For the doubting Thomas'. No Down Payment. - Posted by Jerry Martin NC

Posted by Jim V on October 05, 2003 at 13:08:16:

As one of the early questioners of the dates, I’ll also agree that Jerry looks like he’s doing what he stated. The Rhyne property from July looks very similar to the one he recently posted.

For the doubting Thomas’. No Down Payment. - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 14:27:57:

I have read all your posts to my no down payment message. I am not a liar and can prove everything I said. Yes the dates are correct. Yes the amounts are correct. Yes the Hud statement is correct. I can and will verify it. Send me your fax number and I will fax you several Hud statements and then you can look up the properties on the FORSYTH COUNTY NORTH CAROLINA GEO DATA EXPLORER to verify that my wife and I do indeed own these properties and moore. Before you judge me as some sort of idiot let me prove my claim. It’s not like I am asking you for money or anything. I don’t understand your problems. If I didn’t know how to do this I would jump at the chance to learn how for free. Perhaps you should all load up on a bus and come to Winston-Salem NC and take a tour of my properties…

Re: For the doubting Thomas’. No Down Payment. - Posted by Tarheel T

Posted by Tarheel T on October 04, 2003 at 17:49:38:

Jerry,

Nice deal!! I don’t doubt that you did what you have said!!

Now, in order to try to learn a little something, may I ask you a few of questions about the deal?

-how long is the loan amortized? payments of…?

-what institution made the loan?

-what are you doing with the property. And how much is it renting for if you are going that route?

-how many repair $'s will the property require?

Thanks,
TT from Asheville

No Doubt - No Down Payment. - Posted by Steve A-Greensboro NC

Posted by Steve A-Greensboro NC on October 04, 2003 at 16:54:22:

Hey Jerry-

Steve here in Greensboro, NC

Congrats Jerry seems you’ve sturd things up a bit here. Must mean your doing something right. Haven’t talked with you for a few months. The last we talked you just set up your investment credit line.

Jerry how’s the RE market in Winston? Seems to have pick-up a bit here in Greensboro. It has been poor finding good tenants as well; however, seems to be getting better now.

Lastly, a question regarding your loan for the property you posted. Did you refi to get that 22K+ after you closed. I haven’t been able to find a lender that will lend more than the purchase price even if the property will appraise higher.

Great to here your REI is still rolling.

Take Care
Steve

Re: For the doubting Thomas’. No Down Payment. - Posted by Clare Z

Posted by Clare Z on October 04, 2003 at 15:26:24:

you said “Yes the dates are correct” and this is what you posted.:HUD STATEMENT FROM YESTERDAY’S CLOSING.
CONTRACT WAS SIGNED SATURDAY 10-04-03. CLOSING WAS YESTERDAY 10-09-03. ROOF WAS FINISHED TODAY AND THE REST OF REHAB WILL BE FINISHED 10-16-03

So, since today is the 4th of October 2003 please explain about the dates. I am OK with this being a true deal, and I certainly know people do it every day, but since you are saying it is not a typo, I am having a time-space continuum issue.

CZ

Re: For the doubting Thomas’. No Down Payment. - Posted by diond

Posted by diond on October 04, 2003 at 14:51:38:

Good for you! Other people’s ignorance should not put a damper on what you have accomplished. Be thankful that you have learned how to do what you are doing and are able to make money doing it. I for one am greatful for all of the information and experiences that people share on this site. If something just doesnt sound right, it not for me. However, i certainly wouldnt accuse someone else of BSing. I have seen and done deals that even the most experienced REI would scoff at, but i still saw or did them! Keep up the good work and happy investing.

Re: For the doubting Thomas’. No Down Payment. - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 15:54:57:

I am so sorry. The contract was signed last Saturday, 09-27-03. Thank you for pointing that out. I assure you the other information is correct.

Re: For the doubting Thomas’. No Down Payment. - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 15:59:31:

Thank you. I think the purpose of this board is to share information and that is all I wanted to do.

REALLY??? - Posted by del-ohio

Posted by del-ohio on October 04, 2003 at 18:45:35:

This was copied directly from your post, care to clarify further?

>Posted by Jerry Martin NC on October 03, 2003 at 20:07:12:

>HUD STATEMENT FROM YESTERDAY’S CLOSING.

Yesterday according to my calculations would be Oct 2.
then Jerry says

CONTRACT WAS SIGNED SATURDAY 10-04-03.

A little incongruent

CLOSING WAS YESTERDAY 10-09-03.

Jerry posted on October 3 but he closed yesterday on October 9. What do you make of this?

>ROOF WAS FINISHED TODAY

So he closed yesterday and finished the roof today. Did he finish the roof the day after he closed or four days before he closed on October 9.

AND THE REST OF REHAB WILL BE FINISHED 10-16-03

And you want us to believe the rest with out verification.

My fax number is 330 893 3185. I will be glad to verify for the board if you send it to me.

Del-Ohio

Re: For the doubting Thomas’. No Down Payment. - Posted by Rich Hyams

Posted by Rich Hyams on October 04, 2003 at 22:38:38:

“Keep up the good work and happy investing.”

Hearing about the good is always fun.

Re: REALLY??? - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 19:03:46:

You know what, I forgot to pay my brain bill last week and got the dates mixed up for which I appologize. Will fax copy of HUD to you along with copy of check.

Re: REALLY??? - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 19:02:39:

You know what, I forgot to pay my brain bill last week and got the dates mixed up for which I appologizse. Will fax copy of HUD to you along with copy of check.

Re: REALLY??? - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 19:01:18:

You know what, I forgot to pay my brain bill last week and got the dates mixed up for which I appoligise. Will fax copy of HUD to you along with copy of check.

Re: Proof provided, Cogratulations Jerry - Posted by Del-Ohio

Posted by Del-Ohio on October 05, 2003 at 11:49:21:

Since I have been giving Jerry a hard time because of the inconsistencies.

I wanted to let everyone know that Jerry did fax me a copy of the settlement statement dated Oct 2.

Contract Sale Price 40,000, Principle Amount of Loan 63,600, Cash to borrower, Jerry W Martin and wife 22,207.11.

He also faxed a copy of the check written from an attorneys trust account.

He further included a settlement statement from another deal, July 31 2003 Contract price 58,485 Principal Amount of Loan 89,000 cash to Jerry Martin and wife 30,733.

I cant vouch for other dates or the roof but the rest of the numbers are solid.

Apparently Jerry is pretty darn good at putting these deals together. Which is a lot more important then getting the dates right.

Congratulations Jerry on a job well done. Thank you for sending the fax and documenting the numbers on the deal.

Del-Ohio