OfflineI wanted it to be documented somewhere publicly that I've decided to take action, and start pursuing my dreams today.
As I write, I am starting Chapter 11 of Dean's Profit Now book. I'm inspired, and I know from my own experience in real estate that opportunities exist that most of us never take advantage of. I'm going to start taking advantage today.
Now I'm ready to setup my business (cards, signs, flyers, forms, voicemail, etc.). Tomorrow I will look for an open house in my neighborhood as the book suggests.
I have one property in mind (somewhere in Brooklyn, NY), which is owned by my cousin's father. He is an immigrant, and has done very well for himself in RE. However, he has had this one building (8-family) for nearly 10yrs, and never completed the renovations, and therefore has never rented it. My family's building in that same area is worth nearly $1mil and the rents average $1500/per unit.
He is sitting on a goldmine and now he is selling because he cannot complete the repairs. I didn't think to approach him about purchasing until now that I've read the book, so I hope I'm not too late.
Any advice (constructive only please) will be most appreciated.
No matter what, I'm not turning back. I'm frustated with my job, I have a young boy and I'm frustrated with my lifestyle. But that is my history--my future starts today!
Wish me luck,
Steve
Thats great news and you should check out that apartment complex. I am also glad you got your supplies set up and ready to go to work tomorrow. I suggest that you should read deans books 2 or 3 times and also welcome to DG Family website for our support to you. Good luck on your deals !!
Warm regards,
Paul T. La Moy
This is my first day and I am excited. Hope to finish the book by tomorrow and go to work starting Monday!
I am so excited for you and you sure can get lots of support from us and now get to work and let us know how you make out. Good luck !!
Warm regards,
Paul T. La Moy
Congratulations on taking the step into real estate investing and taking action to start pursuing your dreams. You can do it. Dean's books are a road map to success. I have applied Dean's principles and had much success during the pat few months. You can do it too! Make your plan, work your plan and stay focused no matter what obstacles or barriers you may encounter. As Dean has stated "know your WHY for doing this and nothing else matters". Good luck with real estate investing. Believe and Achieve!
- Joe
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Today I saw 5 open houses: 3 were listed in the paper, 2 were discovered while driving. I found 1 very motivated seller, and 1 broker who wants to work with me (despite the qualifying property criteria I explained to him).
Here's the scoop on the house with the motivated seller:
2 family house w/ 3bdrm over 1bdrm; 1 car garage; nice neighborhood; Asking $525k; Existing Mortgage $350k; comps say $413k-$425k
Seller is retired & wants to move to caribbean; he would like to cash out with $60k, but realizes he's not going to get very close to the asking price
Property is listed with a broker, but seller will negotiate directly (broker still has to be paid).
Any suggestions?
Hey Steve,
I wish you all the luck and Gods blessings to succeed with this opportunity you have discovered. I concur with Paul's suggestion. Read Dean's book a few more times until you know it like the back of your hand, or join the team and get a coach to walk you through before you make that initial step. I know its a BIG one and I feel your excitement. But, proceed with caution. The reason why I say this after reading Chapter 3 'IDENTIFYING NAT'L AND REGIONAL FACTORS AND CHAPTER 4 'IDENTIFYING LOCAL FACTORS' of BE A RE MILLIONAIRE BOOK. Brother, I'm not trying to burst your bubble or discourage you, but I hope you did your homework thoroughly. Check out the market locally and nationally. There has to a reason why this persons rental project never completed. Check out all of the factors.
God Bless
Dedrick Whitfield