OfflineMarch 29 - I went to my first open house after finishing Dean’s book “Profit From Real Estate Right Now”. On Saturday I put on my “To Do” list to first buy the Sunday paper & look at the open houses and second go to 1 open house. The morning came and I found myself nervous about going to even get the Sunday paper. I kept remembering what people had said to me about getting into real estate (all negative), so I started to read the second book of Dean’s that I got in my package earlier in the month “Be a Real Estate Millionaire” Dean spoke about % of return on investment, By the time I was finished with page 7 I was off to get the Sunday paper.
On the way to get the store I looked at the gas gauge – didn’t look good, there’s enough for me to get to work and back this week and I had no funds until Wednesday. I decided that if there was an open house within a few blocks of my house I would go. As I pulled into the driveway I started getting nervous again. I didn’t go in the house I sat in the car and looked at the open houses there were not one but two open houses within blocks of my house.
My heart started to beat fast now I was excited and nervous. I went to get changed and found those old naysayers popping up in my memory, so I invited my teenagers to go with me they declined but were curious as to why I was going to an open house. I found myself saying I’m looking for houses for clients. This was partially true as a friend of mine said he wanted to move to the area.
As I pulled up to the first open house there were lots of cars. I took some photos from the outside. For a year I was with an office that did county reassessments. I learned how to photograph a house’s best features and what to look for and photograph what is a negative about the house and grounds.
When I entered there was a young girl who said she was the hostess of the open house. I started looking at the home on my own. When I came to the kitchen a women said ‘Hello’ with an angry look on her face. She seemed annoyed, but did take on a tour of the upstairs and attic apartment. It turns out she was the owner and didn’t like the camera. I didn’t realize that owners were at the open houses. The young girl was the agent who didn’t move the entire time. My experience was less than pleasant, but pushed myself to look at the second home.
As I was driving there I was secretly hoping I wouldn’t be able to view it because it was 2:50 pm and the open house was until 3:00 pm. At the second open house there was no one but, the agent there. She gave me her full attention took me, on a tour pointing out things I would not have noticed and answered my questions. This was a completely different experience from the first house.
I left feeling good about what I had done in 2 hours, went home did some notes and announced to my teenagers that I would be working from now on Sunday afternoons for 2-4 hours. They were a bit stunned at first, but I invited them to come with me whenever they wanted.
Ka
Wow! I am having a lot of fun with this Real Estate investing. I'm on Spring break from college so all the hours I would invest in school work I have been investing in real estate investing.
On Monday I got a lot done and was online for 7 1/2 hours getting my POF, researching foreclosures, setting up my website, ordering business cards, looked for mortage brokers and getting my own toll free number.
I logged off for dinner and within 2 minutes (I mean literally 2 minutes) I got a call from Dean's group wanting to make sure I was reading the books and not just "ending in the trash" as the gentlemen put it. I laughed and told him everything I had done that day. He was so supportive and encouraged me to keep going and to call if I had any questions.
Tuesday I typed the letter to the broker from the book and sent it to him. I haven't heard anything yet. I called the toll free company to see how to set up my extensions. I had recorded the forclosure information, but decided I wanted different extensions to go along with the different areas I will be working in. I also got a call from a marketing consulting firm to get my website on the first page of themajor search engines. I am not ready for that yet, but hope to be in 6 weeks. I printed my POF as I set up an appointment to meet with the floor refinshers and realtor at one of the homes I went to see at an open house on Sunday.
Wednesday I told my Mom what I was doing, but I could tell she wasn't impressed. In the evening I met with the refinishers and realtor. I was very nervous, but survived. The realtor asked me a lot of questions and then asked me if I ever considered being realtor. "No".
Today I worked on comps, called FSBO's, realtors and contractors to look at more houses.
WOW this is FUN!!!
From your first post to your second one in your journal,It sounds great!!!
Randy
I will walk,I will run,And then i will FLY!!!
YEAH!! My busines cards arrived today. Sharp looking.
I decided that the address section of my card would be used for advertising.
I came up with a company statement, and three one liners, included the toll free number and web address. The back is white to add a note.
In the past I have handwritten "Thank-you!" on my cards when I worked for other companies. I would hand them to a cashier with the thank-you side up. Around the holidays would attach a small candy cane, write "Happy Holiday!" and pass them out to anyone I met.
People remember the unusual and do read the flipside of the card with your information on it.
Kat
On Friday I found a FSBO who lives out of town. The contractor and I went to view it. It has been completly gutted and I feel it needs a lot of work, but he seems to think it can be done it a month. I really hit on a gem with this contractor. Many contractors refuse to work in the city. He works with property management groups and investors in the city and surrounding areas.
On Monday I went with a realtor to view a home that was nice with only a little work that needed to be done. The smell of the house made my eyes tear. It was almost completely empty, but they have a cat that I swear has sprayed every room in the house.
I'm back in school after spring break so things will be going a little slower for the next 1 1/2 weeks while I go to school and work. After that I will be laid off and will be able to spend more time on my real estate investments.
I am excited that today I started the process to form my first LLC.
Kat
I just received my books and already started reading them great info I have never done any real estate investing before but can any one tell me if they have done there investing from reading the books or do you recommend getting involve with the coaching program i think it could do wonders but dont know if I can afford it right now. thanks kevin
Read A LOT. The newspaper for FSBO, the DG website, Dean's books, and anything realated to real estate.
Go to open houses. They're free and will give you a feel for where houses are selling in your area. This also gives you an opportunity to check out neighborhoods. Do research with the links in Dean's books.
I personally did not have the money to go through the coaching program. I asked them how much it was so I could have a goal of how much to pull out of a deal.
From what I have seen on the forum most of the coaching can be found in Dean's books or on the Forums. Get to know people on the forum as many of them will help you.
Hope this helps,
Kat
I met with a contractor who has given me a bids on 2 of the properties I am considering. The one is completely gutted and needs $55, 000.00 worth of work plus landscaping. The other needs $27,000.00 worth of work. These are major projects.
Now, is the time to start working numbers. All emtions have to go and just work at the numbers. I'm working on the comps and have to do some research on the gutted home at city hall and the court house this week.
Everyday I am learning something new. I have always had a policy of working to learn rather than for money. (The money was a side effect). With REI the side effect will be grand!!!!
Kat
In the month of May I had finals so I bascially just did a lot of reading. I finished my first book from Dean and 3/4 of the way through my secondbookand contiuned to look at homes on the interent. I meet with the contractor who I decided I will use on my rehabs. I also found a great real esate agent who is willing to work with me within my guidelines.
I went to an investor's meeting. They allow you to present offers to the group, have guest speakers and a session were you just network. One thing that surprised me was one of the old time investors told the group not to partner with anyone outside of the group as you could "lose your shirt". I am a member but thought this was odd. What if no one within the group wants to buy your property?
Has anyone else had this experience with an investor's group before?
Kat