My HEART is fluttering!

My HEART is fluttering!

Hello Family,
I finally mad a call on a FSBO. We will meet tomarrow, It is a 2 story house with a flower shop on front half of 1st floor and what could be an apt on rear of 1st floor and a full 2nd floor apt. Now this lot has a green house attached to the buiding which takes up another buildable lot with water and sewer already in place. I am just so happy that I made the call feels like i'd been doing this forever. Just do it RIGHT! So, what should i do tomarrow when i look at the house should i go threw the list of things that need to be done should we talk about financince first? All HELP appreciated
Thanks Jay C

__________________

Jay C


Hi Jay,

Sounds like you might have already met with this owner today (let us know how it went!), but my first thought is make sure you have a couple different exit strategies in mind (and potential buyers?) for something like this. Sometimes unique properties can be hard to sell, but boy if you have the right buyer, it sure could have some potential if you get a steal on it. You should get an agent to run comps for you and give you some info on what a person could do with this property. Also, get a little history from the current owner (both to do with the business and the residence) and find out what all the property is zoned for. Also do your due diligence as far as liens and mortgages (you can ask the owner what is owed, but don't depend on that answer).

I have to tell you that is SO GREAT that you stepped out and made the call, set up the meeting, maybe talked to the owner by now. Every one of those can be a scary first step, and you can be proud for stepping out of your comfort zone and taking action. And NO REI experience is wasted. Either you end up with a great deal or a valuable learning experience, ALWAYS. Smiling

Congrats again, and I'm looking forward to hearing of your first deal! Smiling

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


Rina

Thanks for responding,Had the meeting went well but the only problem was was the gentleman that i have been talking to was not the owner of the property he is a partner but not on the deed, The meeting took about 3 hours just socialising went over the whole place and needs alot of work asking price was 265,000 that is the average price for a house in the area but the thing is there are 2 houses on the property with a 25'x50' green house on another lot so there are 3 lots already subdivided WOW. the one house is a rental 1st and second floor 2nd house rancher about 2000 sf. BOY if I hade the money I'd buy it myself! I have my real estate agent running comps was asking a lot of personal questions on the property but i would not give to much info, he said what do you think i'm going to snatch it from you? we will leave it at that. There is no morgage on the property! The owners own a Chinese resturant in a local area just looking to move on. Rina I own and operate a remodeling business for 25 years and it would be no problem to go and look at a job and give a customer a quote on a project but today it was like i was out of my territory, Like i was studying for a test for months and now i have the oppertunity to take it and everthing was blank but any way hope every thing works out and we will go from there and move on.
Thanks again Jay C

__________________

Jay C


:-) You did great!

I know how it is to draw a blank no matter how prepared you feel sometimes. Smiling That will go away the more you do.

Congrats! and hope it works out. Either way, you got that first meeting under your belt. Eye-wink Keep us updated!

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


I will!

The man i met today i asked if he was confortable to give me a set of keys to both houses so i could look at the houses again he lives about a half hour away and just stopped by with the keys don't know what that means but THANK-YOU. I'll keep you posted
Thanks Again! Jay C

__________________

Jay C


No Mortgage... that's Awesome!

Jay C wrote:
BOY if I hade the money I'd buy it myself!

Jay, you mentioned that there was no mortgage on the property correct? If there is no mortgage and the guy just wants to move on why not ask for some creative financing (Owner Financing) so you can buy it yourself. You also said that you have a remodeling business which means that whatever work is needed you can do yourself.

With 2 properties and a greenhouse on the property it sounds like it would cash flow nicely depending on what the rental rates are in that area. If the lot where the greenhouse is located is already sub divided you could sell it to a builder and make enough profit to fix up the properties and get them rented.

This is just a thought outside of the box Smiling

__________________

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


Carol's right!

(sorry for being so bleah in my reply) Always look at deals from every angle. You MAKE them be great!
(Thanks Carol!)

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


Now that's talent!

Wow Rina we are jumping sites together...LOL! Weren't you just on FB?

__________________

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


HAHA!

great minds think alike?? or else we're both addicted to both sites! LOL!

__________________

"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


You two need to get a room!

Thanks for joining Carol, The man i meet with today told me that their funds from another state were frozen so they need CASH I did pass that on threw the middle man about owner finance and cash close in 30 days he was looking for my cash offer i just told him to pass it on Thanks for thinking outside the box Its funny now that i am home trying to relax my brain wont.
Thanks Jay C
PS are you anywere nere Avolon NJ I have Been doing a project there for the last 7 years

__________________

Jay C


The brain of a Real Estate Investor :-)

Jay C wrote:
Its funny now that i am home trying to relax my brain wont.
Thanks Jay C

Welcome to our world! Our brains are always on overdrive Smiling Even when we sleep we are thinking about deals, sellers and buyers...LOL!

I am not that far from Avalon. That must be one heck of a project lasting for 7 years Smiling

__________________

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


Avolon

Yes it is but need to move on. So, I sent you a pm about your offer on buyers ia that still on or WHAT?

__________________

Jay C


Buyer's list

I replied to your PM. Did you get it?

Without a doubt!! When you get a property send me the info and I will send it out to my buyers list. With 1500 buyers I am not sure how many of them buy in that area ( I stopped getting their specifications after about 500...lol!)but it is worth trying. I will also begin recruiting some for that area so we will be ready when you get that deal locked up Smiling

I can get you some property leads in that area as well since my lead system is programed for SJ. I can actually get motivated seller leads any where in the US Smiling If your interested send me a pm.

__________________

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


Lot Of

There are alot of deals here, just getting started and no i didnt get your pm thought you wernt interested.

__________________

Jay C


Jay

You have to also be aware of scams. Make sure when closing that your have a lawyer present and you are dealing with the seller or the seller's agent. It is important that you research the property to identify the owner. If all is well, then full speed ahead. It seems to be a great income property. Congrats and all the best.

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.


Sandra

Hello Sandra,
I have my real estate agant running comps said hed get back to me today gave him the info on the owners names and such thanks for your input always good to hear everyones thoughts.What do you mean SCAMS?

__________________

Jay C


Jay C

Congratulations on taking the first step on the FSBO.

__________________

"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote


Thanks

Thanks Jason it always nice to see people comments keep them coming and any suggestion are always appreciated,
Jay C

__________________

Jay C


Jay C

I know what you mean regarding "fluttering".
I have an appointment tomorrow afternoon (Monday) to talk to a home owner who is desparate to sell his home. It is a probate and it can be a little nerve racking.


Hi Jay!!

Just read through this thread! First - welcome to the DG family and congrats on putting your fears aside and making that first move! Man, I remember my first call to an owner - sitting there staring at the phone forever working up the courage! Well - you've not only done that - you've met with the prop rep, and have an agent running comps! You are doing your due diligence and thats what it takes to be a successful investor - being a SMART investor! never forget that the number dont lie....so when you find out all your info and the numbers work - go for it! Look forward to hearing how things turn out for you..keep up the good work Smiling


Hello Jay, I was just going

Hello Jay, I was just going thru your deal and all the great suggestions. I think Carol had a good idea with the owner financing, you say they want cash now, is there a way you can give them some upfront money to satisfy their cash needs by borrowing from someone. then tell them you will also give them a monthly rent of 1,000 monthly with a baloon payment in 6 months or sooner after you refi it.Tell them that they will atleast know they don't have to worry about it sitting on the MLS for a year or better. you can maybe fix the house with the least amount of work needed and rent it for 1500, that would be 500 cash flow for you and 1k for them so they have cash coming in until you refi and pay them in full.you can use the 500 to do renovations on the second home or pocket it.
jmo
Richie.


Michael

Hey Mike thanks for stopping in, You will do GREAAT! today just let your teaching take you threw this is this your first meeting if so GOOD Luck go get um!
Jay C

__________________

Jay C


B.C.

Thanks For all the info and thoughts. Just got off the phone with the man i meet with He gave me some Bad info one the owners as far as their names so my realestate agent called me and said there are no records on this property. So I just called My township build and got the proper names on the ownership and also its adress sits on a corner so the adress was not right either so now hopefully we can now run comps with this info. The owner was asking 265,000 for the propert they came down to 260,000 and said thats final not interested in owner financing or anything else just want to sell. so i'll wait to see what the comps come back as and we'll go from there.

Thanks to all for your thoughts and nowledge Jay C

__________________

Jay C


Laura

Thanks Laura,
I will keep every boby updated on this Thanks Again

Jay C

WOW just took a look a all my mispelling in other posts don't hold that against me i am a very slow typer!

__________________

Jay C


Jay C

I just sent you a PM in response to yours, inquiring how my meeting with the home owner went today. What the hell, I guess I'll just paste it here:

Hi Jay C,
Yeah! Great to hear from you. I was a bit nervous about going over there today, because I really don't know exactly what I'm doing and I have to act as if I do. Carol gave some great advice in one of her forums, she said, something like, "if you're scared, do it scared." I love it.

Regarding the probate, I went to see the seller today alone. But it really wasn't so bad. It was just the owner showing me his house and walking me through it. It wasn't such a big deal. When we were finished, my partner showed up and then the owner showed the property to him too. The owner was pretty happy about the whole thing over-all. We will be back there tomorrow morning (Tuesday) because we didn't quite finalize the deal. We still have a couple of things to work out, like the price. If we can all agree on the price than we got a deal. So far we don't necesarily have a deal yet -------- it's still up in the air.

Hope you don't mind me posting the above PM here. And yes, this was our first meeting.
How's yours progressing?

Michael Barnes


Jay

Hi Jay, don't be discouraged, keep and eye on it. You never know, it might just sit and sit and the seller might have a change of heart on some kind of financing. Good job on starting to get yourself out there.

Jeremy

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


Thanks!

Jeremy,
Thanks for keeping me focused on this, it is really hard to stay focused sometimes, Have not heard back from my REA and starting to get upset, I don't know how long it takes to do comps but just would like to see them. I have the owners friend or partner contacting me every day and don't have anything to tell him. How long does it take to do comps? Can I find Comps Myself Anywere? anything fairly close to it? I also have 3 more FSBO was looking for comps on them too, maybe its time to move on this will be my second REA and the first was a personal freind and ask him for some comps on 5 houses and that was 3 weeks ago still haven't heard back from him. I am not a very patient GUY but maybe I should Be! Any suggestions will be appreiciated.
Maybe its ME!

Thanks Jay C

__________________

Jay C


Hey Jay

A few comments about comps...your realtor can do that in a matter of minutes. You should put a little more heat on them.
Otherwise, you can go to realtor.com and put in criteria that match your house - # brs, baths, etc...and at least see what those types of houses are selling for - even tho true comps are run based on houses SOLD because people can ask any price - its what they get that counts.
Also - have you been to Deans site Total View? when you put in an address it gives comprehensive data about the property including comps. You can also put it in on Zillow - and they show comps as well.
Dont sit around waiting for your real estate agent though - like I said - contact them and tell them its important and hanging you up from moving forward.
Keep up the good work!


Thanks Laura

Finnaly got a call from my real estate agent. He is telling me( and it was a long Message) that there is no records in the court house about the owner of the properties, hard to beleive cause i called the local township( if you need info on local property call you township building got alot of info from the secratary)and she gave me the owners name and were they live now, but for some reason there are no records from my message. Then he said that he sould be compensated for his work! WELL, "Think" I can do this investigation on the propery myself Thats 2 REA need to move on and find another.Anybody know of a good or even better a GREAT REA in Chester County let me know. I'm no done with this one yet!!

Thanks Jay C

__________________

Jay C


Jay

Man, that realtor sounds like a joke. He cant find information that you manage to, and then wants to be compensated for his time??? Realtors are like us....alot of time invested for which you are compensated at the close of a deal. I have never heard of that before....NEXT!
Good job for recognizing that, moving on, and keeping on the deal!


Jay C

As Laura referred to,
in Dean's new book, he mentions a website he created and it includes comps.
Forgive me if you already checked this out. I went there a couple of days ago and I looked up the property I just put under contract and I thought it was pretty awesome. Several comps.
I also looked up a property (just for fun) where I used to live in New Jersey and I really thought it was fascinating! I started strolling down the highway and spent over an hour cruising all over a section of NJ! It felt like I was actaully visiting there. I cruised down Route 22 and noticed a gas station I used to go to - was now just a vacant lot!
Anyway that is not quite what that site is for, but I couldn't resist it.
Check out Dean's site totalviewrealestate.com if you haven't already done so.

You definitely need a new REA.