From the Desk of
:
Durante' Parks
Fayetteville, Georgia (USA)
Tuesday, 11:27 a.m.
Dear Fellow Residential Investor,
You probably never heard of me. But
like you, I understand the challenges and headaches associated
with Residential Real Real Estate Investing.
I began investing in Distress Residential Real
Estate in the 1984 after completing "Robert Allen's No Money
Down Work Shop that was taught by Carleton Sheets. Two year into
the program I had purchased about 20 properties. Some I kept and
other I sold. I follow the programs and executed the
instructions and they worked flawlessly.
Then one day I received a telephone voice
message from my Banker that put in motion a sequence of events
that changed me and my life for ever. It all began with this
voice message from my banker.
I had about 10 properties when I received this message.
I had no idea what income to debt ratios,
sub-prime rates and underwriting guidelines were.
But I knew
it was time to find out more about them.
Though I didn't
realize it at the time, this problem put in motion a series
of events that lead me into the commercial financing and
investing career. It also was the beginning of a new investment
model.
My residential investing had
been quite successful up to this point. I had purchased
properties in almost every distress market: FHA VA, Probate Properties, Marshalls Sales, IRS Tax Sales, Pre and Post
REO'S properties. Although I knew quit a bit
about residential investing, I didn't consider myself to a
expert or "guru" THEN or now. I do consider myself to be a
serious student of the game.
You don't have to know a lot to be a residential property
investor. You just need guts and be willing to sign all the
documents and the real estate will usually take care of the
rest. Why? Because Real Estate investing is very "forgiving". If
you simply hold on to it, it will always fix itself with
appreciation, depreciation and mortgage balance pay down.
I am sure that I am not the only investor that has been denied
credit. Every active investor will eventually face this dilemma.
When it happens, it can be emotionally devastating.
For me, this challenge was a launching pad that lead to a
lucrative career in commercial financing and investing. Now you
can profit for my 20 years of experience without having to cough
up large fees and tuitions.
Since I can only work personally with a few individual at a
time, I've taken my concepts and techniques and made them all
available online.
Enjoy your visit and I wish you great success in your investing!
Sincerely,
Durante' Parks
"How I Moved From Residential Investing
To Commercial Investing ?
What My "Distressed
Residential Property"
Guru's
Told Me To Do!"
How
I Once
Purchased Residential Properties!
My Original Investing Strategy !
Purchase Pre And Post Forced Sale
Properties
Look For Distress Properties, Distress
Owners Or Distress Situations.
Always Look To Force And Create Higher Property Values
By
Improving Baths And Kitchens First...
Use Options and Contracts To
Control Properties....
Provide And Prepare For Property
Management ....
How To Locate And Finance Apartment And
Multi Family Properties
Buy And Never Sell Is The Key To Wealth
Building!
Refinance your properties when you need
cash!
Remember "recapture" and "capital
gains".
Use Creative Financing When
Possible
Use Hard Money For Short Term
Acquisition Financing
Finance Repairs And Renovations With
Equity Partners: Friends And Family
Plan For And Expect "Negative Cash Flows"
This was the
foundation of my investing program!
My Typical Residential Property Investing Tactics
How I Played The "Residential
Investing" Game!
My first offer would be for the amount
of the current mortgage balance.
This creates a "no money" and discount opportunity automatically
.
My second offer would be 100% of the
county Tax Assessment
This creates a no money and discount opportunity also.
My third offer would be 70% of the fair
market value.
I use appraisals or market comparable to determine the
fair market value.
Carry a Negative cash flow during the
renovation period
Rent the property via Section 8 in 90
days max
Refinance at the improved value and pay
off all loans in 120 days max
Pull cash out and collect the monthly
cash flow
Rent Section 8 and place on auto pilot
Refinance every 5 years and NEVER SELL.
I focused on FHA AND VA exclusively. I found the U.S.
Government to be a very motivated seller of real estate. Plus
the inventory was easy to locate and the financing was provided.
One
Voice Message From My Banker
And I Was Out
Of Business!
MESSAGE:1
" Hi Durante, I called to let you know that we
won't be able to approve your loan at prime
rates. We pulled your current credit
We can provide the financing but not like we
have in the past. We can finance the property
but it will have to be underwritten using sub-
prime underwriting guidelines. We can only
offer 70% LTV rather than the normal 80% LTV.
You may want to consider:
Getting a Co- Borrower with stronger credit
Paying off some of your mortgage debts.
Give me a call back and let me know how you want
to proceed."
My
"Residential
Property "
Guru's Didn't Prepare
Me For This!
Problem:1 No More
Credit Available!
I called my banker back and after a 1 hour call and a
60 minute
meeting the next day, I was basically out of the Residential
Real Estate business. I was glad that at least I had 10
properties remaining. Here's the final verdict:
MESSAGE:2
My
"Residential
Property"
Guru's Didn't Prepare
Me For This!
" Durante, listen. As long as you are
purchasing properties that are zoned for
residential use, we are forced to underwrite
them using residential underwriting
guidelines. That means, you will have to
"qualify" and "guarantee" the loans. This
isn't a bank policy, it's due to the use of
the properties. Residential properties like
the ones you purchase are designed for
"personal " use. The "zoning " confirms
this.
Personal
use properties will always require
personal
qualifying and
personal
guarantees regardless of what you do with
the property. You can change the use. But Non-Owner
occupancy doesn't change or effect the underwriting
guidelines. These properties are underwritten based
on residential lending and underwriting guidelines.
and the guidelines require personal qualifying and
personal guarantees.
The only way to eliminate this completely is
to purchase properties that are
not zoned for personal use."
All Of The Because Of The
ZONING?
I concluded that if I couldn't
qualify for any more Residential Mortgages I certainly wouldn't qualify
a commercial mortgage. So I did the next best thing.
I attempted to Wholesale a $15
Million Dollar Apartment complex that I knew was available.
Previously, I had no interest in this property. But now I had a
great interest in it. My choices were limited!
After contacting the owners and
getting some information on the property, I ran 1 ad and in 2
weeks I was entertaining offers on my first commercial
property. I had no idea what I was doing. There was no one there
to tell me I that I couldn't do it either.
A gentleman in Boca Raton, Florida
made an "all cash" offer on this property. Here's what intrigued
about these commercial offers. These individuals were making
offers to purchase multi- million dollar properties without
any earnest money or a formal contract. I couldn't do
that in the residential market,
After 3 counters, the deal died
over a $30,000.00 difference. My fees from this deal would have
been $150,000.00. Heck, I was willing to pay $30,000.00 from my
fees. I couldn't imagine the Buyers or the Sellers letting
$30,000.00 stop a $15M Sell or purchase right? Wrong!
The next week I received a call from
the gentle in Boca Raton. He wanted to know if I had
any more properties. We talked for several hours.
I discovered
that he was a retired President of a large National Bank . He had been in retirement for 6
month and stated that his blood was boiling. He wanted to tap
into his International Banking Network to do some commercial
deals but he couldn't. He went on to explain that as part of his
retirement package, he agreed not to compete with the Bank and
not to use any of the resources or contact he had established
during his 30 year employment.
If he contacted them or did any
business with those contact and the Bank found out about it, he
would lose his pension plus other damages. He was convinced that
the Bank had the guts to enforce this agreement because his
retirement package was well over $6 Million Dollars. He wasn't
going to have a $6M seminar.
He felt that I could help him by
contacting people he could not contact and doing some of the
things he was not permitted to do. In return he agreed to split
all the profits 50/50.
This was the beginning of a 3 Year
Mentoring program and I didn't even know it. And boy did he train me well. We closed 9
deals and booked over $200M in loans. And I was just getting
stated.
That's how I got into Commercial
Financing Business. Imagine, my first attempt at getting in the
business brought a 3 year apprentice with a retired banker. So
now I had a lot of reasons to just keep the residential
properties I had acquired Right! Wrong Again!
My new friend and mentor gave me a
completely new way of looking at Distress Residential Investing.
"10
Reasons Why I QUIT Investing
In Distress Residential
Real Estate And
Why You Should Also!"
For the past 2 years, I
been quietly conducting commercial financing boot camps on line
with a very small group of investors implementing my commercial
financing strategies.
We spent over $20,00.00
just in research and software for our students. Since I will not
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tuition.
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- I am
making my Commercial Financing Online Boot Camp available for
the first time as a subscription service for a very limited time.
YES Durante,
I
want to take advantage of your
insane
8 Week Training Program That
Others Paid Up To $2,500.00 To
Access.
I
realize that for just $129.98 per
month or what ever the current
rate is,
I will get:
Access to the "Update for 2007"
Commercial Financing
Training Site
Access to over 16 Hours of
live unedited Boot Camp
Audios for immediate
download or online
listening.(mp3's)
Actual Boot Camp Work Books
and forms. (PDF)
Access to the Virtual
Money Broker Financing Tool
Box. This Tool Box
contains all the Commercial
Lenders And Commercial
Property Buyers needed for
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yourself as a Business Or
FOR your personal use.
Includes an extensive
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professional commercial
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business.
8 Week Blue Print For
Financial Freedom:
This is your 8 Week Blue
Print. Tools without a
project isn't of much value.
So to help you to persist in
your pursuit, we wouldn't do
you much good Boot Camp
Training Module as part of
my membership. This site
includes the 8 Week training
program With Step By Step,
Week By Week Instructions,
live audios, actual work
book, forms, the financing
tool box of Lenders, Buyers
And funding sources .
I
understand that this is a self
paced boot camp and I can go as
fast or as slow as I want. I
understand that if I
can cancel at any time and I
understand that this
subscription rate of will never increase.
I
understand that I have a full 30
days to inspect the training
program to determine if it I
want to continue.
I
can cancel anytime during the
first 30 Day period and receive
a 100% "No Hassel No Question
Refund". After 30
days, if I should cancel, I understand that I will
not qualify for a refund but
simply will not be billed again.
I understand that due to the
extreme high value of this
membership, I will not receive
access to the download center
until I have completed the 3rd
month of my membership.
Bonus1:
After completion of the 8 Week
Training program,(2 month
membership) I will be entitled
to a 1 hour personal
consultation with Durante on any
subject related to commercial
financing that I choose,
including evaluation of any
projects I have.
Value:
$275.00
Bonus 2
: After 3 months
membership, I will be entitled
to access to the Inner Circle And Master
Mind Group coaching call. I will also have
access to the download area at
that time.
Value:
$375.00
Bonus
3: After 4 months
membership, I will qualify and
be considered for Joint Venture
opportunities with Durante'.
Value:
$800.00
On
that basics, sign me up for your Master Money Broker
Online Membership for
current rate.
This price will never increase.
Don't Wait..
This offer is limited to the
First
325 50
people who respond NOW and sign
up for this amazing Commercial
Financing Boot Camp
opportunity!
After completing my 8 WEEK
Training program you will
automatically qualify for my
apprentice and JV programs.
IMPORTANT :
We reserve the
right to
add, withdraw or
change any of
the terms or
offerings on
this page without
notice!
I
understand that this is a self
paced boot camp and I can go as
fast or as slow as I want. I
understand that if I
can cancel at any time and I
understand that this
subscription rate will never increase.
I
understand that I have a full 30
days to inspect the training
program to determine if it I
want to continue.
I
can cancel anytime during the
first 30 Day period and receive
a 100% "No Hassel No Question
Refund". After 30
days, if I should cancel, I understand that I will
not qualify for a refund but
simply will not be billed again.
NOW
Is Your Time To Learn A Skill
That Will Last A Lifetime!
