The Journal of the Daily Adventures of Indiana-Joe

The holidays are in the air, as I drove into work today I could see many of the building downtown starting to decorate for the holidays. The Marshall Field's building on State Street (which is now called Macy's) still decorates the front windows with a new holiday theme each year. The City of Chicago is still putting up a large holiday tree in Daley Plaza but the large tree has shrunk from a series of extra large trees to one large tree to help out with the city's tight budget constraints. Every year a local radio station 93.9 WLIT usually starts playing Christmas music early to put everyone in the holiday mood and holiday spirit. Thus, this will probably be the weekend the music starts and I hope it makes everyone, especially in the downtown area, a little more festive.

I called my real estate agent about a high end home that was a foreclosure and he listed recently. It is in the high 300's but needs just some paint and carpet. I will probably offer a very low around $200k for the home to see what happens. If you can purchase a home for 50% to 60% of the fair market value you should always be able to make money on the deal. The higher the price and the greater the markdown, the better the deal. For example, if you can figure out a good exit strategy on a home that needs very little that you may be able to make a quick $50k on is so much better than 2 less expensive homes that you may need to rehab and only make $25k per home on. The same profit potential but not the same amount of time to turn the deals. The rehabs could take you months where as a paint and carpet project could take you mere days or even hours!

Each day we take a step closer to our goals. We may not see the progress but the progress is there. As you drive your car around town today think about your drive at the end of the day. Sometimes you experience delays, detours and traffic jams, but at least you get there to your final destination. It can take you more time, more often times than we like, but at least we get there. Consider taking the same approach to real estate investing. Is the final destination worth getting to even if it takes you a lot longer than you hoped it would to get there? You bet it is! So enjoy the ride each day and even it is taking you longer to get there that is okay. At least you are driving a lot more miles going forward than you are in reverse. Each mile has something to offer you. Are you aware of what is around you during this drive? Have you seen any opportunities as you driven each day.

Use each day as a stepping stone to get you closer to your goals. If you are closer today than you were yesterday than that is progress. Way to go! Can you hear that in the distance.....Friday is calling and the weekend is right around the corner. What are your plans for this weekend with regards to real estate? Well, let's get busy there is money to be made and a potential deal to be found! Are you ready? Great, so whether you are on foot, on your bike or in your car, keep a look out for that next potential deal! Believe and Achieve! - Joe

Joe,

I read you journal and I thought about a method that I have used for years for many different needs. Rather than taking the same route to and from work, try taking a different route when time permits. It is amazing what you notice while viewing the different scenery. I do that today. I take a detour into a housing development or neighborhood and spend maybe 10 or 15 extra minutes to find houses. I write down the address and when I get back to the office I look them up on the Internet or get my real estate agent to send them to me via email. She makes up a list on her website and gives me the hyperlink to view them. I get the details, pictures, asking price and the time on the market. This is a big help. Then I choose the ones to visit and we go together.
It must be you add to your journal after the morning. I intend to keep up with your entries.

Tim

Thanks for sharning the additional insight and information. This is a very good approach because you are multi-tasking with going where you need to go and also seeing new areas. If you find a new area that you may like to add to your target area for real estate investing, be sure to drive the area at different times of the day and evening, even the weekends. An area can have a certain feel, but as your explore it muliple times of the week and time of day it can provide a pulse of the community. This will also let you know who are the prospective types of tenants or buyers that are most likely in the area. Believe and Achieve! - Joe

Rain, Rain, go away today was a nice sunny Friday! The weather today was picture perfect, I could not belive the temperature was close to 60. There were several people that probably left the Loop early to get a jump start on their weekend. I was happy to run out for a Subway sandwich and I did not even need my coat. There is something about the warm sunny weather that puts people in a better mood and makes it fun to walk around the city. There is always something going on to see and do. Often the local area restaurants have music entertainment and on Fridays there are several that offer specials to end the work week. I usually want to beat traffic so I am glad that other want to start their weekend with a dinner or entertainment downtown. The better the traffic, the faster I start my weekend.

There are several new properties that are coming on my local market. I will probably look at several this weekend and see if there are any to add to my radar or properties where we want to make an offer. Some offers may just be made to see how flexible the seller may be. At times I might make a really low offer on a property just to see how motivated the seller might be. Will the seller totally reject the offer or come back with a counter offer $20k below asking price? That counter offer could indicate if you may have found a motivated seller. I enjoy looking at properties because I continue to meet new people and I get ideas for any properties that we later buy and hold for rentals. There are always small improvements you may notice in other properties that can make a big difference in your future rental property.

I do not want to look too far into the future because sometimes it is so important to plan for the future but live your life today. However, the holidays will be a great time to have fun with family and friends and then we will approach a new year 2010. Can you believe it? It seems like just yesterday every was talking about Y2K (2000). How time flies, doesn't it? Well, in any event, we all want a fresh start come the new year. So, why not plan a little early to get a jump start? Anything that you can do today to get you closer to your goals is good progress. Maybe it is getting organized at home, making a list each day or just taking action at some point in the day and reflecting on what you learned and what you may still need to do during the week.

I hope everyone has a great weekend and locates a few deals or a lead on a deal. If you spend time, energy and effort, and focus on your tasks at hand, good things will happen. Each day you will either continue to build on your knowledge base of real estate or you will find more and more potential deals. The great thing about a potential deal is that there is always the opportunity for a potential deal to turn into a done deal! Wouldn't that be great to get a deal done before the end of the year! Yes, you can do it. The day is early so let's get started. Believe and Achieve! - Joe

Yes, I agree that revisiting interesting new areas multiple times surely does help you get the pulse of the neighborhood. Also, you will probably notice any properties newly on the market or about to be on the market. Then you can get the jump on investigating and even purchasing that property. On the way back from that $90K property, I noticed a property where the house looked vacant and the yard had not been mowed for sometime. I knocked on the door and no one answered. The home looked occupied but strangely empty. I investigated the property on the appraiser's website and found it is owned by a lady that is 73. I called her number and it had already been disconnected. I asked my RE agent to find what she can asap so I can proceed further on this potential deal.

Thanks for the recommendations and encouragements. The admonition to keep at it also is fondly accepted. I hope you close more than one deal before 2010.

Tim

Thanks for sharing your insight and additional information. I always like driving the new areas I am considering to add to my radar. The great thing is you get to see 3 types of potential deals. The properties listed with a Real estate agent, the properties listed For Sale By Owner and the distressed properties that might be worth looking into such as the one you discussed above. Each day you never know where the next deal could come from or where your exploration of an area can lead to. Good luck on exploring the lead you discussed above. You may want to look into probate properties in your area as well. This could be a potential probate deal. Good luck with your future deals. Believe and Achieve! - Joe

The weekend has finally arrived and what great weather we are having in the Midwest! I can't remember the last 70+ degree weekend we had in years, but this weekend is just splendid. Everyone is outside raking leaves and putting up holiday decorations. I hope this weather last a few more days. It is always fun to be outside do fun things especially this time of year.

I went to view another foreclosure today and it was another high end type of home for our area. This was a very nice home and it was hard to believe it was a foreclosure. The home had many nice features and this type of home would be a good home to do some upgrades and flip. Sometimes the higher end type of home could be a good flip if you get it at the right price. Another thing to consider how homes in this price range have sold during the past year. It can give you a good indication if there is still a strong demand for the types of homes in a given price range in a given area.

One key to remember is as you look at properties always try to consider an exit strategy for each potential deal. The more options you can create the more possibilities you may discover for future deals. The key here is don't immediately rule out a potential property because it does not meet your ideal deal you may be looking for in your area. For example, single family homes may be your focus, but if you come across a dupelx, condo or townhome, be sure to consider what options you may have if you can acquire these other deals at the right price.

I hope everyone is having a great weekend. Be sure to check-out a few open houses and meeting some new contacts for your real estate investing. You never know who knows who and where a new contact may lead you. Good luck on all your future real estate deals. Let's go find a deal and have some fun this weekend. Okay?....Who's ready? Let's Go! Believe and Achieve! - Joe

Today was more of the same great weather in the Midwest. It was in the low 70's and was just a real treat to be outside. It was nice to drive with the windows down and it almost felt like Spring time. The majority of the leaves are off the trees and you know it is only a matter of weeks before the snow. I guess we should enjoy the nice weather while we have it. I know a number of the neighbors had the ladders out and were hanging Christmas lights on their homes. It is always great to drive around and see all the festive lights of the season.

I went to look at 2 different open houses today. There was nothing special about the homes, I just saw the sign on a corner and thought I would stop and take a look. The guest real estate agents were happy to have some traffic through the homes. I always liek to speak with new agents to get their perspective on the local market. On a day like today, everyone wanted to be outside but probably not looking at homes. It made me think of another tip that no matter the time of year of the weather outside might be a great time to find a deal. There are those deals that if you find first you can get an offer in and accepted. If people wait until after the holidays or they do not want to go out because of the rain or snow, that could be the best time to look at potential deals.

Sunday nights are usually the best time to plan your activities for the week ahead. What is on your list for this week? What is your Priority # 1 for your real estate activities this week? How many home to you want to view or make offers on? Are there any contacts you need to make? Try to do a few things each day and each week and this will bring you closer to your goals. I would try to make a new list at least once a week and at the end of the week reflect on your progress.

I hope everyone has a great week ahead. This is a great time of year to make that first deal or that next deal. You have the two most important ingredients of desire and action! This will be the week that you may make additional progress or maybe even find that next deal. I know I am always ready for that next deal. Good luck and here is to having a productive week! Believe and Achieve! - Joe

I can hardly keep up with you guys!! Just wanted to say that I just received my first installments of the Empowering Conversations, and you guys did such a great job! So much information and inspiration to share with us all! What you have done since taking that initial leap of faith and going to the EDGE event right after buying the book is astounding. Thanks for all you do to help encourage everyone here on the site and keep up the good work!!!!!

Thanks you for the nice comments we appreciate it. Dean's Gain the EDGE 2009 event was such a tremendous event for us that we still often talk about the knowledge we gained, the excitement and the fun we had. We can't wait until the EDGE 2010 event! I still watch the Edge 2009 DVD to get more great ideas and inspiration. We are happy we can provdie some information and insight to help others along the way. We wish you continued success on all your future real estate deals. Believe and Achieve! - Joe

Today was another nice day for the Fall weather. The temperatures were in the high 60's as we headed off back to work from a terrific weather weekend. As I drove into work there were more and more holiday decorations through-out the neighborhood. The nice weather makes people want to spend more time in the great outdoors.

I spent some time online viewing properties on the MLS today. There were a few new listing but nothing that I really wanted to see or make an offer. Whenever I get through my target areas that I look at each day, I will usually start to look into another area that is close by to see what else may have been listed in that adjacent market. I enjoy following the listings and trying to track and understand the markets in various other towns or cities near my target areas.

I also spent some time looking at the various auction sites. I like to know when properties are up for auction in my area. The only thing about an auction is a property can usually sell higher than what you may have to pay for it when it was listed by a real estate agent. Sometimes people may get caught up in the excitement of bidding and offer a little more than they normally would have. That is why if you attend an auction always try to set a "walk away price" for yourself and do not go over that price. You will trim your profit margin and it may not be the best use of your time.

I hope everyone had a terrific Monday and you are getting closer to some of your goals. I had a great Monday today and was able to spend some time with family and friends. We had a chance to eat at an old fashioned ice cream parlor and it was a great time. There is nothing like an old fashioned sundae or shake to make things seem a little better. Believe and Achieve! - Joe

The week was moving by faster than normal this week as Monday and Tuesday had cruised by. Sometimes it feels like the calendar moves a little quicker once the holidays grow near. A number of family and friends are already planning their Thanksgiving feasts. It is hard to believe it is almost 2 weeks away. A number of the department stores in the area are already talking about their huge after Thanksgiving sale spectaculars.

I spent some time today looking at various properties on-line and reading a few more real estate articles in the newspapers. Today, there are so many articles on real estate it is interesting to be able to read any newspaper in any area of the country and see what may be happening in various real estate markets. As I have discussed before, always try to base your action plan on the information you gather for your local area. It is good to plan on the facts that you gather and don't be tempted by what the crowd is often doing.

I enjoy taking notes of what I discover about an area and what my plan may be. Based on the area and what is happening in the market, I then adjust my action plan accordingly. An example could be that 3 months ago I may consider any home in my target area under $100k. Well, now in the past 3 months, so many additional homes have come on the market for $100k to $125k thus increasing the inventory of homes on the real estate market in this price range. Based on what I am seeing in my local area. I now will now consider homes in the price range up to $125k. Therefore, based on the information and what the real estate market may be doing could impact your action plan as you go forward.

I hope everyone is having a great week. Make sure you review and update your action plan accordingly. What is happening in your local target market area? Have you noticed any changes in your local real estate market? Are there more homes or less homes on the market than there were 3 months ago? Keep tracking your local real estate market and keep the adventure going to find that next potential deal. Believe and Achieve! - Joe

Sometimes I am surprised by the number of homes that go on the market in my target area in one day. I too was looking for under 100k. (as is everyone i think) and have recently expanded to anything under 150k just to get out of the heavy competition. A house I knew was in foreclosure just came on the mkt yesterday, right down the street from me. I have been waiting on this property. Can't wait to see it. I know this is a bad time of year for sales, so maybe the bank will be willing to make a deal.

Cathy

Thanks for sharing you insight and information on your local area. Good luck on the house you have been watching and waiting on. Sometimes being ready for the new listing can give you the advantage if you get an offer in right away. It is always a great idea to see what is in your local area and cast your net a little farther out for potential deals. The key is don't miss the close ones, so it is good you are also tracking the potential oppotunities close to you.

I believe every area could be different and have that range of homes where there are just an abundance of homes in that price range. In the higher priced areas of the country the price range could be $275k to $375k. Thus, people need to identify what their area may be and this could provide better direction on what price ranges to focus and make offers on. If you can find the price range of homes that appeal to the most buyers, it gives you more options for your exit strategies. Believe and Achieve! - Joe

It was a nice Wednesday, not only for the great weather but because I had a day off of work in honor of Veteran's Day. This is a day for all of us to reflect on true heros of our country and to reflect on our freedom as a country and the pursuit of life, liberty and happiness. There were several parades in my local area and I thought it was great how the communities would honor the brave men and women who served and continue to serve our country. I believe it is always important to remember and reflect on the meaning for a holiday and why we celebrate that holiday.

I heard back from my real estate agent on the high end home that I made an offer on. They countered my first offer and came off the asking price $25,000. I am considering making another offer but I want to wait a day or two to maybe make the bank asset manager wonder if he may have lost an interested buyer. If I do make another offer it may be presented as a best and final and I will probably only come up another $10,000 or so. These types of high end properties may not have as many interested buyers or have as many offers, so each offer could be the offer they decide to accept.

I hope everyone has a great week and is having fun pursing their real estate goals. Each day do a little more to move you closer to your goals but also take the time to enjoy what you are doing, the new places you are seeing or even the new people you are networking and meeting. Good luck on all your future potential deals. They are out there and are a lot closer than you may think! Believe and Achieve! - Joe

The weekend is almost upon us and there is now one day ahead of our well deserved weekend. I know the weather is going to get very cold soon, so this is my last weekend to get the final yard work and area clean up. I also want to dig out the holiday decorations so I am not out in the garage when it is snowing and zero outside. A little planning can go a long way.

I spoke to my real estate agent and I had him submit another offer on the high end home I have been considering. I went ahead and offered $10,000 higher than my last offer and we will see how much more motivated the bank may be. Time and a lack of offers will probably give them a little more motivation. I hope this deal goes through because we will hope to buy the home do some general fix up and then relist and sell it. Based on the fair market value of the home, I believe this is the best exit strategy for this type of home in my local area.

The key with any potential deal is to make sure you have an exit strategy or two that you are considering when crafting your offer to the seller. If you have a good idea of the fair market value of the property at hand and you know what your exit strategy or strategies will be, then it should help to guide you in the offer that you want to make. The more properties you consider, run the numbers and make offers will provide more knowledge and insight for future offers.

I hope everyone has a great Friday. Make a plan for the weekend and work the plan to perfection. Friday is always a great day to check the local newspaper for some new FSBOs. So be sure to check-out your local paper and drive the area because there are more new listings out there each day. Good luck with all your current and future real estate deals. Believe and Achieve! - Joe

The month is really flying by and before we know it, the end of the year will soon be upon us. I heard several people speak of "Friday the 13th". It is funny how some people view the number 13 as unlucky where as others view 13 as a lucky number. When you think about sports both Dan Marino and Wilt Chamberlain wore the number 13 to name a few. It makes me think of when some people have success, others may state these successful people were just "lucky". Most of the time it could be a little luck but also hard work, determination, focus and goal setting will be major contributors to their luck. I heard the old adage that "the harder I work, the luckier I get." I believe this to be very true.

This weekend I plan to drive my target areas and look for additional new listings either by real estate agents or home owners. I will stop and get any fliers I see. I will also write down every FSBO (for sale by owner) I see and call the seller to inquire about their property. I want to make sure I don't miss any deals that could be out there. Sometimes it is the ones that are closest to you that you may not see, so be sure to notice each and every property listing in your local target market area.

I will also look at the MLS listings this weekend and any homes in my local area that I have an interest in, I may take a ride by. By doing this I often notice more than just the home in my target area and it also gives me time to drive the different areas and find some short cut routes along the way. You may spot a new convenience store that you never knew was in that part of town. When you stop and look in the store there could be a community board that has other FSBOs ads for the area. You might even be able to post an ad such as "We Buy Houses" or leave a few of your business cards. Take each opportunity you get to find new leads and always be prepared with leaving or posting some of your information.

Good luck finding the next potential deal. As we know, luck, hard work, and determination will sometimes go hand in hand with finding that next deal. Be sure to drive your local areas and really notice everything an area has to offer. Will this area make a good rental area. What amentities are in the area that others may like if they were to rent or buy in this area? The next deal is out there, is this the weekend your going to find it? What leads will your discover today, that may be tomorrow's deals? Well, let's grab a bottle of water and our notebook and go for that drive today! Believe and Achieve! - Joe

Sunny and low 70's.... No this isn't Florida or California, it was weather in the Midwest! Today we had fantastic weather for mid-November. I can't remember the last time in mid-November that it was in the low 70's. It was great to be outside and I decided to finally rake the leaves now that they were all on the ground. We raked the leaves and then I decided to bring out the lawn mower one last time. It is ironic because I know the snow thrower will be running in a month or so. But for now, it was almost fun to cut the grass on November 14th. I use to own a landscaping/lawn mowing service when I was younger. It was great exercise and a good way to have a small business and make a few bucks. I remember that we always would have the last day to mow lawn would be November 1st. So today was kind of a treat to do it in mid-November. Here in the midwest it almost felt like a Spring day and you could not believe the calendar.

I have to say Happy Anniversary to my "Daily Adventure Journal" today. I started my real estate journal 6 months ago today back on May 14, 2009. I can not believe how much I have learned with real estate during the past 6 months and how much fun it can be. Real estate investing is like anything else that you may do each day. Sometimes it can become a part of your life and your routine. Once it becomes part of your routine it is almost like a second nature. You will be doing all the right things, looking for dealing and trying to perfect your own systems for your own local area. I always believe that I can learn something new each day and that is why I enjoy spending time on the DG.com website.

I made another offer today on a small home that I located this week. We will see what happens. The other interesting thing that I notice today was a boomer-rang home. By boomer-rang property that is a property I call that goes contingent and disappears on the MLS and surfaces back a few weeks later. This property during the past year has been on and off the MLS 4 times with 4 different real estate agents during the past 11 months. I may make an offer but I could not believe when I saw it come back on the MLS today. That is why it is key to follow the local target market area and stay familiar with what is going on in your local target area.

I hope everyone is having a nice weekend as we get ready for all the upcoming holidays. Now is the time to keep doing all you can to make your goals and dreams materilize. If you are not sure the best thing to do, or your next action step, go back to Dean's books and read more chapters again for inspiration, information and to generate ideas for your local market area. You can do it! Believe and Achieve! - Joe

The weather was great on Saturday, but Sunday, as quick as the weather was nice, it turned back to late Fall and could not last. The temperature dropped by 30+ degrees and it was overcast for most of the day. It is funny how one day can make such a difference in the weather. At least we have not had a measurable snow yet. I am sure that is not too far away. The trees are all bare of leaves and will the chill in the air, it feels like Winter is not too far away.

I had an opportunity to take a look at a few houses this weekend. I will need to run the numebrs and consider if I want to make an offer. I did notice 2 homes that were for sale by owner and now are listed with a real estate agent for more than the FSBO was trying to sell the home for. It is interesting to see what the homes end up selling for. As I have stated before, even if I am not interested in certain homes in my area, I still like to track them and see what they end up selling for. This keeps me in touch with the my target area and local real estate market.

I also worked on reviewing sales in areas close to mine. I have a desire to expand my target market area and I may try a few other strategies such as assignments and lease options. There appears to be tremendous potential here and sometimes it is fun to accept the challenge and see if you can try a learn a new concept and then apply it. I believe not only do you learn the new concept better but it can become another exit strategy as you review potential deals. The more options you have available, the more opportunties there may be to close more deals, make more money and get closer to your goals.

I hope everyone has a great week ahead. Be sure to take the time to enjoy the upcoming holidays and also complete a few tasks to move you closer to your goals. The new year is almost upon us and it will be a terrific year for all DG Members working their action plans! Believe and Achieve! - Joe

Another work week is starting for us as we try to move forward and pursue our goals. Some weeks we may have more time than other weeks, so it is always important to make sure you update your plan and action items for the week. The more you plan, the more you can accomplish.

I went to look at a property today and I had met a new real estate agent that had listed it. As we looked at the property I began to ask the real estate agent questions about the local market. I believe I knew several of the answers but I wanted to get a fresh perspoective from this agent that has been selling real estate for more than 25 years. She informed me of several interesting aspects of the local real estate market and what her opinions were for the future. It made me think that the more people we can network with people in real estate, the more information we can gather and learn. You do not have to agree with other professionals opinions but it is always interesting to see the full cycle of opinions. By that I mean, buyers, sellers and those professionals that assist the buyers and sellers.

By understanding the market place and the people in the market place, we can better understand what may be driving the market. Today, there is "fear" in the market place but there is also the scent of "opportunity!" What senses will be drawing you to action in your local market place? This may determine how quickly you jump in and at least try to see what you can do. You learn more by trying and applying concepts. Therefore, each day try to apply something new you may have learned and see if you can perfect a technique to utilize in your local market area.

I know you can do it and so many of the DG members want to read about what you did and how you did it! So take action and become part of this ever evolving story! Good luck with real estate investing. You can do it, so let's take action today! Believe and Achieve! - Joe

The weather was still in the 40's and overcast as I drove into work. The skys were gray with a threat of rain for most of the day. As I drove down Lake Shore Drive, you could see the 5 foot waves hitting the breakwall. It was definitely a good day not to be on the lake. Traffic was not too bad as most people take off more time around the holidays and it always makes a difference with traffic flow.

I received a call from my real estate agent on the high end home I was interested in. The bank declined my offer and a new offer by an owner occupant was submitted. Whenever this happens an owner occupant usually has a little more emotion about a property in which they want to live in. Therefore, I will watch the status of this property by keeping it on my radar but still keep the search going for any new listings.

Today, I had a long day at work and sometimes I can work a few more hours than I want to. When I come home, I always try to find time to spend on my real estate investing activities. I always try to do a little each day and learn at least one new thing. I usually devote time to the dg.com website, the local MLS and reading real estate stories and information such as articles in the Wall Street Journal. Tomorrow is a new day to take action and achieve some of your tasks. Keep up the good work and good luck finding that next deal. Believe and Achieve! - Joe

It's another rainy, cold day in the Midwest. The temperatures were in the low 40's so at least it did not snow today. Rain is better than snow, especially when driving into the city. I remember one of last year's first heavy snowfalls that hit the city kind of unexpectedly. The City of Chicago was not prepared with their snowplow trucks and road salt. The commute out of the city to home was more than double the time it would normally take. It may be hard to believe, but it took me almost 5 hours to get home. I could not believe it. So this year, I will be a little more prepared when I read the forecast.

My local area market watch - There has been a large amount of inventory of homes hitting my local market area. I can't believe the amount of bank foreclosures and REOs in our area. There are so many homes that were selling for over $100k a year ago and now they are under $50k. These homes could be a tremendous opportunity as I go through the many listings. It reminds me of a DVD sale where there are hundreds of DVDs in a large bin. You have to go through the large bins to find the 1 or 2 real gems of a deal. However, it can be worth the time and the effort.

This reminds me of another tip I want to share and talk more about. As you track and better understand your local real estate market, make sure you are aware of the entire market and the influences of the market. By that I mean stay in good contact with buyers, sellers, appraisers, bankers and real estate agents. Anyone and everyone that is a player in the market. Because if the market price is trending down in a certain area, it could affect your exit strategy. For example, what if you find a great deal on a home and you believe it will take 3 months to do some rehab work and when you finish you can sell it for $80k. You need to figure out the current market, your carrying costs and then what if there are more homes on the market for under $80k when you finish the home in 3 months? What if you have to list the home for $70k? How would that affect your projected profit margin? Therefore, it is always important to have a few exit strategies and always remember a quicker deal for a smaller profit can be better than a longer deal for more potential profit. Only you can weigh the cost/benefit of a quick assignment compared to a more time consuming rehab.

I hope everyone is out there hitting the pavement looking for that next deal. Even if you believe you are not making progress, you are! Keep up the good work, keep the positive attitude and good things will happen. Remember to network, pass out your business cards, fliers and keep looking for that next deal. It is closer than you think! Believe and Achieve! - Joe

Well Joe, I like the dvd bin comparison on the amount of homes on the market, although I feel bad thinking of the amount of people that had to leave those homes, the opportunity at hand is amazing. I always try to figure carrying costs and always want enough in the deal so that I can list the home way below any other one in the neighborhood for a quick sale. You right ,that is a good strategy, i see guys i know trying to flip a house or 2 in my neighborhood and they are just sitting there because they are trying to make 07 numbers on them. their asking mid 400s+ which wont sell in this market no matter how nice they made them look.They are going about it wrong.

good luck on your future deals.
Richie.

hi joe, sorry to bother you but i went ont the link for the success acadamy 4 days ago and was sent an email stating that someone would be contacting me in 24-48 hrs and i have not gotten any calls. this is very discouraging. i could call myself, but still a litte set back by them saying they would do something and not following thru. is this common??

thanks, i didnt know where else to send a message to. i hope you dont mind.

kimberly

Thanks for your insight and additional comments. It is unfortunate when you see the amount of foreclosures and it is a real oportunity to help people as well. I often think about the new families that are now having the opportunity to get a home because they may be able to afford a home now because the pricing has come down. Hopefully, things will stabilize and more people and families will benefit rather than get hurt from the current housing cycle. Especially if there are an abudnance of second homes (vacation homes) coming back into the market inventory. If the investors may some money along the way, help communties get homes back into the neighborhood and often give back to help organizations it can also add to the community. It's like neighborhoods of the past where neighbors are helping neighbors.

One of the keys I found helpful is gathering information and tyring to make the best decisions off the information you gather. I also think about the cost/benefit principle and effective time management. The more deals you can do in a shorter period of time may give your more profit than a rehab that takes a long time to sell. As you mentioned in your area, the higher the priced home the more difficult it may be to sell or the longer it could take to sell. Carrying costs can be a key and if a home is priced right it should sell quicker than other similar homes in the same area.

Good luck finding those future real estate gems! Sometimes you have to look far and wide or pass through a bin of maybes, but those gems are there. Half the fun is finding the next deal. Believe and Achieve! - Joe

I believe the Success Academy probably gets many daily inquiries and they may be a little behind with the holidays coming up. So if you have time, you may want to try to give them a call at 1-888-286-7712 ext. 525. I have met several of the coaches and they are really passionate about helping people. So I always think it can't hurt to try to contact them again and see what happens. Good luck with your inquiry to the success academy and feel free to leave a future post or follow-up question on my journal at anytime. Believe and Achieve! - Joe

Can you believe that Thanksgiving is only a week away. How fast times flys? When we were young we would hear our relatives tell us that we have our whole life ahead of us and don't wish our time away. They were so right, how time flies as we get a little older and hopefully wiser. It never seems like we have enough time in our day, but how we utilize our time today will guide our future. We all believe that we could use more time, but let's not forget our real estate time to keep our minds as healthy as our body. Each day try to learn a little bit more to better prepare you for that next deal.

I searched the MLS today and went through a few of the free Home Books that I get at my local grocery store. It appears the books are even thicker, these days. A good tip is the free home books that you can get at your local grocery store usually have several good potential contacts that advertise in these books. You can find appraisers, inspectors, real estate attorneys and of course real estate agents and brokers. There are an abundance of free future contacts for your real estate network. I always try to prepare for what I need today but also have a folder of future contacts as well, for tomorrow's potential needs. A tip might be to keep a folder and everytime you find a new ad in one of these books or a business card of someone that may be a future member or contact for your team, to put it in your file. The day may come where you need another contact and how great would it be to go to your file and find 5 to 10 possible leads for the service you may need.

I contacted a few mortage brokers today to gather some information. I was very inspired by Dean's recent weekly video blog about the great success Greg Murphy is having with lease options so I want to try to gather more information as I have time. I spoke to 2 different mortgage brokers today to gather the keys they may need to get a new buyer approved. Therefore, I have a criteria once I find my future buyers and sellers. Each day continues to be more fun as I continue to learn and expand my real estate knowledge.

I hope everyone has a great Friday and weekend ahead. Try to make sure you go to the grocery store today, because next week is probably going to be so crowded it may not be worth the effort to wait in those long lines. The time you save can be better spent on DG.com The day before Thanksgiving is one of the busiest days of the year to go grocery shopping. As you can tell, I am talking from a little experience as I use to work for a major grocery store chain several years ago. Good luck in finding that next deal! Believe and Achieve! - Joe

BIRTHDAYS!....ANNIVERSARYS!....HOLIDAYS!....VACATIONS!....Special days are always so much fun to celebrate, whether we are celebrating our special days or participating in the celebration of others that are special and close to us. It is always nice to celebrate and make future memories that can last a lifetime. A celebration is always a fun time because that day is a special day, the sun may be brighter, the air may be fresher, and you sometimes don't want the day to end! Sometimes a special day can last longer than just one day, such as vacation days; especially when you are on vacation and out of town in a wonderful and fun place like the Walt Disney World Resort in Florida or laying on the beautiful white sands of Ka'anapali Beach in Maui, Hawaii!

We have the ability to make the most out of each day and we control whether we are having a good day or a bad day. Isn't it nice to know that you can have 365 great days in 2010 if you decide to! The choice is yours. What will be your choice?... I'll take 365 of good days with sunshine please. We run into issues, problems and situations, but how we may deal with those situations not only determines our day, our mood but also determines who we are as a person. Our moods and our actions can affect others that we encounter in a day. We can give someone else a "good day" or pass along a "bad day" to people we encounter. What types of days do you usually share with others? It is so much more fun to share those good days, isn't it?

There are 365 days in a year, and did you ever think that each day of the calendar is probably a special day for someone, somewhere? How great is that to know that each day of the calendar may be bringing someone joy for that day? How many people may even share the day to celebrate for one reason or another. That can make an ordinary day an extra-ordinarily special day! Sometimes we can even make up special days such as the first Saturday of every month is Movie Day! Why not create a few extra special days to celebrate in 2010!

I want to wish my wife, a 2 Year Happy Anniversary on her business which opened on November 20, 2007. Stacey left corporate America to pursue the American Dream of owning and operating a business. I am proud of her for making this decision because owning a business can be 10 times more difficult than working in a job or a career. There are many more responsibilities, that include a lot of long days and even long nights. It was a challenge and a struggle to get the business open and can still be a challenge and a struggle as you often try to do more with less. As costs rise for labor, product and overhead, the profit margins are squeezed. You do your best and keep pushing forward and always remember how you created something out of nothing. You created opportunites for your customers to enjoy your products and opportunities of employment for your staff and the family they may support by being employed. At times it is often a nice feeling to step back and think about what you may have accomplished. I enjoy doing this on special days because sometimes we are so busy in life we do not make the time to step back (smell the roses) and appreciate what we have accomplished. Go make today that special day, that you will remember for years to come! Believe and Achieve! - Joe

Joe, I am so excited for you and Stacey. I know you have been "out of the box" thinkers for a long time, so coming into "Dean's World" I'm sure was like coming home to you guys! (I know I feel that way). Congratulations on the 2-yr anniversary of the business! And know that we are all ready to PARTEEEE with you when you get to retire, too, from your 40+ week into full-time REI! You'll have so much FUN goin on, you may get wiped out from lack of sleep, but it sure won't be from a long day and a commute to "work" anymore, right?? LOL
God bless you guys for all you do for everyone else. I don't know HOW you fit it all into a day.. well, yes I do, actually, because you've made a goal and are DETERMINED to make it REALITY! You can do anything you set your mind to, right? Like you say "Believe and Achieve". LOVE how your actions line up with your words, friend! You are a true inspiration!

God bless,

Rina

Thanks for the nice comments and we are so happy to have entered Dean's world with his books, programs and DG.com. It has truly changed our lives. It is so great to meet so many great people that truly want to share, motivate and inspire others. Too often in life we can face naysayers, so it is so refreshing to find others that are working in real estate and take the time to share their experiences and journey with others. As we get a little older it is funny to see how fast time continues to go by. We enjoy Stacey's business but our real true passion is for real estate. I am so looking forward to doing real estate full time. Thank you for your inspiring words "LOVE how your actions line up with your words". When you love what you do, it is no longer work. When you work hard and do things others will not do, you can then be able to do things that others wish they could do. Thank you for being such an inspiration and a good friend to us. Believe and Achieve! Your friends, - Joe & Stacey