Bimal's Journal

Thank You both for great advice.

I haven't made offer on the unit yet as the owner could not be reached.
Will try to contact this week.

In the meantime there were couple more phone calls I received from my Bandit signs over the weekend and missed them both.

Will follow up tonight after work.

Regards
--Bimal

Hello All,

I have suspended my Bandit Sign Campaign for this year as I reached my budgeted expense on it. I may start putting signs myself.

Still waiting to hear back from the owner of the rental property, left message, will call again tomorrow.

Regards

Ok don't quit your other business until you have replaced your income by doing real estate deals ok. Bandit signs are a $1 plus $1 for h stake, put them out yourself 25 every weekend! Get answer1,com cheap plan is $55 a month I'm in the process of getting them so no Calls are missed! We can't miss calls!

Read and follow 30 days to real estate cash for Fee on this site! That's really all you need. Just answer 1 to use the same lead sheet Matt Larson uses, you go to the edge and that's great but you need continuation of real estate education, if you say you've hit your budget no more $ none for more education you have it right here for free in the free e book truly you do just follow it my friend and do it.

You have to get angry buddy, ****ed off, to propel you forward. You came from another country probably with nothing and look at you now! You're a business owner living in the richest country on earth, we have a high standard of living! You're probably the most successful in your family n wth friends, lead the way for them. Did you know immigrants are 10 times more likely to become multimillionaires in our country!

So no excuses just results! Ok see you at the top!

Hi Tony,

Thanks a lot for words of wisdom and encouragement.

I actually went out and put signs myself. Well they were not 25 but 4, well it did not generate expected results but this Friday I will be going out and putting 25 signs.

In the meantime after spending some time I was able to find the current addresses of the owner of 2 abandoned properties and will be sending out yellow letters to them to see if they need my help. For 5 days for $1 I became a paid member of WhitePages.com and thats where I got the addresses from, but phone numbers were not accurate.

In the meantime I drove looking for abandoned properties and was able to locate 2 of them. So I will be working on those to get the current addresses of the owners.

What I am planning to do now is go to the Sheriff Sales site, get addresses of people who are in pre-foreclosure state and send out yellow letters and these potentially will be JV ventures.

Just like you said To Get Angry to get that impetus. Exercise POWER of BROKE, only that will help me surpass the DIP.

Thanks Again,

I sent out yellow letters for the 3 abandoned property today.

Yesterday I went driving in the neighborhood and found 1 abandoned house and a FSBO, A short time from now I will call the FSBO owner to understand his motivation to sell the house.

For the abandoned property I will find will have to find the current address of the owner and then send out the yellow letter. I am also watching videos on youtube on DOOR KNOCKING campaign and then go out to people who are in pre foreclosure.

More as it becomes available.

Bimal

FSBO offer did not work out.

Sending out more Yellow letters.

Last week drove for dollars, will send out yellow letters to these addresses.

Got one response from my yellow letter, will go look at the property when the absentee owner will be present at the house.

Received a call based on my bandit sign, the daughter want to sell her mothers house who passed away.

I found this house was listed for $119/- but the listing was removed in January 2016. Asking price is $130K, ARV is $170K.
Carpet, Doors, Painting, 9 Doors, 18 Windows, Bathroom and kitchen needs remodeling. Needs new pictures, appliances Two Car detached garage but needs automatically opening doors. It has an above ground oil tank

Without looking at the house I am estimating the repairs to be 45 K.

So I will be offering ($170 *. 70 - (10K + 45K)) = 64K - 2k Wiggle room = MAO= $62K

Regards,
Bimal

wow way to go buddy, you are taking action got angry & look here are results, keep doing things like that n soon you should have deals. with this offer i wouldn't offer so low if it were me, arv 170k right, thats less than half of what it's worth, dont want you losing out on this deal.

if it were me i would talk to your buyers n ask them what theyre resell costs are, those are realtor commissions, holding costs/closing costs, maintenance/taxes/insurance on prop while they are fixing/holding it. MIne are about 3% of ARV is what i am saying, so if 100k arv then resell costs 3k, etc

I would ask them what usually per sq foot they spend on rehab, usually most are abou $25 a sq foot in the country unless you are in a really hot market like san diego new york san fran etc, otherwise 25 just go be safe. times that with your sq footage for cosmetic rehabs(just carpet/flooring/paint/bathrooms/kitchen) mechanical stuff like fouindation, electrical, roof or plumbing if they tell you something wrong with that you will have to add to rehab depending, but pad it 5k-10k but get contractor for that to nail down the rehab but in meantime if you dont have one (you should get one on your team) calculate rehab 25 a sq foot ok.

add your buyers profit in there, your own etc like you have done but I wouldn't offer as less as you are. sorry if choppy but not feeling well but still wanted to contribute

Hi Toni,

Thanks for the info and advise.

I went and looked at the property. The kitchen, bathroom needs upgrade, Appliances needs to go , Requires new flooring as all the floors are sagging in the center. Wooden walls need polishing. Oil tank needs to be replaced. The laundry room does not have space for the dryer. The owner dries it on clothesline. All the doors needs replacement. Popcorn ceiling needs to be replaced. The house needs extensive repairs.

The repair cost if I take $25/sqft of the house if 1328 X 25=$34K+ which seems slightly lower than the repairs required. With all due respect to my friend Toni.

The property is located in remote rural is sitting with other 5 houses at the end of a narrow road. Of course all the neighbors are close knit. The COPs also visits them from time to time to make sure everything is good.

The owners daughter does not want this property if something happens to the owner. The owner looked frail, is 72 years old and she does not want the property as it is difficult for her to maintain the property. Lawn mowing is a big task.

I already got a call from an investor from Ad I placed on Craigslist. Need to upload pictures to give the buyers a better sense of how the house looks.

Received one more phone call from property owner who wants to sell a two unit house, this lead came from my yellow letter.
But since the house is listed till September I will have to wait till then as the owner does want to sell through a broker to save on the realtor commission.

The owner resides out of state but the property is close to my house , so I went and looked the property. And happen to meet the tenant who pays $900/mo for the 1bd/1bath with kitchen on the second floor. The first floor is vacant which is 2bd/1bd, kitchen, living room, dinign room and will potential rent for $1500. Asking Price $215K. Taxes &K, Ins. $1000. has well water and septic. Each tenant has their own electric meter. The owner asked to be in touch at the end of September, Is she does not get the right price she will continue to rent out. So let see what happens.

I want to increase my marketing effort to get more leads any advice or suggestion is welcome.

Thanks and Regards,
Bimal

Before even I make an offer to the lady with 3bed and 1 bath, she had already put it on the market.
She dd call me anyways and asked me If I have an offer for her.

On Tony's suggestion I recalculated the MAO and made an offer of $79K. So once the listing expires and she is not able to sell, I am sure she will contact me.

I am waiting for September end to make an offer on the 2 unit rental property.

In the meaning time I will send out more yellow letters.

Regards,

Today I received a phone call.
The person asked me if I buy houses and I said yes and then , asked who was I , I am one of the partners.
He then asked me if I was a wholesaler or retail seller, I said wholesaler to that he said " Go yourself and he then hung up the phone.

Not sure what to make of this.

forget about that negative person who called & congrats on taking action. Marketing I would say mailers are the way to go n bandit signs but also 25 to 1, matt still uses that n im still doing it, keep it going brother.

Tony thanks for your comments, ye I am not giving up.

Today again I got a call from my yellow letter, but this was from the agent who is one of the agents trying to sell that property.

It is a 2BR 1bath property, a short sale. Asking 154K. Haven't seen the property but if there is room form a third bedroom I can make an offer.

Planning to send more yellow letter in coming days.

Regards,