Comments for SuccessREI.com

Comment on Extreme Foreclosure by ‘Extremely’ Bad Decision : Thad Forester.com

‘Extremely’ Bad Decision : Thad Forester.com — Wed, 06 Aug 2008 02:11:39 +0000

[...] Alabama Investor has an interesting article about a family in Georgia who was the recipients of an Extreme Makeover Home Edition back in 2005. Their home was paid off and $250k was raised for their children’s college. Now they have lost their home to foreclosure (including the $250k). How could this happen? It blows my mind. Click here to read the full article. [...]

Comment on I can’t see it from my house by Jeffrey Smith

Jeffrey Smith — Tue, 29 Jul 2008 20:35:19 +0000

When those knotheads are done with their job, they don’t haul away their trash. THEY BURY IT IN THE BACKYARD. Morons. If the toilets aren’t working, they poop in the crawl space under the house instead of going to the public facilities elsewhere. Too much trouble to leave the jobsite to haul trash or use a restroom. Yikes! (Tip: If the toilets aren’t working, rent a port-a-pot!)

I’ve seen them come to work at 8:00am completely drunk. All day long they complain about how they didn’t get their money’s worth at the local whore house the night before. Yikes!

They buy materials with MY MONEY and keep the excess amount for themselves. The underbid a job so they can screw me with change orders. Their equipment breaks down, so they don’t come to work and that screws up my schedule for the other contractors that are waiting for the work to get done so they can start their work. KNOTHEADS! If your equipment breaks down, rent a replacement and get my job done on time! Or else I’ll back-bill you for the delay.

…sigh…just wholesale your deal to someone else who likes hiring those knotheads.

Comment on Becoming Immune by Jeffrey Smith

Jeffrey Smith — Tue, 29 Jul 2008 20:22:30 +0000

I know what you mean about the difficulty in firing employees. I was CEO of a software company. The owner hired me to takeover the management of the company while he could sit back write software. Soon, I had to fire the owner’s daughter. It was not easy. It was not fun. I kept documentation of her screw-ups and goof-offs. I was ready when she ran to daddy. I explained my reasons and showed my documentation, and the owner agreed with me. She was fired.

It’s not personal. It’s only business.

Comment on 2K Dinner Questions by Jimmy

Jimmy — Thu, 03 Jul 2008 21:54:41 +0000

Great stuff as always

Thanks Derek,

Jimmy

Comment on 2K Dinner Questions by Steve

Steve — Thu, 03 Jul 2008 18:38:31 +0000

Derek,

Thanks for responding, and have a great 4th.

Comment on The Easy, No Risk Way To Invest In Real Estate, Plus The Story Of The $2000 Dinner by 2K Dinner Questions

2K Dinner Questions — Thu, 03 Jul 2008 16:31:21 +0000

[...] The $2K Dinner Video [...]

Comment on Holy Smokes - it’s done! by Patrick Riddle

Patrick Riddle — Wed, 18 Jun 2008 19:08:13 +0000

You said people will deed their house over to you because they like and trust you. I heard someone say something I thought was interesting one time. It may have been from a book I read.

So, you have something that requires a serious surgical operation. Your cousin just got out of med school and you love/trust the guy. Across town, there is another doc that you’ve heard everyone talk about how he is the best of the best but is a (insert your favorite expletive).

Who are you going to pick (assuming price is constant)?

Sometimes, people would possibly even do business with you even if they don’t like you. Maybe they trust you and have confidence that you’ll do what you say.

Comment on I’m still alive by Julius Barnes

Julius Barnes — Tue, 17 Jun 2008 04:15:03 +0000

I missed the ship again!, Derek, Ihad some unexpected issues take over our household the last 3 to 4 weeks,and missed keeping up with your e-mails and thus never knew about your 8th anniversary. I wish you aHappy anniversary and hope to catch your next one and celebrate it with you and yours this time around. I will definitely seek not to miss any opportunities again from this moment forward. Just keep sending your information to me, thats all! Thanks, Julius Barnes

Comment on The Easy, No Risk Way To Invest In Real Estate, Plus The Story Of The $2000 Dinner by Jeffrey Smith

Jeffrey Smith — Mon, 16 Jun 2008 19:08:32 +0000

http://www.RealEstateInvestmentAssociation.com/ is a free social networking website for real estate investors.

Derek received the warranty deed to the property (and hopefully immediately recorded that deed), Derek owned the property. Then Derek found a wholesale buyer (the appraiser) who agreed to pay $81,500 to buy the property from Derek (most likely using an ordinary purchase contract and a title company to close the deal). $78,500 went to pay-off the defaulted loan and the $3,000 remaining was Derek’s profit.

Most “motivated sellers” in this market are upside-down on their debt and they are “motivated” to find someone to overpay for the property. An upside-down property requires a “short sale” for cash. Most “short sales” are failing, because the bank “loss mitigators” are not responding before the auction date and the property is foreclosed. If you can negotiate with a loss mitigator before the auction date and reach agreement, then you can “double close” with your buyer. You buy from the owner (with short-pay to the lien holders) then immediately resell to your buyer. You can use your buyer’s escrowed funds (or “flash money” borrowed for one day from a hard money lender) to buy the property, then you deed the property to your buyer and take your check to the bank.

Comment on The Easy, No Risk Way To Invest In Real Estate, Plus The Story Of The $2000 Dinner by James

James — Mon, 16 Jun 2008 13:34:50 +0000

Derek

Thanks for the video.
Very cool

James