OfflineJust wanted to give you a quick update on my position with my first deal well, offer. Its a REO 3/unit each unit 2/1ba rents go for $1200. My contractor said rehab $4000. each unit. BofA asking $357k today for it. Comps are 420K and and they allready have 6 offers. When I wrote up the contract with there listing agent yesterday and put my name with and/Or Assignee they did accept that. WOW! I thought theyd say No way Jose. Its my lowball offer that they countered $289k Thats ok I can always work my way up, Or like they say move on to the next. You have no Idea how scared I was to meet the listing agent and write up this contract. I almost just backed out. But I held my guns and called the Academy talked to Pat, then Dwayne and told me what to do. Anyways to make a long story short, This position takes a lot of courage and for someone like me to do what I just did even though the bank wants $345k I dont have any down pymt or any end buyer, I just cant believe I got that far done. Do you know what I mean I felt like the lion in the wizard of oz. No courage! Now I got some. LilyfrmL.A. 
REO'S So. Cal.
Posted on: Fri, 09/04/2009 - 02:04
REO'S So. Cal.
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- by LilyfrmLA
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Congratulations! You did a great job just making your first offer. When you made the offer with the listing agent did you do it through an agent and did they require a proof of funds letter or preapproval letter?
Congratulations Lily! What is the lowest priced comp for your type of property? Do you plan on wholesaling it or keeping it?
KimmyJ
Press on...
Thats the best thing to do, is just get out there and do it...
See you at SoCal meeting
Jason S.
San Diego, CA.
**All CASH House Buyer!**
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on this deal. Looking forward to hearing more about this deal. Go get 'em 'Lion'
Lea
SPR Property Solutions, LLC
I'm really happy that the agent accepted that is just one step closer for you to making your money.The question I have is, did the agent ask for proof of funds, just woundering.Best of luck for this deal and future deals.
Congratulations for taking action and submitting an offer on this multi-family REO building. Whenever you have more than one interested seller the banks will want to try to create a bidding war. So make sure you know how high you want to go and do not be influenced by what the bank claims they have. Especially with REOs, banks get motivated every 30 days that tick away with their units being unsold. Most of the time the banks want to make sure that this is actually "your best and final" offer. Keep us updated as to any progress. Good luck with this potential deal and you future real estate deals! Believe and Achieve!
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I am so proud of you. and call me later when you can. I told you what I have been up to lately but things have slowwed up a bit now, so I am actuaally able to talk and I just installed this great new software that talks to me and will do all m verbal commands and also dictae that I want to say...lol.. uyou know what I am talking about....any way my friend, like I always say "JUST DO IT!"
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Good Job LiLy hope your offer get accepted. The first step is the hardest. But Dont give up.
Anita said it best JUST DO IT
Putting in your first offer must be awesome. Can't wait to hear the details from acceptance to closing either through assignment or double closing. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Putting in your first offer must be awesome. Can't wait to hear the details from acceptance to closing either through assignment or double closing. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
I met with the listing agent yesterday at my lunch hr to give her the pre-aproval letter. She didnt ask me for it though. But she did mention if I got Approved with BofA I said I will work on it. Even though I know my credit score is at 550 I wont get a loan application accepted. But that agent doesnt have to know my business. I called one of my past mentors in Las Vegas re: this deal and he is a cash buyer he even will let me talk to his HML guy for a loan to cover my butt if need be. Hes pretty cool, thats why its always great to Network!!Hey Jason Ill get his contact info. and let you know.And for Kimmy, the lowest priced comp is $410k sold July same street. At lunch I asked agent did those 6 offers last wknd get answers she said No not yet! Looks like a waiting game. Oh well I will not go over 300K for this deal to work. I am not waiting, Time is Money I also talked to the FlipMan frm Alabama this wk(YouTubeGuru)and am currently looking for Apts. for him to pay cash on Comm.RE I stumbled upon this great website for L.A. Comm.R.E and will fax him the spread sheets Mon. So he will Partner with me 50/50 split.
Sorry I ran out of room! Darn that always happens to me because I talk to much. Anyways if anyone knows me, well really knows me, I paid the flip man back 6mos ago to mentor me online. Found out bandit signs for me dont work Noway gna nail up those darn signs at poles gna break me a nail.LOL! Well I he recently emailed all of his students that he will do a 50split comm. to those who will find him Commercial property any state, as long the numbers work. I called him this wk about his post and he told me what hes looking for you know Rent Rolls stuff Id never heard about. He will provide the cash buyer as long as the numbers work. Well thats my task this wk. Focus,on I stumbled upon this great website that has L.A. Comm. only and will fax him the spread sheets. Wish me luck because I dont know what the heck Im dng in CommRE But Im gna make It work out. Like Anita says Failure IS NOT AN OPTION!!
I know Anitas gna read this and start laughing my Homegal.LOL! Shes got my back!!I must make this work I am so tired of The RatRace Im in.Stealing frm Peter, to Pay Paul.Keep your fingers crossed DGfamily.MUUAW! LilyfrmL.A.
all I can say is YOU GO GIRL!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I can tell how excited you are, keep up the momentum. Looking forward to hearing the outcome of your offers.
Thanks for the reply back! I got your back gal.
Did you get your offer accepted.
Where in LA County is the 3unit.