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Buying And Selling Owner Financed Notes with Kristin Adam Gerst
We have a special guest, somebody who is rocking the note industry doing a great job of closing deals and also sharing what they’re doing as well. I’m honored that this person who looked like they had an amazing vacation would come back to the States and be on the show with us. Give a warm welcome to the woman, the myth, the legend, the amazing note investor, Miss Kristin Adam Gerst.
Thanks for having me on.
You are the rock star behind Capricorn Mortgage Investments. For those that don’t know who you are, share with my extended note family, Note Nation, what you do and how you’re awesome at what you’re doing.
At Capricorn Mortgage Investments, I am purely looking for performing mortgage notes, owner-financed and high-interest rates. I’m looking in that 9% to 11% interest rate range. If it’s got a good payment history, even if it’s an older note like ten years old, I want it. I want the cashflow off of it. I’m paying in the 90s for it consistently. I don’t have a problem doing that. My margins are super small but I do a lot of volumes. I did $15.8 million. I’m missing that mark, unfortunately.
That’s the good thing is that you’re buying performing notes. Are you buying just in Texas or are you buying in other areas as well?
Nationwide. While I was in Italy, I put in 55 notes all totaled about $3.1 million. That was completely nationwide, no notes in Texas. I prefer Texas because I know the market. I know how it works. I’m comfortable here. For everybody who does notes, you’ve got judicial and non-judicial states. Until I buy in those states, I’m not going to know specifically how much I can pay for those things and it’s less. My guys who are buying for me, I’ll buy one-offs from individual investors. What I do is I package them into large portfolios and then I sell them to banks, hedge funds, those types of buyers. They won’t talk to me unless I get a lot of paper there. They only want performers. It’s got to be stuff that I can stack to make bank paper. Underwriting, I help that along if we need to redo some stuff. I go through word by word in almost every document looking for errors and making sure that the product that I’m giving to my banks is top notch.
How did you get into what you’re doing? What’s your background?
My original background was I started buying low-income properties. When the market crashed in ‘08, I had 61 doors all rented Section 8 that I was self-managing and I hated it. I started owner financing all of these. I just learned how to do it. “I don’t have anything to owner finance this month,” then I started talking to other investors and saying, “I’m doing this. Do you want me to do it for you?” I started originating notes for other investors as well and then I started teaching realtors how to get their clients to do it. That was all back in the heyday of creating these, taking things subject to and wrapping them back in ‘08, ‘09, 2010.
Starting Capricorn, everybody knows that I also do hard money with Bay Mountain Capital. Dean Lontos over there said, “If you could show me that you could sell these things and show me that there’s a market for these notes, we’ll do a fund and we’ll lend on that.” I said, “There’s got to be a market for this stuff.” I left Bay Mountain in 2015 and I started Capricorn because I had all these wraps and I wanted to get them completely paid off and pay off these underlying liens. I’m like, “There’s got to be people paying decent amounts for these.” Not that non-performing in the ‘60s and ‘70s of UPB, but somebody who will come in and pay 90%, 92%, 93%, 95% UPB prices. That’s what I went out and built. It was trial and error and then finding guys above me to buy for me. I have to make sure that I have a lot of it.
There are definitely firms out there buying performing paper. I’ve got some buddies that are buying it. If it’s an 8% or 9% yield to them, they’re happy with that. They’ve got cheap money coming in from savings accounts. They’ve got some of those funds that have cheap money. If they can make 7% to 8% yield on their money for services, they’re pretty excited about it.
For a lot of us who are buying these things and using warehouse lines to do it, once you have a firm, it’s a lot easier to get money. Once you have a lot of experience doing this, a lot of places do not want to give you money to buy and sell those, unfortunately. It’s not in everybody’s wheelhouse. I’m watching interest rates very intently because I’m at prime plus one. If you look at historical interest rates going back years, I remember from 7% was free money. We’re going back there. When I started in ‘05, I was getting 9% on a commercial line and that was great. I was like, “I’m happy with that,” and now people hear 9% and they’re going, “How can I even make money off of those?” I also don’t want to get caught buying a 30-year 7.5%, 8% note and then watch my interest when I’m paying on these lines. I’m pretty careful discounting almost anything that is below 9%.
When you’re looking to buy a performing note, how much season are you looking for in the note?
For me, six months. If you can give me six on-time payments, it’s great. I’ve got two or three buyers who will go with directly on-time payments. I’ve got to hit them right in the cycle so it doesn’t always work out. One of my favorite buyers, they’re doing some other stuff now. I’ve already approached them with $3 million and they’re like, “We’re buying $127 million projects that we’re investing in and we don’t have the bandwidth to go through 55 other notes.” That right there becomes the game. At least I have a pretty substantial buyer’s list for these funds. I just need to know, “What’s in this thing?” Some of them only buy in Texas. Some will buy nationally. When I look at these things I say, “Are you interested in it?” They might pass this time but there are buyers three, four weeks down the road.
Different cashflow ins and outs and ebbs and flows of the market depending on what they’re working on. It’s good to know that you know your database of where they’re buying and what they’re buying going from there. Is there a specific yield that you’re looking for? You said 9% loans. You’re roughly a higher interest rate. To help with the people that are thinking out there because we get a lot of people that read this to have taken non-performing loans, worked on them and got them reperforming.
People always ask, “What about credit score?” I don’t care. Where the credit score plays into is if the investor owner finances to another investor. I had one loan that got tossed out of probably five, six different sales because it was an investor-owned property. It’s a cool property. I thought about buying it because I hoped he defaulted and I could have it. It was a lake house with a boat dock out back. He had a 434 credit score. He owed everybody money. All of these banks are going, “This guy is primed.” The investor, they’re not going to lose their personal house, they’ll lose any investment properties they have. That plays into it. If it’s an actual owner occupant, it doesn’t matter as much. I do have some funds that like to get these refinanced with their own bank lines and doing that, they require that they’ve got to have a minimum 620 or 640.” Then their game plan is that they work with them and then refinance them into brand new loans. Their PI, their principal interest starts all over.
We seal that with First National Acceptance Corporation, they want a 620 FICO score and a 10% interest rate, 10% down.
They must spend a ton on postage and letters. I don’t know if they’re out there. I talked to that guy once or twice. I probably get two or three letters a week from those guys and I’m like, “No.” I see the little eagle on the top corner, toss. I don’t want your 75% UPB offer on a lot of my stuff.
That comes into play because they’re trying to make about a 15% yield on their money for the most part.
Every business model is different. Going back to what I’m looking for in yield, I look at this completely differently. Just don’t focus on yield. If I’m going to originate something right now, I’m going to originate it 9.9% and if I’m happy with that, why do I need to all of a sudden countdown underneath the 90s so that I can get 18% yield on my notes?
You spoke for a few minutes at Quest Expo. I loved the presentation but you had to rush through the last minute. It was very valuable. You and I started about the same time unbeknownst. I was doing a lot of creative financing, owner financing, and wraparounds. You talked about how to structure your owner finance deal with the first and a second and a down payment. Many people love owner financing because everybody thinks it’s great. It’s an exit strategy, but you’ve got to realize it’s not the heydays of 2004 to 2008 where you could sell at the closing table. You’ve got to have some seizing. You’ve got to have an interest rate that makes sense to somebody who’s going to buy. You have something like a 5% interest rate right now. You’re going to take a haircut on that.
I did a conference call with a realtor and a seller. They already had the buyer in place. They came up and they’re like, “The interest rate is 6.5%.” I go, “Absolutely not. I won’t be a buyer for that.” They go, “You want me to discount down there?” I go, “I don’t want to take your note at $0.50 on the dollar,” but that’s what I need to do to get it sold. I tell all people, “Any investors that are originating this stuff, use an RMLO. One, it’s the law. Two, your borrower pays for it. Why wouldn’t you do it?” Your RMLO will set it up. It’s six points above prime to keep it as a qualified mortgage. I’ve witnessed six points on a fifteen-year and six-and-a-half points on a 30-year to keep it as a qualified mortgage and not have it be a HOPE loan. That’s what your RMLO is for. Get one that has great underwriting and great reputation. Use them and they will get you the best amount you can.
I haven’t checked interest rates but it’s 10.5%. Is that an egregious interest rate right now? Absolutely not. I’ve been telling them 10%, 10.25%, 10.5% go for it, especially if it fits the parameters. With the way rental prices are, especially in Dallas, even in South Dallas areas. I used to own some in this neighborhood so I know. I was renting it years ago for $750 a month. They’re wanting for that same exact place. Looks rental gray. It looks like they haven’t done anything to it in decades and they want $1,150. I’m like, “That’s got to make those little townhouse condo things completely off the charts valuable.” If that’s what your rent is, then you can afford to put higher interest rates on things. I tell everybody, “A year or two years down the road, 9% or 10% is not going to seem unrealistic at all.”
We’re going to see a downturn in the economy and an increase in interest rates. Values are already starting to soften up in a lot of places. Places like Dallas, you’re seeing days in markets extend a little bit. The idea of 9% interest rate on a house you buy with owner financing through the borrower on that, you’ve probably got the discounts. Somebody’s getting an opportunity that hopefully, you go out in two years, twelve months, 24 months or 36 months and you’ve worked in it great. You’ll get refinanced out with a traditional loan, right?
Correct. It rarely happens. I used to sell that one all the time. I’ve probably had maybe two or three.
People don’t take the opportunity to do it. What happens though is where you do 100% financing on one mortgage, that’s difficult. You want to talk about how you like to have in the notes because that makes it a lot easier later on?
This method that I preach to everybody is because money is finite. When you’re an investor, I teach, “Let’s scale up a business.” If you’re going to be an investor, if you’re going to the wholesale real estate or flip real estate, that’s a job. If you want to be an investor, that means you’ve got to build long-term cashflow and you’ve got to have assets. I also believe that debt, especially going into a downturn is dangerous. Investors, especially new ones, don’t understand how dangerous a lot of debt can be. One, it makes you look awful on paper. Nobody will give you any more loans. You want to do it as debt-free as possible. If you find a private lender, an individual, a bank, even a hard money lender who’s willing to let you temporarily wrap that with the idea that your exit strategy is going to pay it off, you need a way to structure that note to pay off your acquisition and your rehab and either cost. Take a down payment that you get to keep in cash and then there’s always that second that I encourage people to hold on and keep. You sell out that first. It pays off all of your debt to acquire that property.
You keep a small second, which might only be $150, $200 a month in cashflow. You get to keep your down payment, which are often $10,000 to $20,000 a pop. When you start doing the math on that, I’ve got investors who are doing five to ten a month of those. If they’re adding $200 times five a month, that means that their personal salary, their personal bank account is increasing $1,000 a month every month. In a year, they’re making $12,000 more a month than they were before. This is in perpetuity and they have no debt. They’ve sold off their first liens. The number one question that they get when doing the first and second lien method is, “What’s the safety there?” The seconds are risky. If the first gets foreclosed on, your second is wiped out. What I always say is when you’re setting these things up, there’s a clause that goes into the first that says, “The second lien holder has the first right of refusal to cure it and bring it well,” so you can go step back in, take over that first and redo the whole thing all over again.
You’re going to foreclose on them. You’re going to get them out of the property but at least you get your property back and you can take a new down payment, set it up again and resell it. This way, if you are paying back every four to six months, you’re paying back your lenders, they are going to love you. Private money, how do they make their money? They make it on point. They’re borrowing money as well and the interest rate they got 10% to 12%. It’s not that much but where they do make their money and earn those points, which are those fees. If you’re paying them back over four to six months, they’re going to lend you as much as you need to get that done. You can build your business and scale it to have a company, not just a guy with the truck.
I love the nuggets that you’re sharing because none of them shares this. People talk a lot of theory but they don’t talk a lot of activity. Are you buying from banks? Are you buying from hedge funds? Are you buying from private investors?
Where I’m finding these, it’s a mix. I like the mid-level organized investors, which are closer to a firm. These guys have been around for years. They’ve got a whole team behind them. Those guys are great to buy from. They’ve got the experience. The average person that I buy from, mom and pop. In some cases, they couldn’t sell their own house so they owner financed it and they want out. They want their underlying lien paid off. They don’t want the stress or maybe they want to go buy another house. That was the one thing that I did first when I was learning who to sell these to and how to price these things. I took my own portfolio and anything that I had wrapped subject to, that was what went first. I had a responsibility to these homeowners that I had picked up their houses for and wrapped. A lot of them were under the impression, “They’re going to refinance in twelve to 24 months,” and that never happened. They’re calling me up going, “We want to buy another house but this is still on our credit. It’s making our DTI look bad. Can you help me out here?” Getting those sold and paid off is the right thing to do. Every investor is different and their business model is different.
You do a great job of marketing and networking to find your deals.
I’m throwing everything against the wall to see what sticks. A good friend of ours, Ryan Harper, anything Propelio wants I’m like, “I’m right there,” and I’m promoting Propelio nonstop. Ryan helps me out all the time too promoting me for, “If any of you got a note to sell, call Kristin.” He’s even doing it on Instagram for me. When you’re out here networking, it’s meeting great people. Hanging out, having a drink with them and then going, “How can we help each other? How can we promote things?” You’re like, “Come to be on my show,” and I’m like, “Absolutely, that sounds great.”
We have a question, “Are we going to see Kristin at Note CAMP?” Our online note conference is slated for November 15th to 18th. I’ve already asked Kristin to be on there.
November 15th to 18th, I’m in for that.
What are the mistakes that you see people making out there that are coming to you with notes? When you talk about low-interest rates, what is one of the first things they think?
One that I’ve been talking to is a note investor and he wants to sell these things. That’s his business model because he’s using hard money. He’s wrapping these. His lenders understand that he’s doing that and they’ve given him permission and that’s cool, but they want them paid off as soon as possible. He sent me three. He did the first and the second. The first and second have to be serviced separately. I’m not sure why they were set up together but the servicer literally added all the numbers together. I would say probably not use that servicer anymore. He goes, “I need you to talk to them and straighten this out.” I go, “It’s called moving your servicing. I don’t even know where to start if I had to explain to a servicer how their business should be run.” That’s a mistake his professional made. Lower interest rates, even at 8% and they’re like, “They came with a certain discount.” You have to remember that you need an exit strategy and you need to protect yourself. I tell everybody, “You don’t have to sell every note. Would I like to buy every note from you? Sure, but you don’t have to sell every note. You should keep some.” It’s like the Rental Property Theory. If you buy five rentals or five fix and flips, you keep one as a rental and you sell the other four so that you can pay off any debt you have.
It’s the same thing that goes with notes or owner finance properties. If you’re originating these owner finance notes, you can’t keep 100% of it. You’ve got to pay off the debt that you’ve got there to keep them debt-free. As far as interest rates, don’t think that you’re doing any favors because you might think, “I’m going to keep these for 30 years.” Five years down the road, all of a sudden you have a sick parent that you have to pay all the medical bills for or your daughter’s is getting married. There are many things that come up. It’s keeping all of your options open and having multiple exit strategies for this stuff. If investors can get that in their head and go, “What am I going to do with this property? What if that doesn’t work out?” Then I’m going to go to the next step, have three, four, five exit strategies. People are asking me, “How long do you think this is going to run that you can buy notes like this?” I go, “I don’t know. The first time you, first time me. I have no idea how long the demand is going to keep up like this. It’s huge right now. My biggest problem is I can’t get it in the paper. I have way more demand from my buyers for this stuff.”
There was one and he tried to set it up the first and the second method, like what I was teaching. She didn’t have a down payment. We tacked that on at 20% or 25% and a third. She was $5,000 short. I looked at this mess and I’m like, “I don’t want any part of this. Forgive that third. Are you serious anyways from the State of Texas? This is on somebody’s house.” Granted it’s the third lien so maybe you can charge 25% interest, but it was insane. I talked to him and he’s still trying to get this lady out of this house. She’ll make a payment here or there. Make sure that they have enough skin in the game and don’t get desperate. There’s no reason to. There’s going to be somebody who shows up with 10% to 20% down. If you go and take somebody for a rental deposit, take $2,000 and move them in, they’ll walk away. They’ll put the keys in the mailbox and you won’t ever see them again.
If anyone has equity into the property, it’s private ownership. It comes from that rental background. They’re going to treat the house like a rental, not as their own for the most part.
That’s another thing that I get. I know this throws in the face of everybody else teaching notes and how to do it. I don’t mark any properties up. I look at the day of the appraisal. I hate it. The analogy that I give for all of you Texas people, how many people have ever been swindled by New Western? They set out a property. It looks like a great deal but their ARVs are inflated. Their repairs are underdone. When it gets time to it, you’ve paid retail for this house. You’re expecting to make all this money and you end up losing tons of money because you’ve also got carrying costs, utilities, money costs. I equate inflating a property up like that. The worst one I’ve ever seen was a year ago. I don’t even look at this stuff anymore. It was 167%. They put 10% or 12% down. I’m like, “This jerk literally sold the house for twice what it was worth.” Were they making their payments? The problem with that is I look at that as a future failure. They might need to sell that house and move. Maybe they get transferred. Maybe they get sick. They’re trying to do the right thing by selling it or they can’t even rent it at that price. There’s no money in that. If you put somebody and you handcuff them to that house, it’s going to be destined for failure.
The rule of thumb and people don’t realize this is when you sell a house and move, it’s going to cost you about 10%. You’ve got your realtor costs. You’ve got moving fees in there. You need to make sure that you’ve got at least 10% down. If the house is worth $100,000 and you sell it at $100,000, you take 10% down. The max loan to value that I buy at is 80%. I will fudge a little bit and go above that, but right now I’ve cut it off at 85% because it looks terrible on my portfolios. I’m going, “Here is a 97% LTV note,” and it inevitably gets tossed out anyway. That’s a big error that they make unless your business plan is to constantly get that house back and get another down payment. Some people like that. I’m in the property-owning business. I’m in the money lending business like a bank. Guess who makes all the money in this country? The banks always make money. Don’t think that, “I’m going to do this and it’s smart. Every year I get another $10,000, $15,000 down on this thing.” It’s not. I don’t know guys who do that but you don’t ever get super successful in this business.
They hire a lot of new agents that don’t know anything about real estate investing so they’re being coached on things. I had to reeducate somebody. An agent called me. I said, “What do you have?” He’s giving me this number. I’m like, “That doesn’t make any sense for me as an investor. Your numbers are way overvalued and under skewed when it comes to rehabs. I should just double that number and then the debt divided by at least 20% and see how the numbers work there.” He’s like, “That doesn’t make sense.” I’m like, “That’s how it works. Got to keep that money.”
It’s a revolving door over there. It’s a whole bunch of new faces every three to four months. I’m always shocked by the ones that last. I’ve seen some pretty bad stuff come out of those companies, like outright fraud. If you look at their packet and go research those comps, they changed the dates on them. These comps don’t even exist. I’m like, “Does anybody ever verify this stuff?” If you’re a brand-new investor and you don’t know any better and you don’t know how terrible they are, you’re looking at these things that they produced, their packet that they give you and go, “Look at this. Everything’s sold.” I’ve seen ones that are fraudulent.
It’s not them too. There are a lot of wholesalers out there that are changing numbers or adjusting things too. If you’re not buying it for yourself, most people won’t put the right work into it or they’ll fudge numbers on it. They’ll try to get a sucker to buy off of something that’s overvalued.
I’ve got four properties under construction here in Dallas and I’m shocked at how cost materials and labor has skyrocketed in the last couple of years. We need a correction on that. On most, I’m putting $55, $60 a foot into places. I’m like, “I can barely afford that.” I’m not in the flipping market so I’m not a buy, fix, sell. I’m a buy, fix, hold. I can afford to do it a little bit more but at the same time, it’s tight out there. I don’t know how anybody is making money flipping houses.
They learned from you because I was cracking up when I heard you for the first time about how you love to use Facebook Marketplace to help you with your rehab.
I have this ridiculous huge following now over that presentation. I gave that thing because Ryan Harper mocked me. He totally mocked me on it because I showed up at one of his mastermind things and I walk in I’m like, “You’re never going to believe what I did. I just sold carpet for $40,” and he goes, “No wonder you’re doing well. You’re doing tons of note deals.” I don’t care about $40 because it’s awesome. I sold used carpet on Facebook Marketplace for $40. I’m a big believer in that. It’s one of those things I started doing years ago and it was fun. When you do the numbers and you figure out what you save on demo, and shout out to all the green people out there who are like, “I love what you do because it saves the Earth,” mine is more motivated by money. I’ve got to be honest because it was $40 in cash. It’s more the whole principle of it that you can literally sell anything out of a rehab project on Facebook Marketplace or Craigslist. Craigslist is a little less followed now with the onset of Facebook Marketplace. I’m buying stuff off Facebook Marketplace because there are great deals. If you’re looking for something, it’s a great place to trade materials.
Why don’t you give a list of some of the items that you have sold on Craigslist marketplace?
Cabinets are the number one seller. People put them in the garages. They will have a rental property that is destroyed and they need a hodgepodge of cabinets. People buy this stuff and put it in their storage, they need it. I sell kitchen cabinets; 10×10 kitchens built in the 1960s, 1970s that old stuff for $100 cash. I make sure that they take the Formica countertops and kitchen sinks with them as well as long as they come or move the whole thing. The last one I did, I had over 900 responses for this Home Depot’s special vanity. It even had a hole in the side because the plumbing was all weird. I had three men almost get in a fist fight over this Home Depot bathroom vanity because I put it up there for $30. I’m like, “You can go at Home Depot and pay $100 for this thing. I’ll put $30 on this.” I had people rate me poorly. I got poor ratings as a seller because I sold it to somebody else. Can I edit my comments and go, “I said it’s $30 cash. First one here to me, gets it. I’m not holding this for anybody.”
If you go look at my Facebook Marketplace ratings I’m like, “Please rate me well.” If there’s somebody out there who has bought from me, give me five stars. She was awesome. I got the deal of the day from her. Those people never leave responses and we get one-star from these losers who don’t get it. If I had a score on Uber, I’d cancel my account and restart a new one. I’m like, “How do I do that?” It’s funny the number of people who are now trying it they’re like, “This is great.” They’re like, “I made $600 doing this.” You can make a ton.
You also often run a big networking meeting once a month too as well.
It’s the Real Estate Investor Social Club. It’s different. I don’t let anybody sell anything. We’ve been doing it for years. Nobody’s allowed to sell anything. Nobody’s allowed to pitch to you. I do have vendors and sponsors. I’d like people to talk to them. It’s one of these things that are around the room. They’re mixed in with everybody. You can go find a contractor and go talk to them or not. Maybe you want to talk to the insurance person or maybe you want to meet the new title company. It’s a much different group that you get there. I’m surprised I have a ton of very experienced investors and then I have brand new investors every month, which is great. The whole key is to be brave. It’s sometimes hard to go there alone and that’s why we give a couple of free drinks. We get two free drinks and free food. You have a drink and you go and you meet as many people as you possibly can. I don’t have games involved with it. It’s going, “Who you want to talk to?” Some of the shyer people, they’ll come up to me and go, “This is what I’m looking for,” and I’m like, “Let me introduce you. This is who you need to meet. Let me know and I’ll bring them over.” I play matchmaker the entire night.
In Napa, what are your favorite wines? We go to Napa pretty often as well. We’re a big fan of Napa, Sonoma vineyards.
My favorite vineyard was the last one we went to. There are some fun vineyards to go to. You go take the cable car up or the one that looks like a castle. My favorite wine, La Crema, would probably be my favorite Chardonnay. I did not go visit that winery but La Crema Chardonnay would be tops for that. As far as reds, I’m not a Napa drinker of reds. I drink Willamette Valley Pinot Noir. I’m snobby with my Pinot Noir
What’s the best way for people to get a hold of you if they’ve got a note or want you to make a bid on something? I’m sure you don’t want to take a phone call at all. Do you give an online submission form?
My web designer is working on online submission forms for us. You can DM me on Facebook. Send me an email. You can find my cell phone number everywhere. It’s on the website. If you find it, call me up. I’ll answer it and I’ll talk. Text is the best.
Get a deal or have her take a look at it, guys and gals out there. You may get bombarded with some note deals because I got a pretty large following not only on Facebook Live but also when people are reading this. Kristin, thank you for being a part of this.
Thanks for having me.
Guys and gals out there reading, check out CapricornMortgage.com. Kristin Adam Gerst is her Facebook profile. Here in the DFW area, she’s a great person to network with. She does a great job at marketing. She’s also at the Quest Expo and you’ll see her around as well. You will see her in the upcoming Note CAMP 6.0. Thank you so much, Kristin. Thanks so much for providing such great knowledge, some great nuggets to everybody out here in Note Nation.
It’s my pleasure.
Go out and make something happen. Make some offers. Go get some stuff done. Take some action. Now is one of the best times to go as we dive into the fourth quarter of the year. Banks are having bigger discounts, banks are going to move stuff off their books, sellers are looking to get stuff sold. Now is the opportunity. The only thing you guarantee by not taking action is failure. Go out and make something happen. We’ll see you all at the top.
- Capricorn Mortgage Investments
- Bay Mountain Capital
- Real Estate Investor Social Club
- La Crema Chardonnay
- Kristin Gerst’s Facebook
- Kristin Gerst’s email
About Kristin Adam Gerst
Kristin Gerst is the Managing Director at Capricorn Mortgage Investments. Capricorn Mortgage Investments buys high-interest rate mortgages from small business owners and companies and sells them to large institutional buyers. Kristin has been a full-time real estate investor since 2005 and she is actively invested in multiple single and multi-family properties. She has done hundreds of rehabs, wholesaling, owner-finance deals, and has consulted extensively with numerous investors. Kristin is the owner and creator of the successful online company ownerfinancedirect.com. She has a BA and MA from the University of North Texas and is bilingual in French and English.