Posted by Del-Ohio on October 05, 2003 at 20:26:12:
Yes I will … Jerrys dates made me question everything else he said. However the rest of the information WAS CORRECT.
Jerry send me a fax of the settlement statement, a copy of the cash out check and a settlement statement of a similar (actually better) previous deal. For more specific info check above at two other posts where I gave more detail.
Excellent deals Jerry, write a book about your deals, and you will be the next guru.
Del-Ohio
HOW THE NO DOWN PAYMENT PROGRAM WORKS… - Posted by Jerry Martin NC
Posted by Jerry Martin NC on October 03, 2003 at 20:07:12:
FOR ALL WHO HAVE ASKED ME HOW C.S. NO DOWN PAYMENT WORKS.
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
101: Contract sale price: $40,000.00
103: Settlement charges to Borrower: $ 1,170.20
107: County taxes: $ 232.69
120: Gross amount due from Borrower: $41,402.89
201: Deposit or ernest money: $ 10.00
202: Principal ammount of new loan: $63,600.00
220: Total paid by/for Borrower: $63,010.00
301: Gross amount due from Borrower: $41,402.89
302: Less amount Paid by/for Borrower: $63,610.00
303: CASH to Borrower: $22,207.11
This is how I use the no down payment program.
made up stories better then sheets - Posted by Del-Ohio
Posted by Del-Ohio on October 04, 2003 at 11:16:05:
We have signed fifteen deals since Jan. Three more under contract. I have looked at and analyzed a lot of hyperbole.
This one I would only believe with personal verification of all documents.
In other words I dont believe what you are saying and no other experienced investor does either. So maybe you want to proof it to us. We could set up an escrow fund. Fund it with 5,000-10,000 if you can proof it to us you get it, if you cant we get it.
Del-Ohio
Hold on there… - Posted by William Bronchick
Posted by William Bronchick on October 04, 2003 at 10:14:51:
What a minute, I just caught the dates, too. I assume you copied this information from a deal from years past and just updated the “03” to make it sound current?
I’ve got an idea. Upload a scanned copy of the HUD-1 so we can all see it.
Re: HOW THE NO DOWN PAYMENT PROGRAM WORKS… - Posted by RichV(FL)
Posted by RichV(FL) on October 04, 2003 at 08:32:21:
Jerry,
Congrats, looks like you have a winner on your hands.
Great Success,
RichV(FL)
HOW DID/ COULD YOU GET THE $65k LOAN ??? - Posted by Drew
Posted by Drew on October 04, 2003 at 24:03:24:
How did you get the $65K loan for a $40K property. That is the real issue here. That is the flaw in your presentation. To convince me and others of the viability of this No Down Payment, answer the following question: HOW DID/ COULD YOU GET THE $65k LOAN FOR $40K PROPERTY ???
Re: HOW THE NO DOWN PAYMENT PROGRAM WORKS… - Posted by Stewart
Posted by Stewart on October 03, 2003 at 22:52:18:
My question is, how did you get the 63k loan?
Re: HOW THE NO DOWN PAYMENT PROGRAM WORKS… - Posted by Scott
Posted by Scott on October 03, 2003 at 22:24:12:
Jerry,
How many bedrooms and baths? How much will it rent for - what will your cashflow be? What kind of neighborhood - A, B, C, D? 30 or 15 year note?
Thanks, Scott
Re: HOW THE NO DOWN PAYMENT PROGRAM WORKS… - Posted by MJK
Posted by MJK on October 03, 2003 at 21:21:26:
Good Job,
Did you do this deal through a traditional lender?
-MJK-
It’s a start… - Posted by William Bronchick
Posted by William Bronchick on October 03, 2003 at 20:33:45:
Congrats on your purchase…
Now, the question is, what will the house be worth when you’re finished and what do you intend to do with it? If you plan to keep it, what’s the interest rate? Can you rent it for positive cash flow?
Try this! - Posted by Wayne-NC
Posted by Wayne-NC on October 04, 2003 at 17:53:50:
Hello again. I read this thread with great interest. I think the big issue here and I am very interested to find out myself is the financing. The numbers will work and yes these are extrodinary. However, lenders will finance the purchase price or the appraised value whichever is lower. Also, if the property was purchased with cash and then doing a cash out refi there is a seasoning issue of title especially for a NOO. How would you answer this question, what if one purchased a property worth 100K for only $1 (this is possible using quit claim to make it believable) and then did a cash out refi. Would the bank only lend 80 cents? Have fun with this!
Re: made up stories better then sheets - Posted by Jerry Martin NC
Posted by Jerry Martin NC on October 04, 2003 at 13:45:34:
I have nothing to hide. Send me your fax number. I will send you a copy of the HUD statement. When you get it look the address up on the Forsyth county NC GEO data explorer. The call me and we can talk.
Re: made up stories better then sheets - Posted by ecb31
Posted by ecb31 on October 04, 2003 at 13:32:39:
Del:
Remember, no money down does not always mean absolutely no cash. I’m closing this coming Friday on a deal. $10,000 for a 3 BDR home (that’s the entire cost). I’m paying all cash from a line of credit on another rental property I own. No mortgage. No appraisal. Will rent it immediately for around $600 per month.
Yes, I do have to pay the line back. However, I’ve gained control of a cash producing asset with none of my own cash.
ecb
Re: Hold on there… - Posted by Jerry Martin NC
Posted by Jerry Martin NC on October 04, 2003 at 13:49:14:
Send me a fax number.
Re: HOW DID/ COULD YOU GET THE $65k LOAN ??? - Posted by Clair-MO
Posted by Clair-MO on October 04, 2003 at 08:51:16:
Drew, I don’t know exactly how Jerry did it but I do when you purchase a home it goes up in value perhaps he did some outside cosmetic work to improve the landscape increases the value. Then you refinance the home for the higher price. Does this make sense? To purchase a $40k home make some improvements on the outside landscape and a paint job increases the home by at least 65k to 75k in some cases. I have done this so what Jerry says doesn’t seem unbelievable to me. Since I have been investing for 9 years. Don’t take me wrong Les, I’m not defending Jerry because he doesn’t need to be defended. He uses creativity to do deals if you don’t think anything good can come from using Carleton Sheets’ program, it won’t! I have been working the program myself for 9 years and have bought over 2.9 million dollars worth of properties both residential and commercial. You have to work the system before the system works for you, fair enough?
Re: It’s a start… - Posted by micheleCO.
Posted by micheleCO. on October 06, 2003 at 18:56:02:
Hi Bill, Is this basically the middleman technique you teach in your book Financing Secrets. Sounds like it. Please elaborate. Michele
Re: The dates didn’t strike you as being funny? - Posted by Jim V
Posted by Jim V on October 04, 2003 at 02:54:37:
When dates are included as part of a post, I usually look at them. Assuming there might be typos, or momentary confusion, I try to make allowances.
In this case, the dates make no sense, which makes me question the validity of the posted numbers. It really isn’t that difficult to copy over accurate numbers if you have a closed deal.
Am I missing something?
Re: It’s a start… - Posted by Jerry Martin NC
Posted by Jerry Martin NC on October 03, 2003 at 20:57:14:
$89,000. Rent it. 6.5%. Yes.
Re: Try this! - Posted by Del-Ohio
Posted by Del-Ohio on October 04, 2003 at 18:24:48:
I noticed Jerry has not addressed your question yet. There are way to many other things that are inconsistent for me to believe any of his information is true.
Here is the information I copied directly from Jerrys Post
>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
Yeah I am sure.
Del-Ohio
Re: made up stories better then sheets - Posted by Del-Ohio
Posted by Del-Ohio on October 04, 2003 at 18:30:16:
Hello
My fax number is 330 893 3185.
I will be happy to let the board know what I find.
Sincerely
Del-Ohio