Bimal's Journal

I'm so late catching up with your journey. OMG I do really admire your positive mindset you got.

I pray to God that deal goes through.

Here are some few suggestions I would like to tell you.

-Use this period you waiting for the attorney review to add 4 more buyers in addition to the 2 buyers which you mentioned earlier. That way you have high possibility of a buyer closing like Ali mentioned during the EDGE.
Also ask for proof of funds.

For example you can put bandit signs say something like

MUST SELL FAST
FOR CASH
3 BED 2 BATH
Xxx-xxx-xxxx

Goodluck and God bless

TC been a while we connected.
Thanks for your good wishes.

I like your suggestions.
Now whenever I go to REI club meetings I make sure to give out my business cards and in that process I have added few more buyers and also learnt which is their preferred area. I will have to work out with my sign guy, if he provide service of putting signs in the areas my investor buyers are looking.

My best wishes for you too, looking forward to hearing your success stories.
Go get it.

Best Regards,
Bimal

Just cking in on your progress. Great job hanging in and moving forward every day!

Karen

Hi Karen,

I am glad you stopped by.
Also looking forward to your suggestions, guidance and motivation.

How are you doing? I am sure your business must have grown. I read you are looking to invest in storage a, are you interested in out of town storage investment, I know a guy looking to wholesale storage deal. Not sure the asking price but know it has growth potential.

LMK.

Bimal

My seller is still awaiting response from town, so nothing much to share.

In the process of waiting lost some mpmentum, but should be back on track, tomorrow attending the REI meet, will had out more of my business cards.

Haven't wroked on the two deals I made a passing reference some time back. Need to work my numbers and contact the seller. Seller is not motivated, but wants to get rid of the Two apartments, as the place seems to be far from where the seller leaves.

Bimal

My seller sent me an email and she had the sewer system cleaned and also had the water tested, reports will be available after a week.

But the guy who came to clean the sewer system, said that it is a cesspool with leader lines (Leach field) 500gal capacity.
Now wondering how I can make this deal happen., because even if I take a minimum fee to cover my attorney cost., it is still not going to cover the replacement cost.
More then likely the buyer will pull out, because in few weeks the ARV has gone down by additional 10k and cost of repairs and replacement will be around 100k. Adding holding cost the buyer will break even or lose money.

I am at a loss here and the seller does not want to come down on the price.

Hmmmm, I will have to put on my thinking cap.

Bimal..... I maybe be a newbie but is this deal worth it? I hope it is not your priority in terms of projects..... And if the seller will not negotiate I hear exit strategy just a thought you have two great points to negotiate it down if you do decide to continue and add a third how long will this seller want to hold on to this another 6-9 months?

Thanks for your time and input.
Any and all suggestions, advice are welcome from anybody, after all we belong to the DG family and trying to help each other.

Honestly I am ready to go off this, awaiting a call from my buyer so I can inform him about the cesspool.

Now I am not looking to earn a fee but goodwill, both from my buyer and seller.

Whatever happens, happens.

On to the next deal.
Regards,
Bimal

Remember your time is valuable just like the professionals on your team and give yourself a dollar amount..... also be generous but with in reason your knowledge and gaining experience will increase your per hour/ per deal worth

The seller called me today, and we spoke about the cesspool , she is prepared to come down on the price as I was upfront that the buyer will not be interested if the price will not come down and the seller is prepared to discount the price further more to cover the cost of replacement of the sewer system.

I suggested to the seller to get atleast three bids from the septic tank installer and also provided her couple of names to call.

Bimal

It seems like things are at stand still.

When this deal will come to fruition I am sure my confidence lelvel will go thorough the roof, I am waiting for that impetus for me to advance.

On reflecting on last few days I am thinking what needs to drastically change
to take me to the next level.

-- will be revisiting my WHY and chart out a game plan for next few months and subsequently build my success on that.

Bimal

This is getting interesting by the day.

Today I called a septic tank installer and learnt things which will help others reading my forum.

Putting a septic tank to replace a septic tank is not as simple as it looks.

1) it requires an Engineering design to summit to the town before somebody can give you an estimate.
2) Need variance.
3) a soil log test needs to be conducted, which will cost around $2500.
4) The estimate that you get is indeed an estimate and it is mostly correct upto 60 to 65% of the actual cost.
5) The basement should be atleast 10 feet away.
6) It should be 50' away from a well.
7) it should be at least 10 ft away from any trees.
Additional cost to remove the cesspool.

At least $30,000 cost to install a septic tank and additional charges may occur as the project advances. This is for a 3bedroom house.

Trying to make more phone calls to septic tank installer, so I can get a better understanding of the cost involved.

Bimal

My seller is already in touch with few septic tank installer, waiting to hear from her.

Now I want to start making offers, can anybody assist me hoe to make many offers without looking at the property and how to move forward if the initial offer gets accepted. Because the first offer would generally be made based on an approximate repairs without looking at the house.

Any input will help.

Ask the seller what repairs need to be done to the property when you are speaking to them on the phone. If the house is older, ask if it has the original kitchen and bathrooms. Ask the age of the hot water heater and the HVAC and the roof.

That will give you an idea of what to guesstimate for repairs. If it is mostly cosmetic (flooring, paint, etc) rough estimate could be about $10/SF. If it also needs kitchen and bath updates, try $20/SF, major things like roof, HVAC, estimate $30/SF. Then when you do your walk thru you may have to adjust if the homeowner wasn't quite forthcoming.

Karen

Thank you Karen

For the guesstimation this is invaluable

Thank you Bimal

I learned a lot by you sharing this and never knew how expensive an undertaking of this magnitude could be

Hi Karen,

Thank You -- you put it very nicely, I have put out very few offers as a result not making the progress I intend to make.
So basically we may always end up adjusting the price when we do the actual walk through.
Joel -- I am glad you were able to get something out my post.

Bimal

Yesterday I contacted another Engineering Company to send tme the quotation for Egineering Design, Survey and replacement or cesspool.

After couple fo phone calls thereafter I still waiting for the quotation from him. Will give him a call again today.

The reason I am persisting with him is becuase he seems to know the town people and I was very inpressed about his knowledge and way with the township.

---------------XXXXXXX--------------------XXXXXX----------------XXXXXXXX

Carols's Chat ::::

Yesterday I attended in InsiderElite chat on making offers by Carol Stintson and this is waht I needed and now I have now reason to start making multiple offers

I also told Tony that let us compete on making offers, this was we can stay motivated and stay on course.

It is about time I start making deals and not just talk.

Bimal

Awesome idea. To have someone that you are accountable to is great because it is much easier to only answer to yourself

I rely on the great advice & strength from the Dg family, whether it's good or bad. People care & they will hold you accountable, here.

Thanks Donna and Dallas.

I realized without competing (in healthy way) you not reach your goal as quickly as you want.

Way to go Bimal you are making progress, i made 6 offers yesterday going to make 4 more today and adding buyers daily so I know we will have a deal soon. Happy Sat and lets all make it a great day

You are already on a roll, I have not made any yet.
Stuck with Comps, not enough to arrive at ARV but that is my problem.

Wish luck on a deal soon.

Bimal

You are already on a roll, I have not made any yet.
Stuck with Comps, not enough to arrive at ARV but that is my problem.

Wish luck on a deal soon.

Bimal

I have a property in mind. Spent about 2 hours looking to get COMPS for the property.. There are tow rentals looking for COMpS for these also, very surprisingly could not find enough COMPS on any of the property.

This " not able to find enough COMPS" nightmare has come back to haunt me.

I am prepared to make blind deals, just like how Carol taught in the dginsiderelite chat.

I am sure my persistence in this matter will find a way for me and I would like to impart that knowledge to others like me s it becomes easier for them to make offers.

I will prevail.

Bimal

Even zillow doesn't have comps ( granted they are not accurate but none the less an option)

Hi Joel,

I looked at all the follwoing sites:

a) Eppraisals.com (Gave me 719K current value of the house)
b) Cyberhomes.com
c) HomeValues.com (After filling in all the details it said no estimate
available on the subject property)
d) Zillow.com (Gave me 759K current value of the house)
e) HomeValuehunt.com
f) Homegain.com
g) realtor.com
h) trulia.com
j) realestate.com (Gave me 711K as the current value of the house).
k) homesnap.com
l) condo.com

COMPS by my relator was any ways useless.

I have two buyers who could be interested.

1) What I did took the average of the 3 values = (Assumed ARV)
2) Assumed ARV * .70 = new value
3) MAO = New value - (25k repairs + 10K Fees) = 475,766
So I offered at MAO - $466 = $475,300

Tony if you reading we are 10 to 1, may be you already put in more offers.
But for me it is a great achievement, you still should keep moving or else I will go past you (But my best wishes are always with you for your success).

Bimal

ASKING PRICE IS : 814K, and I offered almost half the asking.

Bimal

My Bandit signs will go up this weekend.
And in two more areas next week.

The house under contract I have is almost a dead deal. The owner does not want to pay 100% of the septic tank replacement as the cost could be substantiworkal.

one of the investor wants me to play a role that is in between a bird dog and a wholesaler where I do all the reaerch on the property, like estimating repairs,details on the , provide pictures and then send this information to him so he can make decision. So I asked him how does he pay me, as birddog or
wholesaler he repliad "Very Well.

Not sure if I can do business with this guy.

You have the deal under contract , if he crosses you goodbye from being on my buyers list or you must pay upfront now any case I would not allow such shakey response

Yes, It is not happening with this Guy.

I revived one of my Ghost ad today.
Here is the attainable goal I have set for my self.

Goal: 100K profit EOF 2015.
Monthly Goal $5555.55 each month per deal
Monthly Deals : 1 or 2
Number of Offers : 50 a month minimum

What needs to happen:

1) Take Marketing to next level
-- 15 to 25 Signs must go out each week
-- Distribute business cards at any or all place I go
-- Start putting out fliers with tear of phone numbers.
2) Have at least 3 realtors to work with (Start Making Contacts)

3) More education towards my exit strategy

4) Keep Building Buyers list

5) Keep building sellers list

My WHY
Not able to live a fuller life because of financial worries, which sometime has an effect on my physical and mental health.

Bimal