I only did it because I didn’t have
money, not because I knew anything then. I used to do deals w/
none of my own $$$, but that can actually get expensive. I don’t
do $0 down anymore only because it no longer suits my goals.
I doubt if Donald Trump puts any of his own $$$ in many of his
deals. The only difference between big & small is that often big is
easier.
Posted by Brad Crouch on May 03, 2007 at 18:10:06:
Barry,
For what it’s worth . . . I’ve had dealings with Joe Kaiser, and I’ve never known him to “blow smoke”. You are required however to have an open mind. His stuff is “cutting edge”, and sometimes it requires thinking in a new and different way.
Joe has devised and set up many different systems to where he doesn’t need money put into the deal to make a profit. Joe hardly needs to sell his courses for money.
I met Joe at one of the CREOnline Conventions a few years ago. He’s a straight shooter, look you in the eye type of guy. And he knows his stuff. I have many of his courses. All are crammed with real world money making ideas.
>>>Do you really belive it. People with great credit and money can’t find a deal easily and here joe says above and making tons of money. Is it true or just to sell his courses.
>>>>>
I definitely believe it, otherwise my life has been one giant sham for the last few years… We wholesale properties a few times a month, and I personally NEVER put any money into a deal (aside from $100 deposit).
To be honest with you, a lot of newbies make things a lot more difficult than they really are. Anyone that doesn’t believe Joe Kaiser’s to be true is probably not going where the deals are. If you’re looking in the right places, deals have a tendency to fall right in your lap. Then, you can turn around and flip your deals to the people that don’t believe that it can be done…
No, it’s because he’s wholesaling properties. It’s quite simple actually. Simply, get a property under contract at a GREAT PRICE & assign the contract to an end buyer who pays for your position in the deal.
Posted by Barry Malik on May 03, 2007 at 23:26:48:
You said, It is very simple. Just put the property under contract and assign your contract to someone else and make your money.
When I purchased my first house, I had to put 5% down with the contract, which was $25000. It is a lot of money for many people.
How could you sign a contract with out putting any money. I think you just blowing a smoke. There is no such thing like that. In NYC, You can’t even think of deals like that. You need to have very deep pockets to do RE investing in NYC.
Posted by Kristine-CA on May 03, 2007 at 11:46:07:
From all of Joe’s posts here, I get the idea that he does all kinds of
deals, not just wholesaling. Surely he does write some checks for
some of deals taken sub-2. And while I know there are different ways
to pay sellers on the back end of deals, I’m guessing that he’s paid
cash for a deed for some of his tax pre-foreclosures.
Assigning contracts sounds great. My experience is different from
Joe’s in that in order to get paid I started double closing or closing
myself first with lender funds. Rehabbers don’t usually come out of
pocket to buy your deal, no matter how great. His suggestions for
performance mortgages are too complicated for me, and I’m known to
be someone can easily complicate anything. Kristine
You must be talking to realtors or something…Why would you accuse someone of blowing smoke? I’m in NY and I’m doing deals just like he described. Because of your utter rudeness, I’m not going to tell you HOW to do it, nor do I recommend anyone else to.
But here is a word of advice:
Calm Down & stop blaming others for your lack of knowledge – Buy a Course on wholesaling / flipping (Ron Legrand’s is the best) - READ THE COURSE- DO WHAT RON SAYS!
They’re talking about your basic Ron Legrand Deals!
We wholesale properties a few times a month, and I personally NEVER put any money into a deal (aside from $100 deposit).