Bernie's Journal

Well I was searching the web on craigs list checking out some properties in my target area, found the ones with Motivated sellers, I even sent emails asking if they were for sale. Im sure I'll get a ton of emails in the morning. I was checking out some youtube videos on re-assignments and found a closing where a guy made $9,000 with a few hours of work. Im so excited to make my first deal. I think since Im going to be home most of the day tomorrow that Im going to do my contract sections and readings from the coaching program. It's like Im peeking around the corner to see if success is there and I faintly see a glimpse, it's so close I can taste it.

Well I met with a realator yesterday and did my first home inspection. I know they said that you shouldnt fall over a place but I mean I am so suprised that this place hasnt been scooped up yet. So I spent a little longer on the walkthrough than thes standard 15-30 minutes I spent shy of an hour. Did some good inspecting. Well it turns out the lady that lived there got foreclosed and owe's a lot to the bank and they want out. The problem is it's going to need some rehab, about $60k worth. But the agent said that it should bring a minimum of $250,000 and they are asking $209,000. Well Im not even going to offer that I bet I can get it under contract for $150-$160 maybe even $140,000. We'll see if things work out. I'm also scheduled to look at 3 other properties Tuesday and I'm hoping to get at least one under contact. I can feel it!!!

Great job on getting out there!
Before you make your offer make sure you get recent comps. Don't take the realtor's word for it that it "should bring a minimum of $250,000". Sometimes they'll put a higher price with the hopes that it'll sell for that (more commission), but YOU are the one that is out if it doesn't.
Base your offering price off those comps (And remember you want a good profit).
Here's a great offer formula from Coach nstreet. (It's very similar to the one you learn in the coaching program.)
http://www.deangraziosi.com/node/3975

Have fun with all the properties.
I wish you well, and God bless!

Rina

P.S. Thanks for starting a journal, Bernie. It will be fun to watch your success!

Hey no problem. I think by the looks in the neighbor hood that this could and might be worth at least $250,000. But again Im not an expert. I know I wont have any holding costs because Im going to re-assign it. Im so excited I have a hard time sleeping LoL.

Well I know after reading around here I didnt want to get hung up on the first property I looked at. In fact I've been working on this perticular deal (my first) that I've lost some sleep. It's hard work, my fiance told me that I should take a break, not a big break but like a 30-60 min break to recoupe. My head was hurting from all the thinking. Whoever said this was easy. I've worked some numbers and I think I've calculated my offer, now I just have to make sure everything is correct. On the great side I rememberd a friend of mine that I did some work for last year, he's a flipper so I didnt worry about hey I havent talked to you in over a year. I picked up the phone and called him. He's now a licensesed agent. He said that flipping is probably the hardest right now to accomplish, and thats just his experience. He also said that the bank may not want to deal on an re-assignment deal either, he suggested I get to the courts and find foreclosures before they go to the bank and agents. I told him about some numbers and he said just make an offer, dont worry about what the agent is going to say, they want you to not go too low because there commission rides on making the asking price. I finally got my software and wow it came quickly. There's lots of good information and I'm overwhelmed. I think besides checking emails and maybe putting up some ads Im going to take today off from running figures. Im happy it's been about 9 day's since I got involved and Im already making an offer, Im moving so fast, and Im proud of myself and my fiance for helping me along this journey!

That's your friends reality NOT yours, actually this is the BEST time to flip, or invest. More millionaires will be created than EVER before due to this economy, so get into that mindset and climb aboard the money train with the rest of us. Choo Choo!

Well today has gone by fast. I've been at it all morning yet again. I did submit an offer on the first walk through. I have 2 places to check out tomorrow. I've found out that this is hard. I feel maybe I made a mistake, but I think for the sake of all things Im not going to give up. I do though need a part time income because right now I dont have one. I talked to one of my contacts today and it's like people are keeping hush hush on the investors list. I dont know why this guy wont pass me the list. I've gotten just one response on craigslist and thats about it. I also signed up at analyzed deals.com and they ask for a 3% commission for submission which isn't bad in my opinion. I think my lack of experience is holding me back some. I've noticed that people dont think outside the box, especially realators. They see in black and white not color. I feel I should slow down but I cant. it's like Im auto piloting. I think now watching TV is a waste of time and if Im not in front of the computer I wont make money. Lots more work to do.

Well it's been ten day's since I got involved with things and it's gone by fast. I've looked at property's and made 2 solid offers. I've made some contacts and feel I've jumped a few hurdles. Now I just have myself focused on my first deal which I can taste. I've got 3 more places to look at tomorrow. It just keeps getting better and better. I've also talked to a friend of mine who knows people that do business and shot out the idea if they were potential investors looking into real estate. We'll see how that goes. Keep things posted.

Well I've been saying to myself that I need a break. I've been at this solid and trying to learn as much information as I can. I've been thinking a lot about some of the mixed information I've been gathering around from everyone from real estate agents to just everything. It's so hard to take in this much. I've even thought was this a right choice but then again I want to succeed it's hard when someone say's well G you got in the business at the wrong time and oh the market and oh this and oh that. I think because Im learning and dont have the experience that some will take advantage of this. When someone say's that the investors are gone well that is wrong because I know this. I've picked up a great deal of Knowledge and hate when people try to blow smoke up my ass (excuse the language). Im going to succeed no matter who say's what. My goals are set high and Im going to accomplish them!

Hi Bernie,
I just read your entire journal. You are ahead of me in getting out there and making offers so far, but I am trying to lay a sound foundation to build on. I want to be balanced in not moving too fast, but not moving too slow either. Dean says "don't fall into the paralysis of analysis." I wish you well. Pas. Greg.

Well it's been a few weeks since I've posted anything. I've had some work work to pay bills so had to take a little time off. But now I have some more free time to get the job done. I'll be back to the site regularly now. Wondering how things have changed.