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

Yuri, it's only been like a week since you submitted the offers. I think it's still possible that you will hear some good news. We submitted an offer 3 months ago which was rejected and another offer was accepted. Then, that offer fell out of escrow and the bank called to ask if we were still interested in the property. Now we are in negotiations (still ), countering back and forth on that property.

I guess my point is, just because nobody immediately jumped at your offers, it doesn't mean you may not hear something positive later. We will keep hoping for good news!!

Bruce:
I am investing in Poconos, PA.

Also, looking into investing in NY. I have a friend living in Chicago, she wants me to try that market as well. Plus she is a corporate lawyer and has connections. But, I amnto sure how that will play out. One thing at a time. LOL One thing at a time...

Hey Dom and Kim:
I am not too worried. I made up my mind and will just keep making offers. Even if 300 will get rejected, one is bound to be accepted. I just saw a property listed on MLS, it is listed WAAAAAAAAAAAAAAY below the market value, but there is a stipulation. You buy as is and the property has mold in it, they tell you that up front.

So I am looking into low-balling this house's offer since alot of people are scared of the mold and I have a company that deals with it within 2 days and cheap, depending on condition.

Yuri

P.S. Wish me luck! BTW, did you guys finally close on that house that you wanted?

Hey Yuri, just a note from experience.... U need to make certain U have "end buyers" lined up, after U "lock up" the deal.... It looks better bad on the RE agent and yourself to have not put an "end buyer" in place prior to closing... Just my 3 cents .... Give me a PM something!!!

Still waiting to hear on that offer. We put an offer on a place that said it had possible mold problems, too. I think they are still considering our offer. Our realtor hasn't said they've rejected it and I see on the MLS that it is still available. We thought the same thing you did!! The "MOLD" issue may scare away others!!! Hopefully it will work for us both!

In Dean's new book, he says is ok not to have an endbuyer. I agree that you should do everything possible to assign the property but you should tell your seller that it's a possibilty that you can't get a buyer. Just tell them that you are doing them a service that doesn't cost them anything. That's how Dean put it. I am going through that problem when talking to an agent. They say that if you can't close it makes you loook bad. I know it doesn't make me look like a hero, but they couldn't sell their home in the first place .

Yuri, if you get a property in the Poconos, let me know. I am in Allentown, PA and I have buyers that might be interested up there. I thought about investing up there but I don't want to take from your plate . Ha Ha!

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Hey Yuri, just a note from experience.... U need to make certain U have "end buyers" lined up, after U "lock up" the deal.... It looks better bad on the RE agent and yourself to have not put an "end buyer" in place prior to closing... Just my 3 cents .... Give me a PM something!!!
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I will definately let you know. Trust me!!! First I gotta get the property. If you still want to invest, there is plenty of room and we can partner up, I don't mind. My mother always taught me to share with others LOL

Yuri

Yuri,

Way to go on the offers. This can just be a numbers game. Any accepted offers out of the 100 made yet? Chicago has a lot of opportunity and it is in my backyard. I hope you explore Chicago with your friend and let us know what happens. I wish you luck on getting some of these deals closed and please keep us posted as to your progress. Way to go! Believe and Achieve!

Sorry, guys. I have been busy outside of investing. Sort of recalculating my options and buying a liquor store (so we can all celebrate out deals Anyway, it's official. Out of 100, I got NONE accepted.

Now I feel like an ass. Maybe I shouldn't have shot so low (50% below asking).

What do you guys think?

Yuri, are you kidding?!!!! Do you know how valuable this is for you and all of us? Some of those offers might still produce results for you in the months to come. But more important, by you submitting EXACTLY 100 offers, you set the stage for an accurate percentage of what that exact scenario will do in YOUR market! Invaluable market research.
All you have to do is change some of the variables and try again. Don't you dare give up or feel anything but proud!

Now keep us posted on what you will change, and the continuing results. We are all here to cheer you on, brother!

One thing Matt would tell me is PDCA
Plan
Do
Check
Adjust

and of course "Get it done!"

Thanks Yuri, for all you contribute to all of us!!!

Rina

You have made tremendous strides in the short time since you joined this site. It is always a pleasure to read your posts! I look forward to them.
(Not for nothing though, the liquor store purchase was a surprise! Congratulations on that! Did you mean you bought the business or the property? ... Hmmm., something to consider! )
I cannot tell you not to feel like an ass if that is how you really feel - from my perspective though I am so impressed and really proud of your progress and I hope that you feel the same way too and soon.
Do not forget that you told Rina and me that we were your new best friends when you first got started! We don't forget stuff like that! We are still rooting for you! Hope you have an open house celebration at your liquor store when that first deal comes through! There are so many of us close by, it could be quite the party my friend!

Angela

Thanks ladies!
Angela, I think you and I should get together. I admire your wit and sense of humor. Trust me, coming from a former stand-up it's compliment. As far as offers not getting accepted... I am not giving up. I am anything BUT giving up, I just wanted to lock up a deal for 50% off the asking price. I even found a different realtor who deals with only investors and has a huge buyer's list. Everyone wants 60% off the FMV, which is very hard to come by. But, once I set my mind on something, I am not giving up, Rina, don't you worry about that.
Now, as far as the liquor store. Need I remind you that I am Russian? It's only fitting for me to get a liquor store ( I just have to be careul not to get overloaded on inventory LOL). Seriously though... I have been in retail business one way or the other for the past 12 years. I figured now that I lost the job, might as well get something of my own. And I will sell liquor on the web, so you guys can order from me as well LOL
I should be open next month, so if anyone is in NYC, you are welcome to come celebrate the opening LOL.

Yuri

Is online liquor selling even legal?
Now THAT is hilarious to me!
I do not need to be reminded that you are Russian, did I ever tell you that I am Irish! !
(Well, British with Irish parents, close enough, the genes are there!)
Now THAT is a comedy connection my friend!
Potatoes/ Vodka what else can I say?

You can sell liquor online in 26 states. Everyone else does not allow the outer-state sales. And BTW, I do not drink with Irish... You guys are worse then us... At least we drink vodka, you drink anything and everything.

I forgot to mention one more thing. Bunch of us are getting together and forming our own REI club and we are planning on meeting some time soon. I know you are in New Rochelle (I am originally from the Bronx), but maybe you can come down here. Or we would be able to hold meetings in my store when I actually close on it (it's in midtown manhattan). What do you think?

Yuri

I know that in our area, 50% off is a trememdous amount of money!

I understand why you got 100 offers rejected, maybe all of us in NY, CT, NJ even PA who visit this site all the time need to do what you were brave enough to do and swamp the market with low ball offers. Properties here were bought for massive amounts of money and sellers want some kind of return on their investment even at this time. Or at the very least not to lose too much. Some people will end up in foreclosure because they are not willing to take such a huge loss!

Asking prices around here are definately too high, however I am thinking more so all the time that maybe we need to offer 30 - 40% off asking prices here rather than 50% off. It might have made all the difference for you with the 100 offers that you made.

In my town 50% off FMV means someone has to accept a $300,000 - $400,000 loss on their home! This is for mid-priced homes ........ that is an awful lot of money for someone to give up! My goal is to get one of those homes at 50% off and I intend to keep persuing that however, I think I am more likely to get one at 30% off accepted that much sooner!

I know that in our area, 50% off is a trememdous amount of money!

I understand why you got 100 offers rejected, maybe all of us in NY, CT, NJ even PA who visit this site all the time need to do what you were brave enough to do and swamp the market with low ball offers. Properties here were bought for massive amounts of money and sellers want some kind of return on their investment even at this time. Or at the very least not to lose too much. Some people will end up in foreclosure because they are not willing to take such a huge loss!

Asking prices around here are definately too high, however I am thinking more so all the time that maybe we need to offer 30 - 40% off asking prices here rather than 50% off. It might have made all the difference for you with the 100 offers that you made.

In my town 50% off FMV means someone has to accept a $300,000 - $400,000 loss on their home! This is for mid-priced homes ........ that is an awful lot of money for someone to give up! My goal is to get one of those homes at 50% off and I intend to keep persuing that however, I think I am more likely to get one at 30% off accepted that much sooner!

I agree with your sense of reasoning. The bids on the property I have on the market is coming in very low. Even though my intention is to avoid foreclosure, if I settle for less than the price offered I will like to know that I could handle paying off the balance with little stress. I will rather someone offer 30% below asking and not 50%, especially considering what is owed to the bank. I understand that the investor want to make a profit and the buyer also wants some equity, but the seller also wants to know that his mortgage is at least paid in full. God Bless.

Sandra

Hi Sandra,
I see your posts all over the site, Hello!

I am not sure that I understand all of the details of your last post here.
The property you have on the market ...

Is this your own property that you are trying to avoid foreclosure on?

Is this a property you own and are trying to sell?

Is this a property that you have under contract and are trying to assign?

Give us more details, PM me if you prefer, lets get this property sold! I think between all of us on this site working together and networking/pooling our resources, all things are possbile!

Details please.
That's all.
Give me something to work with.
Angela

Getting together with our local DG family would be great. PM me with details. I look forward to it!

Hey Yuri ,I am 1/3 through Profit from Real Estate Now,and have read through the variuos sections of attracting/selecting the right properties/realtors.Then I log on and see that you've got your star agent in place, and you've put in 100 offers in 1 to 3 days.If thats not going for it, then I dont know what is.Capitol E for effort, and i hope some of those do come back on rebound.On another note Its funny you mention that your purchasing a liquor store.I happen to be a CDL driver and i work for a liquor distributor out of Stratford, CT.I'm actually really fortunate to have fallen into this line cause its held up pretty steady against the current shaky state of the economy and all.I've seen a lot of restaurants, and even bars go out of business or change ownership, but i have yet to see a single liquor store go under at least not on my route(Norwalk through Stamford).For what its worth(my two cents) i think your on to something with the liquor store purchase and wish you the best of luck in all of your endeavors...... Solid or Liquid.peace Clovis M.

Living in NYC, I realize that 50% off asking is riskier then in most places. That's why I started in the PA (prices are lower and it doesn't feel like people are losing THAT much with low ball offers). Now back to Angela's post about 100 low ball offers... It just stroke me that you are 100% right. It's about blanketing the area with low ball offers to let sellers see that they do not have much of a choice, or at least they can counter instead of just dismissing it. That's why us getting together and forming our own RE club is a good idea. We can just go nuts!!!

I am PMing you.

Yuri

Hey Clovis:
Thanks for the kind words. I am determined simply because I am unemployed with 2 small kids and need to get something going. As far as the liquor store goes... They are hard to come by in NY. None of them sell anymore because it is a recession proof business. The worst things are, the more we drink. That's why I jumped at the deal when I saw it.

Good luck to you with the book and the deals. Where in CT are you? My friend lives in Stanford and I used to travel to CT alot when I did my stand-up gigs.

Yuri

Don't give up on the dream, buddy. I have yet to put offers in but I'm pretty sure it will be difficult for me to get 50% off around Boston area. Still working on my buyers' list. Re-reading Profit Right Now and going to get my website and automated numbrs set up very soon I hope. I wish I lived closer so I could join up with your REI club. Keep up the good work and stay positive.

Stephen

I put in offers without a buyer's list. Sort of swing and hope to hit a homerun. If I was you, I would start putting low ball offers to feel the market out. If you know for sure that they won't get accepted, then have your agent do 50% off, see if anyone counters and if you do get a deal, start marketing the property. In my offers, I am putting few provisons, which I think might help you.
1 -- And/or assignee
2 -- Backout clause depending on condition of the property
3 -- 45-60 days to close
4 -- Any repairs that need to be done to the property, I will do prior to closing and must have full access to the property to do so.

You can try this. That way, even if you need to rehab the property, you have time to do it (not ot mention 45-60 days will give you plenty of time to get funds).

Yuri

HI TO ALL.
WHO OUT THERE KNOWS ABOUT A, H.M.L IN N.Y.?

Good luck to you on your future real estate deals. Please let us know what lessons you learned from this the 100 offer approach and what you would recommend another investor may do differently. Thanks for your input. Believe and Achieve!

Hello Yuri,

I was reading your posting in regards to submitting 100 offers, that's amazing. It takes a lot of courage to make such a bold move. There is a saying that says if there is no risk there is no reward. I am glad to see if you have a real estate agent that is willing to work with you. You are right real estate agents only want to in for the kill on any one deal. They are not really interested in submitting so many deals that might not go through.

I wish you the best of luck and may one of these offers go through for you. You have inspired me to do the same. Best Wishes always.

Eddie C.

Hello Eddie.

I see you are new here so welcome. As far as inspiration goes... There are people here that are farther ahead and have achieved more then I have... Those have inspired me. Rina, Anita, Laura Johnson, Wealth2009 (Chris), Matt (OF COURSE MATT!!!) and Dean himself.

You will learn alot here, but the main thing -- DO NOT EVER BE AFRAID. GO FOR IT!!!