OfflineHi Everyone,
I just wanted to stop by and say HI!
Well I submitted my first offer to a REO Agent last week and am waiting to see what they come back and say to me. It was funny how this all came about. It is TRUE when Dean said you never know where your deals might come from. I have a lady friend of mine who came across a sign in a front yard that read, "Bank Owned" so she gave me a call after doing some checking herself and told me about it. Needless to say she didn,t have the number on her so I made her go back to the house at 11:30 at night to get it. She complained, but she loves me. She knew how important it was to me. So I call the number and it's a listing agent for an REO Agent. We talk about the property, she gives me details on what's up with the inside and I ask her if she would call me before it went to the MLS. To my surprise she said yes. Now I didn't think she would but she called and said she wanted me to talk to her boss the REO Agent. We hit it off well and I was told that they get listings every week. So I you guess you can say I'm EXTREMELY HAPPY! First timeout and I land one of those guys. Especially after I've heard how hard it is to get them to even talk to you let alone work with you. The other thing is I have drwn up my business plan and would like some feedback on it. If you want to take a look at it please PM me and I'll send it to you for your thoughts. Thanks
"IF WE DID ALL THE THINGS WE ARE CAPABLE OF, WE WOULD LITERALLY ASTOUND OURSELVES."
-Thomas A. Edison
Congratulations for making a great contact with an REO agent and manager. The future properties they bring to you could be even more valuable then this potential deal. Make sure you continue to cultivate this and other relationships. Good luck with real estate investing. Keep up updated on thsi potential deal. Believe and Achieve!
- Joe
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Joe Jurek CPA
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Congratulations on finding such a great contact so quickly! Hopefully it will lead to many great deals for you. It once again proves what Dean keeps telling us. There are many RE agents out there that are hungry and willing to work with investors. We just have to find them. Best of luck to you and keep us posted on your progress.
Bruce
"Success is overcoming obstacles on the way to achieving your dreams"
- Karl Mecklenburg(former linebacker for the Denver Broncos)
Hey DG Family,
Just wanted to say that I got my first reo offer accepted. When we resell the property we stand to profit approx. $25k-$35k. Not bad for someone who doesn't have a clue to what he is doing! Also the REO guy is moving to my city and wants to have a lunch meeting with my partner and myself. We are the only investors that he knows out here. So I'm on point and am going to give him my aggressive business plan. Got my pipeline set up, now I'll have him fill it with properties. My partner has agent friends who have a whole slew of buyers who are preapproved needing properties. Not to mention the investors that we both have on our list. So we can go retail or whloesale or both. Anyways I'll keep you good folks updated as to what is going on. By the way I was wondering why haven'yt more of you requested the REO Agent list and websites? I guess you don't need or want them. That's cool. I just wish I had all the info that you guys have.Must be nice. Talk to you later.
"IF WE DID ALL THE THINGS WE ARE CAPABLE OF, WE WOULD LITERALLY ASTOUND OURSELVES."
-Thomas A. Edison
That is fantastic!! Tell a little more. Are you going to assign it? I'm curious if you are able to. Are you paying closing costs? What else you have to pay?
I’m just about ready to step out as soon as I get a few more buyers. I’m going to be assigning for now. Would like to go after REO’s but here the banks don’t like that.
Please keep us posted.
Great Job Phoenix.
Barbara
Owen Properties, LLC
You must know something as you have this great thing that you have aquired. Congrats to you with your first offer accepted. With all of the wholesalers and retail buyers you have, you are going to be making some serious cash! Again congrats on your acceptance and congrats to finding such an awesome opportunity.
Jesus looked at them and said "With man this is impossible, but with GOD ALL things are possible." Matthew 19:26
"I know the price of success, dedication, hard work, & an unremitting devotion to the things you want to see happen." Frank Lloyd Wright
"If we did all the things that we are capable of doing, we would literally astound ourselves" Thomas Edison
"This time, like all times, is a very good one if we but know what to do with it." Ralph Waldo Emerson
Well you see the thing of it is they don't do the assignments, anymore! There were some stupid realtors out there who were submitting offers under fake names and turning around and giving them to their clients. So the banks cracked down on it. At the moment the one I have my partner landed 4 multimillion dollar investors and we're working with one of them as an equity share deal. (60/40)60 for them 40 for us to split. But we are doing a light rehab (carpet, and paint maybe some closet doors) and listing it on the mls when done. I might even suggest a round robin auction to speed up the process and in doing so push the price up as far as the bidders will allow it to go. To answer your question on closing costs, yep we gotta pay for those. I thought the bank paid those but I guess I was wrong. Chat with you soon.
"IF WE DID ALL THE THINGS WE ARE CAPABLE OF, WE WOULD LITERALLY ASTOUND OURSELVES."
-Thomas A. Edison
I don't really have ALL the buyers I have about 60 But out of those I have around 5 good folks that I've built a relationship with and THEY HAVE A HUGE LIST! You see I learned the fine art of LEVERAGE. I found myself as I was, and still am, building my buyers list that I just started to ask questions getting them to talk to me and quite frankly just flat out asking for help and low and behold I got it. You know it is a wonderful thing when you can get folks to see what you're going to accmplish. The cool thing is one of those buyers I have befriended his wife is an REO Agent out of Sacramento, CA. He gave me limited access to the MLS EVEN! Oh by the way if you are interested in an REO Agent list I have one. It's pretty big. Just PM me with your email address and I'll send it to you. It's in a word doc file and I send it as an attachment.
"IF WE DID ALL THE THINGS WE ARE CAPABLE OF, WE WOULD LITERALLY ASTOUND OURSELVES."
-Thomas A. Edison
Congratulations on your first accepted offer. Having good friends around have surely paid off. It is great when others are supporting your goals and aspirations. You are not only succeeding in real estate, but also sharing your knowledge with others. All future successes to you and your team. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Congrats on all you've accomplished and the connections you've made! Excited to see you get that first big fat check in your hand!
Sounds like you'd REALLY like to share that REO agent list. I could pass along the info to some other CA peeps (or connect you) if you want to send me some info.
Thanks and again CONGRATS!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249