T and J's Real Estate Career

I have some goals tomorrow... I wish I had another day to do more work, but the J.O.B. summons me. At any rate the game plan is as follows:

1. Call some REA offices in regards to agents working with investors.
   a. Calling out of state first to get my bearings
   i. Practice the scripts
     ii. GAIN CONFIDENCE for my area

GOAL = Done Tomorrow Morning

Saturday this is the plan (granted the weekend doesn't stop me, if so I'll pick up Monday):

1. Same as above... but contacting local REA offices
2. Get a map of Butler and start planning an area of attack (I want to use the REA knowledge for this... but I have some knowledge as well so if I can't get it I can still create my AoA).

GOAL = Done By Monday Night

I'm so excited... I just want to jump RIGHT IN!!! But I kinda know better... just really want to do my due diligence and build the buyers list before I make offers on properties. I already have my eyes of a few and the numbers seem to add up...

I did a CRAP TON of VERY informational training last night and I'm ready for the day. I DID call a ReMax office but apparently they are close at 8:50 in the morning... Stinks. I'm going to have to try another office later on in the day. Maybe on the way to work?

Fear, not having confidence, and not having the experience by doing is the NUMBER ONE deal killer... its so easy to make an excuse. I'm not going to lie I wanted to all morning so i don't have to make another phone call... I need this so bad unlike last time. I won't fall trap to it again...

Making another phone call at 10:30. Gives me some time to train and learn.

T_and_J

EDIT: Called back a little later and talked to the office clerk.... No agents in the office lol. I gotta keep trying somewhere else as well. I need to get used to this.

EDIT'S EDIT:I called quite a few REA Offices and surprisingly no one was available. I ended up changing to Northwood (I think that might be area specific, not necessarily nation wide) in my state and talked to someone.

I followed Matt Larson's script... LOL DIDN'T WORK THE WAY I THOUGHT!!! It did work though. The script is an EXCELLENT starting place... tweak it like I did, but stay on point. I now have an agent sending me 6-8 properties he thinks are a good deal and 6-8 properties that were last purchased with cash... we will see if he delivers.

I plan on contacting the cash buyers from the cash sells via mail and let them know I am an investor with ridiculously cheap properties. I'd like to grab one more agent to do the same... but the J.O.B. summons me.

I think my goal was met.

T_and_J

Hey T & J,

Great job!! Love your story and progress. Nice idea to blog, makes it real and you accountable!! Gonna go start my own. Thanks!!

Keep on keeping on!!! (joe dirt)lol

Thanks again,
Toni
where God guides, he provides!!

Thank you tojoade11

I found a great REA and started tossing out some low ball offers, one of which is REO Foreclosure...

I'm a little worried that I don't have a "buyers list" but I been doing some research from the cash solds list the agent gave me... really working it today.
Hopefully I hear something about my offers by the end of the week... asked my REA to send more list of houses, expand the search area. See how that goes.

Thanks again guys for reading
T and J Real Estate

I made 15 OFFERS tonight!!!

I'm hoping that that atleast 2 accepted... but who knows...

Boy I wish I had more time to post

But thanks for reading!!

T and J Real Estate

Realtor is working on the offers right now as we speak.

He said, and I quote lol, "I gotta be honest with you I've never submitted an offer before with $10 earnest money lol"... Yea I didn't want to tell him i only had xxx in my bank account and didn't want to tie it all up in hand money! But I did tell him it was negotiable... lets see if they come to the table first.

15 low ball offers.. some .65.. some .3

I have the contingencies in that I want... 14 day inspection, 24/7 access to property, ability to market property once its locked up... REA is TRULY an A+ player!!! I hope he can make some money on this...

I'm so nervous right now!!!!! And scared!!! I wish I had a better buyers list!!! But at some point you have to TAKE ACTION!! So I decided that point is NOW!! Time to stop reading books... time to stop thinking about it... now, now, NOW!!! GO GO GO!!!

Thanks for reading
T and J Real Estate

Great job on your progress John. Once you get a great deal and start marketing it that will also help in building your buyers list.

You may be nervous now doing these things, but after awhile it will become natural

Keep those thoughts positive

Best

Sterling

And the fun will come pouring in. Good luck

First off THANK YOU reinvestor317 and keb64 for the support... Makes my engine rev.

Got a call from my agent at work yesterday and it bothered me... I thought I had an A+, work with investors, we are both gonna make some money type of REA. So far he is doing a TON of work for me... Then I got the call saying, "I feel uncomfortable with assignments because I feel like I'm working for you, but not for you so in order to continue working together we might need to figure something out..." I told him give me some time to think of another strategy and I'll call him back..

I was crushed...

Going back to the J.O.B. for the next couple hours I was down and out lol... My mind was racing and thinking... All that work and all that research and now I can't lock anything up. Then it dawned on me...

I CAN STILL WHOLESALE WITH A DOUBLE CLOSE!!!

So I called him up, told him it wasn't a deal BREAKER, in fact it's still a deal MAKER (Cheesy isn't it ).

So I've decided if any offers are accepted or countered then accepted and I double close on those properties I'm giving him a choice... my way or the highway with assignments. It's just easier.

Ok...

So here is some progress on 3 houses that I submitted offers on...

One house hasn't replied yet to the offer.. That's ok. I expect that.
One house (a duplex with plumbing stolen out of it) had a listing of 19900. Offered 9900. Said they want at least 19000. LOL!!!! I said I'll resubmit after a month. I think they will be more motivated the longer they sit on their property.

But this one house... 2 houses, 1 lot. One smaller 2 story home 2/1 home that is turn key basically (outside needs touch up) with a cottage in the back that needs rehab(I'm assuming probably an in-law suite at one time?). Listed at 40000. Asked for 26000.

THEY COUNTERED!!! THERE AT THE TABLE!!! And... they countered with 30K!!!!!
10k less then listing.... TALK ABOUT MOTIVATED!! But they also want to increase my hand money from $10 to $250 and to remove my inspection contingency (craziness)...

I'm telling my Realtor to bump the offer to 26500, earnest money to 100, and I will remove the inspection contingency only to add the contingency "based on partners approval" with the same amount of days. I also want the realtor to express that the amount is only 3500 less than their counter and that this is my final offer.

I wonder if this is enough... will I be able to sell it?!? I need to start lining up buyers on my list... have none Want to go to a REI club but I'm not sure when the next one is this month.

SO EXCITED!!! And I don't want fail or look stupid or back out the offer I want my realtor to make money.

It will have to be a double close... need to start calling title companies... moving to fast lol!!

AHHHH!!!

Thanks for reading!!!

John
T and J Real Estate

You gave me an idea when sellers counter to take out the inspection contingency to tell them fine but it has to pass my partners approval. It's all how you word it & psychological.

I would say add as many buyers as you can with this house, just put it on craigslist but dont put the address or a pic of the front of the house bc you would be acting like an agent since you dont have it under contract.

Put the #'s that you would have it at with your fee incl & put a diff pic of the front of the house from a nearby city & put the pics of the interior there, thats what I did & i added prob about 50 buyers the past couple of yrs.

Put in your ad header "Fixer must sell make offer!" in the address field just put address undiscloses but put more or less where the crosstreets are. Pic's do sell hm's so make sure you put up pic's even if it is pics of some other fixer hm. When buyers call & they will believe me just say if you put other pics "sorry I got mixed up", if they even say anything they prob wont.

But when they call tell them you dont have the prop under contract yet but you think you will soon, act cool & tell them you will call them back get their info & start adding buyers ok. Be well.

Glad I can help you out!!! Yea that was just craziness I want an out and anybody in this type of game, buyer or seller, SHOULD expect it... I understand you had a monkey on your back for so long.. but hey. Its still your problem. let me do my diligence and then decide.

Here's the thing and I want your guys opinion...

I drove past the house and took a look inside as well... The house is REALLY outdated in terms of the layout... As soon as you open the door BOOM!! STAIRS!! lol... Then the house splits from there... kitchen to left living room to right... And then to get to the only bathroom... gotta go through the kitchen. At least everything is remodeled for the most part in the 2/1. It's located RIGHT NEXT to a busy freeway.

I'm not sure if an investor is interested... It's a total buy and hold. Your not gonna sell it for profit, your not gonna fix and flip. That profit margin isn't there I think... Plus Zillow states the property is worth around 60... No way lol. Not enough accurate comps to get a jump on it.. Not even sure it'll be RENTED because of the location... Might have to let this go...

Somewhat depressed..

Should I continue on with it?
I'm almost CERTAIN the seller will agree to my asking price but now I think it's too high.

Thanks for the read guys!

EDIT: You know what? I'm gonna market the heck out of this and if anyone is interested I can let them know exactly what you said! It's not in contract yet but will be soon!!

I must be doing something right because my REA says he's never worked with anyone that makes offers and thinks like I do... LOL!!!! I think because he does not know my intentions is getting burned out with my offers... only submitted 3 outta 15

John
T and J Real Estate

Keep putting those offers in. Just stick with it

Have your agent pull properties sold in last 90 days for cash, that's your investors (buyers).

Aaron

reinvestor317 no matter what those offers are goin out... just a matter of finding an agent that will do it for me if he chooses not too.

Aaron, I do have that list and I'm tracking down the names and addresses... kinda hard with the LLC's (New at this...) I suppose whatever address they have I will just send a letter, contact.

So, I posted an ad for Craigslist for the aforementioned property that isn't locked up.. Got two replies! One wants to know lot size... Other wants the address. Not sure how to go about contacting these potential end buyers... Not sure what to say/show seeing as it's not locked up in contract yet.

Advice?

Thanks!
John
T and J Real Estate

I have a thread on here "Questions for buyers" check it out yes read entire thread it will help.
Call all bandit signs you see maybe you can split the assignment fee but that's a good thing not a bad one, network with someone who has a buyer.

On your call back tell them your partner is locking up the deal as you speak and you need to get some info that will help speed up the process, get all their info my thread will help you. My partner on these deals is my best friend and one hell of an insight, I ask my partner this, did you lock it up, If you like the deal BARK and lift your right paw and FART.. My DOG is never wrong lol, and you back out if you run out of time or it just doesn't work.

You can do this

Aaron

I will search and read your thread... I was preparing a response. I don't want to give inaccurate information or give them too much to "steal the deal". I will read your thread and wait to respond.

Thanks Aaron!!!

John
T and J Real Estate

OOOOKKKKK!!!!

I have a house on contract RIGHT NOW!!! Seller agreed to discounted price, small hand money ($10!?!? Virtually no risk!!), and inspection contingency... man.. what was this buyer thinking!?! MOTIVATED!!! Got it for 18165 selling it for 23165. Minimal repairs really mostly cosmetic. Can't be anything more then 8-15k for rehab. Property is probably worth around 45-50. PERFECT BUY AND HOLD HOME!

...

Now I have to sell this thing... so I contacted a couple of title companies and found out.. that Pennsylvania is a wet state and my semi decent A- agent won't do assignment contracts (This is our last one together if he doesn't change his mind). I just started marketing and I think I will have interested people flowing in over the weekend. My problem is...

HOW DO I CLOSE THIS DARN THING!?!? I'm comfortable with the idea of transactional funding but I'm not sure how to start the process. If I should start NOW or any other idea. Anyone else for PA know for sure that this state closes wet? Seems like only a few states close dry.

ANY OPINIONS GREATLY APPRECIATED AND WANTED!!!

Thanks for the read.
John
T and J Real Estate

I've been advertising this property since Friday but haven't got any hits on it except one this morning. An investor that wants me to do a lease option type deal... I told him it was a cash only sell but if he knew any buyers I can kick in a bird dog fee. Hopefully that works out.

Might have to start calling the "We Buy Houses" numbers... see if I can get this thing sold already.

Any Ideas? Previous post stated a closing company information for PA. Ideas?

Thanks for the read

John
T and J Real Estate