New NorCal REI

Welcome to the DG family. This is a wonderful place to come for help and support. You will also learn a lot here if you take advantage of reading, reading, reading--especially some of the older threads.

Good luck!

Karen

Thank you Karen, I'll take all the support and good advice I can get. I am like a sponge and I'm reading and retaining as much knowledge as I can in order to make my business successful.

Thanks again!!

Karen is right: read as much as possbile and especially the post on this site. Welcome!

Thanks for the info Tammy,I really like your site!

Today I'm working on setting up my usapropertywholesale.com site and I'm pretty excited, I think this will be a great addition to my marketing. Is there anyone currently using this free website and if so can you let me know how it has helped you with finding sellers and buyers. Thanks!!

Completed my website which I'm pumped on!! I've been making offers on homes and have been counterd back on a home that has great potential, I countered back and waiting on response. I called an investor I found on craigslist who is very motivated, he has contacted me numerous times to keep updated on the property that I have been negotiating. I have also been sending letters to cash buyers in my area who's info I pull from PropTrend. So far I am recieving a response from 1 out of every 10 letters I have sent. My buyers list continues to grow and I'm becoming more and more confident speaking to these investors. I've ordered new business cards with my new web address and matching return address labels, next week I'm ordering bandit signs and I'm going to start marketing to both sellers and buyers . I think the first deal is right around the corner!! I'm trying to be as active on the DG site as possible which I think is keeping the fire stoked. I just registered for credit repair webinar and I'm excited about that as well, my credit is definitely not where it should be so that should be helpfull. I'll let you now how things are going in a few days. Thanks to all!

I just received the "Boots On The Ground" DVD set, Thanks to my relations manager Peggy!! Excited to get started and learn even more about REI!!

Jacob! :)

Every offer I've submitted in the last 4 months have been turned down or have been beaten out by offers that are over asking price. I don't know if its because the market I'm in is too competitive or if its the technique I'm trying to apply but I'm getting pretty discouraged at this point. I have very motivated buyers that I'm working with but I can't seem to get a property under contract. I'm in serious need of some words of encouragement and maybe a little advice from someone located in the Bay Area that has had some success. Please, any advice would be much appreciated. Thanks!

So I've been having a difficult time here in Northern CA. Properties seem to be selling over asking price and all my offers are being ignored or turned down. I think it's time to start researching properties out of state but not sure where and how to start. I know I should contact real estate agents from the area I'm interested in and start researching cash buyers in the area as well, just not sure where I want to start researching. Any suggestions would be great.

It's the same down here in So Cal. Not only do buyers offer more than asking price (which is over inflated to begin with) but they often also pay cash. There is no room unless you play by their rules. Without cash in hand and a riskier approach, you'll get beat out every time. You can simply toss out the REI handbook out the window when it comes to California real estate.

I would suggest looking into neighboring states like NV & OR. At least you won't be competing with overseas investors there.

Paul, thanks for your input. Are you currently investing out of state? If so have you done any assignment deals or are you buying and holding properties. I've been making offer after offer trying to assign the contracts but sellers and seller agents see and/or assigns on my offer and just turn it down. I'm wondering if I should just do double closing instead then maybe my offers will be taken seriously. What are your thoughts?

I don't think the 'and/or assigns' is the issue. Most likely it is your offer price. Since you're planning to assign the contract, it's safe to assume you are offering below FMV. And in this market, sellers (standard or REOs) have no shortage of cash & retail buyers who are out bidding each other.

I am planning on venturing out of state myself. Of course there are other issues with distance, but I think it's still by far more advantagious. My strategy is to hold and have it managed by a local company. Flipping would require too much hands-on time.

Thanks again Paul, I agree that the CA market is saturated with retail buyers, in fact I have made some offers at asking price on homes that are already discounted who have accepted offers well over the asking price. Pretty frustrating to say the least. I still feel there are some good deals to be had but they are becoming few and far between. I guess it's back to the drawing board and time to create another plan attack. Thanks again and good luck!

I just read your journal for the first time. Welcome to the site. I think anyone from CA can relate to what you are going through. As Keith put it " California is a tough nut to crack."

http://www.scpr.org/blogs/economy/2013/02/27/12720/investors-seeking-pro...

Thomas, thanks for your input, the article is interesting and discouraging. I keep reading on this site that people are having success in CA but I have been working very hard over the last 4 months and haven't made any progress other than finding cash buyes who are also having trouble locating good deals. I hope I didn't miss the boat! I'm going to start researching out of state properties and pray I can make something happen. Thanks again.