OfflineI've been working on the ground work for getting some real estate deals done. Some action steps taken so far include setting up a voicemail, bandit signs, and flyers focusing on tenant buyers and potential lease option sellers. I've called on a couple "For Rent" ads and have been trying to work on the right way to approach people. I haven't found any leads as of yet, but I'm confident they'll come.
I also have been trying to build my cash buyer list. I haven't found any yet, but I went online, typed in "we buy houses" and found a bunch of links in my local area. I've wrote them all down and will be calling to see if they would like to be added to by buyer's list. I'll keep everyone updated on my progress. Hopefully my next post will be full of positive information to share.
P.S. Thanks "StudentScott" for pushing me to start this journal! It's great to have supportive and encouraging people push you to take action!
As encouraged by many of you DG members. I have nervously joined the Success Academy a couple weeks ago. I must admit the program has been insightful thus far. I really enjoy the ability to call the success coaches whenever I have a question. I look forward to obtaining great success with the help of Dean's coaching staff. I'll be back to update my progress! Good luck to you all!
Glad to see you joined the Acamady, I just can't say enough about what they have done for me. They really have a lot of valuable material and the coaches are great.
Randy
www.adeptpropertiesllc.com
I found a real estate agent through a craigslist ad I posted a few weeks back. We went and viewed some homes yesterday. One in particular stood out to me as a possible first time investment property.
It's a 3 bed, 1 bath, 1071 sq. ft. rancher
In a good neighborhood/area close to a military base.
It's been listed for 170+ days.
Asking price for this property is 129,900. My realtor told me that this is a short sale and that I could possibly enter an offer of 127,000 and get it.
The home isn't in too bad of shape. New appliances, small kitchen remodel, upgrade bathroom with tub instead standing shower, interior/exterior paint, a couple new doors, and some landscaping. I estimate repairs to be between 11,000 to 22,000.
The realtor looked at some other homes in that neighborhood that recently sold and are on the market and prices range from 180,000 to lower-mid 200,000 (a lot of the higher priced homes had almost double sq. ft). What do you think about this? Should I put in an offer? Thanks in advance for your guidance!
It's a 3 bed, 1 bath, 1071 sq. ft. rancher
In a good neighborhood/area close to a military base.
It's been listed for 170+ days.
Asking price for this property is 129,900. My realtor told me that this is a short sale and that I could possibly enter an offer of 127,000 and get it.
The home isn't in too bad of shape. New appliances, small kitchen remodel, upgrade bathroom with tub instead standing shower, interior/exterior paint, a couple new doors, and some landscaping. I estimate repairs to be between 11,000 to 22,000.
The realtor looked at some other homes in that neighborhood that recently sold and are on the market and prices range from 180,000 to lower-mid 200,000 (a lot of the higher priced homes had almost double sq. ft). What do you think about this? Should I put in an offer? Thanks in advance for your guidance!
but if its such a steal why hasn't anyone else scooped it up???
That should be the first question you ask the agent. How is the neighborhood and how far/close are you to major transportation???
Do you have a possible end buyer(s)??? This is very important because if you have a realtor who wants to work with you, what you don't want if the deal falls through is because of you not finding a buyer. Send an email to them(your buyers) and mention the property, not address, and the specs on it.
If they mention the address without you telling them, then that means they've known about it and passed. Think about doing the same.
I asked the agent why the property has been on the market for so long. She told me that there were offers on the property but they were falling through because of financing. She said the property was outdated for the area because of it being used as a rental. I was told that it being on the market for so long was not due to issues with the property itself. It's a short sale so I guess the whole process takes longer than normal. I'm guessing that could factor into the amount of time it's been available as well.
So excited! I just got my Edge Home Study Course yesterday. As soon as I opened it I popped in the first CD and was blown away. I’ve become even more motivated to succeed in real estate. Rina Kirsak's Purchase/Refi strategy was amazing to me. Because I have good credit I think this would be a good path to focus on. As I continued to the 2nd disk, I also like Greg Murphy's presentation. Reading books and getting advice from the Success Academy has been great for me. I've learned a lot, but actually getting the chance to "view" someone talking about their action steps creates a whole new learning experience for me! Anyway, I'm going to get on the phones today and get in contact with some Private Money Lenders and local banks! Talk to you soon DG'ers!
Wow! Touching base with my own journal is a mind opener. Doesn't seem like I'm really working on being successful in real estate. But I am!!!! So I'm going to try and input something daily to stay connected and focused with my goals in real estate. Make it a point to log in and engage. Today I wanted to start documenting my action steps.
1. So far I've added about 12 people to my buyers list. I haven't found any properties since doing so. I'm going to touch base with these contacts and just give them a friendly reminder that I'm out still looking!
2. Yesterday, I asked a realtor for a list of cash buyers within the last 90 days in the denver metro area. Hopefully, with this information I can add some more to my buyer's list. I have a couple realtor friends in the colorado springs area as well and I'm going to ask them for the same information.
3. I've drove around and found a number of vacant properties. Just yesterday I found 4 that looked to be FSBO and a bank owned. Today I'm going to try and get in contact with the owners. I was able to get the phone # of a couple. The rest I will send a postcard.
Well that's all the news I have for today. Hopefully there's more to share by the end of the day.
Take care DGers! See you at the top!
Mike W
Over the weekend I was able to go back and get a list of properties that were bought for cash. There were about 20 listed. When I researched the owners, I found 4 that had different addresses. So I sent out a postcard to those owners to see if they wanted to be added to my buyers list. I also conducted a list of local banks. I phoned over half of them yesterday. Today I'll work on calling the rest of the list and also calling the banks that never answered.
From my previous post, I sent a postcard to 3 vacant properties I drove by over the weekend. Two I have the phone numbers for and will be giving them a call today.
Happy Investing DGers!
Mike W
It's been a productive couple of weeks...I think anyway.
Got in contact with a realtor that sent me over a list of cash solds from the past 90 days. I got 72 potential cash buyers from that list!! There were multiple purchases from the same llc/person, so I know those are serious buyers. I'll be sending postcards out to these people to inquire about being added to my buyer's list.
Got business cards made!
I went to Dollar Tree and got my supplies for bandit signs (THANKS GREG). I haven't recieved any calls from them yet. Maybe I set them in the wrong places or they were taken down. I'll put more out in other locations across town.
I got a list of properties that have been on the market for 90 days or more from that same realtor. After sifting and sorting through the information, I narrowed the list down to about 7 properties I felt really interested in.
I got approved by hard money lender for $95,000. This would cover purchase price as well as the cost of repairs for that property. Tight to work with, but with help from DG I know I can make this work.
Now I'm ready to meet up with the realtor to go see the properties I told her I was interested in.
Well that's what's been going on. Things are starting to happen.
About a year or so ago I posted my last entry to this journal. Seems like life sucked me back into being "busy". I've continued to visit the site and read posts of all the action takers out there in the DG community. STILL haven't completed my 1st deal yet but I'm very determined. Recently I've been focusing my efforts towards tax liens and deeds as well as wholesaling strategies. In the past few months I have bought two tax liens. One in Arizona and another in Florida. They haven't redeemed yet but I should expect a modest return. Texas tax sales have really got my attention. The incentives and benefits with investing there seem very promising. Im planning on taking a trip there to attend a sale. I've also been searching the local newspapers for "notice to creditors" ads. Weekly I've been sending direct mail to the representatives to inquire about selling inherited properties. Ive been to about 4 local free intro to real estate workshops, and also took an all day course in wholesaling about a month ago. I've managed to save $15,000 in investing capitol that I've been saving for over 2 years now. Just trying to figure out the best way to add to that, without having to spend most of it. We'll see what happens! Wish me luck...