OfflineHello everyone.
I bought BARM in early Jan. and read in pretty quickly. That's saying a lot for me because I think I've only read about 8 books in my life. I was thoroughly impress with it and thought to myself, "This is it. This is what I've always wanted to do" After joining this website and reading all the posts from everyone and once in awhile posting myself I started to get my team together.
I have a Real Estate agent whom I believe is on board, I have my mortgage broker who I've used in the past, and I've started to get my buyers list. The buyers list has been a slow process but I'm still trying. I have about 4 buyers and counting.
I got the call from the Success Academy a week ago and talked to them and when they told me the price I got scared and said no. I told them that at this time I couldn't do it and maybe I'll call them back later. Well a week went by and with some research I realized that I need to be part of the Academy. I called my guy back and he has yet to respond to my message. I'll try again tomorrow.
At this time this is where I'm at. I'm very nervous, because I've never been the type of person that loves talking to people unless I know what I'm talking about , and right now I don't. Nonetheless I'm moving forward and I am bound and determined my family and I will prosper from this adventure.
Josh
I have a new realtor and he seems awesome. He's set me up to get emails just like you told me Rina. Thanks. He seems much more aggressive and is definitely is not scared to put in low offers. I think he's more of a retailer, meaning he is looking for me to buy and then sell retail. I figure it will be on a property by property basis.
I'll be looking at some props this week and 3 of them look really promising. They are all foreclosures so I'll be trying to lock them up using a Land Trust. I do need to find more buyers though......
First offer put in yesterday on a 3/2 built in 1999 REO. I will be using the house as a rental because my uncles apt lease is up in May. So I have a guaranteed renter. It was on the market for $99,500 - I offered $68,000. They say they want 10% earnest money for cash offers so that really sucks. I don't have $6800. I put down $1000. Today they came back saying they want a proof of funds letter and the rest of the earnest money. Gonna give them a POF from Coastal and I'll have to see on the rest of the earnest money. Any suggestions on what to do next?
Oh yeah, presently getting approval for a HML.
Well I haven't posted for awhile, but I have been active. I've made 6 offers on REO's and 4 on HUD's. My REO's have all been turned down. I made the offers for 60% FMV. The HUD's I offered were 60% also and my realtor said they required a $500 earnest money check. One offer was turned down so I told my realtor to up the offer and he said they HUD changed their policies and are now requiring a cashiers check for $1000 for every offer. I thought that was outrageous. So I asked him to submit 5 more offers yeaterday and he sends me an email saying he doesn't have time to do my offers because he's swamped. Looks like I need to find a new realtor.
One question for all you. He sends me a list of REO's everyday through my email. I tried to search the MLS# on another realtors website so I can submit the offers myself but the property didn't show up. How can I find out where to submit the offers to?
Thanks for the help.
Goodl uck on your REO offers. Sometimes you can make another offer a week or two later and they may accept a previous offer that may have early refused. Th Bank Aseet manager motivation can change on a daily basis. In regards to the offers you make on the REOs, the listing broker can usually enter offers very quickly on-line. If you search on a site such as realtor.com you should be able to determine the listing realtor. Good luck on all your deals. Believe and Achieve!
Indiana-Joe
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Thanks for the info Joe. I'll be putting the 5 offers in today. keeping my fingers crossed.
Good luck on your offers! I had mine countered & the bank only went down $1000 so I'm waiting for the price to go down...then re-offering on it! You're doing great, keep us in the loop K?
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Hello Josh,
I hope all is well. Did you get any hits on the 5 offers you submitted a few days ago. How is everything else coming along, any new prospective deals. Hope to hear some good news. Keep the faith. Believe and Achieve!
- Joe
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WOW, what a depressing summer for me and real estate. I couldn't seem to find a single realtor who wanted to do this with me. It got very frustrating, so much so I gave up.
A couple of weeks ago, I had a friend whose sister is a realtor and she seems on board with it. I'll be making some offers this week and hopefully I'm back in the game.
No my realtor was not actually putting the offers in. He said he was but he wasn't. It ****ed me off pretty good. Every time I called to see if there was any reply he just said he hadn't heard anything. He then told me that to make an offer on a HUD he needed a $1000 cashiers check for every offer. He said HUD requires it. I though he was full of crap and then his boss contacted me to find out what was going on. Anyways I finally found another realtor and I think we are on our way.
Hey Moundman,
It was a rough summer for me too but I am back on the horse as well. I ended up finding an investor wanting to get out of the game, we'll see. Keep at it, keep looking, don't stop!
Later,
Lonnie..
Don't forget to play hard after you work hard!!!
Why team building is important, "You can't know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive." DONALD TRUMP
Keep at it (putting in offers) and don't give up.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
What's up with that? I've had all kinds of problems with realtors this summer too, you're not alone! I almost gave up as well...I'm back in the saddle hoping to get a deal going. Don't give up now! I'll keep on you if need be!
I'll be checking in on you!!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Well,
I have a property that I want to buy for a rental. I'm trying to get the hard money and financing situated before I make the offer. I already have a renter (my uncle) so it's a win win situation for me if the financing works out. My hml guy emailed me saying he thinks he has the perfect thing for me. We'll see Tuesday when I call him.
I have another property that I actually want to buy for me and my family to live in. Zillow has it at 228k and it's listed for around 180k. I'll be putting my house now up for sale / rent in the next couple of days to see how that works. If everything goes as planned and I get this house, I'll try and get a heloc to make some more moves on rentals.
---Josh