Louis3733 Back to the Basics with the book 30 Days to Real Estate Cash....

Hang in there man,

I closed a deal yesterday that took 1 year and 5 days to close. With what I know now I could have closed that deal in about 3 to 4 months (if you enter dhilsman in the search feature you will see the post.

So hang tuff keep taking action, learn and grow and never quit and it will happen for you too.

I SO get where you are coming from!

People do not realize how very difficult this business can be! They see the "simplicity" and mistake that for "easy". There is a BIG difference in the two. There is so much frustration and most of us in this country are used to our lives being fairly easy. We want it all and we want it all YESTERDAY! (I am not aiming this at you, just Americans in general) Even though most of us live paycheck to paycheck, we are still pretty spoiled here.

It took ME 1 1/2 years to get my first deal! It is a rare person who has gotten their first deal in 30 days. Very, very, very few do that. This is where I feel that so many of the gurus really do do a disservice to people--leading them to believe that it will happen for them in 30 days or less. That just is not reality.

But it IS a true reality that if you do not quit (I never even considered that as an option. I knew that I had no other choice) it will eventually break open. It honestly will! As long as you keep doing the work. You can not sit back and "will" it to happen. YOU have to do it! YOU and YOU alone.

But I promise you, Louis, if you keep going "in spite of yourself", it will start happening.

I used to be embarrassed to put out bandit signs also. In fact, I didn't do it for a year. I DO NOW! I don't care! I do what it takes. Who cares what any body thinks? Like I said in a post on another thread, the "diva" in me would look at something and say, "Umm, don't think I want to do that part...". So I finally slapped that diva and shut her up! And now I am doing deals!

Go for it! You are NOT a quitter! Do you have another choice?

Karen

I agree with you that simplicity and easy are two different things in this business, and that too many believe they will get there without much effort or time put in. It takes both in most everyone's case. Tell it like it is!

thanks for the comments Dan, Karen, and Tammy. It helped being able to reach out with people that have been where I'm at and get it. I don't see where I have any choice but to push through and ignore what my head and emotions say. Even if I did have a choice, I'd be foolish not to pursue my dreams with real estate. I currently live on SSD and am fortunate it allows me the time to do this. I have some neck issues that may be resolved and if so my back up plan is to take classes in the med field in the fall, but to never stop doing this. My hope is to have enough success doing this so maybe that isn't something I have to do.
I'm going to make it a point to check in here with what I'm DOING, rather than what I'm thinking.
I have about 13 bandit signs I'll put out Friday night, and several leads to call that I pilled off craigslist. I am scared, but I have to make 3 calls on offers today, and see if I can renegotiate the last property I had under contract and remarket it. Thanks Tammy for that info that if I'm not embarrassed by the offer then maybe it's not low enough. The good thing is me and the seller are on pretty good terms and he says he has some millionaire friends out of California that want to start buying up some farmland. I also have 3 or 4 buyers I'd like to approach about seeing if they want to use their money to make better money. I feel I've gotten pretty good at finding buyers and finding sellers, but think I now need to get good at finding "motivated" sellers and awesome deals. The buyers here are pretty spoiled with an abundance of cheap inventory, but I have to get in the game and stay in it, but try to get more eggs in the basket.
Dan, thanks for the encouragement and sharing your experience. It really helped.
Karen, thank you so much for keeping it real and your encouragement.
And Tammy and all you all, just thanks for letting me unload and being here.
Today, I have 4 hours to commit to RE, and then am going to my brothers to go over some modification docs he got in the mail then on to my committed AA group. Sometimes I talk about this stuff there, but it doesn't really feel comfortable. I think I'll just stay here and report my progress and be real to do things "in spite of myself" My sponsor reminded me when I told him I was feeling down that sounds like you need to live your way into better thinking rather than think your way into better living....ei you gotta do the work.
I'm going to read about our techniques today then do another chapter our of Dean's book 30 Days to Real Estate Cash and some info on making calls from marketing. It helps to get me psyched up to get on the phone.
THANKS SO MUCH!!!! Louis

this week I was able to make 5 offers from bandit signs. None accepted to date, but with one of the offers, the seller wanted to be on my buyers list if I ever find a deal like the offer I made him....who'd a thunk? Might be able to still do a lease option or something down the road. Is moving outta state in the summer. Anyhow, I've been rewatching the things that gave me motivation before and getting back into the game and need to stay in the game. When I read things early in the morning, it realy seems to help the motivation level.
I start on page 24 of Deans book Monday and need to plant a couple more bandit signs today. I had a callin yesterday and did the research, had my buy numbers with 5000, 10,000, and 15,000 rehabs and made the offer today. Had another callin today, did the research and made an offer based on the numbers....not what I thought would allow me to get it under contract. Looking for INSANE deals as I heard it once put. I'm posting on here and will keep in touch with my new family. I also will be turning in two offers on Wednesday and we'll see. Also have 5 no 6 more buyers to add to my buyers and tenant buyers list. Getting geared up to gas up the ride and plant a couple bandit signs then hangin with friends. Thanks to anyone out there. KEEP THE FAITH...

I made my 5 offers last week and need to follow up today. I did a walkthru myself and had all my numbers put together before I went to the property. I was able to call in the offer the next day and the seller wanted it at 15k rather than the 14200 I offered. Still in my range, but not the best school district or area, but has many good amenites such as interior and exterior security system and 2 car pole barn garage with automatic garage door opener and 220 electrity. Was an estate deal who called me from my bandit signs.
I'm continuing with Dean's book 30 days to Real Estate Cash and am at the part where I am to find a real estate agent. I have no money for earnest deposit or down payment, any suggestions? This has always stumped me. Thanks, Louis

feasible that I can use my own contract?

Just cking in on you this week. I see you are hard at it! Way to go!

I posted on one of your other threads a suggestion for EMD.

This deal sounds like for if may work out you. Crossing my fingers.

Karen

5 offers is awesome.

Keep that up and you will cash a check.

You can do it.

Hi Louis keep your head clear and keep moving as you are doing the deals will come and get done we all go through ups and downs, now we need to turn them around and move on its a learning curve, life is a learning curve and thats what makes us great when we have that big why and yes I wont quit.You know what helps keep me going is helping every one else keep going, Ieve been doing it all my life, isnt life fun!!!!!!!, Jim

Louis,
I so appreciate this posting of your. You know if it was easy it wouldn't be called work! At least with this work you have hope at the end of the day as opposed to the hopelessness that sets in for the wage earners.
So the reason for the title is I love all the statements that famous people have said to the pundits about failure. My favorite is Thomas Edison which goes something like this:

Up on the successful invention of the Light Bulb after several years and hundreds of experiments he was being interviewed by a newspaper report who asked how he felt about creating the light bulb after "All those Failures" Edison replied with "I never failed, the light bulb was simply a 937 step process" so they great part for me is the failure never takes place until you quit, so don't quit. Interesting side note about Edison, he approached Alexander Graham bell and told him to "Join me and give up on the telephone thing, it will never catch on"

So my intent was a little inspiration and a little trivia.

Good luck always comes to those who are well prepared.

Thanks everyone for all your comments, wisdom, and encouragement. I've been working out of Dean's Book 30 days to real estate cash and am at the section of finding a real estate agent. I used a technique I found here for a CL posting and put together a script based on Matt's technique and am about to call 5 realtors today to interview. I also posted on Homegain.com and have 2-4 that I talked to earlier a few months ago. I now have a good email letter put together that covers what I am looking for based from Matt with a couple add ins so I am hopefully working smarter. I am concerned about the EMD, but as long as I have escape clauses, I think I have someone I can partner up with as long as they can get their EMD back if unable to wholesale an accepted offer.
Just missed an awesome deal Sunday Monday. An investor called me on Sunday from one of my bandit signs who had just spent his cash on a property. He had a friend who called him who he used to work with at a restaurant back in the day who was from Taiwan. They were moving back to Taiwan ASAP and were extremely desperate to sell three properties they had for a total of $20,000. I only had 2 addresses but based on my research the ARV on just those 2 was 110. I called him back later Sunday for the sellers number but he didnt answer. I called the next day about 2-3pm, but he said they had already sold them and will close the 22nd. I will call him and see if he can folow up if financing didnt come thru. Just missed it. Although I didn't ask for the number on the first call as my instincts said to do, I am glad to know that the deals are out there and in my own back yard. If I wasn't in the game I wouldn't even know I was getting closer and closer. Can't wait to afford my own down on the ground marketing...ie Bandit signs, flyers, AO letters, and expired listings and postage to. Plus a realtor and the 25-1 strategy. I figure if I can get there and maintain, I should hopefully be deep enough in the game and go from there to finesse things. I am doing what my budget allows and will reinvest in marketing as needed. Today though I have to call at least 5 realtors as instructed in the book. Thanks everyone for all you've helped. Louis

I have a friend who will put up the EMD when working with a realtor. How would I work it out that they get reimbursed upon sale and no sale? Any suggestions? Thanks, Louis

I am assuming you are going to wholesale these deals.

Have an inspection period in your contract. If you can't sell the property within the inspection period, turn the property back over to the seller and get the EMD returned.

If you go to closing and there is no sale, chances are the earnest will be lost. You will owe your friend the earnest money. So I would never go that far unless I had a buyer contracted with a higher NON REFUNDABLE EMD within the inspection period. If the buyer does not perform you have his earnest to cover yours. (your friends EMD)

If you do close the deal, what you pay your friend for the use of his EMD money is entirely negotiable. Ask him/her what do they want, have a discussion, work out the terms.

Of course for this to work you must have a REAL deal that your REAL buyers want!

Good luck!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

everyone. I have 10 real estate or Realtors email addresses and will be emailing each the letter format that Matt has in Dean's book 30 days to Real Estate Cash. Thanks Karen and Mike for the clear cut direction. It helps with the boogey man bs that can swirl around. This definitely will help me along the lines of think less, do more. Will email my criteria letter tonight and will follow up in the morning "interviewing" different realtors. I called each person or office and asked for their general email address and will send out tonight. Louis

my criteria letter via email to 10 Realtors. Will follow up. Louis

today and looking for 1 that will work with me. Made progress. Went over criteria and 1 sent me 22 listings to look over and will be doing 3 workups tonight so when I do my walkthru, I'll have MAO numbers based on 5 10 and 15K rehab costs so I'll know my offer when I walkout from the walkthru. Gonna start out with making it a doable goal of 5 offers per week and fine tuning it up to 25 offers a week so I can get a smooth system of 25/1 per week. Will continue to check in. It helps to live the Think less do more idealolgy. Louis out.

Great to see your "journaling" of REI steps! Some of your questions provide the answers to others, so Keep It Up. Also, thanks personally for the messages,they are a "trail to success" for me too. Will start posting more or my own steps as a result of your lead! Continued Success!!

am meeting a cash partner tomorrow who will be putting EMD and thanks to this site and all those that gave me insight, I now know how to stay in the solution and keep moving forward while making sure my friend's EMD on realtor offers is protected with no risk. Thanks everyone, it means the world. Still trying to get deal number one done. Made a decision today to market only with bandit signs, Craigslist and a realtor to start out. Focussed this week with Deans book on getting a realtor which I now have done. I have 3 that I'll be working with and doing 5 offers per week with each one and then just sticking with one. After getting doing 5 offers a week, will need to get the average up to 25 offers per week. Have 4 walkthrus for Sunday with one of the Realtors and will have my MAO depending on 5 10 15K rehab. Now I'd like to add in calling leads I pulled off craigslist from FSBO so I can recontinue doing my own offers. Will stay in touch. It really makes a difference. Louis

You are doing amazingly well. One foot in front of the other, over and over!

Thumbs up!

Karen

Karen, you've been an awesome help and more. Thank You. Louis

You're welcome, my friend!

Karen

it's amazing what happens when you put your next foot forward regardless what your head or emotions tell you. As some of you know, I've been back to basics with Dean's book 30 Days to Real Estate Cash. I went back to the book when I was unable to move my first deal I had under contract. I was sure it was exactly what my buyers were looking for, but location, location, location. Even though the 3 unit would have generated $791 cash flow even after costs, the location makes a difference and in my area there's alot of cheap inventory. That led me back to the book and when I got to where I needed to find a realtor, I didn't want the fact that I did'nt have EMD to stop me from moving forward with a realtor. After asking for help here how I could protect a potential partner for EMD, I was finally able to meet with that potential partner tonight. I found 3 realtors to work with and will be doing 5 offers each per week until I can fine tune things and just choose one who best works with and for me.
I met with my EMD partner to go over my enter and exit strategy with her tonight over coffee. I've been going to our local Plasma center for extra income and as a result have built repore with some of the workers. 2 want a lease option house with 5-10k down and one is figuring out her criteria. The EMD partner I met with is also a employee there and has wanted to get in RE investing plus wants her own residence. Come to find out she is a trust fund baby and has a deep well if needed be and is now my partner not only for EMD, but also my new partner for buy, fix, and flip! Imagine that! Never judge a book by its cover and now I have learned that you never know where your buyers will come from. Hopefully she will the first of many once I get the flow in forward movement. I want to say thanks to everyone who helped fill in the gaps when I started this thread and another about having an EMD partner......
ONE STEP CLOSER.........Thanks again. Louis

Saturday night 2/16/13 WOW!!!it's amazing what happens when you put your next foot forward regardless what your head or emotions tell you. As some of you know, I've been back to basics with Dean's book 30 Days to Real Estate Cash. I went back to the book when I was unable to move my first deal I had under contract. I was sure it was exactly what my buyers were looking for, but location, location, location. Even though the 3 unit would have generated $791 cash flow even after costs, the location makes a difference and in my area there's alot of cheap inventory. That led me back to the book and when I got to where I needed to find a realtor, I didn't want the fact that I did'nt have EMD to stop me from moving forward with a realtor. After asking for help here how I could protect a potential partner for EMD, I was finally able to meet with that potential partner tonight. I found 3 realtors to work with and will be doing 5 offers each per week until I can fine tune things and just choose one who best works with and for me.
I met with my EMD partner to go over my enter and exit strategy with her tonight over coffee. I've been going to our local Plasma center for extra income and as a result have built repore with some of the workers. 2 want a lease option house with 5-10k down and one is figuring out her criteria. The EMD partner I met with is also a employee there and has wanted to get in RE investing plus wants her own residence. Come to find out she is a trust fund baby and has a deep well if needed be and is now my partner not only for EMD, but also my new partner for buy, fix, and flip! Imagine that! Never judge a book by its cover and now I have learned that you never know where your buyers will come from. Hopefully she will the first of many once I get the flow in forward movement. I want to say thanks to everyone who helped fill in the gaps when I started this thread and another about having an EMD partner......
ONE STEP CLOSER.........Thanks again. Louis

and we looked at 3 properties. 1 short sale and 2 foreclosures. Now I thought I was all set to go now having a cash EMD and rehab partner. I was goona her first refusal then try to assign what she didn't accept. I had a title company lined up that was OK with assignments, simultaneous closings or transactional funding. But the Realtor told me today we could just have a copy of a check for EMD for 1000 and would have a 10 business day inspection period.
Here's the hold up.....he told me I had to use their title company who probably doesn't get it. I'm not sure what to do.
Also I was planning on putting and/or assigns on my signature but the contract says no assignments.
Also should my name go on the contract even though I'm not providing EMD or POF, but my partner is?
BTW, I'm doing Deans book 30 Days to Real Estate Cash and am at the section of getting a realtor and made 10 calles, sent out 10 emails, and spoke with 3 who I will be following up with.
Thanks for any feed back, Louis

Any time you are working with banks it is much more difficult. They dictate everything.

When I have my realtor look for props, I tell him I want him to pull "Standard Sales" only. Those are props that the individual owners are selling. No banks. There is room for more flexibility for you.

One of the recent deals I offered on, i went thru the listing agent (this sometimes gives you an advantage because they may submit your offer first, since they will be getting the commission on both ends). The broker for this co also owned an escrow/title co and tried to force me to use theirs. I told them my offer was contingent on using my own team. They backed down right away. A bank (SSs and REOs) will not allow that. They use their own.

Is the clause that says "not assignable" in the standard contract or was it put in because they are bank props? Remember when we talked about getting a blank PA beforehand to familiarize yourself w it?

If the "not assignable" clause is not a standard clause, when I have them type my offer, I tell them to put "my name and/or assigns because I am not sure yet if I will be putting this one in my personal name or in an LLC". Say if very matter-of-factly, then just change the subject. Act like it is something you do every day.

Karen

I did ask for copies of the contracts and the one I looked at I believe it was for short sales and REO's as it had a 2 liner that said this contract was not assignable. If I used transactional funding then I think I could get through it, but now I actually have a cash rehab partner so I can make an offer, I think. I will study both copies I was given and will dig in deeper. I'm still up from yesterday as I had coffee with my first meeting with my EMD-rehab partner and it kept me awake all night. Was really excited that I had a rehab partner now. I can make 2 offers after I deduct rehab costs.
I'll re-read your message in the morning when I've had some sleep then follow it that way.

Thanks for the reply, Louis

Right now I am back to unlisted offers. My new partner is getting her LLC which my Realtos tell me we need to authorize me to make offers on her behalf. It's difficult for me to be patient, but she's working 4 jobs and has a family. We are trying to meet tomorrow to touch base. It's been difficult to get her on the phone to touch base, but hopefully we can work things out for better all around access. She has 50K for purchasing and 20 K for rehab and we are looking for a 20-30k profit just like Matt outlines in the book. Of course we'll take more or less as there are no guarantees, and we'll adjust as needed. I went on Angies list to find a licensed contractor who can help with walkthrus and rehab numbers until I feel more confident and I offered him the work when we move forward plus 10% net profit. Eventually I'll have to figure rehab numbers myself, but since I am dealing with someone elses money, I figured it wouldn't hurt to start. Hope I'm not doing to much busy work.
Anyways, the 2nd exit strategy is that if my partner doesn't take the deal as a rehab, then I can turn around and send it to my buyers list and use simultaneous closing with transactional funding, otherwise we decline the offer within the inspection period.
Karen and Mike, thanks for really helping me to get a better clearcut idea of how to move forward.
My goal is to become a expert at doing REO's, Foreclosures, and shortsales as now I know, after meeting with my realtor Sunday, that that is where the better houses in better areas are found so I think that is where I need to focus our low offer strategy. ANY OPINIONS ON THAT?
In the meantime, I've been doing some driving for cash, Craigslist and Backpage marketing. Made an offer yesterday, have a walkthru scheduled for today, tomorrow, and Friday and offers will follow. Will continue to market driving for cash, on Craigslist and Backpage as I can't afford my bandit signs, but need to keep marketing to get my own EMD so I can get after the inventory of REO's, Foreclosures, and Shortsales while we have the inventory that we do and in case my new partner doesn't come thru.. Thanks everyone...THINK LESS DO MORE.....

Louis, You have made me realize that I have MUCH TO LEARN AND DO! I became a DG student in Nov. 2012, and was just 'thinking' of WHEN should I start to advertise myself. I feel I am not ready to talk and meet with a seller just yet, when I do, I want to sound like I "know" what I am talking about.
Comparred to you I am way-way behind. It sounds to me like You are doing everything right. Contacts are coming together and you are very active- so CONGRATS and keep moving forward- THAT'S HOW WINNING IS DONE!
Thanks for reminding me to go through Dean's book again myself. Time is Now.
-Tom

WOW!!! I am SO impressed! Do you see how far you have come?!?!? I am actually speechless and so proud of you as I read this thread, Louis! You have grown right in front of our eyes!

Now, here is a little input. On your second exit strategy, is this a private seller or REO? If REO, you are correct that you would need to do a double close w trans funding. If private seller, you should be able to just assign unless your fee is higher than you want the end buyer to know that you will be making. Will save you money and be simpler.

Now my opinion on the part after you thanked Mike and I. The market is starting to change in most areas of the country now. Many banks are also changing some of their strategies. A lot of banks are starting to do their own rehabs and they are not selling with the really big discounts that they were previously. (Yes, there will always be some exceptions) There are a lot of speculative buyers flooding the mkt now and they are driving the prices up, so that many props are selling for full asking price. Bank owned props are not where you are going to be finding your best deals right now. Too much competition and the prices will be too high. SS take a long time and a LOT of paperwork.

CL and online can be good places, but make sure you check every couple of hours for any new listings to beat everyone else to it. FSBOs and DFD is going to be the best. Much less competition. Most people are too lazy to Drive for Dollars. They want to do it all from their computer. As far as the nicer areas that the realtor is talking about, you will find things driving also. He just won't make money on it. A realtor is a great asset, just keep in mind when he is giving advice that he doesn't make money unless you buy listed props. There can be good deals there but not ALL the good deals are listed.

If you can't afford bandit signs, go to liquor stores or ask grocery stores when they stock and get some of their empty boxes and cut them up.

Keep up the really great work!

Karen