OfflineMy name is Pat, and I purchased the RBBP program on August 4th, after having been unemployed for 2 years. An earlier planned trip, 2 close friends passing away within a short time certainly delayed my opportunity to delve in.
My 30 Days to Cash turned into 30 Days Delay, but now I am up and running and eager to take action. Watched several video's, reading left and right what I can absorbing it all.
Taking it step by step according to the 30 Days to Cash, I talked to a Real Estate Agent today in my area. I followed the script literally, and am thrilled to hear that he is going to send me some listings over the weekend to look at. We'll see how it goes from there. Both he and his wife are a team in Real Estate Investing with ReMax.
Oh did I mention that it took me 3 days to work up the courage to make that first call? But the ice is broken now, and it feels gooooooood!
I am so excited for you! I can't wait to see you in the next success story.
Mr Purple Real Estate Solutions
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"We are too blessed to be stressed." -my Dad
"For I know the plans I have for you," says the Lord "Plans to prosper you and not harm you, plans to give you hope and a future." - Jeremiah 29:11
Thanks David!
BTW I love your Dad's quote "We are too blessed to be stressed."
I forgot to mention that the RE agent I spoke to yesterday mentioned that he has 3 full-time "rental guys" working for him doing repairs, carpeting, flooring, etc. charging only $20 / hr. I think that is a good price.
And on top of that he has access to Wholesale carpeting/flooring, etc. and is happy to provide cost estimates.
Now he also mentioned having 189 lots available for $80,000 each, but that they are accepting $64,000 (20% discount).
Being a rookie I totally spaced out and forgot to ask how big the lots are, as my focus is on starter homes, or whatever the price range is that currently sells the best, and not so much on lots.
From what I understand it's currently much cheaper to purchase than build a home.
My goal for today is to call at least 4 more agents!
So following up with the conversation I had with the RE agent, I sent out the email to start our relationship and asking him to send me a list of 5 deals in area's that he considers to be hotspots, with the 3 criteria of: vacant, "As is", and price reduction, as well as a list of cash buyers over the past 90 days.
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So I get an email back in which he says: " This seems like a very unusual request. As most all the sales are either cash or cash through a cash loan. I have been trying to entice sellers through cash, and their remarks are that they are going to get cash anyway with a new loan. All foreclosures and all bank repos, huds and fannie maes are cash sales. There are few if any owc or other exchanges that are not of a cash nature. Most of the banks will not discount more then the appraisal for cash unless the home is not able to be financed. Can you enlighten me with the reasoning behind researching the cash sales. It seems you have a knowledge of MLS. Are you a agent or have been a agent in the past?" =============
I quickly called the support line, because I was not familiar with the term OWC, which I now know means "Owner Will Carry" (the mortgage), and the buyer then pays the owner directly a monthly amount, instead of through the bank.
The helpdesk assured me that this RE agent is not very educated, and I should not waste my time on him, as it is not my purpose to educate the agent, when he does not think as an investor!
Oh well - on to the next one.
BTW I did email him a quick response (just to be polite): Hi ....,
My only attempt was to get a real sense of where purchases with real cash payments (without any kind of an owc or mortgage attached to it) took place in this area. FYI I have worked in real estate before, but that was outside of the US where different rules applied.
In any case thank you for your time.
signed my name.
Again, Oh well - on to the next!
So after I sent him the thankyou email yesterday, I got this response. My question now is - Should I stay with this RE agent? I am so new at this, that I have not developed the skills yet to determine what makes a good agent? Any opinions out there? This is what he emailed me:
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Hi Pat,
I have sold real estate for over 30 years. I might sell real estate differently, since I know the best buys out there, and I have taught classes on creating wealth with the purchase of fixer up homes for rent and or flip.
You seem to have a certain way of wanting this done, and to me it seems redundant to find all this information. Yes, I do know how to gather up this information. But need to have time frames, whether its pending or sales or what. I assume you are working with several other realtors. I have too many clients not to be the one agent to find you information.
If you would like to come into the office and I will get the information for you as we talk and find a definite course of action, that would be fine. Otherwise, I am just to busy to chase information that the properties of which are the best buys will be gone before we make a offer.
Please let me know if you would like to come in and I will get whatever information you like!
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I'm focusing on finding another agent to work with. Waiting to hear back from them. In the meantime I'm reading, reading, and reading some more. Education is key! Also I'm transcribing the recordings of August and September with Carol Sinson. Awesome stuff! Typing it out, while listening to it helps me retain the information even better. Thanks Carol, DG, and this entire community for providing us with such excellent information.
Pat
This is truly an awesome blog by Carol Stinson. Check her out at:
http://www.realwholesaling.blogspot.com There is allot of good info on there that will help you get started.
Pat
It's my favorite time of the day - listening and transcribing the audio's of the mentor tab in the RBBP. By transcribing and listening, I use more than one part of my brain simultaneously. And in turn I retain the information much better!
Pat
Listened to Dean's call last night. It was awesome. Again I learned a few more marketing tools to implement. Super cool. All in all the cal was very motivating, and it certainly lit my fire up!
Thanks Dean,
Pat