Jason Smith's Journal- Tag Team Properties, LLC San Diego

I got out 10 formal offers and plan on getting 10 more out asap.
I feel like my the small window for assigning is slowly closing on me as a lot of the homes I have been watching (rehabbers) are getting picked up.I spoke to two of my cash buyers to get their opinion on how low to offer and found that I'm probably bidding against them to assign to them (thats funny).One told me he's doing the same thing,pumping out low ball offers.
Frustrated, yet so determined to get in somehow and someway.

You can do it Jason - You ALREADY ARE!

Stay focus, keep reding and re-reading the book

Call me if you need good moral support SMILE

Hang in there buddy! I feel your frustration, there are a bunch of guys around here wholesaling too. Seems like everytime I talk to an investor they're doing the same thing I am! Now how the heck am I supposed to assign that way? Glad to hear you're getting the offers out there...I need to do more of that myself!

Keep us posted...you'll get that first one SOON and I'll be right here cheering for you!!

Dawn

It's awesome all that you are doing! Just keep at it and you will make it work. (And it is so cool that you are helping others behind the scenes, too.) You've got the right heart. You WILL succeed.

Rina

I'm trying so hard to get an assignment done and I guess I have to try even harder, because I just want to have back up money to invest with and then start using Deans strategies and getting some cash flow coming in.
I know problems can arrise with being a home owner.Last year we got hit hard with needing a new heating/ac unit,garage door,vinyl pool liner,water heater,and re-pipe the whole house.This makes me want to make sure I don't get in over my head.

My Realtor told me she needs to speak with her 2 brokers at the office before we submit anymore offers and I told her I need to know asap because I have 15 more offers that have to go out and one is for G.R. on this website.I'm Trying to help him get a property and assign it to him for a small assignment fee like Rina did for Laura.If for some reason my agent has to back out, I might just have to figure out how to submit formal offers myself and just get it done.But then again she (my Realtor) told me they might have some info for us about putting in offers, so I dont know which news I'm going to hear today.Hopefully good news to keep me rolling.

This is exactly what I do and it seems to be working! Just make sure to refresh the ad on craigslist often. Have you ever looked at buying anything on that website? It is terrible! If its not on the first page, I don't even bother looking at it!

In addition to craigslist, if you have Dean's AFF system, there is an option for generating leads (FSBO, pre-foreclosure, foreclosure, REO, etc) in your area. I have found numerous investors, banks, FSBO, etc whose names are attached to the properties generated from the lead tool. If you have the AFF system, use it this way to get even more buyers and sellers.

Jamie

My Realtor told me her broker's are totally agaist the and/or assigns and double closings.She told me she has worked at that office for 13 years and never seen him so angry at her.I have been working and educating her for about 3 months.She hasn't got any answers yet from the RE attorney.In the meantime I just got a call from Bonnie (my agent) and she spoke to one of the listing agents of an offer I put in and the listing agent told her that the bank doesn't even know what the and/or assigns is and told us to take it out and then she would put in our offer and thinks it will get accepted.The house is a shortsale and will get foreclosed on in 2 weeks.So I have a couple of problems.
1.) I didn't get a big enough discount and I don't think I could even find a buyer in less than 2 weeks.One of my Investor/Buyer said not a good enough deal for an Investor that is.FMV 300k my offer $242k and I still have to go through the house to check for rehab costs today.
2.) I tried to get a finders fee and got the same answer.not a steep enough discount.
3.) Trying to figure out what to do next with a new offer in my name.Anita told me to just attach an amendment that I have the right to assign and if they don't accept that, then there loss."Foreclosure on it's way".

What ever happens, I see this as a learning experience and I'm taking action and learning as I go, my agent feels the same even though she might not be submitting offers for me any more with and/or assigns.She wants me to succeed so I can start buying homes in my name and not worry about assigning.

I feel like I'm starting to vision all the possibilities with the different strategies there are.I just got back from the REDC auction and met one of my Investor/Buyers down there and he picked up a property for 1/2 off.
asessed value of $670k,his accepted bid $290k + fees about $305k "nice"
I also had a busy day trying to structure a way to make money on that property.I found myself jumping the gun, because I didn't do all my homework with numbers before calling my Investor.So today I got to go through my first property and use my checklist.I already know I have to submit a lower offer to make this work.Suppose to here back from my Investor tomarrow.I was thinking my first offer beat some other one's but I need to come in lower with a quick close fast cash offer because of their situation of foreclosure coming up on them in 2 weeks.
FMV $308 ARV=$320?
discount=30%
rehab=$15k

my first offer $242k which the agent said would probably get accepted.
new verbal offer tomarrow=$220k cash/quick close

I think we, and I say WE, because this seems to be all of our problems as newbies... are giving out way to much information to our realtors. Yes, we need to be up front, but personally, it was none of your realtor's business that you were going to do a double close. All she needed to know was that you were closing on the property you said you were going to close on. As far as the and/or assigns, they have to submit the offer regardless of what their opinion is. It is a legal clause. If the bank kicks it back, so what. Move on to the next offer. As far as the bank not understanding and/or assigns word it differntly. Jason used "Buyer has the unqualified right to assign his interest in this contract prior to settlement to any person, corporation or entity which he may designate.

I learn every step of the way and it keeps pushing me to be stronger.
your right about my offer.I want the right to assign or deals off.I'll move on.

I know you are going to make it happen. You are doing the right thing - right now. Re-think you position and mark another path to go thru to achieve the same goals. I told you - NO is just another way of telling me YES, just a longer path to get there

We are not newbies anymore.Cant wait to hear or see a deal go through for you or me.

Jason i was thinking the same thing on maybe could end up competing
with your own team members making offers.Anita says it the best...
no means YES! AND Kimmy Says to much information is not good,I will
second that.There is the high road and there is the low road and there
is the road you are going to take.The high road is assigning your deals,
The low road is finding a partner that has CASH and the road you are
going to take is,Doing exactly what you are doing now...Other Strategies!
Remember,When they ask you to write down your goals...They just want
you to see your END...You have to see the whole picture for it to work!
I hope i did not go to deep!
Jason you inspire me in my REI,I always learn something from you!

Randy
"MAKE YOUR ACTIONS COUNT"

I wanted to wait to see if this deal happens for me today but I have to write about it.I'm waiting to hear if the bank will accept an even lower offer than I origanally put in.I got denied the and/or assigns, but the listing agent told me to put in a new offer with my name only and she would submit it.It's a shortsale that's about to foreclose in 2 weeks or less.I have a cash buyer ready to close this deal fast, if we get the offer accepted.Also hoping someone else didn't come in and get the property over the weekend.

I'm really excited for you! I really hope this one works for you, it sounds good & the BANK should be excited you want it!!! It will save them the money of having to foreclose....
You'll have to keep us posted OK?

Your DG sis,
Dawn

I cant believe the bank will pass up the $200k offer.They have it listed at $270k right now, and that's only $70k less.When they go into foreclose they're going to spend $70k...It Doesn't make since if they pass on this.

I cant believe how I can still be so motivated after 5 1/2 months of studying my butt off and still no deal.My toughest challenge for me is not being able to spend any money towards my buissness yet.The only money I have spent is the purchase of Deans BARM and PFRRN books.Once I can get the leads coming in,I know it will be smooth sailing.I remember the first FSBO I called, which I got a lead to, but the property was taken off the market a long time ago,and the lady was very upset that I found her number and said she's in a divorce and her husband has threaten to kill her a number of times.So she was affraid for her life and told me she was going to give my phone number to the police because she thought I could have some relationship with her syco husband and I was calling for him.I wont forget that start of my career.Also my next call was made to a "we buy houses" sign and she was a Wholesaler.She was very helpful at first, until I started asking to many questions.I saved her email.Here is what it read.
HER EMAIL:

Hi Jason,

It sounds like you have not had much education. All of these questions are answered when you pay for quality education. Investors spend more money on educating themselves than anything else. You cannot be a Real Estate Investor after reading some books, or taking a 3 day seminar for that matter. If this is a field you are seriously interested in,Then educate yourself.

That is the best advice I can give you. Legally I cannot help you by answering any of these questions. I am more than willing to give out any of the professionals that I use, as I have done, but cannot help any further than that.

Good Luck!

I WAS SHOCKED after this email because she was very nice on the phone for a couple of weeks.No more referals went to her.She blew it with me.So my plan is to make it in REI with the education from this website and Deans books and prove that you dont have to spend tons of money to get going.I have networked and surrounded myself around a lot of you guy's and feel very lucky to get the support from this website.I dont think I would still be pushing towards this career in REI......
WOW I cant believe I just got out of bed and came to the computer to express my feelings..Good Night

Don't let ANYONE tell you that you need more EDUCATION! You have learned a great deal! Just like all of us who have purchased Dean's books and are participants here, we DO have the KNOWLEDGE it takes! Some of the investors I have talked with are impressed by the knowledge I have and what my plans are for investing. Unfortunately, they don't have the $$ to invest and are wholesalers!! I am still looking to partner up or assign. I have been here since July of 2008 and have yet to get my first deal but I'm not giving up! Guess I dragged my feet too long.

I will find a way and YOU will too! There are multiple REO's here going cheap and it's like someone dangling a prize in front of me that I can't reach!

Keep us posted Jason,
Dawn

I send an email to my Realtor of what I need done.Hopefully she still wants to work for me.I told her I want offers out with and/or assigns or with it in my name and my cash byers name on an addendum as a secondary buyer, which 3 of my buyers said I could use their name for this strategy.

I have a list of things I need to get done.
1.) Place ads on every free ad site I know of.
2.) Find another Realtor to pump out more offers in another area so I have 2 Realtors.
3.) Find out when the next REI meeting is.
4.) Figure out my free website that dean gives us.I have it set up, I just want to attach it to all my ads.
5.) of coarse figure out my offer price on about 15 properties that have been sitting in front of me waiting to be sent out.

I need to try even harder than I have, so thats my new goal.It seems this goal comes up a lot.

I know a student when i am around one, Enough on my behalf! I want you too do good
as REI,Really! In the mean time while you try to understand.(Maybe i should
of, Done this or that!) What area do you live in so i can get the word out it
is a open market.
Jason,It's never pretty what can happen to us...Sometimes our actions, Do not
meet the bar, That we set!Still(I know what you are thinking...What is this
fool going to say, Now!)if you do not buy it...Somebody else will!
I say it is Jason's------Open market!

YDNAR
1bird----2stones!
"COUNT YOUR ACTIONS"

No deal yet, so I guess I'll try even harder.
New plan
get phone numbers to abandon and probate properties and not just say I'm going to, but acually do it.

I know so many strategies that I can't just focus on one, I need to proceed with all and keep my action going.
I just heard a websiminar and he finds properties that are not on the market by looking for lockboxes on doors with no forsale signs yet. Then find the listing agent and get what the property is going to be listed for. Tell the agent he/she can represent you, make a cash offer using coastal funding and double close the deal.
I think the hardest part for us getting in the game is generating that lead.
Once our deal is excepted, we know we'll have all the help we need to close it, so that dont worry me a bit.

I'll be back....

It sure is exciting when you have things happening.
I sent out 14 email cash offer saying my offer is lower than most but I have the cash to get the deal done fast. If you are willing to present a lower offer, I will have my agent fax it over asap.
The reason I'm doing the leg work myself is, I have an Investor/Realtor willing to put in a few offes for me to try and get them accepted. Hopefully she can help since she uses all the strategies we have learned.

I'll be back...with more.

Is it just me being really optimistic, or do you feel like a deal is JUST AROUND THE CORNER for all of us, too? It seems like you and Dom & I and Kimmy are sooooooooooo close! I just KNOW things are going to start happening for us soon.

I haven't wrote in my journal for awhile as I had to reconsider things.
It wasn't working out with my Realtor only because she's not familiar with the strategies I need to use, so I got stuck on my own.
I started networking with Sheila for awhile and she was very kind to put an offer in for me and give me advice "knowing how busy she is" as I try to find a local Investor/Realtor.

We'll, I decided to sign up for a local Investors Mentor/Coaching program as I feel I'm struggling on my own and I want to set up my business and have things going full throttle. I don't want to try and figure things out on my own, as this time in REI is a small window and changes are already happening. If you look at most successful Investors, They have all had a Mentor to walk them through the million roadblocks that can arrise.
I fell very lucky to have found Dean and this networking group and I'm very excited about having a Mentor for 15 months. I start next Tues.19th of March.and I can't believe how long I have been at this, Then again 5 months is not very long to learn what I have learned and the possibilities that are ahead for me and my family.
Its only going to get better from here as it keeps doing.
A payday is coming and I have been very patient to see one.
Sheila's comment to me--Jason,just be patient and it's all about who you know and your surroundings.

I had 2 sessions so far with Tim Taylor my Life Coach/REI Mentor.
I can't even begin to describe how detailed and motivated he is with his coaching and his goals of having me succeed. I have class "Phone seminar's"
twice a week for twelve weeks at 3 to 4 hours long. Then 1 hour calls once a week for a year. The first couple of weeks have been straight mind control which has blown me away with why we do what we do. Tim has studied the top 10 successful people/mentors in the world. His story is amazing as he found his passion was to teach others how to become successful and that's one of his major goals.
He has me doing 6 major goals that I typed out and have to read and do daily, so I better get to bed as I wake up at 5am to exercise now.
I recommend studying the mind and pushing your fears out of the way as you enter this Investing world.
I'M PUMPED...
A lot more to come from me, stay tuned

I can't wait to hear how things go with your mentor! It's great to hear how motivated you are and I wish you much success. By all means, keep us posted on your progress and Good Luck!

Dawn

We'll I have been so busy with my Mentor "Tim Taylor" that I haven't been able to keep up with this website. I'm on my 4th week and we are starting to take massive action. I have 32 abandon homes that I'm about to call and get info on. I ordered 100 bandit signs which my number will tranfer to a answering service that takes my calls live 24/7 and then gets emailed to me so I can determine their motivation. I plan on generating at least 40 leads a month and only using 1-2 leads which I will buy the house using 1 of my six ways that I will be buying homes. The other leads will be past onto my Realtors as possible listings for them. On top of this game plan, I have two Realtors that are Investor friendly and know how it all works and they will be giving me leads and submitting 10-20 offers a week in separate area's.

My mentor trained my mind in the fist 3 sessions and I recommend anybody do that first. You have to believe it in your mind first and take never ending action. I thought I was taking tons of action and I needed to take even more. I believed in myself and spent money that I don't even have to make this work because I know how fast I will get that money back.

Final words of wisdom:
if your still struggling by yourself, find a Mentor that will walk you through everything step by step and split deals with him until you figure it out. I have wasted so much time on trying to find deals, that weren't close to being deals in the first place.