Nick Legamaro & Jay Conner talk about how to closed deals using creative structuring.
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Nick Legamaro a.k.a “Nick The Note Guy” has been investing in real estate since 2001. He has done just about everything there is to do in real estate. He even experienced the crash firsthand in 2008 and lived to talk about it!
He has bought, fixed, rented, sold, flipped, or been a lender on 1000+ properties. He has personally looked at over 10,000 deals. He has built companies for profit and recently sold one to a 100-year-old Federally Chartered BANK! He has done lots of “HEAVY LIFTING” but in moving forward I have made a HUGE shift!
This is where investing in Performing and NPL Real Estate Notes comes in. With his expertise and technology, he can “control” not “own” millions of dollars of assets nationwide. Now he is ready to show how you too can “Be the Bank” and invest in High Yield, Low Risk, Securitized Real Estate Mortgage Notes.
For more valuable information click on this link and watch the complete episode: https://youtu.be/NlD3O9B8rc0 – “Notes & Wholesale Deals With Nick Legamaro & Jay Conner”
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner:
You sort of backed-in to this note thing. It sounded like you had that deal to where you want to sell it for fifty, but the way to make the profit is you’re actually having to carry financing to make that profit, right?
Nick Legamaro:
That’s true but here’s the funny part about this, Jay, I didn’t even think to ask if she had a buyer for $50,000 because I guarantee you if I would’ve asked it, she probably would have said yes and we probably wouldn’t be sitting here on this show right now. I would probably still be wholesaling, not understanding what I know today about creative deal structuring. With that said, I did that deal and sort of go to what you were just alluding to. I didn’t even have $25,000 cash that I could be responsible with. I said, “Tell me, I go home and the people that you have, they got $25,000 cash.”
That was the number in my head because this is where people, I think make the mistake. They assume a lot of things that they shouldn’t be assuming because they’re using their own mindset and not what really is reality. And I said, “How many do you have Lydia?” and she gets this literally this book out and this page after page of name, phone number, and cash. They have to put down on properties and I’m seeing numbers like 30,000, 40,000, $100,000. Right then I stopped thinking that I knew what other people had the capacity to do because I kept putting them in the same box that I was in. I didn’t have $100,000, I didn’t have $50,000 cash to go do it and that’s what we learned. Same thing holds true in wholesaling, “don’t assume that a seller wants cash for their house.”
You think they want cash because that’s how you think you’re going to get the deal done because there’s a transactional model for most wholesalers, but there’s just as many deals to be done that are not 100% cash. What we try to do is create more of a hybrid model. That’s why the notes is such a valuable tool for us because we can get some cash now at some other point in the future. Plus we can get cash flow in the middle, which I know you’re a big fan of.
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