OfflineI want to share my experience with everyone especially those people who may be a bit skeptical or maybe those who are not confident that they can succeed using Dean's strategies. It has not been easy, but I just got the paperwork for my 1st accepted offer!! I'm buying a bank owned property with absolutely none of my own money or credit. That's a good thing because I've been unemployed for the past 9 months so I have no money and my credit is fair at best. I have another offer that I expect will be accepted in the next day or two in addition to about 15 other open offers. How?? It's a long story, but I'll try to keep it brief. I purchased Dean's book in early May of this year, read it twice and joined the success academy at the end of May. Joining the success academy was a big deal for me being unemployed without much savings and a family to support. For the next couple of months, I did a lot of the coursework, studied this site for hours every day, looked at properties and tried to figure out which direction to go. Then, another setback. August 19, I had open heart surgery to correct a valve problem and an aneurysm which could have killed me at anytime if not discovered during tests. Upon my release from the hospital, I decided it was time to do something that I've read about and heard Dean talk about hundreds of times. That was to TAKE ACTION!! I had nothing but time as my activities were limited as I recovered and regained my strength. What better time then now? I called a real estate investment club close to my house to inquire about their meetings and membership, etc... Much to my surprise, the person I had contacted was an officer in the club and his wife was the VP. We talked awhile and I told him of my situation and what I wanted to do and I still cannot get over his response. He told me to bring him the deals and he would put up the money and we'd split the profits. He went on to say that if he didn't want my deals, he has at least 8 other buyers that he could pass the deal along to. Ok, so now I had a buyer's list and it only took one phone call! By the way, I joined the REI club and will probably become an officer when elections are held next year. You cannot have too many friends like that!! Next, I found a realtor by using the agent interview questions discussed in Dean's book and info on this site. I decided to target bank owned properties and HUD properties and spent September looking at homes and researching values and developing an offer strategy. I started making offers in October and quickly learned that HUD properties probably weren't for me as they usually go for amounts higher than their listed price in my target areas (suburbs of and select areas in Indianapolis). I incorporated Matt Larson's 25:1 idea and started making offers on bank owned properties. In the last 3 weeks, I've placed approximately 35 offers with 15 of them still open, one accepted and another very close. Two of them have gone back and forth with counter offers from the banks and me resubmitting my original bids. We get closer each week, but unless I can acquire a house for 35% off FMV less the cost of repairs, then I pass on the deal. I plan on continuing with my partner for 3-5 deals until I build enough capital to finance my own deals. My first deal will net me about $10K-$15K. If I get the 2nd as I expect, I will net approximately $20K. My goal that I set for myself at the beginning of October was 5 deals before the end of the year. I'll keep pushing and keep 15-20 offers on the table at all times. When I achieve my goal, I will be "retired" from the work force forever. REI is like a freight train...Once you're rolling, it's tough to stop! I apologize for the length of this but I just wanted to show everyone that regardless of your financial situation, you can succeed by using Dean's strategies and TAKING ACTION!!
Bill
Bill congratulations on your first deal; thats why I love coming on this site. People helping people.
Bill, Man what a great job of determination. Truly my hat is off to you. Would love to hear more when you are able and back 100% on your feet, Again, great, great work....Jan
I like that!! I've always said that if I could go back in time, I'd go to the old west. Thank you for your kind words. Best of luck and God bless you!!
Bill
Thanks for sharing your story. I was just talking to someone close to me who still doesn't believe that people are becoming successful in real estate. To your continued success!
Fish
http://www.lvlinvestmentstx.usapropertywholesale.com - Dean's free website
http://www.fishbuyshouses.com - Company website
Bill it's wonderful to know that your health issue was detected early. Inspiration in itself. God Bless.
About a month ago I purchased Dean's book and I have just begun my REI journey.
I really appreciate this story. You must have gone through a lot of difficulties but now you are on the way to your success! I am very happy for you. It's very encouraging. Thank you for sharing your story! I also thank Dean and his team for puting up the amazing site like this.
Dream as if you live forever.
Live as if you die today.
- James Dean
What a wonderful and encouraging story! Thank you for sharing it.
Ingrid
Hey I loved your story and it was NOT too long. You are a perfect example of moving forward and achieving what you set your mind to. Wishing you continued success "Mr. Frieght train"!!!
Best,
Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Great inspiration!
Thanks,
Brenda
Brenda Pugh
Congratulations. Your payoff is going to be great. Keep it going!
Can I repeat a question that was previously posted to you? How did you get the bank to accept your offer with no pre-approval letter of your own? My unemployment status is killing me with the banks.
Thanks for responding.
Hi Ronnie. I was fortunate in that I found an investor to back my deals with cash so my credit or employment status is never an issue. All of my offers are cash offers (no financing). You are correct, banks will require a proof of funds letter to consider your offer. You can obtain that at the coastal funding website. Not sure of the address at the moment, but it is discussed quite frequently on this site. I have yet to find a bank that will let you use and/or assigns which has made assigning REOs virtually impossible. However, with a partner willing to put up the cash, I am able to make offers in the name of a Trust (established after offer acceptance) with me designated as the trustee. That is where I'm at in my 1st deal. My partner cuts the check at closing, I will do necessary repairs and we will resell and split the profit. I'm still learning as this is all new to me too and I'm sure I will make mistakes along the way. I guess that by reading and studying as much as I can and then going out and actually doing is the best way to learn. I'm just going to keep pushing as hard as I can for as long as I can. Thanks for the kind words. Good luck and God bless you!
Bill -
This is very motivational for all of us. Wish you more success in all your upcoming deals. I am very new to this and still reading Dean's book. I hope to get started as soon as I grasp the concepts.
Good luck!!
Hello to everyone reading this. I've gone through Dean's book, and also joined the academy. Done all the coarses and quizez and passed.......And frankly I don't even know where to start after all that. I'm sooooooo freaked out.!! Can someone help me! some advice will be greatly appreciated.! what would be my next step? Thank's very much and may God Bless You!
Fear...IT's a killer, and I am grateful to you for posting your story. I too know about struggles and have decided to do a Matt Larson, sell some stuff and get to the DG's Academy.....for now this is it.....but again Bill many Thanks and keep up the Great work!!!!
Awesome to hear that is really does work and there are people out there that will help you to get started. You just have to ask!
Thanks for telling your story and giving us newbies hope!
Nikki
Nikki L.
Bill,
Thanks for the inspiring story, I'm happy they caught your health problem when they did! I love to read everyones posts. It keeps me totally focused on my goals. I too have been unemployed for 5 months for the first time in the construction business of 27 years. Joined the academy in mid-august, moving forward everyday. I can't wait to help other people the way that everyone on this site is helping me. Thanks again and go easy.
Marty
Thanks to everyone for your kind words. I just found out via email from my RE agent that I had a 2nd offer accepted!!! The responses to my original post have been overwhelming. Thank you all!! It makes me want to push even harder. If I can do this anyone can!!
Thanks for sharing your story.....it was just the inspiration that I needed!
Tammy
Bill,
It's kind of startling how similar our stories are! I didn't have the health issues you had but everything else is pretty much spot on. I've been at this since July and finally have a great realtor who has fed me a steady stream of MLS listings to get me started on the 25:1 strategy too. It's gotten me all juiced up again and I'm ready for that first deal too! Glad you've gotten yours, I'm sure it's just what you need to motivate you to make your year-end goals. Even our year end goals are the same...interesting! Sounds like your REI club partner is motivated to help so you'll get capatalized before you know it. Did you ever imagine what's happening would happen? Me either, but it's a wild ride I'm enjoying immensely. I'll look forward to reading about your success! --Michael
Way to go Bill,
I'm glad to hear your amazing story
and that your health is improving.
This site is addicting in a great way !
So glad to have all of you here to read your progress,
your help and acheivements throughout the whole site.
I have yet to make a first deal but the day draws near!
Thanks for everyone's support in this site.
The best thing is not feeling alone and knowing it is possible !
Kelly
Your story, Bill, of overcoming your fear and hesitation, as well as having to deal with your physical problems is inspiring. I am still reading Dean's 2nd book, have joined the Success Academy and will be receiving mentoring in a few days. I have fear, but thanks to your courage and the courage and belief of all who have posted here, I plan to go through the fire and succeed also.
Congratulations, and again, thanks to you all.
Way to go Bill!!!!!
Thank you so much for your story : )
I to have same situation Brian, keep that burning desire going you never know what could happen. Do it alittle at a time. Good luck.
Nice to hear you are well, keep up the good work it was good to read your story it made me feel that it can be done. God bless
Bill -
Awesome story. Wishing you continued success. Thanks for the motivation!
Bill - Wow! What a great story of triumph. I am definetly fired up again. I have made several offers on REO's but keep getting outbid. So I have zero deals done in last 8 months. Can you please share how you are able to make so many offers? I have a tough time finding very many properties to make offers on.
I hope you continue to make progress but I know you will.
Joseph
Bill
Thanks Joseph. I have been outbid on a lot of properties as well. I live just outside of Indianapolis. Big city, lots of opportunity, right?? Not exactly. There are tons of foreclosure, but I only target areas that I am comfortable with and know a little bit about. Having been in this area for just over a year, I'm still learning the good and bad locations. I have a realtor working with me and he can search the MLS for bank owned properties in areas that I designate. A lot of Real Estate Agencies have websites that allow you to search for not only their own listings, but for everything in the MLS. I have one in particular in my area that I use pretty much exclusively. I find the listing, ask my agent for the status and if it is active and I am interested then I'll look for the FMV and have an idea what I want to offer before I even look at it. I usually go look at the property asap and determine the repair costs and decide if I want to make an offer. Until I find a better way, the offer formula that I use is: After Repair Value (ARV) times 65% minus repair costs Example: ARV $100,000 times 65% = $65000 minus $5000 cost of repairs = $60000.
$60000 would be my Maximum Allowable Offer (MAO). Essentially, the listing price means absolutely nothing to me. I just had my 2nd offer accepted yesterday morning and my offer was $39000 below the bank's original list price. A couple things to remember: 1) I have only attempted this with Bank Owned and HUD properties 2) Before I bid, I have knowledge of ARV of the housing in the area based on RECENT sold comps obtained from my realtor and/or Dean's Totalview site, Trulia.com, zillow.com, cyberhomes, eestimate, etc... Maybe it's overkill, but there's no such thing as too much knowledge. I've made it a point to keep at least 15 offers open at all times. When one is rejected, sold or accepted, I simply find another property to bid on. Once you establish a routine, it will become easy and not too time consuming. I hope this helps. I'm far from an expert at this, but one thing that I've learned from Dean's methods is this: Once you have the knowledge and take action, REI becomes a numbers game. Simply put, if you throw enough crap at the wall, some of it is going to stick! ONE ADDITIONAL NOTE: Many people have read my original post and sent me messages asking for a call or response. Thank you all and I WILL respond asap.
Bill
Hi my names Ralph Bellamy and am looking for some one to go in on a fixer upper, am a general contractor and i,ll do all of the work that's needed for a percentage or if there's some one out there with a fixer upper or property that needs some work, I do all phase of remodeling and renovation am in San Diego county area and do travel the california area,if there's some one out there looking please call (619)549-9725 or e-mail me at yesthehanymancan@**** thank you lets work to-getter.Ralph Bellamy
I am soooo excited for you! What a testimony of perseverance and determination. I can see already that you are going to do very well at this. Why, because you have already set your sights on the prize and started running towards it. That my friend is all it takes!
You Go Boy!!!!!!!!!!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
It's been great reading your posts. Congratulations on your second deal - woo hoo for you!!
You've definitely encouraged me to get movin'. So, I'm on the hunt for a dynamite real estate agent. And, I'm gonna read the MLS listings (plus craigs list). I'll let you know how it turns out.