30 Days Quick Cash Formula

@Jas: I agree with Ken, if these agents are giving you problems, maybe it is time to find a new agent, while working with these. What does the agent mean by 'filling in' 15 pages? From what I have seen of contracts, there is six signatures needed on a contract(not offer). Two of the buyer's and seller's signatures on the first page and two of the buyer's and seller's signatures on the last page, then a signature each from two witnesses. Then buyer and seller initial each page. Then the agent fills in the address. The agent shouldn't even be worrying about a purchase agreement until the offer is accepted. An offer is not binding. When a seller accepts an offer, they are agreeing to negotiate, nothing more. Once an offer is accepted, the seller and buyer begin negotiating the purchase agreement(This is MY understanding of the process, the process may be different in your state). If the agent is talking about 'writing up' a new contract every time, you should experiment with pre-filled out copies of your contract. You use an electronic signature and then have the agent put in the address, then send it off to the seller. Just see if you can find an agent who is willing to do five offers a day. Good luck!

@Ken: Did you find that contractor yet? I wanna know what happened.

RENinja

Hey Damien,

The material is certainly not called "buy this and someone will come do everything for you and hand you the money" plan. LOL! We closed on our first deal last Friday and we never knew anything about real estate investing until we bought the RBBP. So, it worked for us. We are up about $500 if you subtract the cost of the RBBP program. All the information you need is in the program, but you will learn more as you TAKE ACTION!!!

Now, quit being a victim and start being a warrior. It's a choice and not a circumstance. Sorry for the tough talk, but you need a kick in the pants.

I'm sending you positive thoughts Ken Siew!

-Susan

Hi, everybody... hope you are doing great... As I am from United Kingdom, I can't put bandit signs in US so I intend to hire person who would do that for me, so I have a couple of questions regards this:

1. Can anybody suggest what to write in the advertisement? I have no idea how I could call the job that that person would have to do?!

2. Does 60$ for the job done would be ok? In the job would be included, going to buy paper and make the signs and stick them out! Or the price is too low?

If anybody have encountered with this, please share your experience or PM me.

Thanks indeed.

All the best to all of you.

What kind of training from Dean do you have? Books, DVDs, or the RockBottomBluePrint? Just curious, this is a forum topic for those who have Dean's RockbottomBlueprint and the book, 30 Days to Real Estate Cash. Anyway,
1. The best thing to do would be to partner with someone in the US from DG.com in your target market. Besides putting out physical marketing materials, a partner would be able to address immediate issues that may come up during negotiations, able to sit down and talk to cash buyers, able to deal with legal issues, and other things.
Now to answer the question, what you want to advertise for is a Property Locator(This is a name Carol Stinson came up with).
2. Do not pay anything. Advertise that, Property Locator will receive a referral fee of 500 to 1000 dollars for every deal that CLOSES, that they referred to you(under 10k profit, pay 500 dollars, over 10k profit, pay 1000 dollars. This is what I came up with. You can use this rule, or stick with 500 dollars, whatever you would like to do). You would order the signs online and ship them to the Property Locator.
It is always best to meet the people you will be doing business in person.

There are other members on here who are in the UK, you could PM them and ask how they dealing with the issue of marketing and anything else you have a question about.
Hope this helps and good luck!

RENinja

Thanks indeed for taking time and answering my concerns.

Answering your question - I am a student of Dean's Rock bottom's blueprint program as well as the owner of his 2 books )))

Good luck to you too.

Then I would suggest partnering with someone who has the RBBP as well, that way you and your partner would be on the same page and would be accessing the same information.

By the way, I like that signature, "Success is when you feel the fear and do it anyway...", I need to come up with something cool like that too

RENinja

Congrats Susan! Loved hearing about this. Also: LOL @ your response up there

Just happy to be here to make money and learn from u guy.... live in jax,fl

Thanks for your suggestions Guys! i really appreciate it:)

@Zuzzie1 - I would second what RENinja said. It would definately be better for you to partner with someone from the DG family here. And I am sure you wont have any problem finding someone willing to work with you.

@Susan - Congrats!!!

Hey Jas nice to meet you and thanks...

It's feels so good to be surrounded by supportive people...

Well done Susan & Steve! I was waiting for you to update us on your closing. It feels good to get your FIRST check eh?

I just closed my first deal yesterday and I posted the details on a new post: http://www.deangraziosi.com/real-estate-forums/my-deals/93598/rbbp-first...

Even after tax, I'm getting over 100% ROI on the investment for RBBP! Can't get it anywhere else man...

Along the way, I've definitely heard many naysayers and skeptics, or chicken little, whatever you call them. But I chose to brush them off and did it anyway. Remember, you don't have to justify every single action you take to everyone you know. Sometimes you may not even have a logical reason to do something, but you just gotta have faith and do it anyhow. That's what I learned!

Have a wonderful day!

Actually, you could get it via some other investments, but some of those investments also require more work than it would take to do a wholesale.

Nevertheless, congrats! Doesn't it feel great to close that first one?

Right Eric! Well I really didn't do a whole lot for this deal. So yeah, for the time, it's a wonderful deal

It feels AWESOME to close that first one my friend!

Awesome job Ken! I say we race to see who can close a second one! LOL! We currently don't have any locked up, but we are hastily trying to get one on the hook. How about you? -S

Way to go you deals closers!!!!! You have joined the 5% that do deals! Susan, I see you are already a business owner, this helps a lot I think. You know what it takes and can already think outside the box AND have an established work ethic!! Ken, sounds to me like you just would not let anything stop you. Perseverance and determination!! If it was easy Damion would be doing deals.
Way to go guys!! Think about how many signed up and how many took action and closed a deal. You guys rock!! Lots of paralysis of over analysis going on. You two did what it takes. LOOK AT PROPERTIES AND MAKE OFFERS!! If you don't do that everything else is a waste of time!

Michael Mangham
MD Home Acquisitions LLC

Hey All San Diegans.

I'll be hosting our support call Tomorrow night at 8:00pm. Last week we held the call on Monday, but it looks as though Thursday will work out better for me
and a few others.

TO join the call tomorrow please dial (712) 432-0075

The access code will be 650112.

I look forward to chatting with you about real estate.

Karemah

It's a race Susan/Steve!! I already have a 2nd deal locked up, it's also short sale, and it's been approved. But today I asked my agent to go back to the bank to ask for a $6k price reduction because it seems to need more work than I initially expected. And I have yet to find a no-seasoning refinance bank. Not sure if that was the right decision, or if I should have just gone along with its current price (it's not bad....) But I wanted some cushion because I will be rehabbing this and flipping/lease option it. We'll see how that goes...my next step should be to secure the funding and find a no-seasoning refi bank asap.

Michael, you were right about analysis paralysis. Honestly I could have spent wayyyyy more time finding out more info about every single aspect of the deal, and making sure everything was as perfect as possible. But I'm glad I didn't -- I had to always battle the psychological barriers though!

I also wanna say, I always look forward to your comments because they're always so encouraging! Thanks Michael.

What is TF?

Alex,
What does your letter to the list of properties purchased by cash look like?

Way to go, Ken. You close your first one. It must feel amazing.
Like Michael said we got to keep making those offers. Without that, everything else is a waste of time!!!

Goood luck to ya'll

Dennis

Hey Zuzzze1,

Nice to meet you too!! And yes this indeed is a wonderful place with Awesome people

It's on Ken, we just locked another deal up today. We are going to wholesale for now. We have money in a self directed IRA where we can jump in and invest ourselves when we find a cherry deal, but for now, we are just trying to see if we can replace Steve's income so he can quit his job. I think we are going to have to rethink the REO's that we have been looking at. I think we are going to buy the forclosure finder from Dean and go that route and set up some marketing (free recorded message and other methods) to help people get out from under their loans that have their hands tied. I'm impressed with how fast you've been able to negotiate with the banks to get these REO's done. We have apparently not been pressing hard enough and I also think we were using the wrong REA, so we are going to switch that up too.

As for paralysis by analysis, it had us too, that's why we missed the 30 day mark. If I can give anyone advice, it's to JUST DO IT! You learn as you go and if you wait for when you have all the answers, you are going to be putzin around on these boards or giving up if you don't just put yourself out there. You WILL make mistakes. Someone WILL talk down to you and try to make you feel stupid. It's all part of it, but that's how you learn!

The first investors we showed our 1st deal to, the guy got out of the car and started cussing us and telling us that we were fools for the price we negotiated and said he wouldn't pay more than $5,000 for the property we had locked up. That was a crappy experience, but I then asked him how many times he's rehabbed a house or invested in real estate and the answer was never! Not yet. So, who was the idiot in that scenario? It sucked to have to hear him do that because it made us feel like we didn't know what we were doing, but come to find out, we knew a hell of a lot more than he did.

So, the deal is, whoever makes the next PROFIT off the next investment wins? That means, if you are rehabbing and close on your deal, it won't count until you flip or wholesale another one. Is that a deal, or do you have a different goal in mind now? If you are buying and holding, we could count when you are able to get a tenant in your property. Then, what are we wagering? Are you going to be at the Edge 2012? We could wager dinner or something? I'm not 100% sure if we will be there, but if we are getting this serious into investing, then I'm pretty confident that we will go.

Anyway, let me know if you are up for a real wager. If we don't both go to the edge, then one of us can mail a gift card or something to the other one. I like competition! -Susan

If there's any new investors out there with the RBBP or 30DtREC, who are unsure about whether they can use Dean's contracts or if they are the right ones... Heres what you do.
Print the contracts from Forms and Docs that you feel best describe what you want to do(I printed the Agreement to Purchase, the Inspection Contingency, the Purchase and Sale Agreement, and the Lease with Option to Purchase). Call an RE attorney's office(I got a referral)(the referral I got was from a well respected injury attorney, so make sure you tell them who your referral is) and tell them, Hi my name is(full name) I would like to make an appointment to see Mr/Mrs(So and So) and discuss contracts. A purchase agreement, an assignment of contract, a lease option, and a doubleclosing. What I have are basically templates. I want to make sure that the contracts comply with state law, are worded properly, and include the right protective clauses. Depending on whether you want to start out with residential or commercial properties or both("I want to focus on residential as of right now, but in the future I would like to purchase multifamily properties to sell or hold for rental income", is what I told the attorney) make sure you tell the attorney one, the other, or both upfront because he/she will end up asking you. Also tell them, realtors will be involved in transactions and I will also be purchasing real estate directly from sellers.(I haven't gone to an appointment yet, I am still waiting for the office to set a time and date, but the attorney emailed me himself. He sent a purchase agreement that he said you can use for buying through an agent or buying directly from a seller. However in my state, Louisiana, he said, "If a realtor is involved in a RE transaction, this document MUST be used"). When you see the attorney, make sure you have all your questions WRITTEN DOWN so you make sure you don't forget to ask anything. You don't want to walk out of the attorney's office with doubts still weighing on your mind.
Now, that isn't holding anyone back anymore is it? Now is the time for ACTION.
Hope this helps!

RENinja

OK.Regretfully I'm lagging in moving forward as quickly as I'd like:)......a rather embarrassing question I have is what is the 25:1 ratio? Is it to make 25 offers for EACH listing or is it that i would expect 1 offer excepted out of 25 listings i put offers in for? i feel dumb asking..... but here we go.

As Matt Larson described it.
You make twenty-five offers on twenty-five listings expecting that one will be accepted. If more then one is accepted on those twenty-five offers, than you are offering too much. If none are accepted, than you need to raise your offers a little bit.
Hope this helps.

RENinja

Hey Susan, great job locking up another deal!! It's always good to be able to have the option to buy a property, but Steve's income could probably fund the acquisition of your assets, at least for now

Mine are short sale props, not exactly REOs. The banks didn't want to foreclosure on them because it would cost too much (at least $30k), so they're willing to take an amount lower than what they loaned out initially. Essentially taking a loss, but it's still better than an REO.

I cherry picked my short sale props, only making offers on those that guarantee a 10-day response. Usually they would take months or even years to get a bank approval!

I'm thinking about flipping, but I don't know for sure. Like what you said, it counts when I successfully flip the property, or when I put a tenant in (either as rental or lease option). I'd put down a $25 Fandago gift card -- a movie night out after a long day of work seems great What do you think?

Man, now I need to start thinking about my 3rd deal already!

P.S. FSBOs are probably still the easiest to work with, and more profitable because you cut out the agent commissions. I'm not investing locally so it's quite difficult for me, but I might start ramping up the operations, or build a local team.

Congratulations you two! I am so excited for you. Way to take action and push forward. I'll be watching your contest to see who gets #2 first.

wishing you both mega-success
Aniko

Hey everybody! I'm working on my first deal! Yeah!

Kinda nervous because it's an REO and I need to double close. I didn't want to start out with double closing because I find them to be totally confusing.

So here's the deal. I'm in San Diego and I offered $226,800 on an reo which they were asking $324,000 for.
Comps showed it was only worth $312,000. I went with 30% Discount on asking price. They accepted my offer without a counter. I'm on a timeline so what do I do now? I intend to get some inspectors over there asap. Once I have some estimates on repairs what's my next moves? They haven't asked me about earnest money yet. But what's next? When do I need to double close?

Can I ask the bank to pay for agents fees, or any closing costs? And what about the double close? Will there be any problem with seasoning, or the bank blocking a double close. I know they said the name on the offer has to be the name that closes. Help!

Karemah

Your first step is a good one. Have the property checked out so you know if there is any hidden problems before your inspection contingency period is up. You should look for a title company to do title work on the property and help you with the double closing. If the title company won't handle both closings, just find a second title company to help you close with your buyer. Well, after estimating repairs, do you have the right to market the property before closing? If so send it off to your buyers list, unless you plan on doing the repairs yourself. Then send it off to your buyer(a pro forma would be nice if you do those. Don't have to though).
If the bank doesn't tell you anything about EMD, just put in your contract that you're putting down 10 dollars earnest money. I have a feeling they are going to ask for a thousand dollar EMD though. Make sure that is held with a third party like escrow or the RE agent.
You don't know until you ask if the bank will pay agents and closing costs. That was in the contract you sent over right? The bank shouldn't block the double closing, because if all they said was, you needed to be the one to close, thats what you are doing. Some banks do have seasoning requirements, but you asked about that before you offered right?
All a double closing is, is you buy a property, then sell the property to someone else. You just sell within thirty minutes of buying the property. It just means you get your check WAY sooner .
Great job on taking that step a lot of other people are afraid to take!
Good luck Karemah!
Just curious, what was the name of the bank?

RENinja