Bimal's Journal

Hi Karen,

Very nice to hear from you after a long time. Not sure what was going on with you. but good to know you are very active and busy with teaching REI.
So now are you doing both teaching and investing?

You asked if there are hot areas close to where I live, well the areas where I live there are pockets of areas Where houses come on sale every now and then but never similar houses or not within one mile radius , or no recent similar sold in last 3months which makes COMPS harder and can't make offers.

In addition I have not been putting hours required to get this business going. There are many areas where I need improvement to make this thing work for me.

Regards,
Bimal

Hello All,

Was out of the country for a while and also was preparing for my son's wedding so not yet restarted my efforts towards building an RE empire.

But I would like to take small steps and get back my rhythm.

Will be attending a webinar on March 18th hosted and organized by a local RE Club.

Will be visiting Insider elite website to attend Carol's chat.

Planning to start seeing houses so I can start making offers, which I have always found it very hard due to lack of COMPS in the areas I find houses.

I have to start visualizing success and not road blocks, I know things will falls in place.

How have you been? I of all people know that some time off IS OK.......

One thing I learned is that picking back up is easier than you think...Think about it, you already have the knowledge just get back at it..

Buyers list, biz cards, biz phone, bandit signs, starting to look like something you already know, Hmmmm im thinking yep you got this...

You can do this

Aaron

Thanks for the encouraging words.
Yes you are right, I have not lost the knowledge, I realize I need total immersion and get back on track.

First I can do is get my Bandit sign campaign back on track which is just phone call away as I have a guy who puts up and brings down the signs for me.

One other strategy that I learnt yesterday from going through Carols chat is to look into high end wholesaling.

So there are action steps that I need to plan out and get going.

Ofcourse, it is easy to pick back up..

Regards,
Bimal

Someone sent me a lead for a fixer upper close to where I live. Looking into that property.
I am thinking to partner with a rehabber and see if both of us can benefit.

yestreday I saw a past comment by you in some ones post and I was thinking i hadn't heard from you in a while. good to see your still with us on this journey...

WALT

Hi Walt

Thanks for stopping by, yes I am still hanging in there. Not giving up.
I am aware I have not been too sincere to this business of late.

I am attempting to change things around.

Wish you the Best.

Bimal

Bimal we do want to hear from you its not the same if we all aren't all here i

Bimal I am glad to hear you haven't given up. Hang in there. It took me a long time to "Getit"

If i can do it so can you

Hello All,

Past 5 months were very he ti for me. My son just got married and now my concentration will switch back o RE investing.
Need to start anew, will take so,e time to get back on track.

How was the EDGE event this year.

Bimal

Hi All,

Just an update since past 9 months haven't done anything related to Real Estate.
Last week attended a workshop on Rehabbing. Learnt few things.

Trying to get back in the game in 2016.
Action Item:
1) Set Goals (At least 1 wholesale deal month this year)
2) Create a Business Plan.
3) Put Bandit signs out to generate leads, like I did before.
4) Continue with RE education.
5) Spend less time watching TV.

Hope New Year bring a complete turn around.

Wishing everybody A Happy and a Properous New Year.

More update later.

Hello All,

I have 25 Bandit signs going out this weekend.

Already contacted a cash buyer and next step to start calling all the cash buyer I have collected business cards from.
Want to make 1 deal month and looking to chart put a course to achieve the goal. Of course it is daunting but have to try somewhere.

Currently my idea is to just wholesale and thus is the year I want to break the ice in Real Estate.

Will post an update next week.

The Signs were posted and got one response today.

It is a 4 Br house with 2 bath no garage, but has big driveway. Oil Heat, Tank above ground in the basement
Asking 230K, needs repairs. Seller is not motivated. But I will go and look at the house anyways just for the experience.

From my talk with the owner, it needs a new roof, kitchen remodelling etc.

I am not able to find comparables to determine ARV. The sizes of the houses are all over the place in the area.
Three sold that I found are all 3BR house and a mile to 1.2miles away from the subject property.

Will keep you posted after the property visit.

-- Bimal

If you are one the individuals like me who have been on this site for long and have not made a deal yet, I suggest to read the book THE SCECRET by RHONDA BYRNES, I just started reading it on suggestion from my friend.

It is an easy read and less than 200 pages.

Please tell me your experience after you have practiced THE SECRET.

I will tell mine.

Good Luck.
Bimal

What I did on Sunday, please read below.

1) Puts Ghost Ads on craigslist and backpage. (Two buyers already called me)
2) Went out to look at distressed properties. Result found 6 abandoned
property and 5 for sale signs.
3) After returning home I started looking for information on the properties and surprisingly I didn't find any information on 3 of the properties. Two of the properties are owned by HomePath (I will be calling them, I may not be able to wholesale these properties) and for the one remaining I am going to the town and get information on that property. This property did not have a mail box. Well this are good challenges,

I just do not wish this to be easier but I wish to be better.

This game is all about momentum.

Bimal

Still in the process of building my buyers like, so far I have 5 potential buyers, 5 more to go and I have promised myself to fill my bucket with at least 10 buyers by Saturday.

Bandit signs are going out every weekend and keep getting response.

This year is going to be my success year. I am using the visualization technique for the success I will achieve this year.

-- Bimal

I kept my promise.....

I now have 10 genuine buyers bucket.
How did I do this.

1) Three buyers from Craigslist Hosts Ad
2) 7 buyers from the REI club I attend. (Called each one of them and found their requirements).

Today I went back to my journal and was surprised to find that I have made good progress and was very disciplined and methodical about my approach, taking all the right step, listening to peoples advice and was also making offers.

I have believed and have achieved, deal is happening soon.

-- Bimal

The Bandit Signs are fetching results.

There were 4 phone call this weekend.

1) 1 guy has 17 properties he want t sell but was bit rude in talking.
He is going to send me an address of one of his property so I can drive by. He has all the properties rehabbed now he wants to sell them to free up cash. I may go take a look and see what he has to offer.

2)Another seller wants to sell the house because he wants to downsize, 4Bed 2bath colonial, 2 car garage , oil heat but has a black water tank need to put a new septic tank, Asking $290K, 1988 built, 4 zone heating. Roof, Gutters, Sidings replace in 2009, Counter top in the kitchen is non granite.

3) A bird dog, I offered him to split the profit 50/50.

4) I left a voice message for the 4th caller, will call again.

The vacant house near my home currently NationStar bank is paying the property tax, I found that from my town.
Call the REO dept of the bank but the property is not in the list of their REO's. Called another office but they do not have any information about the property as well. This may soon be AUCTIONED or become bank owned.

Note to myself: For a deal to occur I have to bring my goal and my efforts in sync.

Donna once posted on my journal, saying it took her long time to get it, I happened to come across that post again today and gave me HOPE.

I am finding it hard to get comparables as a result I am not able to make any offers. These are all leads from my Bandit signs, but what good if I am not able to get comps.

Does anybody have deans time management sheet. Please if you can put a link to it.

Thanks You.

Hey Bimal, when a seller says he just remodeled his house that's a sure sign he will want full price or more. Be polite but don't waste time talking to this guy.
If he says my house needs repairs but I can't afford to fix it, run like hell over there and get it on contract.
Good luck,
Rando

Good Tip, Rando.

Thank You,

On Saturday I went to a real estate seminar and in the process picked 3 more buyers.

Also got 3 more calls from my Bandit sign but could not learn about it till the end of day because I had no internet service.
In mean time my shower head malfunction so had to turn off the main water supply, so no water in th house, kind if eventful day.

Almost finished reading how to do option deals.

Now I have to brush up on Lease Option and I know there are couple of videos on DG site. Which I will watch now.

My signs go out every weekend and get responses which I attend too and make offers on but offers are rejected or responded too, which tells me I am making right offers because every time I make an offer I cringe thinking it is very low offer.

Currently working on a commercial space unfortunately there are no Comps. But the lowest rent it can get is $1900/month and a high of $2300. My only concern is the office space sits sideways with windows facing the street and the property is next to the railways station, the street and the tracks are separated by fence.

The owner is asking 189K, ARV around 230K..I am going to make any offer of 90k to 100K as it needs repairs. The taxes are $5K. City Sewer and Water.

It seems the owner is lying to me about length of time he had owned the property.

Well let me make an offer an see if he agrees or counters.

Regards
Bimal

Got a call from my Bandit sign,

A 3 Unit property, with two tenants and owner living in the 3 rd unit.

Monthly revenue from 2 tenants 1750/- , Taxes are $9540.
All units a 1bd and 1 bath, no repairs required. Tenants pay their own, water, electricity and gas.
Owner pays for snow removal and Lawn maintenance at $50/month.

Owner did not specify how much he wants, anyways I will make an offer after I have seen the property.

Will keep you posted on the progress.

For the commercial property I have not yet made any offer, I am not very comfortable about the location for rental.

Remember that 1/1s are the least desirable type of unit. Not a family type unit, thus high tenant turn over in most cases.

Good Luck on negotiating the deal!
Michael

JustJen66's picture
I have made some baby steps. I have a propert 2 BR 1b, was selling for 52,500 if I am not mistaken, and has been reduced to 45,900, Greer SC. I am not sure I have the value correct, but I believe it values at 64,744. I got the property from my Agent. Its in SC
Can anyone help me to make and let me know if this will be a good deal, please bare in mind I am new at this and just started to take action.

Hopefully someone can give me a answer. I do not seem to get a response on this site nor the insider Elite site.

Thank you

Thank you
Jennie

Hi, Do you have any idea if the property needs rehab/remodeling? If so, what are the costs?

What do you plan on doing with this property? Wholesale? What will your fee be. Ask your agent to give you a CMA on the property. Make sure your agent uses accurate comps. Then you will be sure of the value.

With that info, you make get a little more advise.

Glad you are taking action!
Michael

Hey buddy good to see you here still active thats good. I would not make an offer on the prop until they tell you what they want for it. It doesn't sound like they are motivated sellers, because they will not give an offer amount. I also recommend bimal getting prob some more education, that is what helped me a lot. I just got a 20k wholesale fee recently.

I agree with Michael, get sold comps from your agent to find the value. do you know how to find the value of a prop with those? also the best deals are off market not on the mls since it is so overpriced.