OfflineHey, guys, I know its been a while since I posted in the forums...this year on the 27th would mark the 3rd year since I began my journey on with you all on this site all because of an infomercial I wouldn't stop watching every time it came on with this little guy my fav "guru" well teacher, Dean Graziosi, Matt Larson and Mike Mangham who are all inspirations to me and helped me put into perspective of where I want to be in being a key player in actually getting deals done. Since my first journal didn't have a good start when I first began, thought id refresh myself and refresh my journal with a new start in a new year because of my new perspective of what I believe, experienced and grown into the last 3 years...I was 23 when I started, now 26 and still haven't done a deal yet, I just want all of you to know no matter how long it takes, keep learning, keep building relationships with key people, key players so that you may some day make your home run and keep running...Happy new years to you all and keep making me proud and inspired so that I may be able to inspire others as well...keep up the good work...At 18 I had a car accident settlement that afforded me the ability to do this, and I wanted to so bad, I keep regretting that I didn't get started back then, so I blew it on meaningless junk that doesn't serve me today, let this be a lesson, but back then I didn't have Dean as I do have today...And im trying my best to make peace with that...And I guess that's whats keeping me from moving forward with my deals today...I got to get over that hump...(ironic) as how today is Hump day...So here I am back again, getting back in the game with updating my journals, I never went anywhere, im still here and will still keep going...no matter how many mistakes I make or how long it takes...
#Day12014 Got some catching up to do...
since 2013 I have been adding key players to my list of buyers, movers and shakers and the list is still growing...since 2013, I have been interested in getting my feet wet in rehabbing, recently found a money lender who also buys properties in California, where I soon plan to move to and my list of buyers for that area is tremendously growing as well...Using key questions to qualify my buyers, which I didn't understand how to do before, I now know and have been continuing to practice ever since. So far, I have a money lender who will also buy properties, a 2 actual buyers who have their own cash that wholesale as well, so if I find anything they don't like they'll still buy it and wholesale it to someone else. Providing me the opportunity to still get paid while I search for deals they do like...One of my co-wholesaling partners has provided me with a actual proof of funds bank statement which was exciting to finally see from a buyer, and one of the deals im working on he doesn't like, so he doesn't mind me using it to lock it up and assign it to my other buyer who does like it...The property was listed at on the mls for $535,000 we put in an offer for $495k, we will be assigning it at $515k if everything goes well with this "interested buyer" the ARV from sold comps is $644-680k...We plan on getting a contractor out there by the weekend to give us the estimates...Another deal im working on with another buyer is a condo, this is my other co-wholesaler cash buyer, he says as long as its a bargain he'll buy it...The seller is asking $144,000 in his price range, the FMV is $200k, but other comps sold were $90-120k he has been trying to sell it for over a month now...So im pretty sure he wont mind coming down a bit...and its rented at $1600 a month...I plan on assigning to him for $20k...if all goes well I should have about $30k at the end of the month...this year im expecting nothing but greatness and speaking greatness...I plan on averaging about 3-5 deals a month and $20-30k...more if I go through with the rehabbing...You can just say I plan on becoming the next Matt Larson, still long ways to go, but nothing wrong with dreaming right?
Welp, turns out the condo deal was another wholesale deal that mysteriously got "under contract" at the response of my message...darn ghosts adds...it was exactly something my buyer was interested in right after we spoke about it...Should I have him find me more deals like these? Hmmmm...you never know...as long as it doesn't turn into a daisy chain and hes direct to seller and at his price point it...eh, we'll see...but anyway moving on...looking for properties for a realtor who has two foreign investors looking for SFHs to rent out in Dallas...emailed some owners today, one already responded, will be getting back to them tomorrow...hope it doesn't mysteriously disappear on me again...
Did I mention my co-wholesale buyer is also a Larson? Another sign from the universe that I should keep going...
Day#2 Good news, a property I inquired about a month ago fell out of escrow...Im going to see what this about and put in that offer...Mike Mangham always said follow up, this is what happens when you do...
In the process of adding my second money lender in California who also buys, performing due diligence on him now...His interest rates are 10-15% based on the data he receives about the property and it must be 70% of ARV for him to look at it...he might also be a potential asset to helping me as a lender when I get ready to move...I'll already be hitting the ground running...He also lends money for long term...
Ive come to realize that im pretty good at getting offers accepted, I just need to become pretty good at closing the sale or involving key people that will help me close the sale...That was also my problem in 2013, that I don't wish for it to resurface...Im hoping ill see closing sales soon, now that im working with them...
Put in an another offer, using the proof of funds my guy gave me...this time I know for sure I got a buyer on this..$5k will be my profit if the offer is accepted...
Looking for someone to help me with my Dallas properties, putting in offers for 5 between tomorrow and Sunday...
I enjoyed reading your journal. Sounds like you are off and running. Keep up the good work!
I'd be interested in helping you with your Dallas properties. I just sent you a private message with my contact information.
Talk with you soon.
Samuel
Ok, whew...I almost lossed out on the $495k deal, found another willing player as I stated in another post the EMD deposit and use his proof of funds as well...We're pushing the assignment fee to 25k...and we'll end up splitting the profits 50/50 and getting $12k each...This is so easy...I keep telling you guys, work with key players only...Ask around enough and someone say yes to any and everything for the right price...
@ Sam, I look forward to working with you, I am trying to come up to Dallas at the end of the month, my cousin is going up there and I have a sister and some nieces and nephews up that way, so if my cousin obliges to me coming with her, I will certainly be there...Checking messages now...
#Day4 I didn't do anything much but ask for comps on a few deals I was working on, I was running on 2 hrs of sleep literally, so I was too exhausted to do anything else, I attempted but failed miserably, lol...Oh yea, so those deals didn't turn out to be deals at all based on the comps unless the realtor is willing to listen to the true market value of comps...I always have 2 to 3 sources on comps, as I totally don't trust the listing agents comps as they will try and manipulate it to make it seem as if it were a deal, and remember, the listing agent is in the best interest of the Seller, not yours, so the asking price will typically either be over priced, or they'll ask for a higher price when you put in those offers...You always have to double check your sources to find the true market value...
#Day5 I found two other "deals" that I think are overpriced based on comps, but once I show them the true market value and in between renovation repairs why when I put in my offers it will be lower, have a greater chance of it getting it accepted, my guys will then like these if I do...
I will be getting in touch with Sam aka REI guy in dallas to help me with my dallas deals so that things can move along quickly for my buy and hold guys there, they've been waiting...Hope this goes well, love building relationships with team players, ready to put in these offers and get these checks...Right Sam?
Jevon,
Sounds great! I look forward to meeting you in person.
Samuel
Yes, sir! I'm ready to get going. I just got your email so I'll shoot you a reply real quick.
Samuel
I will be getting in touch with Sam aka REI guy in dallas to help me with my dallas deals so that things can move along quickly for my buy and hold guys there, they've been waiting...Hope this goes well, love building relationships with team players, ready to put in these offers and get these checks...Right Sam?
This time around my strategy plan is to make offers on deals that not only are based on comps and criteria, but 1) They show great potential in the deal 2) Show great marketing potential. 3) If I have at least 2-3 guys lined up for it...I think that's what my problem was last year. I refuse to go through another year this way, it wont go down like that...I will have at least 2 or 3 buyers lined up and still market it just in case while still adding buyers to my list...I think this a great way to go, I finally see it now, how deals are done...I plan to transition into Rehabber and finally Buy and Holder, while remaining a wholesaler...If this makes sense....I believe I can make money in all aspects of real estate. So why just focus on one avenue? In other words, I really got to get my stuff down packed, especially if I plan on using those money lenders on my list...Im already building a relationship with some of them so it wont be any surprise that they'll be investing in great deals when I start asking or if I bring someone else that is seeking...
In the process of adding my 3rd money lender/buying group to the list, but with this one you need good credit, all the docs, experience ect ect...But if I first build a buyers' relationship with him, inform him of my situation then maybe something can work out...I also have a guy that I forgot about that I had that provides transactional proof of funds...This is the first guy I can work with directly in getting that without going through all the extra...Will be using him pretty soon....so you can say that's 4&1/2...
Thanks Samuel for keeping in touch with me on the deals...Hope to hear some valuable information on them soon...
Woweeeeee just found a potential buyer just by communicating with one of my facebook friends...Although I have buyers and wholesalers alike already on them, who knew that one was already a landlord seeking to expand when he moves to Houston or Atlanta, just from commenting on a post and striking up the Real Estate is the bomb right now conversation LOL...This is how the conversation went. Said person posted on his stat "Welp, got called into work, its -0 below right now" and I posted in response "See this is where working for yourself comes into play." Him: I do work for myself, but im working for another company to enjoy the benefits. Me: Have you ever tried seeing what company your bosses affiliate themselves with so you can receive the same benefits? Him: Ive tried. Costs too high. Ive weighed the pros and cons. And I love the pay. Me: Alright, cool, that's whats up. Have you ever thought about real estate? You know it could be a 3rd source of income and help you pay for that. Him: Yea, im currently a landlord. Me: That's awesome, ive been currently wholesaling properties to landlord/rehabbers and been looking to transition into that myself. Him: I will definitely have to talk to you about that when I move. Me: That's great. Where do you plan on moving to? Him: Atlanta or Houston. Me: Wonderful. Atl and Dallas are my target areas, so Im pretty sure I can assist you find something when you get there. The markets are hot in those areas right now, competition, but still pretty good inventory left. Him: I will keep you in mind. Me: Definitely would love to talk when you make that transition...
See, good things can come out of Social Media, and the old heads say that it cant LOL. All this from commenting on a post and striking up a conversation about real estate you'll be able to find potential buyers...And after all this time I never knew he was a landlord...Made my day...0 work needed to do on my part...Sometime it helps to just open your mouth...
Another potential buyer of mine...my cousin also looking for rental properties in the LA area...woot, woot...I am just racking them up today...
Congratulations, Jevon, on growing your buyers list. Way to go! I just sent you an update email.
Samuel
Found a property in California listed for $299k original list price $340,000 a fixer upper that needs quite a bit of touching up but the comps suggest the actual market value to be $200k-225k, but with and ARV of $370k-380k...I think I found the reason for it not selling the past 4 months, they were listing it at ARV price so they dropped it by 40k, will see what I can do to get it down $240-250k, its been 155 days since it came on the market so I think I can get them to drop it down a bit if they are motivated and assign it for 20k. Well see what happens. Hope this goes well...
DOnt ever give up IF you want to be successful.
RUN the numbers and KNOW when its a deal or MAKE it one by understanding the sellers/buyers.
Be creative with all the lessons learned in REI.
Its not always a wholesale, but maybe you can STRUCTURE the deal differently.
REI's buy notes (hint)
Be the Problem Solver and Help both parties!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Well thanks for dropping by my journal Mike, thanks for the inspiration on making a deal if I cant find a cash buyer...I know about owner finance/lease options my hardest part with that is finding the owner finance/tenant buyer, I feel it would take too much time, I don't really know about those yet, but once I do get some mortgage/note/tenant buyers, I will definitely hop on that train...
#Day9, hmmmm let me see got to back up a bit, well not too much, #Day8 I didn't really do much but inquire about some buyers that I found to add them to my buyers list, thus far I found 2 more willing buyers and I checked out some comps for today...Got back in touch with Sam about the properties in Dallas, set up a few appointments and waiting on my realtor guy to get back with me so we can view them Friday and Saturday and hopefully close next week seeing as how they are cash buyers...If they are interested. Keep your fingers crossed...
Fast forward today #Day9, The buyers I inquired about are already on board and have responded in depth of what they are looking for and wouldn't mind assignment fees. Now I have more to work with and found them some properties today...will be making my evaluations on them soon...One property another buyer of mine wanted remember that condo I talked about being from another wholesaler? yea its back on the market, I think escrow fell through...Now we have an even greater chance of getting it if he responds because my buyer was quite interested in it...If the universe allows, I will have completed 5 deals by the end of the month...So proud of myself and the direction I am moving in...Now lets get these to closing....Oh yea I have another property that I have to call about before the end of the week my buyer in cali is interested in....Im on a time limit because we have to move by next week, so hopefully I get as many as willing replies before the weekend is up, and ill have an apartment ready by then...I believe it can happen...
Adding more buyers to the DFW area, I swear I have more buyers in those areas than anywhere else besides Cali which also keeps growing...Im also finding easier buyers to work with. I now have no excuse not to get a deal done every month now...I really want to do 5-10 deals month and maybe private lend at some point...I am literally becoming the next Matt Larson, lol...I love when things are expanding and going well and I find someone to work with that allows things to flow in the direction of where I want to go and what I want to happen...The feeling is intense and amazing just knowing I can attract someone that will help be a catalyst to my next move like a chess piece. I also met someone that is in the bankruptcy department in one of my target areas and we're working on collaborating with each other in case this particular person comes across someone that needs to sell as I told them I come across buyers in Dallas that are looking for foreclosures and all just by talking to someone about what I do on facebook yet again...The tongue is a powerful thing lol...