043: The Old Bait & Switch
Note MBA
English - September 30, 2015 08:00 - 27 minutes - 12.6 MB - ★★★★★ - 142 ratingsInvesting Business Education biggerpockets defaultassets defaultnotes distressedassets distressednotes noteinvesting notewerx realestate realestateinvesting realestatenotes Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Robby picked up a new condo for himself down in Florida thanks to FNMA giving their REOs away, but since it wasn’t a note deal we go into why Robby likes HOAs even though they take a big chunk out of your monthly cash flow.
Speaking of HOAs, Robby is off to the annual meeting of an HOA he owns a unit in to attempt to purchase other condos that the HOA has previously foreclosed on. Listen closely for how those deals work when an HOA has previously foreclosed on a borrower.
The value of networking is still at work down in Miami as an offer came in on the Miami Condo Robby placed with a broker he met in Dallas at Five Star. We quickly hit on the numbers and how they have ticked up since the original acquisition due to changes in the market.
Utilizing the resources we’ve put together 90% of this deal is being done with no extra work on our end.
Our show intro this week hits on a Bait ‘n Switch that we see every so often in the marketplace and Robby really wanted to highlight how this can affect a new investor when they are anxious to get started.
It may be a great sales tactic, but when you’re buying it’s the last thing you want to deal with.
Don’t forget to penalize people that ask for something more when the deal has already been agreed to. There is a time and place to concede for a request, but most time it is best if you penalize the asker so that they stop asking for more things every time they get a chance.
Chase wraps us up with a great review of an article from Fortune.com regarding how Wall Street didn’t get their investments in residential retail 100% in line with investor expectations that are leading to a very paltry return on investment.
We have a great chat about how these market transitions are going to lead to the trickle down flow of assets for investors in our spectrum to buy their crumbs.
If you have any questions or comments send them our way at [email protected].
Listen to this week’s show and learn:
Using HOA's For Deal Flow
How And Why To Penalize People For Asking For Something
Wholesaling In The Note Space
The latest From Big Banks Buying Up Real Estate
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Thanks for listening to our show! We’ll be back next Wednesday morning.
Cheers,
Chase & Robby