Book's techniques really don't work in San Diego

Why did you post this topic like 5 times though?

First things first, you have to find out if the area your looking in is a buyers or sellers market... if house or taking less then 3months to sell home owners will wait it out because your in a hot sellers market... so you want to find a buyers market where people or almost desperate to sell there house allow you to make offer below the fmv....

The key to making a lot of money is to find the worst property in the best neighborhood so zeron in on distressed property that been on the market long then 3 months... do your reseach on the property then make your offer...now don't give up on that property because your first offer was turned down...keep tabs on it and maybe somewhere down the line when the home owner runs out off options they will concider your offer leaving you the opportunity to work out a deal...

You can also look for reo to find great deals....

P.s. you can submit your own offer the the real estate agent that's representing the property and if I'm not mistaken the agent must submit all offer to the home owner by law....

Elias:

Thanks for the info. Are you also in So Cal? My area ia absolutely a buyers market. Props are already 40-45% below FMV & speculators are snapping them up, renting & hoping to cash out in 2 yrs.

The realtor I was wsorking with dropped me because he said my offers were too low & a waste of his time. I've found another realtor who's willing to subit low offers for now. Yes, by law, they have to submit all offers, but like DG book says, it's HOW they submit a low offer that really determmines the success.

Do you know how I can find out the days on market for FSBO's. Is there a website that gives that info so I can just focus on them?

Thanks,

Jan

Only wanted it posted once....Guess my computer has a little bug!

I live in Southern California and have been trying to crack the code to getting a deal accepted since January 2009, but to NO avail. First, I am learning that you need to work with the listing agent. The agents like to double end their deals and if you're working on houses under $130k they do not want to share with another agent. In addition, inventory is low right now, so you have a lot of competition and the competition has CASH! You can't go in and make a 50% below FMV offer. The market out here is really tough for wholesalers because the competition is driving the market, so you can't wheel and deal with the banks to create equity, so you can wholesale your deal. Right now, I am just trying to get my offers accepted where I can make at the very least $2500 wholesaling it. I am even having trouble with this strategy because banks are coming back with wanting a $5k deposit. I have had 3 offers come back with a demand for larger EMD and then only taking $1k off the asking price. I think the key element here is getting your hands on private money for leverage. I am working on putting together a whole packet to potential private money investors. I am showing them my buying strategies, my systems, etc. I want to show them that I am dead serious on making this work. I even formed a real estate club in my local area to keep my head in the game and stay positive. I don't want to give myself any excuses for not achieving my dreams. I know it will come. Until then I keep changing combo code until it opens the lock! Keep trying and don't give up!

KimmyJ
Press on...

Hi KimmyJ

Nice to hear I'm not the only one struggling in So cal. I've just found a small REI Club in Carlsbad. Where's your club?

I'm not giving up either. If not in this area, then it must be somewhere else because people are always coming & going in mass in California.

Wouldn't it be nice to have Dean write a book specifically geared toward southern California investing. He'd have absolutely no competition because noone has ever done it!! And there couldn't be anyone better to teach us than Dean!

PM me & let's stayin youch & keep each other motivated. We will succeed!

Jan

Ok to my knowledge there really isn't a way to find out how long a house been on the market if its not registered on mls... what you can do is go to site that allow owners to advertise their house and check the date they post there house info on there....

Another idea is to ask the neighbors ask them how long have this house been up for sale...

Hi Jan,
I was in AZ, last week and I got to meet Dean in person.
I am reading Totally Fulfilled and It has changed the way that I think about
things. I am very grateful for the people that have come into my life.

I live about 1 hour north of you, good to here that you joined a REI club. Build your Buyers list first.
Then look for desperate sellers that need to sell fast? get a list of people who have
received a NOD. Learn all you can about Short sales. Go for the ones over $500,000 to 2 mil
Its the same amount of work and you will make a lot more money. Have someone else do the
Negotiations for you so you can have more time to find another deal. Have your new realtor set up a search
for you using keywords , as is , short sale, pre- foreclosure, pending approval, then go see the seller,
have them sign a few papers and get started. Good luck

PS you can do loan mods. in your business on the side, this makes for good leads for Short sales.

Hello everybody,
If people are paying asking and more,Then i believe that is an up-cycle market.Motivaded sellers and buyers are the idea focus, Still there is nothing wrong with an Up-cycle market that you and many...Are apart of!
If the market is hot,I see no reason too not walk away with at least...10k-30k!Remember the market is your friend. And HML's,Eat the same food;You eat.

I've beeen looking at props under $500 because over that they're taking 1 yr/more to sell. Think I'll try it now with a 30 day cancellation in the contract so if I can't find a buyer, I won't get hurt.

Thanks for the advice.

Jan