Started Again....

Since the last post, I've contacted a couple of other investors that I've met at the local RE Association and local RE Club to talk to them to see if any of them had any interest in mentoring. One of them seemed interested and wants to visit some more before committing. The other investors that I've talked to are interested in partnering at various levels to leverage our knowledge and investment team members.

I also met with another friend and while talking to them mentioned that I am beginning to invest in Real Estate. They were very interested and said that they have several friends that have money but don't have time to invest but would like to find someone that can find them properties, fix them, get them ready for rentals and sell them to them... So that sounds pretty promising. I'm meeting with them this weekend to see what they have in mind.

I also sat down yesterday and wrote out the investing goals for the next 3 years. This week will be a short week due to the 4th holiday, but, need to make calls this week to continue putting together my investing team. This week I'm going to concentrate on calling and interviewing Title companies. I'm also going to start looking for contracts for contractors and services. So far, I've interviewed 3 Real Estate agents that have agreed to work with me; unfortunately, of the 3, only one seems to be sending any properties that fit my criteria. The rest of the leads being sent from the other 2 are random leads and most don't even fit my criteria. I need to contact them to see if they will send me what I'm looking for or get rid of them....

I hope everyone has a fun and safe 4th of July holiday weekend. Bruce

I had a great weekend moving forward with REI... I also had a great weekend celebrating the holiday...

Over the weekend I met with an investor about partnering in REI deals. We shared a lot of information and we had a great conversation about how we can each help each other with our investing goals.

I have also met with another friend that also wants to begin his investing career. Through his current job, he meets a lot of people throughout the week and we talked about the people that he knows that may be potential buyers, real estate agents, a probate attorney, and a couple of restaurant owner friends that have money to invest in properties.

This week I am going to finish my REI business plan and get together with a mentor to look over my plan and give me some advice and help me make sure the organization of the plan is sound and also to review my financial goals to give me direction to achieve my goals and to review the projections to make sure that they are reasonable and attainable.

I've also sat down and determined the markets that I want to concentrate on and put together a list of criteria for the types of properties that I want to focus on so the RE agents, attorneys, and other investors that I'm working with know what types of deals to refer to me and also to get the criteria from the other investors that they are focusing on so I can wholesale any properties to them when I find them.

I hope all had a safe weekend. Bruce

It is great to see you moving on this. You took several good steps forward and didn't sit back and wait for someone else to nudge you along. You have good motivation and I hope others on here that seem to be in a rut read your posts. Just don't get discouraged if deals don't work out, or if a mentor or partner seems down or not ambitious about a deal. Remember it is all about the ups and downs.
Glad to see you reaching out for help on it.
Good luck!
Sandi

Well, I started this process back in January and got sidetracked but now I'm back on track. I've been reading as many journals that I can... What an amazing amount of information!!! Thanks for the encouragement... Talk to you soon...

Bruce

sounds like you are headed in the right direction. just keep moving forward and the more you blog, the more accountable you make yourself. i can barely go without posting in my journal; for some reason it drives me nuts!

Thanks for the support... and thanks for checking in.... Bruce

The investor I met with over the weekend sent me an email outlining his criteria for the properties that he wants to find for investments. He also outlined his requirements for establishing a partnership for working together. Unfortunately, I do not have the finances available right now to meet his requirements to partner with him as an investor; however, I have a really good idea of the types of properties and areas that he wants to find properties so I will devote some time to try to find him properties for wholesale opportunities for me. That way if I can flip some properties to him I can continue to build my reserves for a future partnership opportunity with him.

I also have an associate (a new investor) I mentioned in an earlier post that wants to partner together with our resources. He has been talking to his Real Estate Agent contacts and 2 of them are interested in talking with about working with us to find properties. We have phone calls with them this afternoon. So hopefully we will be able to find a good real estate professional to work with us.

The rest of the week I plan on contacting title companies and HML's in order to get their lending criteria. Have a great day!!! Bruce

Just finished calls with the 2 realtors. The first one mainly deals with listings and is not very interested in dealing with investors but she wants would like to do any listings of any properties that we may fix for flips. The second realtor is very excited to deal with us and has been working with investors for almost 2 years. We are looking at a property tomorrow afternoon to put together the analysis to see if it is a workable deal... Things are definitely looking up....

Had a great conversation last night with the second realtor. We are meeting today to look as a property to fix-n-flip....

Spending the rest of the day working on finishing my business plan so I can set an appointment with my mentor to review it.

I also am going to do some research on RE attorneys so I can call them to interview early next week.

I may also be heading to ND for a couple of weeks to help my dad clean up his house the flooded in the Minot flood. I talked to him yesterday and they finally got a look at his house... there was 5 feet of water on the main floor so obviously the basement is shot...

What a great day!!!

Met with our RE Agent and looked at 2 more houses... Look promising... Going to spend the weekend going over the numbers... Will talk to the RE Agent Monday... Have a great weekend everyone!!!