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Jason Lucchesi has found success in real estate through a number of avenues. He was a successful lender, mastered the art of buying short sales, invested heavily in notes, has wholesaled many properties, and is a coach. Jason has learned to adapt with the ever-changing real estate world, and he talks all about it on this episode of the Invest Four More Real Estate Podcast.
Jason was a competitive body builder when he was in his late teens and early 20’s. Jason feels the rigors of being a body builder helped him develop the discipline and work ethic that is needed to succeed in life. But body building does not pay very well, and Jason had to have a job as well as train. Jason had sold Cutco knives, but decided to make a change by becoming a loan originator. Basically Jason was given very basic instructions and told to go get clients! He did a lot of cold calling and very little training, but eventually found some success in the lending field.
After a couple of years, Jason got a job with Countrywide where he was given training and found a mentor. He flourished and at one point was Countrywide’s top lender in the nation. Jason’s primary client were people who needed subprime loans. Either they had bad credit, no credit or did not make enough money to qualify for a regular loan. At the time Jason was doing what he was taught, but looking back on it he estimates over 50 percent of the loans he originated defaulted.
In 2007 Jason was hit with a massive blow. The housing crisis hit and subprime loans were no longer available. His bread and butter business that had pushed him to the top of the lending business was gone.
After the subprime loans disappeared Jason left the lending business. He moved to Indiana and decided investing in real estate would be his next venture. He borrowed some money to learn from a real estate mentor, who he admits did not know much more than Jason did. He called it the blind leading the blind. Eventually Jason found his niche as a wholesaler. He used short sales as the way to source his deals and sell them to investors or in some cases retail buyers. He set up a team to negotiate with the banks, and business was booming.
Jason did very well with short sales for many years, but the laws and regulations began to change with short sales. New laws made it harder to be a negotiator with the banks and the banks themselves started to add clauses making it harder to wholesale short sales. Jason did not give up real estate, he found new ways to source deals. One of his favorite ways to get great deals was to buy notes directly from the banks.
Jason likes to target small banks who are more likely to sell small packages of notes to investors. He would find contacts on LinkedIn and then convince the banks it was easier to sell him their non-performing notes than it was to take properties through foreclosure or complete a short sale. Jason was able to buy notes for 50 cents on the dollar or less. He says the note business has become more competitive, but he can still get great deals on notes.
Jason is still wholesaling deals, but has set up his team to do most of the work. He likes to look at the big picture items and improve his business from the outside (smart guy). He is constantly trying to increase his passive income and one of his goals is to buy a large apartment complex (over 50 units). Jason also offers some coaching for real estate investors and you can find him on his blog JasonLucchesi.com.
The podcast is really starting to take off! Thank you all who listen and reach out to me. If you know of anyone who might be an interesting guest send me an email:Mark@investfourmore.com. If you enjoy the show, be sure to leave a review on iTunes!
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