The Million Dollar Question
Hi Vet REI, New Investors, Information seekers
Here's the question:
Can someone with no cash no credit, secure a purchase agreement and assign that agreement for pure profit?
AVeryBrokeWannaBeBillionaire
QueenTess,
To answer you question very sincerly, if anyone wants to put up a Million Dollars to see whether it can be done or not here is what I will do to make the Million.
I need No Money, except for $110, No Credit Cards, No Automobile, Just drop me off in any city with a population of at least 50,000.
I will purchase a property within 24 hours. I will probably have to sleep in the house I buy until it sells so I am going to handle selling it fast.
I will walk away with enough money to Fly home First Class and have enough left over to take a very long vacation or maybe a European cruise.
I will use my Subject To investing method to do this.
Any takers?
John $Cash$ Locke
John$ your the best
Could you tell me how you would accomplish this with no money and no credit?
QueenTess,
Well the reason I need $110, is because I will give the Seller $10 for their equity, the other $100 is expense money or walking around money.
All I have to do is find a Bubba Truck and an SUV side by side, then the rest is easy.
I use my memorized scripted presentation in front of the seller, close the deal, get the deed and then sell the home using the sellers financing, so no credit needed.
Whats all the hoopla about it really is pretty simple done it 500+ times, I think I have it down pat by now.
John $Cash$ Locke
$Cash$ is the King! I would not wager against him. He is the real deal. Not like the challenge Robert Allen did years ago. He probally purchased alligators that bit him. $Cash$ walks away with monthly cash and then the windfall.
I have read many of his posts on the various boards and can tell you he is sincere in helping us newbees.
His posts have opened my eyes to the sub-2 arena, one that I never heard about. I am going to purchase his book and see if it works here in NJ.
Thanks $Cash$.
jserris,
Thank you for the kind words.
I really try to help the new person, for those of you that have requested one of the many post cards I use, you will note I have sent it and asked for nothing or spammed you with e-mail from me. If you have e-mailed me personally the same situation applies.
There are those that post that proclaim to want to help but do not have the best interests at heart of the new investor, use caution my young or old friends.
Watch how a person posts, are they helping you or helping themselves. Is their advice truthful and honest and will it really help you.
Just the way I see things.
John $Cash$ Locke
PS: Anyone have a million to spare?
Yeah...but give me a year or so to gather it up.
realestateprofit,
Why are you going to wait a year to get there?
I think from what I have read in your post you will be a fast study.
FOCUS, lose the 'information overload' and you will be just fine.
John $Cash$ Locke
Can do!
OK guys, you got me hooked! Where do I start? And where do I learn the details of all this. I got the Ron LeGrand Cash Generator and listened to the tapes twice but, although the ideas are all presented and seem very exiting there were no real in depth details of following through with all the plans. Help! Thanks to all.
drgnstr,
Glad to meet you.
You can start right here at TCI in your quest for knowledge, start reading some of the posts, check the articles, take a look at some of the reviews on the courses offered here.
Welcome on board this board, you have taken the right step by coming here.
John $Cash$ Locke
Thanks John $Cash$ Locke,
I have read a lot of posts and have found a lot of information so far. I even order and completed Carleon Sheets course a few years ago. I now have a personal goal of completing my first deal by March 1st. I guess I am just nervous about getting started and getting lost in the middle. I guess the best way is to just dive in and see what happens. Like RL says all I have to lose is my investment ($0).
Thanks to all for all this great info! You are an insperation and a great motivator!
drgnstr
John - how about I take a week off work, fly you to Jax, FL and we work this challenge together?
Let me be your shadow for that time and we share the rewards.
Ho...
queen...I'mn not Ca$h..so my figures aren't neraly as high as his...but Sunday I made 3k on an assignment...and I had signed the original purchase contract on thursday...granted it's not always like that..might take a longer...and in some instances sellers have backed out...but yes it can be done...
good luck
drgnstr,
Here's some advice that John $Cash$ gave me.
"stay focused and lose the information overload"
It's easy to get caught up in the tidal wave of information that is available out there. I'm still in it But slowly i'm able to focus more on my strategies now and everything seems to be coming together nicely.
A piece of advice from me...stay away from all of the "motivational" materials. I've wasted a lot of money on these. They are about 90% hype and 10% information (usually all the same) . If you can descern which ones are purely informational..then those are the ones to go for.
Just a little help from a newbie.
I am *very* much a newbie, so pardon a dumb question....
How DO you actually do the closing. I understand that you generally draft your own buyers' contract etc. for the offer and for the actual agreement... how do you get the deed transferred and handle all the other details for each jurisdiction? Do you have to go to the courthouse to file the papers, etc.?
Do you have a lawyer or do you do it your self. As a newbie, how does one find a good lawyer, if one is needed.
Thanks! I've enjoyed reading everyone's posts.
-Egads
You may be able to close at a title company, or you may have to use a title attorney, according to your state.
-Clint
Thanks Clint.
I live in GA. After seeing your response, I see from other web sites that we require an Attorney to close.
So, (as a totally naive realization) I guess this means I should build a relationship with a real estate attorney.
I guess this also is further evidence that if I want to do a quick flip, I had better find one sweetheart of a deal to cover all the closing costs, etc.
Is there any other wisdom that you or anyone else can impart on this issue?
Thanks again!
-Egads
Hello everyone;
Can someone plese tell me where you can get all of these forms and contracts? I live in Florida. Do the attorneys and closing agents have these or do I have to supply them. How about contract to sell? Thanks a bunch.
[addsig]
Thanks realestateprofit;
You are right. I have read so much all the info starts to melt into one blob. I have to let it all sink in. I try to focus on one type of deal but all the other details keep coming into the thought process and making a mess and making me nervous about the first deal. I think I just have to jump in and get my feet wet, and learn by doing. As long As I have no money invested I guess all I have nothing to lose. Thanks.
[addsig]
drgnstr,
I am sure there is an airport near you. Pick out a nice Lear Jet get in it and go for it, you have nothing to loose. Right?
The same thing applies to creative real estate investing. You must learn the proper methods before you begin your journey. Or your journey will be a short one.
What method applies to one person may not apply to another. You need to find the method of investing that you are comfortable with, this is done by asking questions and getting solid answers.
If you notice you will see the 'hip hop' game being played by the new person, they see something that looks good on Monday and by Friday they are back to the same method they looked at on Monday.
My best advice would be look into my E-Book "Big Bucks Bird-Dogging", this gives you a start so you can learn first hand what method is right for you, because you will learn the different methods from the ground up. My "Subject To" course also takes the guess work out of investing for the new person.
Check the Reviews on top of this board, see what others have to say about the Channel Partners here at TCI.
What I am saying get some investing education before you jump in, or maybe you already know how to fly a Lear Jet.
John $Cash$ Locke
Thanks, I needed that.
I have been doing a lot of research and self educating on the subject. I am trying to get started in maybe wholesaling or subject 2's. I believe I have a good "basic" understanding of these two plans. I guess my point was that you have to start somewhere, and what better way to learn than by doing especially when there is such a great support team here.
I am just eager to do my first deal. does your "subject to" cover the basics of the deal from begining to end? If so I'd love to pickit up.
Thanks, I've read a lot of your posts and have learned a lot. Thanks again. I am on my qay to getting that pilots liscence and maybe in a few years I will own that lear JEt!
[addsig]
drgnstr,
Yes, my manual takes you from the begining to closing the deal.
I have a password protected web site devoted to Subject To investors.
I make myself available 24/7 via e-mail one on one to help you.
My students have my cell phone number in case they need me on an immediate basis.
All this for $150.
I am going to raise the price of my manual now that I think about it. Thanks for reminding me.
John $Cash$ Locke
I am anxious to get it and get started! Unfortunately I still live paycheck to paycheck and have to wait until payday to get it. (Hopefully the price will still be the same) Thanks again for all your insight and help.
[addsig]