HOW THE NO DOWN PAYMENT PROGRAM WORKS...... - Posted by Jerry Martin NC

Real Estate Investing
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Re: made up stories better then sheets - Posted by Del-Ohio

Posted by Del-Ohio on October 04, 2003 at 18:17:07:

Its not the no money down that is problematic. We do this all the time. We have a 500,000 WOLC. When we use it to puchase a house cash and rehab it, since none of our own money was used you could technically call this a no money down deal.

We do these deals all the time, it is our primary strategy for “rehab/sell”, for “rehab/keep” we mortgage at 80% and use owner carrying down and/or equity in another property as down payment. So I have no difficulty with the no money down concept.

What should send up red flags for all investors who have to analyze data to get/make good deals,is the information provided. Not just one flag but numerous ones are in the scenario provided.

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

Looking at this makes all the rest unbelievable to me. I hope the people who took this at face value do a bit more due diligence when they buy property.

Del-Ohio

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Re: made up stories better then sheets - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 04, 2003 at 13:47:52:

Nice going Del. Sounds as if you have it down to a science.

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Re: HOW DID/ COULD YOU GET THE $65k LOAN ??? - Posted by Tim

Posted by Tim on October 04, 2003 at 13:52:11:

I don’t think you read the post carefully. Jerry didn’t say anything about getting the loan after repair, he said he got it at closing. In a later post he stated that his interest rate is 6.5%, so that rules out most hard money lenders. I don’t know Jerry, so I am not calling him a liar, but I have to think he is stretching the truth or leaving something out. My bank would give me the interest rate he claims, but not the extra cash. My hard money lender would give me the cash, but not the interest rate. Either one may be flexible, but only if I put up other collateral.

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Re: It’s a start… - Posted by William Bronchick

Posted by William Bronchick on October 06, 2003 at 19:06:48:

Actually, he just found himself a rare lender to make a loan based on appraisal rather than purchase price.

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Re: The dates didn’t strike you as being funny? - Posted by Eddie-Mi

Posted by Eddie-Mi on October 04, 2003 at 10:09:57:

Yep, my B.S. detector went off when I saw the dates. Another FOS poster.

Then again I think anyone who has ever read a Jerry Martin post knows that.

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Excellent deal! - Posted by William Bronchick

Posted by William Bronchick on October 03, 2003 at 21:28:42:

Gee, and I was told Carleton Sheets is a scam, nothing down doesn’t work and you can’t make a profit at this.

:slight_smile:

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Re: Try this! - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 05, 2003 at 07:30:43:

Del I sent you the fax. Are you going to share your newfound information with the rest of the board???

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Re: It’s a start… - Posted by micheleCO.

Posted by micheleCO. on October 06, 2003 at 22:09:05:

Well, there I go again trying to make everything more complicated than it really is! So used to thinking about how every deal can be done creatively, that didn’t even occur to me. Thanks, you answered me quickly. By the way, do you know any lenders like these in Denver? Michele

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Re: Excellent deal! - Posted by RichV(FL)

Posted by RichV(FL) on October 04, 2003 at 08:30:27:

Bill,

Oh yeah, those are the same people that say flipping is illegal and Real estate investing works in every other city but the one they live in.

Regards,

RichV(FL)

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Re: Excellent deal! - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 03, 2003 at 22:17:03:

Thanks. Been doing this for seven years and have yet to put any of my own money in a deal. Been on the Carleton Sheets commercial. Have tried to help others but most of them want get rich quick. As you know get rich quick does not happen. I have been in the pest control business for thirty years and grew up on a farm but I have never worked as hard as I have with real estate. I am in a position to hire the work done now and concentrate on management.