Posted by Brian (IN) on May 05, 1999 at 21:55:12:
How do you offer $0 down ?
Busiest month yet!!! - Posted by SCook85
Posted by SCook85 on May 04, 1999 at 23:08:06:
April 1999 has been my busiest month to date. I pulled of 11 deals and bought 7 more houses.
I completed 5 flips for a total profit of $15750.
I L/O’d 6 of my properties for upfront profits of $12,000, monthly cashflow of $815, and backend profits of approximately $96,000. 2 of the L/O properties should settle this month, along with 2 other retail deals and 2 pending flips (within the next 2 weeks). I don’t think I will do the volume in number of units this month but I do believe that the dollar volume will exceed the previous month. I do love this business.
SCook85
Re: Busiest month yet!!! - Posted by Brian (IN)
Posted by Brian (IN) on May 06, 1999 at 08:30:20:
Steve,
Thanks for sharing your success. Gives me something to work towards. In your posting regarding the ad you run to attract tenant/buyers for a property you mention $0 down. How do you do this? Also, how do you finance numerous properties at once? Do you get an accepted purchase agreement knowing that you need a lease in order to finance the deal or do you have a financial source that will loan you high LTV based on the property and not on your income. If you have a financial source like this, what type is it?
Re: Busiest month yet!!! - Posted by mark
Posted by mark on May 05, 1999 at 23:58:26:
steve, other than realtors , how are you generating leads? or are you strictly using realtors?I am contemplating going full time in the next few months and would like to have a nice steady stream of sellers coming at me.I would also appreciate it if you could give an idea of your marketing budget should you in fact use other means of lead generation.
thank you
Re: Busiest month yet!!! - Posted by Matthew Chan
Posted by Matthew Chan on May 05, 1999 at 21:30:30:
Excellent! I wish I had the oppotunity to meet you while in Dallas. Unfortunately, after the Blue Vase story, I had to go to the airport.
I sincerely hope we can meet one day. You are living proof of what someone can do when he wants something bad enough, willing to learn, and take action.
Keep on going, buddy!
May I bask in your aura? - Posted by Redline
Posted by Redline on May 05, 1999 at 13:19:52:
Steve - you’re unreal, man. After hearing your story and meeting you at the convention … you totally blow me away. I have to keep you in mind when I can’t find the time or I feel I can’t get it done. I know doing this part-time is tough … but I gotta keep at it.
Thanks for the inspiration and keep bangin’ em out!
RL
Re: Busiest month yet!!! - Posted by Maurice
Posted by Maurice on May 05, 1999 at 12:34:02:
You Da Man!!
What state are you investing in? Great job man…
Peace & Success.
Maurice
Re: Busiest month yet!!! - Posted by J.P. Vaughan
Posted by J.P. Vaughan on May 05, 1999 at 09:03:45:
Wow! Steve, you are an inspiration to all of us.
Congratulations on your continued success.
JP
Re: Busiest month yet!!! - Posted by Newbie-Steven
Posted by Newbie-Steven on May 05, 1999 at 08:12:40:
Steve
Thats amazing! Good work. I was wondering what
courses or books, if any, have had the most impact
on you. I’v read RDPD and Ron Legrands Fast cash
book but I feel I should invest in a course. Any suggestions?
Keep it up!
Steven
Great job! - Posted by Kevin Lee
Posted by Kevin Lee on May 05, 1999 at 24:32:20:
Great job Steve.
If you don’t mind, could you enlighten us with how the leads were generated?
Kevin Lee
Re: Busiest month yet!!! - Posted by JoeKaiser
Posted by JoeKaiser on May 04, 1999 at 23:28:42:
Very cool. If I could be so bold to offer one small suggestion . . . you’ve got it going. Try to break off a piece here and there and put it where it won’t be touched. Whether that’s cashflow, long term low interest financing, one of the pretty properties, whatever.
Just think about capturing one small piece out of the bunch every few months, make it be a good one, and tuck it away in your Forever Portfolio.
Otherwise, you’ll drive by property you flipped ten years ago at $42k and realize it’s now listed for $122,500 and you’ll think, “man, I should have hung on to that one,” (like I did last weekend - grrrr).
You got it going. Starting that Forever Portfolio will be easy as a result. Wish I had way back when!
Joe
Re: Busiest month yet!!! - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 04, 1999 at 23:16:44:
Steve,
Man, you get me excited.
Congratulations! I am looking forward to the day when I can post similar results. You are an inspiration to me and many others, I’m sure.
Thanks for keeping our hopes alive and our eye on the ball.
Continued success, and all the best to you.
Bill K. (AZ)
Re: Busiest month yet!!! - Posted by SCook85
Posted by SCook85 on May 05, 1999 at 15:37:55:
I invest in Maryland, Baltimore area.
Re: Busiest month yet!!! - Posted by SCook85
Posted by SCook85 on May 05, 1999 at 15:44:58:
I’m not selling anyones courses and am not backing any one person up. I have read a few books and listened to a few tapes. My suggestion to you is to decide ecactly what it is you want to do. For me to suggest Lonnie’s books as a start if you want to do rehabs would be a mistake, or vice versa. Decide exactly what area of real estate investing you want to pursue then start out with the courses that pertain to that particular area.
Hope this helps, good luck!!!
Re: Busiest month yet!!! - Posted by SCook85
Posted by SCook85 on May 05, 1999 at 15:41:04:
I’m not selling anyones courses and am not backing any one person up. I have read a few books and listened to a few tapes. My suggestion to you is to decide ecactly what it is you want to do. For me to suggest Lonnie’s books as a start if you want to do rehabs would be a mistake, or vice versa. Decide exactly what area of real estate investing you want to pursue then start out with the courses that pertain to that particular area.
Hope this helps, good luck!!!
Re: Great job! - Posted by SCook85
Posted by SCook85 on May 05, 1999 at 15:47:07:
Kevin,
If you are asking where I find my properties I get 90%+ from the multiple listings. As far as the sales side I have investors lined up that I flip to, and I generate my L/O customers through classified ads.
SCook85
Re: Busiest month yet!!! - Posted by SCook85
Posted by SCook85 on May 04, 1999 at 23:33:24:
Joe,
I appreciate the advice. I have already started the forever portfolio. I have 2 keepers, picked up 2 more that I settle on at the end of the month and I’m generating 2 long term notes this month. It is all in the plan.
Thanks,
SCook85
Ditto’s - Posted by Tim (snj)
Posted by Tim (snj) on May 04, 1999 at 23:27:39:
Steve -
How long have you been at this?
Tim
Using the MLS for L/Os - Posted by Tyler
Posted by Tyler on May 06, 1999 at 11:25:07:
Hey Steve,
Congrats on a good month!
I’m curious about how you work the MLS to find L/O (rent to own in your case :)) opportunities. I’ve always avoided listed properties for anything other than rehab-flips. I’m wondering how you get the agent their commission, and still get in light enough to make a front end profit.
Any enlightment you can pass along would be great. It would expand my business immensely if I could work with the MLS as well for these deals.
NT
MLS? - Posted by Kevin Lee
Posted by Kevin Lee on May 05, 1999 at 20:40:58:
Steve,
Then, are you going through realtors? How do you spot a possible deal? And Does the RE agent get the full commission?
Kevin Lee