Bimal's Journal

It is coming down to the wire.....

As I am writing this I have Started calling realtors as per the steps suggested in 30 Days to Real Estate Cash.

I have found one buyer and also got to understand the basic requirement for a property.

Calling 4 more realtors to day and using the same script Matt Suggested.
Order my business card today.

Though I am scared I an ready to order and put Bandit sign.
While people will slow down now I will strike.

I want to share my success story with you guys soon.

I deal a must before EOY 2013.

Bimal

As Per Dean's Book, I called 5 Real Estate Agents from Remax and one agent responded with a list of properties. I did my initial study of the property and sent some questions to the Realtor, also contacted my Cash Buyer to inform him that I will be short listing some properties and will request a visit to the properties I am really interested.

Now I will re-read the chapter to build my buyers list. and keepi re-reaidn as I make progress with this property list. I will call more Realtors tomorrow.

One Deal By EOY 2013.

Bimal

I picked up 3 properties owner financed (1500,2500,1500 down),rented and sold well one I still have.
My first was a landlord who didnt want it anymore,1500 down 250 a month 20 year note.I rented it for 450 and later sold it for 56k, I paid 28k.

You can do it.

Aaron-n-Suzy

Keep it up man I have done 3 deals & I was a late bloomer too! So if I can do it you can too and I am legally blind use a white cane and dont drive, so you can too my friend. And all of my 3 deals I've done have been this yr, one in Jan or Feb cant remember now, & 2 in September. First was a bird dog deal, got $1,350, 2nd one a wholesale deal got $1,250 for that & the 3rd a wholesale deal & got $650 for that.

So keep pushing man that's what I did too even though it wasn't even, all the way or every day, but even like that I got the deals. Can you imagine if we pushed even harder! Well we will get deals! With action plus knowledge=results, ha that sounds familiar.

You definitely thought a little different.
I am still taking baby steps and waiting for one deal to happen to get a confidence boost.
For some time I will do assignments and gradually move into lease options.

I congratulate you on your successes and your comment gave me an additional avenue to generate money in REI.

Thank You for stopping by.

Regards
Bimal

My agent, wants proof of fund even before showing me the properties.
I emailed my Buyer and he is ready to provide proof of funds letter.

Need to call more REA's, today I tried to call them but mostly got their answering machines being a day before Thanks Giving.

I know I am on track to make a deal before year end, hope I can share with you all.

Funny thing is I get very little input from fellow DG'ers, may be my story or journal is not interesting enough.

Bimal

Hi Tony,

Thanks for stopping by and I congratulate on your 3 deals. Way to go. You are an inspiration and I which great luck and success in RE venture.
I am sure you are still at it and very soon you will be making big money and talking about your
Successes.

Best Regards and Luck
Bimal

A deal by the year end can happen, I am in hot pursuit. Doing about 50% of what the 30 Days.....book says.
Already seeing results.
I have two cash buyers, one through. Ghost Ad. And other through the REI meet ups.

Two realtors are sending me MLS Listings and I have identified 5 properties to look over the weekend.
One realtor who I was dealing with wanted POF even to show me the properties so I crossed him out.

I see a deal can happen. Now instead a of 29 days, I should aim to complete my goal in next 20 days just to keep up the speed.

One deal by EOF 2013

Bimal

I am waiting for my realtor to call for an appointment .
I have identified 3 properties so far.
Keeping my figures crossed.

I deal by the EOY 2013

When realtors ask for pof insteadof crossing them out you can go to besttransactionfunding.com (thats where I get my of funds).

Here are some keywords which I found on dg.com in finding deals. I suggest you to have at least five agents on your team (that way you dont have to worry about waiting on an agent, so many agents out there! ) with specific different for each of them.

Keywords use to find Seller Finance or Lease Option Buyers (credit or cash challenged)
 Lease option
 Lease purchase
 Rent to own
 Seller financing
 Owner will carry
 No banks needed
 Financing available
 Small amount down
 Stop renting
 Completely remodeled
 $XXXX down/$XXX mo
Keywords use to wholesale properties
 Wholesale property
 Wholesale real estate
 Discount real estate
 Discount property
 Cheap houses
 TLC needed
 Handyman Special
 Fixer Upper
 Cash Buyer Needed
 Income Property
 Investment Property
 Investor Special
 Turn key Property
 Cash flowing Property

Hope this helps

TC Thanks for providing an extensive list to find L/O or SF buyers and wholesaling deal.

I am still working towards making a deal happen.
I went and looked at a property today and which needs substantial rehab, the asking price is 65K, 3/1 property, bathroom too small, walls, ceiling, roof all needs to be worked on. Street Parking.

Will call my cash buyer if he will be interested. Comps are not possible on this property. After sales value cannot be determined.

Not sure if I should proceed with this ofrlet it go.

One deal before EOY 2013.

Bimal

Work week slows me down a little.
Re-Read Matts conversation from the book 30 days to real....
Called my realtor due to inclement weathe it seems I will not be able to visit any properties tomorrow.

Speaking with RE agent she pointed out that the best time make deals happen is now and April.
In late April people who are out looking for a house are presented with many options and making deal then would be to face a bidding war.

Anyways I am still hopeful of making a deal by EOY 2013.

Bimal

One thing I like about real estate, like they always say "numbers dont lie." When you see the numbers dont work, move on to the next deal. You can put the property in your radar and check back in the next 2 weeks or so maybe the seller would have gotten motivated.

You got this

Goodluck

TC thanks again for visiting my journals and sharing your views.

Today I went to look at another property, this has potential but the kitchen is very small for 3/2 house.
With central baseboard gas heating. a/c in two rooms. Rooms are small but has a nice garage, enough parking space.
Needs rehab I will estimate it at 40k.

Will be emailing pictures to my cash buyer, let's see what he says.

One deal by EOF 2013.

Bimal

Will be going to look at the third property this Thursday and will start analyzing the three porperties I saw and out offers. Let see what happens.

I deal by EOY 3013.

Bimal

It is great that you are pushing yourself...it feels like it's never going to happen but it will!!! Sometimes I still wonder if I know what I'm doing..... You have the knowledge you will do a deal I have no doubt. Merry Christmas

Donna,
Thanks for visiting my journal. Yes I have no choice but to push myself. I also know what my drawbacks are and what is taking me long.

I am trying to find COMPS for the two properties I want to present it to my cash buyer but within mile of the properties not able to find good COMPS.
Need atleast 3 good comps. And 3 active listing in an around the area.

Also I am using two formulas to drive an offer price. The one which Dean has suggested in the 30 Days...book is coming out higher than the one using the 30% discount on ARV - repairs and closing cost. Making it tough to put an offer.

My WHY just got stronger:
My son is proposing and planning to get married end of 2014.
And I don't have extra money to pay for the events I am planning or to purchase decent clothings for marriage for my family. Do not get me wrong I am not poor and have monthly income flowing, but at the end of the day there is no savings, no retirement account. So it is month to month. My Dad got sick I could not send him money for his treatment and rehab. My uncle paid all the expense just like he did last time.

My daughter is in college, for now I am paying for her as I do not want her to get in debt, but year from now for higher studies she will need $150K and at that time she will have to borrow. I am trying to avoid a situation for her where she does not have to live under debt burden for her life.

I can go on and on, but would rather find a solution to minimize the impact of the horrible financial situation I am in.

Thanks
Bimal

Ho

Hope you all had nice Holiday.

Well the property I was trying to run comps is taken off the market. The other property I am interested meets my buyers criteria except it has street parking and my buyer requires at least a drive if not a garage, so this is not going to work.

Well It seems having not seen any more property I will come out empty handed this year.

Need to evaluate
1) Strategies
2) Seriousness
3) Goals which are attainable and mandatory.
4) Education

Again I do not intend to put offers just for sake of numbers. If the comps do not work out there can be no offer. I am not sure how people manage to put 10, 20 15 offers. May be I am lacking knowledge to put offers.

Wishing you all a Happy New Year.

Bimal

Time to rethink the strategies:

On a positive note I learnt a great deal this year. I feel better educated and knowledgible than I was 6 months back.

Here is what needs to change/happen for 2014.

1) Prepare a business plan
2) Prepare mandatory goals which are attainable.
3) Reflect on what went wrong in 2013 and plan corrective measures.
4) Continue educating myself.
5) Put more offers out there.
6) Build Buyers list on a continued basis.
7) Build sellers list on a continued basis.
Be more focused, committed, disciplined and resolute.
9) Take actions and measure them (Effectiveness).
10) Attend the 2014 Edge Event.

My Goal: By End of 2015 make $150,000 in liquid cash.
Monthly Goal: $6250 = 2 Deals Monthly at $3125/deal

What am I today : Idiotic, Immature, indisciplined and ignorant.
What Can I become: Clever, Mature, Disciplined and Knowledgeble.

How: Create focus(Think RE 24*7) Believe in myself and belive it can be done. Not to sell my self short.

WHY: WHY is strong, No financial future, Agonizing interview process when out of contracts(I am self employed), daughters education, fathers health, Sons' wedding expense for which I will incur debt. No money for required repairs in the house. Torn Sofa's, dirty carpets, burnt cabinets, 13 year old applicances which are on verge of breaking,no true vacation in 7 years.Due to financial stress not able to visit parents. Cannot be next to them in their old age. No money for parents healthcare.

I am not sure what to write as I failed to achieve my goal of 1 deal by EOY 2013.
Haven't done much of late, need to revisit my goals and strategies, which strategy I need to focus more and bring home the cash.

To meet my goal of 150K liquid cash by EOU 2015, I have to keep up with
2 deals/month with a revenue of $6250/month on 2 deals.

Stratgey: Wholesaling Deals

1)By end of next week get the business cards printed.

Bimal

Still Struggling....
Not able to make offer, Not sure how can people make so many offers. I am not experienced enough to make blind offers.

I am not getting good comps, not able to visit properties during week days due to shorter daylight time.

I am regularly visiting Carol's web site, she has wealth of information for wholesalers.

I know there is a way for me to start making offers.

Anybody willing to advise please do so.

Regards,
Bimal

I became member of Insider Elite.
There is wealth of information.

Have not made any offers yet because I am not getting Proper comps. My main problem is not able to make offers.

I have spent lots of time on this business and now I cannot back out. will not Quit but Persist.

Bimal

But Bimal, You always can make offers! you are working in the same neighborhood that you always have been right? go to the realtor sites. they will be marketing bank owned properties and retail properties right???? watch what they listing them for.These are not comps but you will learn your market. With the bank owned watch the prices fall and track it. have you been to totalviewrealestate.com. That site will give you sold prices. not having proper comps is cop out. you can make offers without having a realtor. When I started I didn't have a realtor either. but you have to take action. Make an offer I will help figure out the rest. PM me

Hi Donna,

Thanks for your suggestion. I will make a separate note of it so I can remember. I am glad that you offered to help
Saturday I went to a workshop and asked the same question about not getting comps. Their suggestion was the market I am looking is not active so look at another market. you provided a different perspective.

There were many topics that were touched upon all related to wholesaling.

I do not know much about totalviewrealestate. I am glad you offered to help. As a part of taking action I will study one property for comps today and send in one offer to my realtor. I will then post an update.

Thanks.
Bimal

Great! Now that is taking action!!!

Hi,

Today I put an offer of $131,433, the Asking price is 204,000, the avg of 3 comps was ARV= 224,666 all same bedrooms and bathrooms. Style is slightly different in one comp.

I used Mats' formula that he presented during the last webinar.

Will wait how it progresses. Need to start working on other properties and start making offers.

I am gaining confidence everyday.

Bimal

I received the contract form from the realtor and honestly not sure how to fill it out. But I will take some time tomorrow and basically find place to out my exit clause, contingency.

By the way this a Fannie Mae property, I do not know if my offer is too high, anyways this is a learning experience.
Now I have to go an find buyers, the buyers I have are not interested in the area the property is located.

More tomorrow.

Bimal

Today was a non event day. Could not do much on RE fron except read about purchasing a Fannie Mae property.

My bad.

I added one more buyer to my list today.

Currently I am working on a property and looking to do deal by forming a LAND TRUST as this is A Fannie Mae property and assignment is not allowed.

Requested my realtor to help me fill out the offer contract.

Going to look at the property in Saturday, I have already made an offer of 131K.

I am also sending the deal information to my Buyers.

Haven't seen any new properties off late.

I may have to take some time off to regroup as I have not made my business plan and currently going around like a chicken without a ......

But I am going to make it happen this year....

Bimal