Abbas Jessa Profile Banner
Abbas Jessa Profile
Abbas Jessa

@abbasjessa

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Private Lending and Distressed Debt. $500M+ of Assets Managed. Previously consultant @pwc . @UF grad - Go Gators! 🐊

Miami
Joined October 2010
Don't wanna be here? Send us removal request.
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@abbasjessa
Abbas Jessa
3 years
Background: I'm managing partner of a whole loan fund acquiring non-performing residential mortgages (~$500M AUM to date) I am also a partner in a private lending fund lending primarily in the Southeast. Lending on residential SFH. A thread of threads: 👇👇👇👇
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@abbasjessa
Abbas Jessa
2 years
The vacant house that's an eye sore in the neighborhood is a GOLD MINE! The story of how I purchased a $1.5M property at a 50% discount in an insane real estate market by buying the mortgage! How it all went down! 👇👇👇👇👇
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@abbasjessa
Abbas Jessa
2 years
If I knew having a kid would bring this much joy to my life, I would’ve done this much sooner Life changing.
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@abbasjessa
Abbas Jessa
2 years
Posting an L How we lost $140K on a mortgage we purchased and lessons learned 👇
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@abbasjessa
Abbas Jessa
2 years
That awkward moment when you work in real estate and want to do a weekend escape….. And end up at a hotel that Grand Cardone is throwing a conference at with hundreds of attendees all over the place
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@abbasjessa
Abbas Jessa
2 years
Looking forward to meeting amazing people at @REconveneLA . My intro: I focus on 2 areas 1) Buying non-performing 1st and 2nd lien residential mortgages across the country 2) Lending on residential and small balance commercial investor loans (Hard money) in the Southeast.
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@abbasjessa
Abbas Jessa
2 years
Blown away by @Reconvene ! To be surrounded by so many smart, humble and generous go-getters was eye opening for me. In some ways - it helped validate that I'm on the right track. In others, I got a birds eye view of gaps I need to account for.
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@abbasjessa
Abbas Jessa
3 months
Had a great time at the Real Estate X Conference! The talent level was world class - yet what struck me was how warm and down to earth everyone was. The amount of effort and thoughtfulness behind the event didn't go unnoticed. A big thank you to @realEstateTrent and @BobKnakal
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@abbasjessa
Abbas Jessa
2 years
Investing in mortgages allows you to *Be 'the bank' *Create win-win outcomes *Build a truly passive RE income stream A thread on how the business works and what a typical outcome looks like👇👇
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@abbasjessa
Abbas Jessa
2 years
@moseskagan Why LA makes life so difficult for developers knowing there is a massive housing shortage will always be one of the most baffling things in the world.
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@abbasjessa
Abbas Jessa
2 years
I recently attending the @IMNEvents Non-Performing Mortgage conference in Santa Monica. My key takeaways from the conference: 1) Affordability on performing loans is becoming an issue. While monthly P&I payments are fixed, T&I (tax and insurance) payments are increasing by 10%+
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@abbasjessa
Abbas Jessa
2 years
Check the records and realize the mortgage co. has no idea the property is 2 weeks away from FCL Auction. Side Note: Mortgage companies and banks have terrible reporting systems for foreclosures. They are not structured to manage distressed mortgages well and often misreport.
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@abbasjessa
Abbas Jessa
3 months
Excited to head to NYC this week to attend the RealEstateX Gala hosted by @realEstateTrent and @BobKnakal . Looking forward to seeing some familiar faces and meeting new ones! @Stealx @DonovanBuilds @NNNIncome
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@abbasjessa
Abbas Jessa
2 years
If this thread provided you any value - it would mean a lot if you liked, retweeted and followed me! I'll be sharing a lot more non-performing loan content going forward!
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@abbasjessa
Abbas Jessa
2 years
Great webinar today - thanks to all those that attended! Hope it gave some insights on investing in Non-Performing Mortgages.
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@abbasjessa
Abbas Jessa
2 years
@DallasAptGP @Levijameshere @mwmoedinger Ask him who your attorney should reach out to - whether him directly or his attorney. Then use the denial letter in your attorney's demand letter to him. Shouldn't cost more than $250-$300 but 75% of the time it's enough to get them to want to avoid more issues.
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@abbasjessa
Abbas Jessa
2 years
4. Agreed to purchase price with 1st lien mortgage. Contact law firm to resume the foreclosure and set a sale date. Negotiating with all other lienholders is much easier when they know they will be wiped out in 2 weeks! Most importantly - we now control the asset ✅
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@abbasjessa
Abbas Jessa
2 years
For more threads on acquiring and managing Non-Performing Mortgages, give me a follow! @abbasjessa Some of my favorite follows:
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@abbasjessa
Abbas Jessa
2 years
Non-Performing Loan: Deal Of the Week Details on a 2nd Lien Mortgage we resolved. Additional Details👇
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@abbasjessa
Abbas Jessa
2 years
Borrower is ecstatic and agrees to sign the deed over. $2K Cash payment + $15K judgements + $250K 2nd mortgage + $8K Code Violations possibly wiped off. A win-win! He advises he moved out years ago as the FCL was supposed to go to auction 3 years ago... Deed Received ✅
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@abbasjessa
Abbas Jessa
3 months
@unusual_whales That doesn’t quite tell the story. The lender has the ability to place a credit bid (uses their debt owed instead of cash) up to the amount they are owed. The $18M is likely their starting bid. If there are no other bidders, then there is no need to provide an additional bid.
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@abbasjessa
Abbas Jessa
2 years
2. Went to the county recorder of deeds to determine who the lien holders were. A total mess! 2 mortgages, code violations, credit card judgements, medical judgements etc. Perfect. The messier the better!
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@abbasjessa
Abbas Jessa
10 years
Big win for the @OrlandoMagic at @TheGarden ! We're going to be a scary team in the future. #IBelieve #Magic
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@abbasjessa
Abbas Jessa
2 years
@Molson_Hart Before you had kids, did you hear more about the concerns (lack of sleep, costs etc) instead of the benefits? The birthrate in this country would increase if adults had exposure to newborns. It seems most of what gets communicated are the challenges...
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@abbasjessa
Abbas Jessa
2 years
All Liens are now released. I now own the 1st mortgage AND am the deedholder. 9. Once all liens are released, I record the deed in my name. Then I dismiss the FCL & release the 1st mortgage Why this order? I don't want to record the deed til I've settled all liens on the home.
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@abbasjessa
Abbas Jessa
2 years
3. Contacted the 1st Lien Mortgage "I'm a local investor. The property located XYZ is a total mess. (pics attached). Foreclosures are not moving due to COVID, what's your rock bottom on this loan?"
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@abbasjessa
Abbas Jessa
2 years
I'm hiring a part time analyst for our private lending business. 10-15 hours per week. Ideal for someone working full time who wants exposure into real estate. If you're a hard worker, good with excel and a strong operator, please DM Me.
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@abbasjessa
Abbas Jessa
2 years
If you're interested in learning how to invest in mortgages, I am hosting a zoom session today at 4 PM EST! We will cover *Background of the Non-Performing Loan Industry *Due Diligence of a Non-Performing Mortgage *Walk Through 3-5 Deals I've Completed Recently Zoom Link 👇👇
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@abbasjessa
Abbas Jessa
2 years
11. Renovate Spend ~$200K renovating the property. All in cost ~$800K. Neighbors house sells for $1.5M (200 Sq Ft. Smaller w/ old roof & windows) I'm in for ~50% of FMV in a fully renovated house that can be sold or rented!
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@abbasjessa
Abbas Jessa
2 years
Driving around & spot a vacant house in a great neighborhood. 1. Knocked on the neighbors door to ask what was going on. Friendly neighbor shared backstory and provided prev. homeowners number. Clutch! Took pictures of the major issues... including a hole in the roof!
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@abbasjessa
Abbas Jessa
2 years
@fortworthchris @litcapital Agree - I'm not a big fan of working from home full time. Collaboration, cohesion, idea generation all benefit from being in office. We previously had a 4 day in office/1 day remote structure that I thought worked really well. Better for mental health too IMO
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@abbasjessa
Abbas Jessa
2 years
@moseskagan Hi Moses - I'm in Miami. Happy to jump on a call with him and see how I can help.
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@abbasjessa
Abbas Jessa
2 years
How to protect yourself when buying a non-performing mortgage! Due Diligence Checklist!👇
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@abbasjessa
Abbas Jessa
2 years
How we turned $50K into a $450K sale in 6 MONTHS by acquiring a Non-Performing Mortgage, resulting in a win-win for the borrower and investor! How it all went down! 👇👇👇👇
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@abbasjessa
Abbas Jessa
2 years
If your parents/grandparents are still alive, take some time out of your day to call them and tell them you love them. Life is short.
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@abbasjessa
Abbas Jessa
2 years
@markjenney You’ll likely lose the deal but can recover your costs and probably a little on top I’d recommend hiring a local litigator from they specific town. They tend to have the familiarity with local judges which can at times scare the other party into paying more. Sorry to hear.
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@abbasjessa
Abbas Jessa
2 years
5. Contact Borrower "Hi XYZ, Jen shared your #. She had great things to say. I purchased the 1st mortgage on your property. Instead of finishing foreclosure what if I offer you $2K cash, pay off all your personal liens and report to credit that you paid me in full?"
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@abbasjessa
Abbas Jessa
2 years
1st Lien Mortgage Deal Walk Through! How we avoided a disaster and got lucky to break even! 🧵👇
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@abbasjessa
Abbas Jessa
2 years
Next: Negotiate with 2nd Lien Mortgage. "Hi - we own the 1st mortgage and are scheduled for FCL auction in 2 weeks. The house is in terrible condition (pics attached) We offer $10K to settle the $250K payoff... or else you will be wiped off in FCL, please let me know asap!"
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@abbasjessa
Abbas Jessa
2 years
Hi all - I've had several people reach out to schedule some time to speak. I'll be setting up a zoom call next Wednesday at 4 PM to answer any questions you may have on investing in mortgages. Please comment "Interested" if you'd like to attend and I'll DM the Zoom Link.
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@abbasjessa
Abbas Jessa
2 years
7. Settle Code Violations. Have the borrower reach out to the county to settle code violations. $8K lien settled for $3K.
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@abbasjessa
Abbas Jessa
2 years
@AndyHVandenBerg 1. Uppababy stroller, Mamaroo, 'Moms on Call' sleep training 2. Buy quality products! In all honesty - having a kid was the best thing that's ever happened to us. Too much advice was focused on the challenges, not enough on the joy our baby brings to us. Best of luck!
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@abbasjessa
Abbas Jessa
2 years
6. 2nd Mortgage agrees to settle for $10K! Why do I want to settle: I want the house. If I go to auction, someone will outbid me and I'll get paid my $800K payoff. While a $250K profit in 2 weeks is awesome (and rare!), I want the house!
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@abbasjessa
Abbas Jessa
2 years
If you are looking to get into real estate as someone without experience, there are 3 ways in: 1) Purchase the lien on the property (Non-Performing Loan Investing) 2) Lend on a property (Private Lending) 3) Buying an Asset (Traditional Purchase)
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@abbasjessa
Abbas Jessa
2 years
@moseskagan I wish building wealth was discussed more in our youth. The power of compounding makes building wealth so much easier if you start young.
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@abbasjessa
Abbas Jessa
2 years
10. Title Insurance Issued Go to fidelity. Request title insurance. Clear all exceptions. Policy issued. Now I am the deed holder. There are no liens on the property and I have title insurance. The same position I'd be in if I bought the house traditionally.
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@abbasjessa
Abbas Jessa
2 years
8. Settle Unsecured Liens: Credit Card + Medical "Hi - you are owed $15K. You will be wiped off in FCL in 2 weeks. I will offer $1K to settle in full. Can wire today" Offer accepted.
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@abbasjessa
Abbas Jessa
2 years
Hosting a Zoom Meeting next Wednesday 3/2 at 4 PM to discuss: (1) Background on the Non-Performing Loan Industry (2) Sourcing deals (3) Due diligence (4) Walk through loans resolved this week To join - please like this tweet and comment 'interested' Will DM Zoom Link
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@abbasjessa
Abbas Jessa
2 years
@sweatystartup @CostaKapo We're in week 7 with our newborn - I couldn't imagine my wife having to go back to work after 8 weeks at home. Unfortunately - if you can't make ends meet and have to go back to work with no family around, leaves you with few alternatives.
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@abbasjessa
Abbas Jessa
2 years
@DallasAptGP @flynn_bob This is precisely my strategy and one that I recently discussed with @apurva212 . LP in tax efficient investments + directly investing in non-performing loans and private lending. Net goal: compounding cash flow with limited taxes.
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@abbasjessa
Abbas Jessa
2 years
Exactly 2 years ago today GME closed at $4.44. Today it sits at $92.79. Not a stock expert but doesn't feel like we're anywhere near the bottom. Am I missing something? They lost $67M in Q1...
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@abbasjessa
Abbas Jessa
2 years
@realEstateTrent Your twitter account is awesome. Any possible investor has the ability to speak with you and validate anything they’d like. I enjoyed our convo. Block out the noise - keep doing what you do.
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@abbasjessa
Abbas Jessa
2 years
Many people have offered to pay me for my time to speak, I'm happy to help for free. I'm on twitter to help and am more interested in building friendships than anything else. DM me your deals or your lien issues and I'll help you solve and/or connect you with my partners.
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@abbasjessa
Abbas Jessa
2 years
Loan Resolution Summary: 2nd Lien in MA Settled for $253.5K. A breakdown of how the deal came about 👇
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@abbasjessa
Abbas Jessa
2 years
@moseskagan @fortworthchris The best way to realize this is to travel the world. You’ll gain an appreciation of how great it is to live in our beautiful country.
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@abbasjessa
Abbas Jessa
2 years
8 Days in LA for @REconveneLA and @IMNEvents NPL Conference. On the flight now and already missing my little guy - first work trip since he was born.... How are people on the road all the time with kids?!
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@abbasjessa
Abbas Jessa
2 years
Blown away by the talent level, humility and generosity of @REconveneLA attendees @CaseyMericle @RussellLowery10 @davidclarkmoore @codylittlewood @CarpelDiem @tommywarboys @jdmiser Look forward to meeting many more people today!
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@abbasjessa
Abbas Jessa
2 months
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@abbasjessa
Abbas Jessa
2 years
A breakdown on resolving a 2nd lien in NY 🧵 New York is historically one of the most difficult states to resolve loans in due to the 3-5 year foreclosure timelines.
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@abbasjessa
Abbas Jessa
2 years
@PaulinaJones This x100! I worked 95% of weekends in my 20’s - the majority of both Saturday and Sundays while living in NYC. I always felt I was missing out until I got to my 30’s and generated enough investment income to own my time. Best investment I’ve ever made! Congrats!
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@abbasjessa
Abbas Jessa
2 years
@RussellLowery10 Despise attorneys like him - game the system because it's less costly to settle a bullshit claim then fight it.
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@abbasjessa
Abbas Jessa
2 years
@sweatystartup @moseskagan @girdley Our performing mortgage book has seen a 5% uptick in delinquent loans in the last 60 days. Expenses aren’t keeping up with income.
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@abbasjessa
Abbas Jessa
2 years
@seandsweeney Seeing this and realizing you built an entire building faster than my home renovation....😢
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@abbasjessa
Abbas Jessa
2 years
I am hosting a webinar on investing in Non-Performing Mortgages on Wednesday March 2nd at 4 PM. If you would like a Zoom link, please comment 'interested' and I will DM you. We will discuss how to invest, how to source and walk through a few deals. Thanks!
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@abbasjessa
Abbas Jessa
2 years
First week of home ownership - just got off a 45 minute conference call with 3 neighbors about how to replace our backyard fence..... Talk about hidden costs!
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@abbasjessa
Abbas Jessa
2 years
A couple of names that keep a low profile but a wealth of knowledge: @DKorp413 @alexandracmoore @davidclarkmoore @LPInvestor @MultifamilyNick @bj3nk5
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@abbasjessa
Abbas Jessa
2 years
The more I read Jason’s tweets, the more I realize I know nothing about real estate. An incredible follow. I can’t believe this app is free. I’d say the same for @CaseyMericle
@REExchangor
Jason Dillard
2 years
Use same property type as down to seller to raise odds of seller accepting offer. Ex: Seller has small trailer park. Offer a single wide trailer and land as down payment and rest cash to buy park….and when I say cash I mean new private lender loan.
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@abbasjessa
Abbas Jessa
2 years
Feel free to reach out if you encounter a note deal. I'm happy to help and have vendor relationships across the US. @abbasjessa
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@abbasjessa
Abbas Jessa
2 years
Jay is a thoughtful capital allocator and well worth a follow! Congrats on the new firm!
@jayvas
Jay Vas
2 years
Excited to share that I've launched a new investment firm - @AtlasviewEquity . Our focus is on acquiring cash-flowing software & asset-light/tech-enabled businesses. We've completed 2 platform acquisitions so far. Check out our strategy & thesis here:
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@abbasjessa
Abbas Jessa
2 years
Lesson Learned: We should've ordered an additional title report from a third party for all assets above $40K. It would've added $50K to our DD costs but would've been worth it. We were already $200K deep into DD on a deal we had not yet won but I didn't pull the trigger.
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@abbasjessa
Abbas Jessa
2 years
Making money in real estate isn't easy. Most of us share our wins more frequently than our losses. Be mindful who you're taking advice from. Ideally find people who are actually transacting frequently. Anyone can make up anything up online. # of Followers ≠ credibility
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@abbasjessa
Abbas Jessa
2 years
@OmarMoraIes He totally missed the boat on inflation. The fed still uses useless and outdated data. Can’t give props to incompetence.
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@abbasjessa
Abbas Jessa
2 years
If you'd like me to post more deals like this - please like and/or comment. As always - reach out if you have a deal you've come across or need help negotiating with a lienholder on any asset. @abbasjessa
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@abbasjessa
Abbas Jessa
2 years
Dr. Julie Gurner @drgurner Her daily tweets will significantly help your mental framing and your mental health in general. One of my favorite follows.
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@abbasjessa
Abbas Jessa
2 years
Deal Of The Week: 2nd Mortgage in California Resolved How a $10K investment turned into ~$17K per year for 30 years 👇
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@abbasjessa
Abbas Jessa
2 years
@drgurner Dr. Julie - so happy you’re launching this!
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@abbasjessa
Abbas Jessa
2 years
Barrett Lindburg @DallasAptGP Really interesting focus on opportunity zones with a focus on development and large value add opportunities.
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@abbasjessa
Abbas Jessa
2 years
Sorry I missed you - I hope to connect with you at the next conference: @imrichardfertig (thanks for the picture), @RohunJauhar @antonia_mdprjct @StudentRentPro @seandsweeney Not enough time! Next year!
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@abbasjessa
Abbas Jessa
2 years
This was a very unique situation in that *Our title report was incorrect (very rare) *The loan servicer was not reporting to credit (occurs 25-30% of the time) *The foreclosure was not electronically filed (occurs 30% of the time).
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@abbasjessa
Abbas Jessa
2 years
A benefit has been all the amazing people I've met via DM's and calls Shout out to a few (of many)consistent and thoughtful content creators @GuyDealership - anything cars @dickiebush - content creation @seandsweeney - World class designer/developer @bobbyfijan - floor plans
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@abbasjessa
Abbas Jessa
2 years
@GuyDealership What's the biggest Loss if you've taken on a car?
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@abbasjessa
Abbas Jessa
2 years
I had some great conversations with all of you and look forward to staying in touch. If you find yourself in Miami, feel free to give me a shout! @jasonmiller15 @klee821 @ImBmills @sweatystartup @jalex2003 @JeremyLOsborne @AnthonyMSVP @Liam_Dougherty (shout out Canada)
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@abbasjessa
Abbas Jessa
2 years
Iman Jalali @Stealx Multi-family investor in Chicago with a unique strategy in sourcing really strong under market deals.
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@abbasjessa
Abbas Jessa
2 years
@Cjsmith_6 Possible in-between: a piggyback 2nd mortgage. 80% 1st mortgage 10% 2nd mortgage (same lender as 1st mortgage) 10% Down payment Avoids PMI (though more cash upfront)
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@abbasjessa
Abbas Jessa
2 years
I had some previous relationships prior to Reconvene but was blown away by meeting each of you in person @apurva212 @DallasAptGP @Stealx @mattweidert
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@abbasjessa
Abbas Jessa
2 years
@sweatystartup @CostaKapo That being said - if you're low income than the cost of care may be close to income earned. Tough choices - lucky we don't have to contend with it but has it changed my views on the whole situation... its been a grind!
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@abbasjessa
Abbas Jessa
2 years
We had our baby 6 weeks ago and I still haven't hit the gym once.... is this normal? Will I ever get to sleep again?! (He's a total joy btw!)
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@abbasjessa
Abbas Jessa
3 months
Just got back from an amazing trip to Cebu with the @WentwoodCapital PHP team! It was as an adventure filled trip! Getting to know the amazing team we've built was an incredible experience. They make life so easy, have an amazing attitude and genuinely care for each other.
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@abbasjessa
Abbas Jessa
2 years
@MRossG199 @abakermont @realEstateTrent Matt that’s really impressive - what are you doing now to ensure your kids have that same mentality? My goal is to ensure my kids are financially secure but I’ve seen how that’s removed ambition from my childhood friends that came from $$
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@abbasjessa
Abbas Jessa
2 years
@Levijameshere Taking the other side - The cost of chasing perfection is not economical or practical in 99.99% of use cases
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@abbasjessa
Abbas Jessa
2 years
Shoutout to the people producing content on twitter. I recently started contributing and realized that its significant time commitment. If you do see someone writing a thread that added value - show some love
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@abbasjessa
Abbas Jessa
2 years
@fortworthchris @moseskagan I heard it all my childhood from my parents. They couldn’t be more appreciative of getting a chance to live here. They busted their behinds to give the next generation a shot - can’t describe how motived I am to make it worth their sacrifice.
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@abbasjessa
Abbas Jessa
2 years
If you enjoyed reading, please give the first tweet in the thread a like/retweet and follow along @abbasjessa Feel free to DM any deals you're looking at or any lienholders you are negotiating with and I'm happy to help.
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@abbasjessa
Abbas Jessa
2 years
How to generate capital to invest in real estate while working a W-2!👇
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@abbasjessa
Abbas Jessa
2 years
We typically mitigate this risk by manually reviewing county recorder information for all assets we bid above $40K - however due to our limited time, we were unable to do so.
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@abbasjessa
Abbas Jessa
2 years
I plan to share both the good and bad of investing in mortgages. It is not easy to make money in real estate and there are risks involved. If done correctly, the rewards are handsome. I'm here to help you avoid any major issues.
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@abbasjessa
Abbas Jessa
2 years
I also know that I have a resource for any deal that comes across my desk - and that's powerful (CC @RussellLowery10 )
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@abbasjessa
Abbas Jessa
2 years
@jkostecki_rei Compounded by a declining birth rate
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@abbasjessa
Abbas Jessa
2 years
Clayton Collins @ClaytonACollins Clayton is building a machine at HW Media. My pick to be a big winner long term in the real estate media space.
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