Our first MILLION! - dominoafekt & investorinmissouri

Hello DG Family,

Its been a while since I posted an update on our progress. I have to say that we have hit a little bit of a road block. I have found that I am SUPER AWESOME at getting sellers to contact me and getting properties under contract. The downside is I have tons of properties available but none of our buyers are moving on them.

I am going back to square one. Building my buyers list. I have learned alot these past months and I know now that I need to get more detailed with my buyers.

I have been sending letters to buyers from the SFL system and also from ones I found off of the sold listings in the mls I got from my realtor. Let me tell you that wow this is also a great way to get sellers.

I mailed out 100 letters and have gotten 5 phone calls. All were wanting to sell the properties they had. I have connected with other wholesalers as well and we have done some brainstorming.

I have a feeling in the next week or so we will have one of these sold I can feel it in my bones.

My goal is to get 30 more cash buyers ( meaning maybe 3 to 5 actual movers and shakers), and 20 more Lease option buyers( maybe 2 or 3 movers and shakers). We add to our list every day but it is a work in progress and You should always keep adding. Dont stop when you get some, always keep adding. I think that is what was holding us up.

Also I did some re-reading in deans books and on the lessons in the academy. The review was refreshing and motivating. It also helped me focus more on what we were after.

To those of you who are doing well at wholesaling, I encourage you to share your tips, tricks, and action steps with us. I think by working together we can all help each other.

Here is my sharing on what I have succeeded on so far.

Bandit Signs: Keep it simple, Short, and BOLD, ( we get a great amount of responses from these. I consider them a must have. Also we use randy's signs they are cheap and stand out more)

Calling: Do not be afraid to talk to people on the phone. The more you do it the more you will get comfortable talking, relaying information, and asking questions. Can I tell you that I dont know how many times I have called people and they would tell me I was the first to actually call them on the phone. Do it, the worst thing that can happen is they will hang up on you:) No biggie move on to the next. Best thing you get a buyer, seller, potential lender, you never know.

Networking: WOW can I just say this is SUPER IMPORTANT. In just 4 short months we have our name out there. I have been contacted by so many people that have seen the progress we have made and they know that we take action all the way. Talk to people, introduce yourself, don't be afraid if you are new they were new once too! Also Enjoy your conversation, Get a little more down to earth and get to know these people you are networking with.

Honesty: I know you would think this is a given but seriously dont fudge on anything, be honest and up front, there is nothing to hide. But keep your self protected with contracts:) Honesty is the best policy

Team up: I have found that by working together with other wholesalers in my area we are able to do so much more. We combine our efforts. I have a property they have a buyer, they have a property i have a buyer and what ever else in the mix. Also I have learned some great stuff from working with other wholesalers too. I have actually bonded really well with one in particular here in MO:) She is amazing:)

Fail to succeed: yes I said to fail. Honestly If I hadn't failed so many times I don't think I would be able to move forward with all of the obstacles we are faced with everyday in RE:) You learn from them trust me, now just learn to move forward and grow from it. Its the best thing out there. Look at Matt no one would talk to him and look at him now:)

Alrighty DG family happy action taking and I look forward to posting more on our progress.

To add that if it wasn't for my super amazing partner I would have no hair on my head LOL:) There are times that its very stressful. I am so happy and grateful to him. He keeps my emotions from getting the best of me:) LOL! Love you dom:)

It is so good to hear of what is happening with you guys. You all are such a great team!

Dominic, you are another one of our very young guys that is doing such an outstanding job. Not to make light of you, Makeba. You are working your tail off it looks like.

Keep us informed, because inquiring minds really do want to know!

Karen

Karen is right; inquiring minds DO want to know. Great insight Makeba. Way to regroup, refocus and implement your NEW action plan.

Hey Karen - Looks we "old coots" better get it in gear or the younguns are gonna make us look bad. LOL

Hey Makeba - Shouldn't you ALSO have a nice new shiny Diamond? That's no way to reward you for all your hard work! Great job and keep us posted.

Hey ADMIN, if you read this post; give the girl her due!!!

You have to ask yourself why investors aren't biting. If they are actual cash buyers (real investors) usually it's because you have the properties under contract for to high a price. Your deals may not have enough of a spread or they are not investor type properties. Or they don't have the capability to actually close a deal (BSers)Always grow your buyers list, always!
Keep at it!! This is how you learn, also, always ask your buyers why they passed on the deal. Invaluable information!!

Good luck and talk to you soon.

Michael Mangham
MD Home Acquisitions LLC

Thanks John LOL I have been waiting for my diamond. We have done two deals LOL. My partner says that I should just create a new thread so that I get it.

Thank you so much Michael, your right I should be asking them why they passed on the deal. Its funny actually because I have had several tell me they actually didn't have any money. Or when I ask for proof of funds or a deposit they disappear never to be heard from again LOL.

We have made some progress. I have had 3 more viewings on one we still have under contract. Today I am going to 4 homes to see if we can get them under contract as well. I have another viewing today with an investor who is bringing someone over to view a property for a second time. Cross your fingers. Wish us the best.

Today was a very exciting for us.

After all this time we have been experimenting where to place signs and how to do our ads on line.

We have now picked spots that are in front of hardware stores, supermarkets, and big chains like, the big W and T ( not sure if I can say the names on here).

My partner has also placed an ad in the newspaper. This will be our first time doing this since our other ad was rejected LOL!

Since Friday we have gotten more phone calls and 3 more leads for our rent to own ad as well. I expect to see more through out the week.

We did two viewings today. One I did from one of our leads from our signs this weekend. I decided to bring my Realtor with me. The reason for this is because the owner owes to much on the property and its not in the best of neighborhoods. He is highly motivated and doesn't care what we pay for it as long as the lender accepts what we offer. So we are going to do a Short Sale package on it.

My Realtor has done many short sales in the past. He is also an expert in the NACA program. Which if you don't know its a very trying and long process but very rewarding for those involved. It helps homeowners with bad credit qualify for a loan on a home. It is a very long and tedious program and most participants drop out of it. I was told only 20% survive the whole thing. Well he is persistent and he follows up with the prospects. This also tells me that he does the same with the banks and Short Sales.

The second I wasn't able to get into but we viewed the outside and threw the windows. I hope to get in tomorrow with better luck. We also spotted a vacant home that I am researching tonight. I LOVE THE SNOW. Makes it so much easier to spot a vacant home some times:)

We are also working on another short sale that came from one of our leads from 4 months ago. Remember, Follow up or Pack it up SOOOO TRUE:) I was contacted about it again and we decided to go for the extremely low price and see if the bank takes it. I have a shark for a Realtor so I am confident it will go through.

I also received more good news today. We had a property under contract before that was a foreclosure. At first I was verbally told they accepted our offer so we submited our earnest money and waited for the accepted contracts to sign. Well they never came. 3 days had passed and still nothing. So my realtor called and called and found out that they were holding out for the highest offer.

Well at that point we took back our EM. Well that was a while ago and it turns out the one they accepted fell through. They asked us today if we are still interested in the property. WOOO HOOO!!! I am going to review it hopefully on Wednesday:)

We have also sent out 7 more contracts and I have two more appointments tomorrow. One of which will be a potential offer. This will be his second time in the property and I am hopeing that he makes an offer and we go to the title company to close in a few short days. Cross your fingers:)

Thats all for tonight:) I will keep everyone posted:) Oh Yeah dom has been back and forth with an attorney and CPA for us. YAY team!

Here is todays update:

I have two investors view one of the properties I have under contract twice now. One has not returned my calls since the second viewing. The other is a possible yes:) He is going to do some more research and will be in contact with my title company come the first. So hopefully we will be closing on the 2nd or 3rd. YAY!

I have also been investigating foreclosure auctions since all the big hype lately from the email blasting and webinars. I went down the court house and found that the clerks are completely clueless when it comes to how things are run in my county. I found a legal publication that has some information and I will be contacting some of the Trustee's to find out more.

I am thinking about approaching some of the people who buy the properties and offering up my buyers to them. Not the names but stating that I have buyers who would be interested in what ever property it is that they purchase. I hope that this works. It will save me a lot of leg work.

I have also been working with several DG members. One I am currently working on leads that are sent to me. So far I have only been able to get a flex option contract going off of one of those leads. Which turns out the home owner did not take my advise and winterize the property and the pipes in the home have burst. I do not see him repairing it. But I am using this as negotiating power. We will see how it pans out.

With the other DG member, we have decided to team up together to work Absentee owner lists. I am doing a direct mail run on these.

Today one of my buyers requested a tax bill so we ran over to the assessors office and got a receipt of the 2010 taxes. I have never been asked for a bill before. Usually people just look it up on line here, but I did as he asked and got the paper to him right away. I am hoping that this will show him how detailed and correct my information is on the property:)

So far nothing has closed. And no new contracts or leads. But tomorrow is another day. I will post more as we progress further:)

Well the news today is it was well worth getting the tax bill for my one buyer. We will be closing on the 7th. The paperwork has been submitted to the title company and we are just waiting for his deposit. YAY YAY!

This is one I teamed up on with another wholesaler and because of this home we now have two lock boxes.

I never thought to get one until this house LOL!

Now its time to sell my lease option home. I have lots of potentials but no one qualified just yet. But we keep getting calls everyday. I hope to have some soon.

thats all for now. I have some absentee homeowners to research.

That is awesome that you have another closing on the 7th! One more step closer to your million dollar goal!

Maybe I missed it while reading this thread, but why did you and Dominic decide to partner together even though you're not in the same city/state? What were each of you bringing to the table?

Congrats again!

Actually my partner and I first met from an online game that we both play. He happened to be my guild leader LOL. ( which by the way I haven't been playing since getting into real estate because it took away my focus on the business)

My husband and I were trying to invest before and mentioned it to him. We were not doing so good and spent a lot of money that we didn't have.

After about a year he suggested Dean to us. Which i at first said HECK NO because of the whole infomercial thing. And I got burnt pretty badly from another program.

Later on down the line I decided to buy his book. Dom said come on its only $20 bucks LOL. After reading it Dom and I decided to partner up. We both have the same goals and same ambitions. Plus we are good friends:)I had the time and some resources and he had others. We joined the success academy and BAM here we are:) On the road to our first million:) Which by the way is going to happen!

Yes really he was my guild leader LOL LOL! hahah stranger things have happened

You all are really starting to make things happen!

I really enjoy reading about your progress.

Stop over to visit my journal sometime. I would love to have you.

Karen

Thanks so much Karen for all the support:) We love it when you stop by too:)

Ok so 3rd deal is on hold for now until we get the whole Cuba thing fixed.

Today we went to 2 target specific home that had were in a preforeclosure list I received. We left 2 notes and then cruised the neighborhood for fsbo's and vacant homes. I have a list of 10. 4 of those are fsbo. We called another FSBO today and turned into an investor looking to do L/O. I will contact him again and ask him about finding him a buyer for his L/O.

The homes we found today are in a different county than I am used to but I was able to finally figure out how to do some research on the properties. This county unfortunately doesn't show all the details that my big county does. Thats ok though I still have the tax assessors and it is very helpful. I have some numbers for calling tomorrow and some more letters to drop off.

I also finished up my spreadsheet on absentee owners and will be mailing those out tonight.

I hope to get some great leads from the vacant homes we found wish us luck:) I will keep everyone updated.

We need inventory LOL:)

I FINALLY GOT MY DIAMOND YAYAYAYAYAYAYAYAAYAY!!!!!!

Hello DG Family,

I am excited but scared at the same time. I got a phone call today on one of the houses I have under contract. I let them know that it is currently under contract but i find deals all the time and would like to get to know his criteria. It turned in to a grill session for me. He questioned me instead of me questioning him. In the end he asked if we could partner up and possibly work together.

I am going to meet him tomorrow, but I am a little intimated. He has shown me some examples of what he has done. He closes on 20 properties a month. He has 3 firm models he uses for properties and I am so happy and grateful for the opportunity to be a part of it. I am also scared that I might blow it.

I have been asking some questions of my fellow investors on how to approach this opportunity. Wish me luck everyone. I hope I can be part of a big player here in our town.

Mabeka first thing be yourself no practice needed,be open and honest.

He obviously saw something in you that impressed him or it woulded have gone any farther then that first call. So don't change anything. Good Luck.

Remenber you have to do your home work on investors also. I do not want to sound negative but check out who you are doing business with also. If a investor is closing on 20 deals a month why does he need (me).

I hope it works out for the good Mabeka.

Also remember I do not know who the investor is. I just want my DG frineds to be careful.

Steve.

Thank you so much Jim,

That just made me feel so much better. I am very nervous but your absolutely right. I will be my self. I will be open and honest and I will show him him what I have to offer:)

I will have an amazing meeting. Here is to the path of 20 properties a month LOL ok well 4 for now at least. I would love that!

Good morning DG Family!

Been a few weeks since I've posted on here, but I've been trying to read as much as I could. Man has it been a few busy months at my trading firm! It's like the work never stops piling on my plate there. Although I am grateful on how much I learn there, it is getting kind of depressing working nights, and in result having no real social life or the ability to fuel our company even more. On top of everything, my web hosting company is getting hit hard with all these updates from people for the new year, but I'm almost done catching up!

And thats why I am eternally grateful for Makeba! She has this initiative that I rarely see in anyone. I have a great feeling about the next few months, she has been connecting with more and more important people recently. We've also been trying to get a bit more organized which is a tough process (especially since I have OCD haha) but we are getting there!

Like she mentioned, I have been in contact with an attorney (an old friend's dad), and a CPA my dad referred me to. Although we don't currently need an attorney, I didn't think it would hurt to get in contact with one before that time comes.

Here's to a successful 2011 and a great start to the year!

PS - Makeba says 4 per month, but I'm secretly fine with 1 a month (at least to start out with, as long as it covers costs) hahahaha. Of course the goal is WAYY more than 4, I just believe in setting smaller goals and getting to them one at a time (Dean calls it a Plateau of Success, I think).

Today we spent about 4 hours in the car putting up signs in a new area of focus. It looks like my buyers are shifting there focus so we need to move with them.

It was a very interesting ride LOL. I have to say the new signs and the new areas show promise. We already received a phone call about a half an hour after we put some up.

Also we are getting braver with where we put our signs as well. I hoping to get a good amount of leads this weekend.

So we have changed our location, the type of sign, and what we put on them. I listened to deans video last week and decided to get yellow blanks instead of white. I have to admit after putting them out and driving by them they stand out way more. Thanks dean for the suggestion.

Update on the meeting. It never took place. The guy emailed me later stating he was busy and asked me some more questions. I am trying to arrange another time to meet that works for him.

Reo update. We have 4 homes that we were supposed to view today but got rescheduled due to my Realtor having an emergency. I hope that everything is ok with him and his family.

All in all it was a pretty productive day. I am hoping that by Monday we will have something under contract.

And I love the new pic Dom:) it fits LOL LOL:)

Thought I would drop by to say hello...it's been a while.

You two are really movin' and shakin'!!! Your progress is a such great example that shows the rest of us what results can be achieved when one just simply begins taking action. You are truly making your mark and reaping the rewards for the effort.

And Makeba; I'm sooo glad to see you FINALLY got your diamond. It is well deserved!

Oh, and good luck with your "20 deal guy". You've already been given some great advice and I'm positive you will handle things well. As Dom says; 1 a month is an awesome start!!

To continued success....

Thank you so much john. And thank you for rooting for my diamond

Yes Dom is right 1 a month is good. I always like to shoot for the stars LOL:)

Every night I look at my why commitment and it pushes me even more. Even when I am tired or things are not going the way as planned. We still push threw!

It is so funny because the quote you have is what I have tapped to the side of my computer.

Quitters NEVER win and Winner NEVER quit! I have the later underlined. It reminds me everyday that even though it may not seem like your making progress to keep going and to keep working it.

I saw this video and they said to ask your self " How can I make this inevitable?" So this is what I ask all the time. How can I make this inevitable? What Can I do to make this happen no matter what? And things happen:)

Hello My wonderful DG family:)

today was very insightful day for me. I had a 3 hour meeting with a person who called off one of my signs and wanted to hook up and see how we could work together. Well it turns out that they used to be pretty big in the investing game and things took a rather unhealthy turn for them. Well now they are ready to get back into it.

I am super excited about this meeting they have a connection with a broker and with a person who could potentially be private money for us. Anyways keep your fingers crossed. I really truly and deeply hope that they are factual and on the mark.

More great news. I got two great commercial deals sent to me today that I am going to be actively working on these are HUGE:) If all works out I WILL BE GOING TO THE EDGE WOOOT WOOOT!!!!!

and EVEN BETTER NEWS.....

Talked with title company about the whole Cuba thing on our 3rd deal and they are going to see if we can approve a video signing instead of the other way. Creative yes? Guess where I got that idea from? The salesmen at the carpet store I was in LOL LOL. WOOT WOOT!!!

Can we get a WOOT WOOT WOOT!!! What an amazing day:) I hope to post some really awesome news soon:)

...stop by and say hi! Makeba no wonder you were in such a happy mood earlier when we talked. GOOOD SHOW ALL GO !!!

I LOVE both of you guys new pics!!!

And I love all the new stuff that is happening!

Keep us informed Diamond girl! And Diamond guy!

Dom, we have missed you!

Gotta go sleep!

Thanks Michael:) Yes I was pretty excited:)

Thanks Karen we are movin and shakin:)

I need to find a pro negotiator for SS. I am looking into that now. Most of these leads are those for sure.

I will make it happen one way or another LOL.

Bad news on the 3rd deal though. Title company, and both attorneys say yes they will accept the video signing and notarize it but one of the lawyers has to be the notary on it and neither one wants to take responsibility. Back to square one LOL.

Got a couple of new buyers today so it was all good:) And had a pretty productive day. Very busy LOL kinda weird how time flys so fast. I really need to find out about time management. Anyone have any great sites or books please PM I seriously need some help in that department LOL.

I have found that dean's "Daily to do's priorities" helps me a lot with keeping what I need done in front of me instead of going oh man what was I going to do LOL. Can be very tricky at times between the different phone calls, kids, family, and life that always moves you in another direction then where you where originally going. But I am getting better at it.

Alrighty so we now have another one under contract. This one is an REO and I already have one of my end buyers interested. I should know by the end of today if its a go for them or not.

If our buyers don't take it we are going to get a HML and flip it. and if that doesn't work out the numbers are still good enough that we will put one of our prequaled tb in place. Win win win:) 3 exit strats we are ready to rock

Just some quick numbers:

PP: $44,950
ARV:$105,00
Tax assessment: $99,000
Rehab: $5k to 10K
Rental rates: $800
Quick sell: 80K to 85K
OH yeah want to know the DOM for the area:) 62 baby WOOT WOOT:)

Oh yeah

That's great you guys are rockin now!!

thank you Jim,

It looks like we might be closing on the other property that had an issue with cuba soon too. Just got an email and hopefully all will work out