Lisa's Time to Shine

Hello. I am Lisa. I have spent the last 30 years of my life, raising 3 amazing children basically by myself, who are now productive members of society with families of their own.
I spent most of my life working for someone else, sometimes 2-3 jobs, to pay the bills and make ends meet. It meant being away from my children and missing many of life's precious moments. In the last 10 years, I had a wonderful career in Healthcare, where I was able to make a positive difference in patients lives, everyday. I worked really hard and those above me enjoyed promotions and raises as a result. I also traveled, a lot, and the fast paced always on the road lifestyle, took a toll on my health and my relationships.
I lost that job 13 months ago. Since then, my health has improved and my relationships are stronger and healthier. Then, my mother broke her back. I find myself now as a parent to my parents. While she is healing and back at home, after 11 months in the hospital and long term care setting, I still am drawn to assist with daily activities that my aging father is not able to do. They live an hour + away, so this has been my full time job since Jan. 2013.
Then in August, Dean Graziosi and his wonderful staff found me. They said, Be in charge of your own destiny, the best way to predict the future, is to Create it. And I hit the ground running. After the initial 3 day workshop I was a wild woman, networking trying to build my power team, interviewing RE Agents (went through 9 right out the gate) reading books, learning the software and starting my new life. I finally found a Realtor, who is an investor and we clicked. He talked a great game and was eager to teach me. I signed an exclusive agreement with him which only a week later, proven to be a no-no.
I attended the Boots on the Ground Training. As is my nature, a goal of 25 bandit signs was placed for me on night one, so I made 45 signs and placed 31. The phone started ringing. I can do this. After the BOG Training, I was on fire! I placed ads on CL and made more signs and began my buyers list, qualifying buyers and was really excited when I had 11 on my list, and another 15 that were not quite ready to buy.
Las Vegas!!!! The buying summit was amazing. I learned so much and met some really great people. I got my Veil package to set myself up safely and came home ready to roll. My Mentor Randy came to town the following week and reinforced what I was doing right and redirected my energy into more suitable neighborhoods to target. He met my Realtor and confirmed why you do not sign an exclusive. I put signs out to generate buyers and sellers,,,but no calls. I found a couple of properties that would be Great Deals, but had no buyers for that area. After a couple of weeks with no investor calls from that area, I decided to start again a little closer to home. Hey, if it worked for Matt Larson, I will work for me.
So I put out my signs, went to auctions and started to develop a buyers list. With 10 qualified buyers, stating they wanted to buy and hold in my home town, ready to roll in 3-4 weeks, I contacted a tired landlord, who is getting ready to retire. As luck would have it, he had two properties in the same neighborhood he was willing to part with that met several of my buyer criteria (or so I thought). Cool Beans. He offered them as a package deal. So I ran the numbers, and both were Great Deals for a buy/hold strategy. My market has a very slow resale market and the local Redevelopment and Housing department is desperate for rentals. I was able to get the properties under contract. Before the ink was dry, I sent pictures and emails to each of my investors with details on Section 8 rental #s, showing each property would generate a 30% cap rate. The investors should be all over this.
Nope. Each one had a reason, tax increase of $.04 at the first of the year, neighborhood, heating system (oil) etc. I put out more signs in the neighborhood and placed ads on CL. While I got quite a few (65+) calls, no takers on my properties. I was insightful enough to put a 15 day inspection by partners contingency clause in the contracts, just in case, and sadly, today I have called the seller and used my contingency to back out of the deal.
I have refined my existing buyers criteria to meet their newest expectations and will begin again with my signs and ads, but as you can imagine, I am a little sad. I did learn a lot from the experience which will help me going forward, but I am feeling disappointment.
So,,,,,today I start again. Focusing on adding more buyers to my list. I am researching a few properties that meet the criteria requested, but I am really going to pound the pavement for seasoned investors.
I know this was a Really Long first post, but I wanted to get everything that has happened down before I go farther down the path to success.
I welcome any and all tips, comments and encouragement anyone has to offer.
I CAN AND WILL DO THIS!!!!

Backing out of my first contract

As I expected, my Seller was upset about me backing out of the contract on his house. I explained that my partners had inspected the property and it did not pass his inspection. He stated he is going to go ahead and finish the rehab and rent them out again. The surprise came in when I notified the closing attorney that I was exiting the contract based on the failure of inspection. I had placed $200 EOM on the property. Their charge for the title search that had already been done was $250. Hmmm, my next call is to the Hotline to find out how to avoid that next time. Another lesson learned.

I am headed out now to put my signs up in a new target area of my qualified buyers preference.

Lisa

kareng's picture

What a great job you are doing! And a very interesting beginning to your journal.

I would suggest before you post further, transferring this all over to a
"forum" format. I know that sounds contradictory, since this is the designated "blog" area, but this format does not show up under "active forum topics" on top right corner of the page, so people will not see is as easily and interact. And the interaction is very important.

Just put the dates of each of these individual posts in the subject line and copy/paste the body and then everything will still be all together.

Best wishes for your success!

Karen

Wow and Welcome!

femailceo's picture

I think you are really being persistent and hit the ground running. You went so fast that you made a few mistakes and learned from them.

Maybe next time run your deal by members here and make sure all your ducks are in a row to hopefully avoid those learning pitfalls. Best wishes! Sounds like you will have a deal in no time!

Thank you

For the suggestion and encouragement. I will run everything here were members can help guide me. I would prefer to learn from lessons someone else when I can. I have 40 bandit signs going out tomorrow for the weekend, I hope to have new Cash Buyers for my list in pursuit of that first Deal!!!!

Thank you again for your response.

Lisa

Lisa

aaron-n-suzy's picture

I think your doing a great job,you are learning so much.
People tend to think that if you fail you are no good at it or you shouldnt be doing it and thats not the way you should look at it!
Failure in its own way is tell you,not this way go the other way thats all no more no less.

Keep at it you are doing what needs to be done and it will pay off.

I wish you the best

Aaron

Hi Aaron

Thank you for the comment and your wishes. I am obviously not afraid of failing, after all, I learned several lessons that I am not likely to repeat. I have 40 bandit signs to put out tomorrow for the weekend. I would like to have at least 10 qualified buyers added to my list before I pick them up on Tuesday. I am doing research on two abandoned properties, and will place my signs there. My thought process being, if they see my sign, they frequent the area, and if they call off my sign, they would invest in that area. I would love to hear your thoughts.

Thanks again.

Brightest Blessings

Lisa

Hi Karen

Thank you so much for your advise to move my Blog. I will do just that as soon as I reply to everyone. I know you shoot from the hip so I look forward to any and all advise you have to offer.

I am going back through the my course work before I place new ads on CL and BackPage to make sure I structure them in a manner that has my phone ringing with pre-qualified buyers. I plan to have them placed today. I also have two properties that have the potential to be Great Deals, that will be the target area for 40 bandit signs,,,my goal being to find investors for that area. I will get the signs out tomorrow for the weekend.

Thank you again for the welcome and I look forward to hearing from you again.

Lisa