Jordan's Seattle Real Estate Journal

so although my Credit is Good, I don't have any income. So my focus is going to have to be on No money down strategies. Sandwich Lease options seem like something I'd like to try.

Time to go to work

Jordan

It snowed for the first time today in Seattle.. The roads aren't icy dangerous yet, but rather just frosted. I went out driving around some neighborhoods looking for For Sales and Empty homes. I was distracted some of the time by the Christmas lights and Decorations. Some ppl go all out for the holidays.. Its pretty cool.

Some of the buyers I have contacting me to move into a Lease option have bad credit.. Should I make an effort to accommodate these people?? I have a mortgage broker whose wiling to work with them to improve their credit.

Anyhow, hope everyone is having a festive holiday season thus far..

Happy Holidays

Jordan

You are young and quite ambitious, and I wish you all the best. I would be careful taking ownership of the properties as the middle man and lease optioning. What about if the tenants cannot pay the rent? This could affect you tremendously. A suggestion, get your cash commission for bringing the landlord and tenant together and let them transact the business agreement. What have been happening where I live, is the tenants are not paying the rent, because some have become unemployed and unable to do so. In any business agreement, you have to be very cautious especially now. God Bless.

Sandra

Jordan,

Welcome to the funside. Keep working and learning investing strategies and it will become part of your life.

good work Jordan

I too have been driving around looking in southern washington around Kelso and Longview I too have been distracted by some of the Christmas displays Very very enjoyable though

I need more people on the buyers list too

Keep plugging away and feel free to contact me if you like

Seattle is a great area

Take care Fred E

Sandra, Thankyou for the advice. I will keep that in mind. I might try just collecting the commission instead. But we'll see how it goes.

SPORT, Thankyou for the welcoming.

And FRED, it's nice to hear from someone here in the Pac NW. I would love to contact you and get insight from a fellow investor in my region..

Thankyou all

So today I started the process of getting signed up for the success academy. At first I attempted to go about the Investing on my own, but I feel like there are so many little tid bits that I get caught up on that I really would benefit from a coach to turn to at my leisure.

Not to mention I have alot of free time on my hands not being fully employed right now. So i figure nows the time to go for it.

I hope everyone is having a happy holidays

Thats the word

Jordan

Its been a while. Had a rough time after the holidays but its time to push on..

I joined the Success Academy

I've compiled a list of 7 buyers that I've interviewed so far

I'll be attending the weekly Auction that happens at the Courthouse in hopes of adding even more buyers to my list

I'm going to browse at a few FSBO's Today

That's the latest word

Be back soon

Jordan

Hey Jordan,
I'm a Seattle (new) investor too. I've closed a couple deals. Do you know about REAPS? A great REI group. The monthly meeting is tonight. Check out www.reapsweb.com. Rushing off now. I'll write more a later time.
Gena

keep moving forward jordan

I have been looking at property made some offers nothing yet

later

I've compiled a "tenant buyers" list by running ghost ads saying "Rent to Own, 3 Bed/2Bath, Bad Credit Ok." There are many people out there who are perfect candidates for this situation and don't even know it. When I tell them they can get in a home and start paying it off before they even actually own it their ears perk right up...Thats the good news.

After I had a reasonable number of buyers on my list, I started searching for FSBO's by driving around and searching online. It's a little frustrating because most of these FSBOs are priced at or well above the FMV. I've only made offers on about 10 so far, but no luck yet. THATS THE BAD NEWS

So, I'm going to push on and continue to make offers. One thing i know is with the sandwich lease option I don't have to purchase WAY below the FMV for it to be a good deal.. And in some cases I can purchase at the value.

That's all for now...

Jordan

I'm going to look at a duplex tmrw that is FSBO..The owner seemed pretty excited about my phone call and was completely open to the idea of a Sandwich lease option.. I'm going to view the home tmrw and get a good idea of what my options are.

He's asking $340,000 and one side of the duplex is occupied by renters. I'm thinking about locking up the property and leasing optioning both sides out as two separate properties. It's something I will definitely consider when I'm viewing and chatting with the owner tmrw...

Be Back Soon

Jordan

Congrats for starting your journal, I responded
to your PM a couple months ago, Thanks for visiting
and posting on my Profile. I'm a newbie also in
real estate investing, computer knowhow, typing, etc.
So much new stuff to learn, but I love the challenge.
You will be successful in real estate, with your positive
attitude and a determination to succeed, you're on your way.
I'm a Washingtonian also, byway of KONA HAWAII.

George41

That is just awesome. Keep up the pace. I only wish I had this information back in my early 20's. You have an advantage of many a people. Congrats and keep us posted.
At least the winter for us up here has been great considering.

Richard
Bothell, WA

Richard...Thankyou..I'm certainly excited to have run across such invaluable information so early on in my life.

The duplex didn't work out and a few other houses that seemed like potential opportunities slipped through my fingers since that time. It's definitely hard not to get discouraged as I progress knowing that a deal could be just around the corner.

One of my Major Frustrations is there are SOOOOOOOOOOOOOOOOOO Many Bank owned homes out there that don't fit under the lease option/assignment category. I've talked to my realtor and we're going to submit some Cash offers on some of the bank owned properties with the intent using a hard money lender for financing. I'll be viewing some of the properties friday and we'll see how it goes from there..

Jordan

Way to keep on going. That is the hardest point. To keep stedfast in face of adversity. Just remember that every deal that doesn't work is that one step closer to the one that will. Just go into every deal thinking that this is it. This will get done and I will get paid. Even if it doesn't the very next one will. I gaurantee that each time you learn more, and before you know it.....it will become true. Good luck and keep your head up. This is supposed to be fun. With a lot riding on it we sometimes forget that, but I bet you that all the top deal makers enjoy what they are doing. So why shouldn't we?

Richard
Bothell, WA

For the past month I've been working on my Sandwich lease option strategy and have been unsuccessful so far.

I've decided that I rushed into things and didn't set up a strong Real Estate Team and Tenant/Buyers List. The concept of the whole Sandwich lease option seems so simple, which i'm sure it is when it's set up with a strong foundation.

So back to square #1. I want to make sure I fully understand the entire process down to filling out the contract to having escrow handle my finances...

The Details seem to be the obstacles with this strategy so I'm going to research and make sure they are clear in my mind before moving forward.

Be Back soon

Jordan

There is nothing wrong with being thorough. Everything seems so simple and it is, but the details are what are going to gaurantee we get paid, the sellers get paid, and the end buyers are getting their property. I know you are going to make a deal soon. Find your team and walk through a step by step scenario of a deal from beginning to end. All the details you need will be in that process and your great team can help you get them all figured out so you can get things done quickly. Good luck to you from your fellow Seattlite. Hey look.....I see sunshine! Oops it's gone....oh it's back! I love Seattle!

Richard
Bothell, WA

Its been a while since i posted. I'm realizing more and more that NO MONEY DOWN strategies, although possible, take alot of work and persistence. Not having the cash and resources for a purchase at my disposal seem to be a big turn off to sellers.

When it comes to the sandwich lease options...I haven't had any success getting a property under contract. None of the people I've talked to have really been open to the idea yet. But I keep the line open and tell them if they ever reconsider, be sure to contact me.

I've also been looking for bank owned properties and came across one that i thought was a reasonable deal, but the houses in that part of town are a little older which is a turn off to alot of investors. I considred using a HML but the ones I talked to wont do $100% financing and I don't have another source of Cash so I had to let that go for now.

So I will contiue to pursure the Greg Murphey Lease Option Strategy and I also want to find people with retirement money or who have Cash Piled up in the bank and are looking for solid investments.

Pressin On

Jordan

Hi there,

Thank you for visiting my journal. I think it is really hard with family and close friends. We haven't been very successful with them. It has gotten easier as they see that we are still in business. The first PM we found was from a friend. He had barrowed money from this guy and we called him. He said yes. The next one I place an ad in the Nickle Ads paper "Investors needed for residential properties. Up to a 9% return. In first position" This brought us 1 good investor.
The best advice I can give you is tell everyone you know what you are doing. Come across with confidence. Tell them about you successful buddies and what they are doing and that could be any of us on the DG site. Use our first names when speaking about your buddies. You will have to creat confidence. And as a mentor of mine told me 4 years ago when we started
"FAKE IT TIL YOU MAKE IT BABY!
It is not easy. But it is fun and exciting.
Do you have any friends or fellow investors that you work with?

I bought a couple of deans books when i was laid off work, and tried to get some things goin, but my motivation dropped, so i am playing it safe with a boeing job right now, steady income. There is a burning desire in me to do investing! I just want to work with someone with the same desire, and make things happen....i've always been a team player, and would like to team up with someone with your motivation.....i have a son named Jordan, and is your age, and i think it's great that you want to do this for your mom") I'm in Seattle Jordan, so let's talk, and make a deal!

Jeff

I'm always open to the idea of working on a team to get the job done. I'll send you a pm with my info and we'll go from there

Jordan

Hello Could you pm me and we could talk about wa investing I have deals to do but finding it hard to get financing

I've been putting out a lot of ads in hopes of getting someone to put up the cash that will find deals I find. The ads read something like "10% Return on your Invesment Money GUARENTEED!!" People really like the idea of getting 10% returns on their money considering the current condition of the economy and stock market. I think the problem I have is selling the idea. I personally know it's possible, but ppl are very suspicious understandably so when they see ads claiming Safe, Solid Returns on your Money. They think if it's possible, then why isn't everybody doing it.

The good news is I did get two phone calls from my ads and I explained my strategy and why it's a safe investment. I think I did a pretty good job of explaining and am hoping I'll get a call back from one or both of the people who called me..

Pressin Onward

Jordan

Today I felt pumped for whatever reason and I got quite a bit done. I wish I could carry this feeling with me all the time. I spent a few hours writing up ads and got some new Bandit Signs to Go put out.

So tomorrow I am going to contact my agent and get a Fresh List of Cash Buyers in my local area, and I will spend the rest of my Investing Time putting up bandit Signs

I'm really trying to implement alot of the strategies to finding deals in the "Finding Deals" Chapter of Dean's Most Recent Book PROFIT IN YOUR TOWN. The more leads i create the more likely I will come across a Nice Deal Full of Equity.

Pressin On

Jordan

Jordan,

I am glad to hear that you are going through with everything. The weather has been rough for awhile so these last 2 days have been truely just awesome. I have been out for personal reason for the last few months, but I am jumping back in from scratch. I know a deal is going to happen. Before you know it you will be teaching the rest of us your secrets. Welcome to the sunshine!!

Richard,
Bothell, WA

Richard

You're absolutely Right. The Sunshine Feels Great after continuous off and on Rain. I actually enjoy the Rain quite a bit having grown up here, but the sun does feel really nice after rainy day after rainy day after rainy day. It's funny watching the national forecast when they show the map on the news because the whole country is usually sunny all over the place with picturs of the sun with smiley faces on them. And then there's us sitting in the northwestern corner with dark clouds and rain coming down..lol..Anyway, I hope everything gets better in Regards to your personal matters, and before you know it you'll be back in the game in no time..

Keep in touch

Jordan

Been a While since I posted. I've definitely been staying the course, but my work ethic isn't quite as consistent as I'd like it to be. I have some promising leads and will be looking at a few properties this week that are all FSBO.

One of my least favorite things to do is make phone calls to potential sellers simply because I never know what to expect in terms of their motivation. I'ts just not something I like to do, but I'm slowly becoming more comfortable with it. It really is amazing how comfortable these sellers get with you if you're just willing to LET THEM TALK and listen to what they have to say. I'm learning how to find their magic buttons and find out exactly what they're looking to get out of the sell

Til Next Time

Jordan

Been a While since I posted. I've definitely been staying the course, but my work ethic isn't quite as consistent as I'd like it to be. I have some promising leads and will be looking at a few properties this week that are all FSBO.

One of my least favorite things to do is make phone calls to potential sellers simply because I never know what to expect in terms of their motivation. I'ts just not something I like to do, but I'm slowly becoming more comfortable with it. It really is amazing how comfortable these sellers get with you if you're just willing to LET THEM TALK and listen to what they have to say. I'm learning how to find their magic buttons and find out exactly what they're looking to get out of the sell

Til Next Time

Jordan

excellent insight, Jordan. Folks really value being heard.

Listen
Probe
Qualify
Offer Solution
Lather Rinse Repeat

peace,