Archive for June, 2008
HUD1 Training With Josh Cantwell
Friday, June 27th, 2008 | Real Estate Investing | 7 Comments
By Josh Cantwell:
Happy Friday! Check out this HUD1 training session that I did. I’ll take you through all the fields found on the HUD and how to correctly fill them out. I’ll also talk about how HUD1′s are used in short sales and real estate investing. Please leave any comments or questions that you have on HUDs.
Enjoy and have a great weekend.
Was Watson Really On Vacation?
Thursday, June 26th, 2008 | Uncategorized | 1 Comment
By Jeff Watson:
A cool relaxing evening on the shores of the gulf of Mexico and Waveland, Mississippi. I could be found walking around enjoying the beach while talking on my cell phone. Which coaching student was I speaking with?
As many of you know, my wife and I took a week in June to go down to Waveland, Mississippi and Bay St. Louis, Mississippi along with 33 other individuals from our Church (Eagleville Bible Church, Jefferson, Ohio) to help Katrina survivors rebuild their homes. For five days, by day I was a carpenter’s helper and laborer. In the evenings I had a chance to spend time with my wife and friends relaxing on the beach while returning the phone calls from coaching students with crisis deals.
Four different houses were either sided or erected by the team that I was a member of.
While the positive results conversation that many people have with sellers who are in foreclosure talks about the fact that the investor’s company engages in residential redevelopment, there are times when we as human beings must engage in more than just residential redevelopment. We must engage in not only redevelopment but also restoration. Hurricane Katrina was a huge and devastating force that impacted at least one hundred miles of coastline along the gulf coast of the United States of America. It is still causing disruptions in the lives and businesses to this day.
It is important for each person to remember that as they are working their business, they are doing their best to help people regain control and some semblance of order to their lives. In addition to helping people by making money, there are also times to take the money that you have made and use it to allow you to just give your time and your effort to help people. Doing things like that sometimes can turn out to be great vacations.
$65,000 Profit!!! Case Study – Hilden Rd
Friday, June 13th, 2008 | Real Estate Investing, Short Sales | 3 Comments
By Josh Cantwell:
Wow. I don’t know if there’s anything better than getting an email like the one I’m going to share with you below. I was having a normal week, nose to the grindstone, taking care of business, anticpating the birth of my first child, having coaching calls, etc. when a new email came through from one of our coaching students, Howie. The title of the email was “WE DID IT AGAIN!!!”. Oh wait, it had 4 exclamation points, not just 3! My first thought was “awesome“.
I opened up the email excited about what I was anticipating to read, and it was AWESOME. After I read it, I felt like a proud parent. Howie is one of our newer coaching students, just joining SREC’s coaching program on February 1, 2008. He has just completed his 2nd deal and made $65,000 on it! Not only that, but it only took him 3 months to complete it from start to finish! Okay, before I spill all of the details, I’m going to share Howie’s email with you and let him tell you.
“Hey Guys,
I just wanted to share our latest deal that we closed last week! Man, this just keeps getting better! We put a house under contract 03/05/08, it was a 5br/3ba approximately 2400 SQ ft. and is located in the nicer part of town. This particular home was built in 2005 and I guess would fit the criteria of a “Pretty Home” in a newer subdivision. The homeowners owed 290k on the first and 40k on the second. We got the Lender, Aurora Loan Servicing, to accept our offer at 205900 with them netting $187,651 on the first and $1000 on the second. We resold the home for $285000 without doing anything to the home. We funded the deal with private money and received a check for $62306.32 after all fees and realtor commissions were paid out. I also received $3600 from my broker as a real estate commission. We closed this deal in exactly 91 days from the date of submission to the actual closing date. Aurora Loan Servicing Rocks!!! I want to thank all of you again from the bottom of my heart; there is nothing more satisfying than reaping the rewards after months of hard work and persistence. Josh, Jeff, Greg, Ted you guys keep motivating the group, I know there are a lot of people still struggling with these deals. What more can I say, after the closing I stood on my deck in the back of my house, the last six months just flashed thru my mind, I thought to myself; I am so happy and grateful and feel blessed to have crossed paths with all of you….God Bless All of You and everyone that’s part of your organization.
Best Regards
Howie & Raquel in Jacksonville”
So to recap:
Total Original Payoffs: $330,000
Discounted Payoffs: $206,900 (gross) with a net of $188,651
Repairs: $0
Resale Price: $285,000
Profit: $65,906.32
Total Days From Start to Finish: 91
Seriously, how sweet is that?! After months of learning and applying what he’s learned, Howie closed a $65,000 deal in just 91 days! Not much can compare to seeing our students be successful and getting an email like that.
I remember the first couple of deals that we did here in Cleveland. They were nothing like that! BUT, the sense of accomplishment that we felt in having closed a deal and knowing that we had helped someone out of a bad situation far exceeded the fact that we only made $348. And now, just a few years later, to see our students making $65,000 rivals that feeling of accomplishment!
If you’ve just closed an awesome deal, or a tough deal, or your first deal feel free to share that with us and leave a comment below. It’s awesome to hear about other people’s accomplishments.
Advanced Loss Mitigation from the World Short Sale Main Event
Wednesday, June 11th, 2008 | Real Estate Investing | 2 Comments
By Josh Cantwell:
Check out these highlights of what went down at the World Short Sale Main Event during the Advanced Loss Mitigation discussion with me and Jerami King.
We did a lot of teaching, and we had a great time doing it! You’ll see what I mean…
Let me know your feedback. Do you want to keep seeing more of Jerami? (Maybe we can dig up an old photo of him too!)
Jeff Watson Grows Into His Own…
Monday, June 2nd, 2008 | Uncategorized | 49 Comments
By Greg Clement:
Well if you were at the World Short Sale Main Event, then you not only learned a TON of great stuff, but you (hopefully) also had a ton of fun. We covered a lot of invaluable material in those 5 days including loss mitigation tips and tricks, the proper use of the option contract, my 30 tips for building an awesome business, Web 2.0 ninja tactics, Josh wearing tight shirts, and so much more. Our expert panel let the audience fire questions at them and gave some fantastic advice.
One of the speakers that was up on stage a lot was our very own Jeff Watson. Jeff taught the option contract inside and out, along with the closing process, and entity structuring. Below you will see 2 pictures. The 1st is Jeff in law school before we met him, and he was still a little “out there”. The 2nd is 12 weeks after I put him through Josh’s work-out routine and he started making real money in real estate.
Hey, we’re thinking of making the recordings of the event available. So please let us know if that would interest you by replying to this post, OR just let me know how you like the pics!
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