OfflineThis is my first journal I am going to work on keeping in order to keep you all up to date on what I do with the DG program. So far I have emailed with a few owners of FSBOs none of which were going to work due to them not being motivated enough to reduce their prices even though I proved they were asking too much as is but no worries we all ended with good terms and a thank you for discussing their motivations.
This one house I inquired about through a real estate agent got back to me and let me know it was a short sale and the owners owed 10k more then the price of the house already. I let the agent know that maybe not that home but would be interested in a couple of deals that he has under him that he knows the owners may be interested in seller financing. I let him know that I was looking for properties that were distressed, had motivated sellers like from divorces, estate sales, etc, etc... Then I let him know that I wanted to keep the house to rent out, assign to another investor, or do an instant equity exchange with a buyer that I may have lined up.
I told him on the assignments that I could possibly come up with a contract with him in order to give him a percentage of any assignment money I may make in order to get him to find me more properties. He may or may not go for it but it is at least worth asking to maybe a get a good real estate agent on my side. Although I forgot to tell him I would also be willing to bring him in on my FSBOs that I have been talking to.
So far all no's on properties I have discussed but I figure I will get a lot of no's before a yes. Thanks for reading all I will keep you all up to date on my progress.
Looking forward to hearing more about your journey!
Together, we can be successful!
Thanks
The real estate agent I had sent an email back to me this evening. He is really excited about meeting me and finding out exactly what I am looking for. I explained a bit but he would like to hash out details tomorrow. So we have a meeting set tomorrow. Wish me luck all. Now all I have to do is contact a mortgage broker that would like me to send him business and find out details as to what qualifications he or she would approve a loan so that I can start advertising for buyers at apt complexes, colleges, etc, etc...
Today I have my interview with a real estate agent I had met while inquiring about properties. I am armed with the questions from the Profit From Real Estate Right Now book. This guy seems open minded I just hope it is everything that I hope for!!!! Any last minute advice from anyone before I go to my meeting?
I interviewed the real estate agent and we clicked really well. He answered all the questions from the book fully and is willing to work with me and more importantly I am willing to work with him. We have already looked at one house but I am not sure if that is going to happen. I need to bring my grandpa by to get a good guess-timate on repairs. We shall see.
He already sent the listings out for me and my fiance and I are going to check out a few of those today. These ones that we are looking at are some reo's going for around 140 - 160 but I plan on offering from 100 - 120 for those in bulk and one is bound to be accepted eventually. Then if I get enough people on my buyers list and finance list I could either flip or get it under my name to refi and take some money away to rent out the property. I am way super excited.
I want to take a minute to thank Dean as well. If it weren't for your positive attitude and belief in people that you haven't met I would not have really started to get into this. This is changing my whole outlook on life so Thank you so much.
Today we got up and went to look at 2 more properties with my real estate agent. The first one we decided against because it was one of those cookie cutters that wasn't even worth time or effort of trying to get in order to flip nor rent out. The ones around it were trashed as well so even if we made it look pretty it wouldn't have mattered.
The second house we walked through is a perfect flipper. This house needs about 30k worth of work but my real estate agent has this guy who came by and I met who will do it for materials and get his labor cost once we close the deal as our exit strategy. It was on the market for 155k but we are going to offer 110k. Its an REO that we are super excited about it. All I need to do now is get my pre-approval letter so that my agent can offer.
I just found out that my credit score has come up significantly since my divorce so I am going to try and get a 203k which will allow me to get money to fund the deal and also help to cover construction costs. I don't know much about it but I am learning as I am going. Thanks for reading and wish us luck all.
Currently I am waiting for my pre-approval letter in order to pick up this home. As soon as we get that we can make the offer on the above mentioned home. After I find out whether my offer was accepted or rejected I have to then go find 3 1/2% to put down. First I am going to try family and from there I will have to find another way. If I pull this off with borrowing all costs then I really wouldn't have used any of my own money although I am using credit. But I figure get it where I can. If this doesn't pan out my back up plan is to try to get a hard money lender to cover the costs.
My real estate agent feels that once fixed up we will be able to put it on the market for 230k and more likely get 200+k from it. Our back up strategy is to if I can't get rid of it quick to drop to 185k to free up costs and take the winnings from that property.
After I find out whether I have the financing and getting this property tied up and started I am going to start looking for more property to do similar to. I am starting to really like REO's.
So I haven't been able to find a way to get a property financed yet but I am working on Bird Dogging one to another investor from here. If it works out I make a quick buck and it will be my first currency transaction from this program that more then paid for the books. This is a wonderful program that I believe you just need to keep on working on it and eventually it will start to pay off. I won't be a person that is ultra successful ASAP after reading the book but I will be successful and I pat myself on the back for that. We just got the next book in the series In Your Town and am looking forward to reading that one.
I have learned so much about what to look for in a house though that I know I can spot a deal in at least my little area of Beaverton Oregon here. I am really looking forward to my supposed end goal of owning 100 houses and have them paid off for a retirement fund
no more worries about a 401k lol. Hope everyone else is doing well and kicking butt.
Hi and thanks for sharing. I'm just starting out myself, so it's helpful to read your journal and pickup some ideas and learn more myself. Thanks again and best wishes for your success!
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"I now realize there are millions of self-made millionaires who started with nothing. They dug inside themselves to find the answers and they succeeded. There is nothing anyone else can do that I can't do."
~ Dean Graziosi
I appreciate that...I am learning myself. I love this site because we can all bounce ideas off one another and learn right from wrong in some cases.
Yes everytime I feel I'm starting to slack, I just enter this site. There is so much to read and learn from. Its a great resource, but so far to me, the best resource is all the like-minded people willing to share their ideas and their own journals. Talk to you soon and gl!!
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"I now realize there are millions of self-made millionaires who started with nothing. They dug inside themselves to find the answers and they succeeded. There is nothing anyone else can do that I can't do."
~ Dean Graziosi
Ugg...I feel I have hit a brick wall. But that is ok my chin is still up and I am still working at my job at least. I can't wait for the day when I finally make it in my businesses between the real estate investments and online business. I haven't been this close in a while to owning my business and I know real estate is the place I want to be. From walking into homes and seeing all the potential in them gives me the shivers. I love talking to all of the unique people that you can meet in this business from home owners to other investors to real estate agents. Its an amazing field that I want so bad.
Greetings,
Enjoyed reading your Journal! Keep us informed....
Much success,
Peace and Blessings,
Sheila
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
Thanks I appreciate that and you got it.