Archive for Single Family Homes
Getting out while the getting’s good
Posted by: | CommentsToday my realtor is sending me an offer on a home I have for sale in Winston-Salem, North Carolina. This is a property that I bought subject to the existing financing and have owned for several years and run several tenants through.
It just came vacant in May, after a friendly eviction, and fortunately for me, the tenant left it in great shape. However, the neighbors told us it seemed like the tenant was coming back to visit a few times (and removing some of the trees he had planted in the yard…?) so we decided it was important to change the locks right away. 
“Crazy tenant, tricks are for kids!”
I decided to sell this property rather than continuing to hold it for a number of reasons.
Why I’m Selling This Rental Property Now:
- It’s hard to manage since I live far away and it doesn’t have a strong cash flow to pay for a manager… we could do it, but we’d probably have negative cash flow after factoring in the vacancy and repairs.
- The home doesn’t have much equity and when I bought it Subject To the existing financing, I told the owners I’d try to have it paid off within 8 years’ time. So, I’ll have to sell it at some point soon.
- The property doesn’t have much appreciation potential. What I realize now, which I didn’t at the time – being inexperienced when I bought the home, is that there isn’t a lot of demand for that type of property in that location. It’s a double-wide mobile home on a permanent foundation on a nice acre of land, but double-wides, even attached to land, don’t have the same appreciation rates as other types of property, AND, Winston-Salem, NC has had a very FLAT housing market and it will probably remain flat for the foreseeable future.
So, I’m going to unload it and put my attention onto properties that are in stronger markets with better cash flow and equity positions. I asked my realtor in Winston-Salem to stage the home, and after about 3 months of showing, it sounds like she has a buyer who can get financed and is eager to close.
It’s always exciting to see someone achieve the dream of home ownership for the first time, even if I’m helping it happen by not making much money on the sale. I learned some great lessons as a landlord and I am now more particular about what houses I buy.
What I Learned From Owning This Rental Property:
- Buy WITH Equity – ideally buy with 20-30% equity. I bought this house on great terms, Subject To owner financing, but it had no equity on Day 1, and due to low appreciation rates, still has no equity.
- Have a management plan in place. I was doing well managing this property until I left town to move to Seattle. It can be expensive to manage your real estate, whether you pay someone else, or invest your time to do it yourself. Make sure that you have a solid management plan in place, whether the property is local or not.
- Don’t finance your tenants. I’ve had 3 tenants through this property in a short period of time. Many of my tenants have to leave because they got in over their heads and/or had an interruption in their income.With 70% of American families living paycheck to paycheck, it can be hard for people to keep up on their bills when the proverbial rainy day comes and they have a glitch in their income or encounter extra expenses.
I have found it’s NOT WORTH IT to let people get behind on the rent, they never catch up and are even less reliable about paying on time in the future. NO PAY – NO STAY. It’s a tough policy to stick to, but it’s part of being a landlord.
- Know why you’re buying the property – show me the money! In this case, I was “buying on the come” as my father would say – hoping that in the 8 years before I had to refinance the property, it would have gone up in value. However, due to the property type and location, this was not the case. The good news, from my perspective, is that it didn’t go DOWN in value either, as so many investment properties have across the country today.The important thing about these more “speculative” investments that don’t come with equity, is that you have to be able to afford to stick with the property (cash flow-wise) until you’re ready to sell.
If the market has a downturn when you planned to sell it, you might find you need to hang on an extra 5-10 years in order to sell it at a profit. The problem so many investors are having now is that they’ve bought homes with negative cash flow that now have negative equity as well. That’s a tough combination to ride through the storm.
Real estate is still a great investment. (I’ve also got a property with potentially a $50,000 profit going on the market this week, too. I’ll tell you about that one soon.) The key to making it work is taking the long view, not over-extending yourself and having a firm strategy in place.
Post your comments below and let me know how your properties are doing!
Popularity: 19% [?]
Advice to a 29-Year-Old Wealth Builder
Posted by: | CommentsOne great way to get free advice is to ask for it!
Last month, we got an email from one of our newsletter subscribers who had been in touch off-and-on and following our work for a while. Both my partner Rob Powell and I took the time to respond to his very polite questions. (Of course, it helped that he had been on our teleseminar and bought one of our products recently!)
I found the exercise fun and inspirational. Read along with "Mr. J" and see if you can relate to what he is going through.
Hey Emily and Rob,
You mentioned a few things on the call that may or may not be covered in Steve’s Book (I did purchase this, but obviously have not read through it yet!), but I was wondering if you can point me in the right direction or maybe even give some advise on a few things?
A little background on me real quick since I trust you guys – I’m 29 yrs old and married for 3 years and have a 7 month old baby. My wife does not work and I bring in about $64,000 per year right now. We don’t have any credit card debt at the time (we pay it off at the end of the month) and just paid off one of our cars (our other car will be paid off in 4.5 months, but I am making double payments to do this now that we finished our other car note), we have purchased a fixer upper house, but more on that below. We also have student loan debt.
Robert Powell Says: This is great. Good position to be in. That student loan is something you may want to pay off once you pay off the car. Your goal now should be getting out of the rat race. (Have you read Rich Dad, Poor Dad?)
Emily Cressey Says: Congrats on your lovely wife and your baby – this sounds very similar to my situation! How much is the student loan debt and what is the interest rate on it? I agree that it probably makes sense to address (pay off) your student loan debt next as fast as possible, but you may or may not want to delay your savings/retirement investing to do this, depending on your interest rates and how long it would take.
Questions:
1. RETIREMENT ACCOUNT
I have about $16,000- $17,000 in a 401(k) from my previous job and am looking at moving it into a self directed fund – Same question as the gentleman on the call, but maybe less money!
I was getting my money matched while I was working so investing in this was a no-brainer for me, but at this point I am not investing anything into the account. I have to figure out my cash flow, but should I continue putting money in this? Should I move it? Should I look at investing it into a higher yielding investment? I’m trying to turn myself into a learner, so education is a big one I know! Right now I know just about ZERO
Robert Powell: Good question. Moving to a self directed IRA is important and a good move. Should you continue putting money in? This all depends on you and the timing. If you are just going to spend the money on things that are not going to get you to your goal/dream…. then yes…continue to save it. Putting it in your IRA is a good way to do that. But…if you are going to invest that money ….then start using the money that you would be stashing away and invest in yourself by educating yourself. If your ultimate goal is to have your own business, build asset wealth, etc…then invest in yourself and get educated. If you can do both…at the same time then do so.
Emily Cressey: I would roll over the 401K into something that you can control more directly (where you aren’t limited to employers investment options). When my husband left his last job we decided to roll his 401K into an IRA. We have ours at Vanguard which is a low-cost mutual fund company. I like mutual funds and the long-term return on these is usually 11% a year. They also have stocks, money market funds, etc.
My concern with the self-directed accounts that allow you to invest in real estate, notes and other non-traditional asset classes, is that when you have a relatively small amount of money to invest, they have higher administrative fees (I think it’s like $200/year) that can eat up your savings. Also, if you don’t have an investment to place the funds with, you’d be holding the cash in a low-interest account while you are waiting to find an investment. So, depending on when and how you plan to invest this money, it may or may not make sense to use a "non-traditional" self-directed custodian. You can look at Pensco and Equity Trust for more information on those types of investment options.
You may also want to consider rolling over the IRA into a ROTH IRA. You’ll have to pay tax on it now, but you will be able to withdraw the profits tax free when you are 65. It’s like this – you’ll pay tax on $17K of income now, and then not have to pay tax on your millions down the road. Might want to run some numbers on that to see if it makes sense for you, but generally I think it does make sense for young people who will be growing their retirement fund nest egg and have a lot of wealth and high tax bracket down the road.
Also, if you are looking to ADD to your retirement savings, I would open and fund a ROTH IRA right away, rather than a regular IRA. You can put in up to $5K per year for you and I think $5K per year for your wife – if she’s not making any money outside the home, I think she can co-qualify with you if you file taxes jointly. Not sure on the details, but I think you can both have one.
2. PERSONAL HOME AS AN INVESTMENT
We purchased a home 1.5 years ago and got a pretty good deal and financed it 100% because of this (we also had no money at the time for a down payment our interest rate is 6.875). This is my primary residence, but also an investment in the fact that we are going to fix it up before we move. We are looking at moving in 1-2 years if everything lines up.
My question, with interest rates dropping, how is the best way to pull money out to finish fixing our house up? Maybe the better question to ask is where to learn about this, because I don’t have a lot of knowledge about the difference between taking out an equity loan, or re-financing but taking out a larger line of credit to use for repairs or even other investments?
I purchase my house for $48,500 ($6,000 of that was for membership fees at the golf community we live in) and it has appraised for around $78,500 with the property value (I have just under $50,000 on my mortgage).
Robert Powell: You are in a great position. If you absolutely need to do the rehab and you are treating your home as an investment…then you can get great deals on a HELOC (Home Equity Line of Credit). Right now…Compass bank is doing 4.25% HELOCs with no closing cost, no…nothing. Having ready cash in a check book form is a great way.
Emily Cressey: What kind of repairs and what are the cost of the repairs? If you can do the repairs yourself over time, I would consider that. If you have to hire them out, I would wait to do them until you are ready to sell the home. Otherwise they will depreciate in value (the new floor will get scuffed, the paint will get dirty) as you live in the home, and you won’t realize the full return on your improvements. Also, you will increase your house payment while you are living in the home. This is a "lifestyle" expense rather than an "investment" expense because you pay more to live in the home if you take out a loan for the improvements.
3. CASH BUILD UP AND INVESTMENT STRATEGY
So, with Rob’s comment on the phone call about this being a great time to be liquid I’m just wondering what to do in these two situations? At this point we do not have a substantial amount of money in savings either for a "just in case" fund.
Emily Cressey: It’s a great time to be liquid if you are looking to move into stocks or real estate in the next few years while the market is still low but starting to turn around. I wouldn’t be in a rush to sell your house and increase your cost of living unless the house is really no longer acceptable. Remember that paying more for your residence is more a cost of living item. It’s great if you can make money on your home, but don’t fool yourself into thinking it’s a great investment and use that as an excuse to pay more than you can afford or stretch yourself too thin.
If you have a good cash reserve of 3-5 months of savings, and you feel like your employment income is stable (I would have a larger reserve than you might otherwise, given that only 1 spouse is employed) then I would consider starting to invest. Remember, when you invest money in stocks or real estate, you should plan to have it tied up for at least 5 years. If you think you’ll need it before then, find a more liquid place to hold your cash (e.g. Money Market fund making as high an interest rate as you can) or use it to pay down debt.
I would consider looking at short term/low cash demand investments (start a business, rehab houses, etc.) before getting into potentially more cash-intensive investments like real estate. Based on your numbers, it sounds like you could hold and cash flow rental real estate in your area, but be careful that the cash flow can get eaten up by repairs, vacancy, etc. and you may have to feed your properties from time to time, which can be tough if you’re illiquid because all your cash is invested elsewhere.
Good luck to you and your family. Keep us posted on your progress – Emily
I hope this has been a helpful "look over the shoulder" of our advice to someone who may be a little like you! If you would like to have your questions answered, let us know and maybe we’ll be discussing your situation here soon!
Popularity: 33% [?]
I just got this article sent to me by a friend of mine named Tom who has been in the short sale industry for the last five years and has completed a TON of short sale transactions. Even though he’s been in the business for years, he commented,
"Short sales are where it is at right now. We have a window of opportunity here like never before." – Tom
On my coaching calls for Mentor Financial Group, I am getting more and more people asking questions about short sale deals they’ve signed up than ever before. The MFG students are getting more short sale deals signed up than all the other types of deals combined, by my estimate.
This is really something that’s *happening* right now, and knowing how to help sellers in foreclosure is a vital skill set to help you profit in today’s many sideways/falling real estate markets. I am in the process of putting together some more information on short sales for you from Tom’s partner, Phil, who is probably doing more foreclosures in the state of Tennessee than anyone else!
Keep an eye peeled, and for now, enjoy the article! Emily
—BEGIN ARTICLE—
Breaking News from MoneyNews.com – Click here for full article.
Foreclosure Twist — Million Dollar Homes Being Auctioned
A startling new trend is emerging in the declining U.S. economy — foreclosure auctions of distressed properties owned by the wealthy. Experts tell MoneyNews.com that properties, worth tens of millions of dollars, located in tiny upscale locales such as Greenwich, Conn., Palm Beach, Fla., and in Manhattan, New York, are being auctioned, as heirs and heiresses to famous fortunes, like Veronica Hearst, watch helplessly from the benches in county courthouses. U.S. home foreclosure filings increased 60 percent, and bank seizures more than doubled in February from the same month last year as adjustable mortgage rates rose and property owners were unable to sell or refinance, according to RealtyTrac Inc., which tracks foreclosure data. Typically, lenders require borrowers to buy mortgage insurance if they make less than a 20 percent down payment, which helps banks recovers their costs when loans default. Defaults on privately insured U.S. mortgages rose 38 percent for That includes the wealthy. "Overspending is a pattern and lifestyle to which all too many of us have fallen prey," says Janice B. Leis, a broker, with Prudential Florida WCI Realty. … Generally, the distressed, high-end market is now succumbing to the same lending snafus that plagued the subprime market — borrowers were given high loans, based on the presumption that housing prices would continue upward eternally. — END OF ARTICLE —
Less high-profile homes, priced at just over a million dollars, are also on the block.
the 14th straight month in February as "record" foreclosures forced the industry to reimburse lenders for more bad loans, according to the Mortgage Insurance Companies of America. Insured borrowers falling more than 60 days late on payments rose to 60,911 last month from 44,111 a year earlier.
Many of the million dollar-plus homes listed as foreclosures were built recently and are now worth significantly less than the inflated prices the owners originally paid. Sound familiar?
Clearly the changing economy and housing market is affecting the wealthy as well as the subprime borrowers. There are lots of people out there who need to sell a home they can’t afford and need our help, as investors, to get it done. Since they don’t have equity, often, it’s the short sale investors who are the only ones in a position to help them.
Get a copy of your local foreclosure list, send out your letters, put out your signs and start signing these up!
Have a great week!
Emily Cressey
Popularity: 21% [?]
Am I Too Soft On Collections?
Posted by: | CommentsIf you have had tenants or worked with people who are in perilous financial straights, you might have heard some real fish stories in your day about why people can’t pay their bills.
Recently, I have been working with a family who bought a home from me (exercising their lease option) and I had the pleasure of financing their closing costs for them – about $6,000 owed to me.
This was an unsecured note (as required by the lender) based on the sellers’ good name and intentions. Although I knew it was risky, I needed to front the cash to get the closing to go through. I thought I had a decent chance of repayment due to their excellent on-time rental payment history.
To buckle them in a little tighter on the note, though, I also secured the note against their two vehicles. These cars were junkers to be sure and already had notes on them (probably for more than they were worth) but I wanted these buyers to FEEL like I had a little more leverage on them.
After about a year of paying their $100/month obligation, payments started to get spotty. I kept in touch with the debtors over time trying to work out payment plans (going down to $25/month instead of $100), but they plead off citing medical bills, the teenage pregnancy of one of their children, the retirement of their two oldest family members (it’s a multi-generational family living in the house) and a number of other financial woes.
I left them alone for a while and recently got in touch again because I thought it might be tax refund time and they would probably be getting some money back from the government which they could send on to me.
Here are some of their replies…. Now as you read ask yourself, "What are the attitudes these people are displaying?" "What would you estimate their level of wealth to be currently and in the future?"
EMILY’S ORIGINAL COLLECTION LETTER:
Hi Carol and Karen,
Happy Spring! We haven’t talked in a while, but I wanted to see where you were with your financials right now. I don’t think I’ve gotten a payment from you for over a year. You last asked for a little extra time to get back on your feet. I thought with the tax return season upon us, I should check to see if we can get back on track with payments on your $6,000 note.
Obviously, the longer it goes, the more interest accrues. If you could give me an update, that would be great!
Emily
DEBTOR REPLY #1:
(Note – This is not edited/truncated in anyway)
the amount owed is $3400 not $6000, you cannot accrue interest on this contract the solution was
that you hold the title on the chevy venture. The total amount to be paid back to you is $3400 which will be paid in increments of $25.00 a month beginning on the 16th of the month. This is within keeping the original agreement which is null & void with the submission of the title.
OK – I don’t understand a few things in this letter…
- How she got the balance down to $3400
- Why she thinks that the $25/month payment was in keeping with the original agreement.
- Why I can’t accrue interest, etc.
Clearly there is confusion, so I tried to clear it up, and still be nice. I’m not coming down too hard on these people because I don’t want to file a judgement against them because I don’t think they have any assets. I think the only way they will pay is if they WANT to pay me, which is why I’m trying to be nice.
Emily’s Reply #1:
Hi guys,
Sounds like there was some confusion on both ends here.
I have attached a copy of the note so we can both refer to the terms we agreed on 3 years ago… I know it was a long time ago.
You’re right, the principal at that time was not $6,000 it was $5233 and you have made $1330 in payments toward the principal. The monthly payments are supposed to be $99.29.
However, you have not made a payment since August of 2007 and late fees and interest continue to accrue even though your vehicles as well as your personal promise are operating as security for the note.
I am willing to forgive some of these charges if we can get the payments coming in on track again.
Let me know what you’d like to work out.
Thanks,
Emily
DEBTOR REPLY #2:
Hi Emily,
You say there seems to be some confusion of what is owed on the loan. There is on your end.
Originally when you loaned the money it was $5233.00. The first month after the house was purchased You were charging us rent and your were no longer owed rent due to the purchase of the home. You in turn stated you would subtract the amount of rent from the loan which was$1086 dollars. and making the first due date of the loan 1/15/06 in the amount of $100.00. Adding this Amount subtracted $1600.00 for 1 year four months and the partial payment of $25.00 in August 2007 comes to $2522. !
And you are not a financial institution. This amount will be paid and no more than the amount originally owed. You are not a bank and either are we. We never were well off if we were we would not have needed your assistance to begin with. We will make the attempt to pay this balance of $2522 and no more than this amount owed. YOU WERE SENT THE TITLES TO THE SAID VEHICLES .You can add on as much as you like but you will only recieved what is owed. I have other bills and just like you or maybe you are in a better position to pay yours. Maybe money is not object to you but its a survival on our end. Maybe you are hard up for extra cash and harrassing us is a way to scare us into paying you more than you are entitled? Nothing has changed from last year I still work and my parents are retired and we try to maintain a home for the childern. We offered a payment arrangement and its up to you to except it or not… Its up to you?
Karen
Emily’s Notes:
- I have no recollection of verbally crediting them for a month’s payment of $1000+ toward this note. My records do not reflect it, but she is ADAMANT about it, so I may eventually forgive it to keep the peace. However, that’s not our only issue here.
- She notes that neither of us is a bank. Perfectly true, perfectly irrelevant.
- She notes that we have title to the car. Yes – but that’s not turning into cash for me, is it?
- She suggests that I am harassing her for funds. 2 emails in 1 year is not what I would consider harassment. Especially when I was trying to be very nice in the emails.
Let’s see how the saga continues…
Emily’s Reply #2:
Hi Karen,
I would love to speak to you on the phone about this. Please give me a call at xxx-xxx-xxx between 12-8PM Eastern Time. Or I’d be happy to call you if you’d give me a good time and number to reach you. I’m also happy to talk with your whole family if you’d like. It seems like I am making you upset and that is not at all my intention.
I don’t remember the $1086 being credited to you, but I am willing to be convinced…. According to my records your last rent payment was $1045 on 10/3/2007 and the sale of the home took place on 11/22/2005. The payments I added up to total $1300 do include the $25 payment made on 8/3/2007, but don’t include the late fees that were included with the money you sent because those aren’t credited toward paying off the principal, under the terms of the note. So starting amount of $5233 – $1300 paid so far = $3933 still owing, plus interest and late fees. I am willing to discuss waiving the interest and late fees if we can get the payments back on track, here. Let’s figure out where we are and how we need to move forward to work this out! I am not trying to scare you or intimidate you. In fact, I am trying to be very nice, and working from my understanding after reading the documents we signed and looking at my records. I just thought that it would be good to touch base since we hadn’t talked in a while. Looking forward to catching up! Thanks! I am confident that we can come to an agreement we’re all happy with. My best to you and your family.
Emily Cressey
DEBTOR REPLY #3:
Hi Again Emily,
Just wanted to let you know I did receive your email and still its not accurate. The selling of the home took place on 11/10/05. The completed process was 11/16/05. You charged us for rent for november the amount was $1045.00 and you in turn told my mother you would apply this amount to the loan…. And now you are in denial …how is this working this issue out? I WORK DAYS AND I GO TO SCHOOL SO I AM NOT AVAILABLE TO TALK…I GET HOME LATE. I OFFERED A SOLUTION AND TALKING TO YOU ON THE PHONE WILL NOT MAKE THE DIFFERENCE BECAUSE IT SEEMS YOU BELIEVE YOU ARE RIGHT AND WE ARE WRONG.ITS UP TO YOU TO TAKE THE $25.00 PER MONTH ITS WHAT WE CAN AFFORD AND MY WALLET WILL NOT GROW EITHER WAY…..!
KAREN
Emily’s Reply #3:
Hi Karen,
Yes, that would be great if you could get back on track with the $25/month payments I would really appreciate it. Thanks and good luck with your classes!
Emily
Emily’s Notes:
At this point, she has refused to talk with me on the phone, and has offered to start making $25/month payments again. That’s more than I’ve been getting, so I’m trying to snap that offer up without arguing/confirming my position on the debt owed. Even if she only does pay $2500 more, that would be a lot more than I have collected thus far and more than I’m likely to see any time soon if I apply for and receive a judgement.
I’m probably being too soft on them, but my primary objective is to get more of what I’m owed, even if it’s not all.
This is the last email from our correspondence so far, so we’ll see if the $25/month payments resume on the 16th of the month, as she suggested….
How do you handle collections? Am I too hard, too soft or just right here?
Even with a judgement, I don’t know if I would be able to garnish wages or attach to an asset, so I’m willing to continue trying to work with them and bide my time. It’s a learning experience….
Emily
Popularity: 14% [?]
The Short-Sales Man!
Posted by: | CommentsHave you ever met someone who seems just like an ordinary nice guy at first and then you discover later that THIS DUDE HAS GOT IT GOIN’ ON!?
That was my experience recently when I had the privilege of sharing the stage at a Mentor Financial Group, LLC event here in Seattle recently. I was speaking on how to raise private money for investments, and Phil was talking about short sales.
He seemed like a regular guy… friendly but nervous about his talk, dropping his keys at one point under the table. I knew his rags-to-riches story that he’d one day been unable to turn up at a house showing because he’d run out of gas and had to call the investor he was bird-dogging for to come and bail him out. Now he was going to do a little talk here at the event about short sales since he had his mentor had put together a course on the topic.
Frankly, I was happy for him, but not all that impressed. After all, I was an experienced speaker, I had been on the circuit for years… I’d heard it all before. In fact, I’d tried short sales myself and wasn’t that impressed with the results – they seemed like a lot of work given the low hit-rate I’d had with getting the deals approved for a significant discount by the bank.
But… that all changed when Phil shared his numbers with me.
In the past five years Phil, and his mentor Tom, have done literally hundreds and hundreds of short sales. Phil is probably the number one short sale investor in his entire home state of Tennessee. Working full time, he thinks the average investor could get about 1 good short sale deal under contract every week. Since he’s now promoting his course, Phil works just an hour or two a day on his short sale business and does about 1 good short sale deal per month with an average profit of $30,000. He also takes realtor commissions of $10,000/month from other leads that he comes across through his marketing.
Phil only spends about $800/month on marketing. Can you even calculate the return on that? Phil has got this business down and it’s so, so cool to see his business model.
Why is Phil able to get these results when other short sale investors are running around like a chicken with their heads cut off, getting information from sellers to send to the bank and struggling to negotiate a reasonable discount with the bank?
Phil used to work like a dog like that, too… he had a secretary that did a bunch of work and spent a lot of time on a lot of short sales that didn’t pan out.
Now Phil has been able to replace his secretary with a simple but powerful software system, called ePartner(c) which does all his deal tracking for him and tells him exactly what to do next on each and every deal he’s got in the pipeline.
And he’s been able to eliminate the hassle of working on unproductive deals because he and his mentor have assembled a "Lender Database" which tells them exactly what lenders will and won’t take as their approved discount – at banks across the country.
Phil has got this down to a science and runs it like a business. He is just starting to work with people to mentor them and give them access to his proprietary software and lender database as well as coach them through the deals. Unlike so many other "gurus" out there, though… Phil’s not making a lot of money on the upfront sale. In fact, factoring in the time he’s spending with his students every week, he’s LOSING money compared to what he could be making if he dedicated that time to his investing.
The only way Phil is going to come out ahead on his coaching/mentoring services is if his students split there deals with him (they’re required to share 50% of their first $40K in profits). Phil is really putting his money where his mouth is on this, and he is absolutely convinced that anyone working with him, with this software and database system should be able to easily close on their first 2 deals (and $40K in profits) within 6 months of working with him.
Phil has really inspired me to get back into the short sale business, after shunning it for the last couple of years. In fact, I met with a local realtor on Friday and started calling wholesale investors around here who don’t have the time to do short sales in order to start drumming up these leads.
Phil – you and your short sale success are a true inspiration! I’m looking forward to working with you in the future and you really are the MAN when it comes to short sales!
Emily
P.S. I understand that MY mentor in real estate investing – Peter Conti at Mentor Financial Group, LLC – is so impressed by Phil and Tom’s ePartner software that they’ve actually licensed it so that ALL their Mentorship Students will have access to the software. They consider it a real added value and they are rolling it out next month!
Popularity: 15% [?]
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