Stuart's Portland / Phoenix Real Estate Investing Journal

I have made my first 6 offers on homes on the mls. We'll see if any of them pan out. I think I need to make about 25-30 offers to actually get a good one - so I need to find some more. I am focusing on 3 bed homes located in my area of Portland so I can get to the homes easier and more often. One problem I had before is that I bought properties all over the city and would sometimes not visit the home for weeks - this is bad news. I will work harder on being smarter. I keep plugging along on finishing DG's book. I looked into the real estate success academy, but have zero funds right now - I don't even have a credit card with any room on it! So I will focus on finishing dean's book and go from there. I have to find a niche that works for me.

I just wanted to say hi and welcome you to your journal lol. I'll be following along as you go . Good luck and take care!

Lisa

Lisa,
Thanks for the encouragement. I went through the home with my realtor and saw some foundation issues, which is GOOD since it gives me a better chance to get the home. I had factored this into my offer, which is 30K off asking so we'll see if the bank even responds.

But you have to start somewhere, right?

Stuart

tomorrow morning I am supposed to put in my best and final offer on one of the 10 mls offers I have in right now. A little nervous! I will get the numbers to rehab from my contractor tonight so I know what my best offer is on the home. I hate it how you find a property that has been sitting forever, then make an offer and 3 other people make an offer as well.

wish me luck!

I got contractor bids back on 2 of the homes tonight - one was right where I thought it would be and the other was 15K higher than I thought. We'll see what happens with the banks.

For the one offer that wanted a best and highest, I could only increase my price by 5K because of the uncertainty of the future value of homes in the area.

No accepted offers yet, too low I guess. I will keep moving forward - I know a deal will come my way soon! I have a great Realtor and contractor to work with, now I just need to get some properties under contract. I am blessed!

Hi Stutiff I am currently in the Beaverton area of Oregon and just wanted to drop by and say hello. I have read that book now and am working on getting ready to send some letters out to Real Estate agents. Do you mind if I ask who you are using right now to try and finance your deals? Are they hard money or investors that you have met through the grapevine? Good luck on your offers and I look forward to another contact in my area.

Great I was looking to do a couple brokering/assignments to get the ball rolling. I will keep in touch if I find anything soon. Thanks.

I just left another home that I am putting an offer on. Met my realtor and contractor there - hopefully this one will work out. The bank has it set for real estate auction soon so we will get our offer in to the bank before the auction and see if we can get it tied up. Still have a bunch of other offers out there, and am debating about one deal I think I can get for 100K worth 150K - just need to see what work it will take to get it there. Or maybe I will just wholesale for 5,000. We'll see!

I have my first deal under contract to close in November. A decent place that was first listed around 150K, bank kept dropping price to 115 and now I have it tied up at 95K. Not sure whether to flip it, rent it, wholesale it, etc. Doing home inspection this week so I know exactly where I stand with required rehab. Very exciting. I am leaning towards wholesaling the home so I can make a quick buck and move on to the next deal. If I can pocket 10-15K in the next 30-45 days I will be very happy. Especially heading into the winter months when real estate typically slows down.

Now I need to find my next deal!

Stuart

Hello Stutiff,

Your come back sounds great, you'll make it. Its exciting reading what you are doing, I know that it will work for you. I have a tuff start too. I was in banking and went into the restaurant business. Big costly mistake, now I am rebuilding.

My little brother lives in Portland and is about to open a bar... I am trying to talk him into doing real estate instead. I'll keep working on him as this is the better business to build.

Much success and Godspeed,

Ty

I agree that REI is way better than the restaurant/bar business model! If he ever wants to get into he can give me a call.

Thanks for the support! I love this great website Dean has put together for all of us "in the trenches"!

Stuart

This real estate stuff really works! I got a call from my wife that told me to call a lady whose friend is going to lose her home to foreclosure next week! This lead came from a friend of my wife's, who has this friend, whose friend is the one in foreclosure. But people are starting to know I am in real estate and can help folks out. Anyway, I went by the home that is going to sale next week - and met with the lady. It is so important to meet with people and LISTEN! I don't do this nearly enough. I personally believe that if we will all start to listen more and not think so much about how we can make money off a deal, then more deals (and better deals) will come our way. This person just wanted 100,000 and she would walk from the home. The home is worth 150! Well, I know of some cash buyers that can get people out of a jam like this so I called them right up and the 3 of us met her at her home. After inspecting the home they decided to buy it for 100K and save her from foreclosure - I will make a nice little birddog fee for my efforts and move onto the next deal. There are SO many ways to make money in real estate - Dean has really opened my eyes to this.

Thanks Dean and thanks to everyone else on the DG website!

Stuart

Hello Stuart,

Sounds as if things are starting to move for you, that is awesome. Thanks for the post, it is good to hear of locals making it happen in the North west. I have also been interested in not only investing in Oregon, but looking in to the Phoenix area. We should get together and chat about how to make it happen. I am in the Beaverton area frequently for work.

Here is a little about us.
I am a investor in the Salem area and am working on developing a network of people in Oregon to work with. We currently have rental property in Salem and have invested on a small level for years (rehabs, rentals, etc.) mainly living in them as we fix them. As I dig into increasing our investing in Oregon, it does seem as if there is a lot of legalities that must be understood to stay out of trouble in this State. I am not apposed to investing out of State, but know that there has got to be some means to make it happen here in Oregon with some of Dean's techniques. We have purchased many of Dean's products from 09-10 Edge events, the success academy to many of the books and products. I have learned from each one of the products that I have purchased and am really trying to figure out what will really work in our area and particularly work of us and our investment goals.

So, please send me your info by Private Message or here and lets get a group together on this site and in the area to figure out how to make it happen in Oregon.

My belief is that networking is the key to success. We must all learn from each other to be successful and do it right.

Good luck to all.
now is the time,

Jeff