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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.
He has developed a strong network of Private Money suppliers.
Chaffee-Thanh Nguyen started investing in Real Estate a decade ago. He dramatically changes and impacts the lives of thousands of people around the world as an Executive Success and Event coach with the likes of Powerteam International and Marshall Sylver’s Mind Power Inc. Chaffee also teaches at his own events.
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Jay Conner (00:00):
So I got a question right here submitted by Bob and Jolene. So there's Bob, is Bob and Jolene on here, I didn't see them. You know, they just sent their question in today. Utheir question says I've not been to the courthouse yet with foreclosures being delayed, but I assume there will be a boatload of notices of default from 2020 left process. Thanks. Oh, this isn't Bob and Jolene. I'm sorry, I can't even read. This is Rick Meyer. Where's Rick? is Rick on here. There's Rick, Rick's waving his hands. I don't know why they got Bob and Jolene's name written down here, this is from you. Thanks Rick Mayer P.S. I love these Wednesday meetings, Rick. Isn't it nice to be connected at least by Zoom. While this, so while this is going on, so unmute yourself there, Rick so you can talk with me.
Jay Conner (01:02):
I'm going to answer your question right now. So yes, Rick it sits down there at the bottom somewhere where it says all the way to the left unmute. You have to click on mute and unmute yourself, but anyway, if you can't unmute yourself, don't worry. Yes, you are correct, Rick. Yes, you do not have to assume. There is a boatload of foreclosures and notices, default that are going to be opening up. So I'm going to tell you all my crystal ball. Okay. my crystal ball says that, first of all, you got two categories of foreclosures that are going to be opening up. The first set are those that were already behind on payments or in foreclosure a year ago as in March, 2020. Well, you'll recall in March of 2020, that's when the government step in for the first time and had the lenders put a stay on foreclosures.
Jay Conner (02:03):
Well, my crystal ball says is that year is now up and the mortgage companies cannot afford to be on standstill and not moving forward with the foreclosure process. I do not believe the government is going to extend those. The stay on foreclosures from a year ago, those people are going to start getting behind now. And within a very few short months, those foreclosures will be moving forward to the process, so that's going to be a huge opportunity to help a bunch of people. You want to be prepared to fund those deals, subject to the existing note, but you're going to need some private money to bring the back payments current. Then you've got all those other people. Rick, that will go into foreclosure. This is a separate category. They will go into foreclosure, because of COVID making them lose their job and they're unemployed.
Jay Conner (03:06):
And they've gotten behind those people will be going into foreclosure. So understand this very, very quickly as to how you're going to fund these deals. There's two ways you're going to fund these foreclosure deals. If they're being served a notice and they're going through the foreclosure process, then you buy it subject to the existing note. Bring the payments current with private money in second position, and then make the payments. Now you've got to have a bunch. Now I do not believe this is going to be an avalanche like 2007, eight and nine. Those foreclosures were for a whole different reason, but there's going to be, There's going to be a boatload to use your terminology, Rick. Now, if when they go to sale, this is a different way that you're going to fund them. If they go to sale and the bid is too high and you don't buy it, or of course, if you bought at the courthouse steps, you've got to use private money there ain't no subject to anymore. So when it goes to sale or bank owned, you're going to use private money in order to fund those deals. So yes, Rick, you and everybody else you want to be positioning yourself to take advantage of serving a lot of people and profiting a lot of money from it as well.
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