The most recent recession of 2008 hurt everyone in one way or another, but none worse than those involved in the mortgage and housing industry. Jason Lucchesi was one of those in the sub-prime mortgage lending industry who had been riding high on his financial successes. When the housing industry collapsed, he quickly hit bottom financially, along with many of his colleagues.
Unlike many who stayed at the bottom, however, Lucchesi, once on the lending side of the equation, transferred into the buying and selling part of the housing equation. Having little money of his own to invest with, he quickly learned and perfected the strategies of using no money of his own to buy properties and then sell them at a quick profit.
Lucchesi explained the financial situation he found himself in and shared, “I tell people my back was not up against the drywall. I was through the drywall, through the studs. And I needed to do something – and it was real estate. I saw that as my avenue of being able to be the provider that was needed in the family. And I needed to do that in a hurry.”
He quickly got immersed in buying properties using a short sale strategy and then wholesaling those properties. Lucchesi explained that the market was flooded with investors who were severely over-leveraged with homes they had bought with 100% financing but which were now upside down in value. The market also included homeowners in that same situation.
According to Lucchesi, “I would do a short sale with the homeowner. They would be able to get out from underneath the property. I would already have the property under contract. And before I even spent any of my own money, because I didn’t have any, I already had a buyer lined up. Either it’d be a retail buyer that was getting financing from a mortgage company or an investor that was able to pick this property up for 50% of what it’s worth.”
He used a strategy called a same-day closing. He would buy the property in the morning using a short sale and then sell it at a higher price to a buyer at another closing in the afternoon, walking away with the profit.
The housing industry has improved since then, but many of the strategies Lucchesi has developed are working just as well, if not better in the current market. Jason Lucchesi now teaches others how to accomplish the same things he has, while continuing to practice what he preaches.
You can hear the full interview at: http://influencersradio.com/jason-lucchesi-real-estate-investing-its-not-just-about-the-income-its-about-the-freedom/
For more information, please visit: http://jasonlucchesi.com