OfflineHello there REI's
I'm Tristan Cook and I'm fairly new to the real estate world.
I'm a pretty young guy, 21, and have grown up in the small town of Sweetwater,Tennessee a place rich with heritage and hometown love. Over the years I've watched our community grow, just even here recently through grants. I believe that economic wheel is starting to turn in the right direction. The growth and future of this small town has tremendous opportunities and I want to be a helping hand to change.
I see this through real estate and since my first land purchase proposal at 17...ha I've heard about naive diving head in into something you don't know, well there I was...And even though I didn't make a deal I learned a valuable lesson from an investor. From then on I knew someday REI would play a part in my life and along came Dean's show.
I've had the book for a little over a week now. I have alot of free time on my hands taking a semester off from school,seems like its been two or three now haha. I'm hands on and I love to learn but right now I have to much drive and energy to be sitting in a classroom. Who said there's only one avenue to prosperity? Since reading this book I've yet to finish it I'm about 3 chapters out and I've already began.
Just today when I was getting my haircut at the local barber he asks what I'm up to these days and I told him REI. Right off the bat, "well my aunt has a home for sale, matter of fact I'd like to get rid of mine." Right there two opportunities arose from.....a haircut!
My eyes have been opened to REI and I've already started negotiating my first two deals.
I gotta get on the move and sign up for some coaching because this is all happening so fast it's hard to believe.
Happy Hunting,
Tristan Cook
Cook Investments
Hello Everyone,
Today was quite a day for my REI business.I'm still goin and I think it's past midnight. To say I'm not wasting time for this to take off I mean I'm literally finishing the book today and more than likely locking up my first deal tomorrow afternoon.
I just happened to inquire about a large home in the Tennessee
Trader, called the contact number and got ahold of Aaron who owns a local tattoo parlor in town. Aaron inherited this home that's been in his family for some time and has to much on his plate to manage the old home. He hates to see it waste away while it still has potential to be renovated and wants to sell. He warned me of its condition and it's definitely a handyman special, ha you should have seen this old victorian home doubling as a storage garage/homemade winery. The potential shined through though, with a sturdy foundation and a majority of the original wood flooring remaining i saw a diamond in the rough.
I'm full steam ahead with locking up and selling this home we've agreed on at $21,000. Low price for such a large home but Aaron figures with all the renovating he'd rather me just find this antique a new owner....and I Will....
Tomorrow I'll have him sign the Investor Disclosure Statement and Seller's Acknowledgement contract, and the Agreement to Purchase with Inspection Contingency Addendum. I think I'm on the right track if it's an IEE I'll have the paperwork covered, if it's an Assignment even less paperwork right?
Opportunities are really knocking. Now, to finish putting my team together and continue hunting.I'll let yall know how tomorrow goes.
Happy Hunting,
Tristan Cook
Cook Investments
Hey Tristan,
I must say you are moving forward faster than even you anticipated. I am getting ready to start my journey 2morrow now that I am done reading Dean's "profit from real estate investing now" book.
anyways, 21,000 grand sounds good for the price as long as you can make a good profit after you fix the property. What is the home worth or what might it be worth after you fix it?
anyways, I will be keeping tabs on you.
Since I figure you just started your journal, I will be one of your journal subscribers.
Looking forward to hearing more.
Stan
"Be the change you wish to see in the world" Ghandi
Good for you Tristan
Just keep going on your hunt.
Ill chat with later.
You are pretty amazing Tristan. I see you as an "Outside the Box Thinker" with so much potential. It's great that you are not trying to figure it all out and are just going for it. I'll be looking forward to your updates.
Much Success to You!
Together WE can make a difference!
Tammy
LOL im glad to hear that i'm not alone Tristan i am a 21 year old college student as well and have taken some time off of school. I respect your determination i too have the same thought process we can profit from real estate right now! And as yourself since the day i ordered the books i have been full steam ahead, watching all the training videos, inquiring about Dean's success academy, looking into his live event etc. When i called the success academy they told me that they only have a small amount of coaches so everyone wasnt always accepted, and that most 21 y.o that call are just worried about what size rims they have and not really focused on building a business. I said to him not me!! i'm ready and focused and being your own boss at 21 and being successful!! you cant beat it. Dean speaks of having a success/r.e.i buddy and since we are the same age and seem to have the same focus and drive we can talk re, keep each other accountable and help each other if we have any questions.PM me im ALWAYS ON LINE!! loll always wanting to learn more. Keep up with your journal and the way your moving you def will be a success.
God bless on your rei endeavors and i also have a journal as well,
Gorgeous Frazier
I am really impressed with your progress here pilgim!! Now make sure you have a plan in mind on what avenue you are going to take, Assign, Flip, lease/option etc. By the looks of your post it appears that you have the funds to buy this prop cash. If you are going to flip, do you have your rehab pricing in order? One point to remember on a flip is to take your total rehab cost and increase it by 25% to cover items you didn't think of. Or, if you are going to assign, do you have a buyer lined up?
Just some things for you to think about. Keep up the great work....Jan
Wow! Thanks for all your posts and support it's nice to meet everyone and hear the encouragement after my past two days, it helps.
Stan Good Luck starting your journey, this interest, has grown into a hobby, thats grown into I can't stop thinking of or working toward. I see nothing better than reaping the benefits from knowledge, application, hard work and determination. my profit stands from anywhere from 5,000 to $20,000 just assigning. Tax appraisal was at $41,900..mostly what the property is worth.The return could be great for a buyer because similar houses with the same square footage sold for over $110,000.
Ha Tammy I appreciate the encouragement, I know my route isn't typical or the safest bet but I've always looked at it this way...If a man/woman figured it out to begin with, so can I so go for it.I don't let anyone or anything bring me down from what I want...it's who I am.
Frazier it would be my pleasure to have an REI success buddy, keep me in check haha same goes for anyone interested in REI conversation and advancement, hit me up! Looking forward to checking out your journal.
Thanks for the due diligence Jan, as of today I do have a buyer lined up to look and a few other prospects from out of town. Dealing with the earnest money down before signing is a predicament, maybe you have some advice?
Not to say that everything is a total loss, I'm trying to approach every obstacle as an opportunity to come up with new solutions. I didn't get the property "locked up" on contract yet and this was a lesson learned in clarity and transparency with the seller. During our first meeting I got out of the seller his motivation for selling, his rock bottom all cash offer he'd take, and what he was asking otherwise.This gav me grounds to get going but where as this approach, either Assigning or IEE, is new to him meaning he's used to a RE agent not an investor, especially some young guy, handling his home. He knew that by doing business with me his house could be sold in 15-30 days and put cash in his hand by signing documents stating so. I should have clarified that in return for signing My marketing techniques will have your home sold quick. The sellers not completely unfamiliar with RE and he saw this as a win lose situation..his words..and at that moment I had to make it a win win to keep his interest.
This is where further knowledge will help me with quick alternative solutions for makeing the deal happen and this is why I keep learning. Now the deal stands for him to sign a contract,by tbhe way he's not a fan of contracts so I try not to mention them often)which entitles me to my cut,when he has $5,000 as good a good faith showing. My plan is to hopefully have a cash buyer or someone needing financing but has some Earnest money ready. Use that money as my bartering tool for signing,get the contract signed and start the new purchase agreement with the new buyer. A little complicated but he saw it as he was locking his property for 15-30 days he couldn't make offers, all so I could make a profit. He just wasn't seeing the return for allowing that...A Sold Home...I quit pushing the matter and figured my actions would speak louder when the potential buyers starting coming through. The day after I line up an interested handyman looking to renovate he's checking it out on Monday. This deals not over and if you have some advice on Sellers viewing you as a win lose opportunity what are some good ways of changing that?
Happy Hunting,
Tristan Cook
Cook Investments
You can arrange to pay your EM at closing. also, that can be put into the offer that your EM deposit comes back to you if the deal falls thru. I am a little confused here as to which way you are proceeding with this deal. What do you hope to accomplish? Rehab and hold, flip, assign???? I may have lost something here...Jan
PS Are you buying the house cash with no loans?