Bimal's Journal

so I went with the contractor to provide me a repair estimate, he will let me know after couple of days.
Bye the way the seller wants to sell the house ASAP.

She is very smart and asks me lots of questions , probably she wanted to find out if I am rehabbing myself or I am going to assign, I told her it all depends upon the rebar costs.

Also came in contact with one more contractor today and he does rehabbing work and has a team of people who do everything soup to nuts. Great find.

Joel ,
The buyer I spoke about wants 1.5% in rent of the purchase price.
It feels great to know that somebody is interested in our progress in REI. just hoping to get out first deal.

Bimal

Good to see your progress too Bimal & Joel thx. Bimal I do love your patience too I am glad you are not giving up & pursuing your dream of becoming a millionaire!

We will get there with persistence & knowledge, all of us who keep at it. Bimal what do you mean the buyer wants 1.5% of the rent?

I wish you well on this deal.

Tony,

Not 1.5% of rent, but 1.5% of purchase price as rent.

so if the prop. costs 100K, he wants 1500 in rent. Hope that clears.

awesome just make sure you have the prop under contract so she/he doesnt go around you in case there is another person interested and making u do all the work....

Yesterday I went to the our monthly REI meeting.

Handed out my cards to as many people as possible and in the process picked up three cash buyers interested in the property I am currently working on.

Found an investor friendly attorney. Met with new wholesalers and exchanges business cards.

All in all a successful meeting.

Also my contractor sent me the repair estimate, by tomorrow I will put an offer with the owner, let see what happens.

Some of the other propertiues that I had looked seems like I have buyers who are interested in fire damaged houses.

One thing surprises me, that couple of buyers are looking to make 100K if it is extensive rehab. Next meeting I am going to ask about that in the meeting.

Happy Investing to all in Real Estate.

Seems like the pieces are coming together Bimal I like it more buyers, an attorney and continual networking.... Now to see if they are A players.....

Hi Joel,

Yes things are happening and I am positive something will happen soon, if I maintain the momentum.

Tonight will send the offer to my seller and simultaneously start marketting the property as I can see I have atleast 6 buyers who are serious and willing to invest in my area and also place an ad on craigslist.

Regarding the cesspool property, well that may happen too, but this will requires patience.

I will post some apps that I got from biggerpockets that RE Investors can use.

Happy Investing to all.

The house that I was looking at 3/1, 1900 built repairs came to 60K.
I came up with an ARV of 210K after great effort.

I offered $75,525 and calculated it ass follows:

(.70*210,000)-70000 = 77525/- MAO
75525/- My initial offer.

Actually even my offer was refused I felt great as I moved one step forward. I got my high just for making an offer, by end of next week I am going to make atleast 3 offers on the properties that I have not made any calculations on.

My bandit signs again went out last week, got 2 phone calls. I was able to get a voice contact with one seller, but turns out he bout the property last year fixed it and is out to sell in the market, my suggestion to the owner was, since he has put so much effort he should sell it retail.

Bimal

Well the owner of house with cesspool, decided to make repairs and install the septic and sell it retail.
I wished them going luck and hing they get more money after they rehab the place.

Bimal

1) MagicPlan
2) Hammerpoint
3) Neat
4) MyTracks
5) CamCard
6) MyScript Calculator
7) HomeSnap.com
DocuSign
9). EverNote
10) RealEstate Evaluator

Hope it helps.

I just wanted to congratulate you on the actions which you have been taking so far. You are 3 ft away from gold and I can't wait to read your success stories later.

like Joe Jurek always says "Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"

Also thanks for sharing the websites for RE investors. I'm currently using docusign and evernote which is my favorite. I have been able to evernote to build my buyers list and sellers list like it helps me save their contact info.

Goodluck investing!

My favorite Quote of Today: "You're not really free until you're free from trying to please everybody"-Joel Osteen

Thanks lot for words of encourangement, likewise I want you to succeed too, you have been putting time, effort and money and success as you say is "3ft away from gold" true, so I am not giving up thinking this is the end, it is just the beginning.

We have to run our own race and not be concerned about how others are already doing well.

Hi,

Firstly, I got 4 calls from my bandit signs, went and saw the house, it is a 2 unit rental, fetching, $1600/- and $1300, approx 12k in property tax, $1200 in insurance, all utilities paid by tenants, both units rented, no parking. Not well kept by the tenants, filthy living, current owner does not mind as far as he gets paid on time.

Also in the process learnt about 4 properties in the same street, Will start my research on those soon.

From my bandit sign the buyer had called me and went and met him and his partner. We may work something together, not sure what.

To day was my very successful day.

Regards
Bimal,

The cash buyers that I met on Monday, sent me a list of abandoned properties to research and if successful in contacting the owners, put those properties under contract.

They will also help me in running numbers, before I put them under contract.

I researched on two properties and for one prop, I found the contact phone number and for the other I found owners address, now I know what my next steps are.

Also there are 4 other properties, 2 phone numbers that I have to pursue, seems like the activities are picking up, I want to put a property under contract soon,

My Bandit signs are definitely yielding results and I have mentioned thus many times.

Bimal

Tomorrow I have plans to send out a yellow letter to an abandoned property owner.

Called an owners wife to find out if their property is on sale, they have actually divorced and living separately.
Ran CompS on a property that is bank owned, but did not get good comps, all the comps a were 2 to 3 miles from the subject property.

My bandit signs will go out this weekend again.

I still have to call some sellers from 1 month back.

I want to plan not, because currently without a plan I feel like I am in space with no direction and this has got to change.

Saw a video on how to get COMPS from county assessor office.

I have to fight my following fears, that when I go to look at the property how to tell myself that I will put this property under contract, how to learn to run comps when there are none, not sure if any investor will be interested if I do not provide good comps.

We'll let see what happens next.

NOT Quitting for sure, I am going to pray to GOD tonight to empower me with a will to educate myself, draw my success plan and make money.

Bimal

I just spoke with a cash buyer, he had contacted me about about a month ago in response to my Bandit Sign.
I found about the areas he is interested in and he also offered to help me with COMPING out after my initial numbers.

The info gathered from cash buyer
1) type of properteies they interested in (eg starters homes )
2) amount they would like to invest on a property
3) area( good schooling, low crime rate, no flood zone etc)
4) areas where they would do just buy and hold.

Shortly sending him the pictures of the house that was burnt out. Asked him if I send property address would they be prepared to sign a non-compete agreement and got a positive response.

Will call few realtors today to show me some houses this weekend, trying to make most of this 3 day holiday.

Bimal

That's awesome Bimal, and buy n hold cash buyers is who we want on the top of our buyer's list

Great idea with the non compete agreement

One accomplishment to share, after much delay finally I got to call an owner of a abandoned property, left message and waiting to hear back from them.

If not I will call again and again till I get a voice contact.

Next up is I have to the send a yellow letter to the owner of an abandoned property, have been putting off for awhile now, will do it today.

And yes the deal that fell thorugh, the owner has now put the property on sale for $260K , not sure how they will sell it with the cess pool, I am guessing they will bring the price down by the cost to put in a new septic tank.

Just heard Deans weekly wisdom, I liked it and also came to know that the audio is availble on youtube also.

Well it will almost a month and I haven't done much to take forward my RE business. Lost steam.
Need to get back .

I am still trying to figure out how to start making offers with proper Comps, this gas been my show stopper.

If any experienced RE investor stops my my journal, please give me advise on how to start making offers even without roper COMPS.

It is more than a year and I have not made a single deal.

Thanks.

Hi Bimal, there are a couple ways to do this without and RE license. use Zillow. when you have a house you are targeting, search for it on Zillow you will get the zestimate and the surrounding sold and for sale properties. look at the solds and see if they are similar to your targeted property. find 3 similar properties and add the totals they sold for and divide by the number of sold you are using, this will give you a comparable price.. It will not be exact, because you real can only get that from and agent but is will be close enough to give you a starting point. Also sometime the county record will have recent sold on their website. Don't give up.... Im still hangin in here and you should too. I hope this helps
Bimal my friend just do it!.

Thanks for taking timeout and sending me the info I required and also for your words of encouragement.

I know this is not easy and especially if one is an wholesaler, it gets even tougher if you are partitme and not being consistent.

I have been using zillow as you have suggested, but for all the properties that I came across except one, there were not a single property that I could not draw proper comes. Either there are no recent SOLDS, or not similar houses or not within 1 mile of the subjest properties, or the sqft is not within 20% of the subject property.

Even the REAs I have been working with could not provide me proper COMPS.

So No Offers meaning No Deals and this is very demotivating.

Donna, I wish you best luck and please do not hesitate to stop by give you valued input.

Bimal

Hi All,

Since last couple of months I have done very little towards RE business.
Trying to motivate myself to get back.

Thinking what will work to get me motivated and why did I lose the steam all of a sudden.

Hmmm.

Hope this does not happen to anybody who is starting out.

I hear you I myself battle with depression & it seems insurmountable to climb over these obstacles of having no $ or little $ or any momentum or deals falling apart.

I have started to get momentum & I know that once you start 1)Lots of buyers on your list at least 20 for each deal you want to do 2)you start making offers thru an agent you should get a great one btw & also offers off of craigslist & Oodle, Backpage, calling estate ads there & driving looking for houses that look vacant, tall grass chipping paint etc & look those props up & contact the owners to see if they want to sell & start getting good leads etc.

You will start to "feel" better & excited but until then the momentum will get low & could die & it is super hard to get it going but you can you just have to grit & beat it until you start "feeling" the good feelings if that makes any sense LOL

Also mindset, I should have started with that because that is really the point, with that it starts, really making the commitment to DO this business & not dabble or "play" but actually do it & set aside time & tell yourself NOTHING will get in the way, read tony Robbins, Dean & any other positive book that will encourage you, DO NOT WATCH THE NEWS, & have battled with that a bit I sometimes will watch a snippet of news but then regret it, it affects you.

Dean doesn't watch & all the rich people I have talked to don't watch the news, go to the real estate clubs religously, once a wk or twice even if you can it will change your life it has mine. Hope this helps.

I have a prop under contract in Indio CA & waiting back on another contract to be signed & sent back to me so If I can do it & I DONT DRIVE BECAUSE OF BEING LEGALLY BLIND WELL YOU CAN TOO!!! DONT FEEL SORRY FOR YOURSELF CMON BIMAL & OTHERS YOU CAN DO THIS!!! YOU JUST HAVE TO TAKE A STEP NO MATTER HOW SMALL BUT TAKE IT & YOU WILL START TO GET MOMENTUM OK!!!!!!!!!!!!!!!!!!!!!!!!!

Hi Toni,

Thanks for stopping by and giving a valueable piece of advice. Yes I do not wan to be in this to dabble but rather give my best efort, but somewhere along the line things start to break.

Let me work on gaetting back my momentum. Not to overwhelm myself let me start to get out of this rut by doing aomething meaningful atleast 30 minutes a day and then increase the time.

Congrats on your deals and wish you many more successful deals. To bullet point your advice I put down as follws:

1) Build my buyers list, atleast 20 for each deal.
2) Get an agent.
3) Put offers on craigslist, Backpage and OOdle.
4) Calling Estate Ads.
5) Drive for Dollars.
6) Mindset, set aside time and do wahtever it takes to advance this business.
7) Read Ton Robbins, Dean and any other +ve books.
stop listening to the news.
9) Go to RE clubs once or twice a week.

Toni Thank again.

Bimal

thats right my friend that is what I am doing, I forgot to add also calling real estate agents, those who work with investors & asking them to bring you pocket listings because you can close quickly that you are a cash investor & also if they bring you a cash buyer for any off market property you bring them you will give them 2k or 3% of the purchase price whichever is greater & you will only work with them if they bring you these cash buyers ok.

You will start to get deals sent your way my friend you will see. I am getting pocket listings sent to me now & the I am waiting on for the executed contract is from an reo not a pocket listing but a back up offer, the buyer couldn't perform so my offer got accepted(i hope) so also back up offers.

30% of deals the buyer doesn't perform so back up offers are key, start building relationships with agents ok you will start momentum with that ok. God bless.

Hi Toni,

Thank You for your help, advice and support.

Bimal

Since I am trying to gain momentum I would rather say whatever little I did rather than what I didn't do.

I watched Donnas video on Yellow letters. am planning to watch the Master Class videos by Gina and Andrea, that has wealth of information and call to action steps.

Will keep everybody posted.

Still struggling to get going.
To night I will read some more and carve out a time on planning to talk action and get back that adrenaline rush.

I think my biggest issue right now is I have become very complacent and making things look achievable even with the financial stress I live with day in and day out.

6months back my productivity was at a high and present day it is has come down to nothing.

I hoping to get back to my productive self but at this point in time not sure when will that happen.

Tonight I will be on Carols chat on high end wholesaling, here is that small start, but can I gain and sustain the momentum with lots of things not related to real estate is and will happening around me

Stay tuned.....

But before I got I will list the exit strategies, just to refresh my memory

1) buy and hold
2) wholesaling
3) fix n flip

I haven'y been around much lately. I have started traveling and teaching REI, so it is keeping me crazy busy.

Since you are having such a tough time finding comps for your area, is there a more populated area that may have comps not too far from you, that you could start working?

Karen