I JUST SUBMITTED 100 OFFERS IN ONE DAY!!! I MUST BE NUTS!!!

Hey Old Buddy!
How are ya!!! The conditions of the houses vary. There were 2 that said flat out that they needed lots of work. I offered 70% off the asking price (they have been on the market for more then 4 months)... I figured, what the hell... I am running ads, but I have no responces. I have no buyer's list. Who knows how it will pan out. Maybe Rina and Anita want to invest in Poconos LOL

Thank you for the support. You were one of the first "oldies" who helped me with my questions and I was looking up to you, Anita, Matt, Laura, Elena and the list goes on. I feel like I know you all personally LOL

Thank you again. Hopefully next year, I will meet you all in person.

It makes a lot of sense now. I'm trying to finish reading this book so I can hand it over to my curious Husband, LOL.

Thanks for the much needed info.
I will now definitely try to find an RE to be my partner.
Cheers!

Thank you so much for responding too.

I really didn't want to be offensive, but asking REALTORS® to do this kind of thing made me wonder if we would be hurting them or abusing them (not physically of course). It's one of the reasons I'm so paranoid to find a good one. I felt as if what YURI was asking was unfair to them. I was wrong.

After reading what you said (and what YURI said after your response) it seems the answer is "don't be afraid to ask anything". It wasn't as if she went through 100 offers herself and found them. He did some hard work too (partnership).

Thank you so much Rina!!! I love this place already and one of the reasons is because of the amount of positive and strong females here. My dad and brother think it's a man's game out there and that people will take advantage of me, but seeing other women make it is very inspiring for me too and helps me know I can do it!

Thanks again!

Thank you first for not being offended by my question. You are incredibly bold to even find 100 offers and I feel you did a lot of work doing the research and calculations before submitting them to your REALTOR®.

I was just worried that you were being unkind and I guess since you (as I gathered from your post above) were upfront as Dean instructs us she knew what she was getting into. So I appreciate what you have done and wish you only the best. Hopefully you will get at least one offer (hopefully more).

I do have a suggestion. I suggest you do send her e-mail (if you haven't already) and let her know how much you appreciate her for all the work she's done. It can serve as a motivational tool. I've managed people and been managed by people and although I knew what my role was, it was always good to hear encouraging words from the person I was working for.

God bless you and again I wish you the best and thanks for answering my question!

Thank you for answering my question. It's amazing how many REA's dont get it. But your right there are agents that dont want to work that hard and only make a certain cut of the pie. I need to work on schpel and be more CONFIDENT when talking to them. I think confidence is my biggest problem. I need to go in with the attitude of some will, some wont. It's not for every REA but someone will have the same vision that I have and will say SURE. Thanks again for all your help on this site. I have gained alot of knowledge from your posts. Good luck with your new agent.

Who said it here first ?
If the deals are good enough, you should be able to assign, though I have a question: when you make an offer on an REO you must have a "proof of funds" letter and here in Florida most banks don't let you assign contracts, unless you do double closing how
are you doing it with REOs ?

Good Luck,

Orit

It's going on with the banks all over the country not just Florida. I spoke to my title agency and the agent told me that as long as transfer fees are paid twice, you can assign.

Yuri

I think it is awesome you submitted than many offers. The more the better, because if your offers get accepted you will prob have some great deals. Where in Brooklyn are you? What areas did you put offers on houses was it Brooklyn or upstate? Jeremy

YURI77, you have proven that you are destined to be successful. Your determination is what will get you there. We have to remember that we may submit bids for 100 properties and may only get four. Remember that 25:1, well this could be 100:4, but it is a step that many of us have not taken. We may not be able to do it alone, teaming up could be beneficial. If we do not act, result will not occur. Good Luck YURI77, please keep us informed.

Sandra

Remember what Deal said; don't listen to anyone if you believe what you are doing

Good luck to you

I noticed i was flagged for a comment i made on my reply (vulgar language)it will never happen again...Please forgive.

Randy

You are very welcome. I'm so proud of all the gals (& guys) in here really taking action. It's one thing to learn the talk, it's another thing to bring it to life. Every great deal is a victory for us all!
Looking forward to hearing your victories!

Rina

hope you hear some great news come Monday. We're rooting for you!

Rina

This suggestion really struck a cord with me and I had to comment on it. Dean has taught us to be honest and upfront with our clients. In fact your Mama should have taught this to you. Maybe I should just copy a $100 bill and send it in. The earnest money is covered by how you write the contract. Re-read pg. 158 half way down starts with "In the Earnest Money Clause...".

Good luck with you 100 offers. I'm about to submit my first. My partner and I both lost our jobs in February so its tough.

A system I am going to try is to send the seller a Letter of Intent instead of a full offer form. If it comes back signed then I send them a full offer contract. Not sure on the legalities but what the heck it might easy my Realtors work load.

Hi. I see you are new to this site, but sending a copy of an Earnest Money check is not dishonest OR unusual OR illegal OR unethical. Earnest money is NOT even DUE until an offer has been accepted. Submitting a copy of a deposit check is completely acceptable.

Yuri what you are doing is advantage, Just like i am saying...Never a thank-you for calling your number, Conceited! What you are going is good info...Still,I do not need a deal that BAD and I have not seen a pay check for seven months and 23 years strong with my wife! But that will pass with time too. Back to business,Connection,Connection and Connection...Try that! {With respect}
Saying/ "If my heart is not in it; Then my mind will not follow.
When i let my mind free without heart/ Somebody is in trouble!
Don't get me wrong Yuri...I want you too make your actions count.

rand852
2birds---1stone?

I want to assign properties. I will be contacting real estate agents tommorrow. I own my house. I have been an owner for going on 4 years. I am in the national guard reserves. I have been in and out of regular full time work. I am trying work with REA here in Virginia. Do anybody live in VA?

Hi, any ones I'm the brand new smell "cookin" in DG family hihii,this is the wonderfull feling to joy.Thank for have me,please,help how DO I STAR.should i go find house first or get LLC first?by the way I'm from Vietnam,so my English not that good,but with all your help I BELIVE,Ican do it.Thank a lot any ones.
P.S :I wish you have the best luck Yuri

Yuri,

I just read through this entire thread with baited breath looking for where you tell us how many of your offers were accepted (and I'm sure I'm not alone). You are a true inspiration to those of us just starting out who haven't made offers yet. I live in an area (Central CA) that is RIPE with targets for just this kind of offer (as most of us probably do). My biggest challenge to date has been finding other [active] investors who even know what an assignment is. I'm sure they're out there, it's just a matter of turning over every stone.
Good luck with your offers - Now I think I know my next move.
Please keep us in the loop!

Tim

P.S. If any of you investors I'm looking for would like to be a field mentor, please let me know!

I think that this huge step that you made is great! Don't ever let anyone tell you differently! You are such an inspiration and have really motivated me! Thanks! I wish you the best of luck! Please keep us posted!

Hello Yuri, I was on the phone today with realtors trying to find someone to work with. It took me about a hour to find a taker. Finally I found someone that is willing to do what ever I say. Good luck on the 100 offers.

can I still make offers without an agent? How do i put in offers without one?

Hey Everyone:

Sorry I was out of the loop for few days. Thank you everyone for all the wishes, I really appreciate that.

Now for the results!!! Ready? Guess how many offers out of 100 were accepted?!?!!? NONE!!! When my agent called me and told me that, I was floored. She said that the only response that she received from all the sellers is that they are not THAT desperate to sell.

So, now I am thinking... Either I have a bad agent (who I thought was phenominal before), or I need to find a new area of investment.
What do you guys think?

YURI

P.S. I am still not giving up. The hardest thing to do is get the first deal. After that, it's all good. I WILL GET MY FIRST DEAL IN!!! DAMN IT!!! LOL

Yuri,

Don't get discouraged just yet. In my readings of other investors on the 'net, I heard one by the name of Alan Cowgill, who has been doing this for a number of years. He says he'll makes several offers a week and while many are rejected immediately because they are so low, he just re-submits the same offer the next month and the next month... and eventually many DO get accepted. This is a different market than many have experienced before. Sellers may not fully understand that they may have to accept well under their asking price in order to sell.

Now I just have to go out and do what I keep talking about.

Good Luck!
Tim.

Hey Yuri, don't give up. Maybe put in 100 more offers... What are did you make offers here in Brooklyn? or upstate?

Quick question to all,
Do you set up your LLC first before making any offers? Or should I make the offers anyway and once it gets accepted, then set it up? Please help!
thanks!!

I'm sorry that your deals were not accepted but don't lose hope!

You can put offers in your name and then change it to your LLC name. BTW, my personal advice -- make sure that if you do open an LLC, file it as an S-corp. You have to do it within 2 months for the incorporation.

Yuri, may I ask exactly what area your investing in?

Thanks, Bruce