dpuzo's journal

I have a number of buyers on my list who say they will be very interested to purchase a good deal. However I'm not so sure I will even want to sell. I'm thinking of buying and renting to hold for an up-swing. Take the equity from that purchase and use it to buy and rent another. so on and so forth. I have a few friends who like to flip properties, they have all the tools and energy for that purpose. I on the other hand am getting to old and if I did want to sell right away I would hire any services that were required to fix it up.

Are you saying you have available financing? I too have been looking at the process of owning and leasing, but my available equity is too thin right now.

Like you, if the right deal comes along, I'll find a way to buy it.

I gave two banks my records and will know soon how much they will be willing to lend if needed. Should know by Wednesday.

I've been taking a lot of time exploring my surrounding area's if interest.
Viewing Brokers Web sites, exploring Dean's site with comparable properties, trying to find sources for REO's. In the meantime my bank is working on a Pre-approval letter. I also signed up with a couple of local realestate listings under foreclosures and am trying to find the most fitting agent to work with. Last night I also received my free tax consultation and was enlightened to find out that I need to establish an S-Corp with LLC's under it if I want to purchase and hold by renting. I left a message with my own CPA to call me back so I can get his take on it before deciding what direction to take. I also ordered business cards today and should have them within about 5 days. I called my business PUZO's ENTERPRISES and place a message under the Title that says "quick cash closings on real properties".
You can order 250 free business cards on line at www.vistaprint.com The only thing you'll pay for is the shipping cost at less than $6.00.
I'm still waiting for the software to arrive from the accademy but I have been tracking it and it is suppossed to arrive today.

I've been feeling like I haven't been making good progress over the past few days but after looking back at my journal entries I discovered that what I've accomplished over the past 2-1/2 weeks sense I started in this program has been quite extrordinary!
In summary; I've managed to read both of Dean's books completely, made quite a few contacts locally in the real estate market and have been reviewing listings, I've tried to narrow down what kind of area of investing I want to be involved with, I've gotten myself pre-approved for a loan through my bank if needed, signed up with the academy, have taken 5 courses and past the tests on ITS, loaded up the proptrend software and have gotten myself familiar with how to use it and have ordered business cards, I've talked with my coaches about 7 times already and have had some good discussions along with some questions answered and I've had a coaching session with tax consultants who have told me the best way to set up my up and coming business.
I guess that's not to bad now that I'm looking back.

My goal today:
1. Get the academy to work with the 4closurealert company to integrate both pieces of software together for ease of use.
2.Contact Agents who are being assigned REO's and try to establish relationships with them so I can view these properties along with them while assessing there value before they list on MLS.
3. Get more familiar with the software and how to use it effectively.

Today I did more of the same as yesterday.
1. Made a couple of good contacts with real estate brokers and established a criteria for receiving listings on a daily basis.
2. Located all of the foreclosure properties within my town through 4closurealert.
3. Made an address list of all the foreclosures that met my criteria.
4. And drove to all 8 of them to view them personally.

What struck me very funny about each one was that there was evidence of all of them still being lived in. So......I called my coach when I got back to my house and discussed why and how that would happen. There are a few different reasons but I was told to call each bank who's listed as the owner now to find out what the status is on each of them. So that's my goal for tomorrow. Until then....goodnight!

I talked with many people on the phone today and left messages for call backs to others who didn't pick up their phone.

Had great conversations today with....
4 agents
1 potential buyer
1 loan officer

Left messages with 5 agents who were listed on specific bank owned properties to call me back.
Did some research on many listings through a variety of website sources.
Analized a few that I thought had great potential.

All in all alot of effort put in today. But still no walk throughs or offers placed. Hopefully within the next couple of weeks.
I'm just starting to feel like things may be coming together.

Congrats on joining the academy!
As far as waiting for your package...there is so much you can do to keep busy waiting for it to come, and actually it sounds like you are! Meeting with realtors, deciding what areas you want to target, start learning values of those areas so you know when you see a good deal.
Its interesting you mention Celebration....my brother lives in Orlando and we went to Celebration a few times. Its a really nice area. I'm sure there are alot of really good deals to be had down there, so go find them!
Wishing you and yours happy and blessed holidays!

Keep at it Dave. You seem to be building up some momentum and before you know it, something big will happen. I've got some potential buyers and will be looking to find deals systematically now so watch out.

Keep the momentum going.

God Bless

A-ROD

Had alot to do at my job today, but still managed to find time to spend interviewing an agent at lunch time who works for buyers. I think I may have found the right person to submitt my offers, but time will tell.
I also looked at 2 properties on site on the way home from work. After dinner with the family... I sat down, viewed and picked 7 out of 20 property listings which were supplied to me by an agent and I want to walk through them this week. My goal is to find some properties which I can start to place offers on. I'm finding that I'm playing catch up with all the current property listings. I believe this will get easier as time goes on. Right now this is feeling like real work...but I'm going to push through and not slow down.

Dave,

Something I'm trying to do is save my REA some time. For example,
1) He sends me a bunch of listings.
2) I review each listing and choose 25-30 potentials
a. 3/2 bed/bath
b. minimum 1,100 Sq ft
c. location, location, location
d. esthetics (visual appearance from street)
e. Flood zone
d. School district
e. Preliminary comparables (what have similar houses sold for in that location using Prop Trend Software)
3) At this point I would submit offers significantly lower than asking price, but the wife wants a peak at them, so we reviewed those potentials more specifically and narrowed them down to four.
a. I should now make my offers, but I chose to ask my REA for comparables just to confirm FMV (Fair Market Value).
b. After reviewing the comparables, I’ll make offers 40-60% below FMV.
c. Wait for a response.

I realize it’s a numbers game i.e. the 25 to 1 offer, but I prefer to get my feet wet before I swim.

4) When an offer is made (with a clause stipulating passing an inspection), I’ll then schedule to view the house and begin performing the necessary inspections to confirm its potential.

This method should relieve some burden off the REA which frees him to help in more pressing ways.

I share this to help myself verbalize the method as much as to offer you the same
Hope this helps.

Rick

Rick,
The process your using seems to be pretty much identical to what I'm doing.
Can't wait to see what happens.
Good luck!

Not much to say right now other than I am trying very hard to locate a prperties that I can place bids on.
Not quite as easy as I thought it would be but not going to give up.
I know if I look hard enough something will turn up sooner than later.

My criteria

~3 Bed 2 Bath
~min. 1,200 SqFt
~SFR Detached
~$75,000-$150,000
~No row homes/Mobile homes

The realtor screens for me and I choose the ones I like.

However,

To do Assignment of Contract, I'm learning that it may be easier to find FSBO's or distressed properties and locate the owners.

I've been steering away from this, but I think (at this point) it's the most efficient way.

I'm feeling a bit discouraged right now as I'm finding that agent's who say they want to work with you don't get back to you in a timely manor or not at all. I'm also sensing that the specific kind of property I'm looking for is not so available right now in my area and that there are other investors who have real solid connections with existing agents and brokers who get inside information on the properties that are real attractive. I'm not at all giving up but now I've caught up with what's available on the market in my area and am going to have to wait until something comes along that fits me well. I don't really know if I'm going about all this the right way. I'm hoping to talk with my coach today.

It'll be good to talk to the coach. Please don't stay discouraged. You're gonna have lots of those days, where it seems like nothing has moved forward or things have fizzled. Just pretend they don't exist and pick out the positives that have happened (there are ALWAYS those too. ) Just keep looking for deals EVERYwhere, and for every 10 or 20 that don't pan out, there will be one or more that will. The more you have "in the works", the more you will take to "closing". An agent is a great asset, but remember that YOU know things they don't and have many more avenues of finding deals than they do. So keep them doing their thing while you do yours. You are gonna do GREAT!!

Rina

P.S. no such thing as "waiting" for a deal to come to you.

Dave,
Go back an read you own posts. If that doesn't motivate you nothing will. You have come a long way and you have also brought along some pretty darn cool gang with you. The DG family is with you and everyone posting wants to see you shining ike the star that you, I and everyone else on this blogs knows you are. Hang in there brother. This too shall pass and you will learn from it.
You can always PM me to chat on the side!!

Thanks Rina and Earl for your support! I'm not at all giving up. As a matter of fact I woke up this morning with some resolve in my mind and made a few additional calls today. And before I knew it...I came across an agent who has been in this game sense 98 and said all the things I've been waiting for someone to say. Like...I'll work hard for you, I may tell you not to buy that property you think you want to buy for your own good, I want to find many houses for you to invest in and make this a long term relationship, I have real strong inside connections with people who are listing these bank owned properties, I dont' want to work with someone who's not serious about investing.
All those statements and more made by this agent gave me hope that there are some agents out there who know when they've found the real deal. I have a good feeling about this guy! Beyond that I will keep doing my part to find properties.

Thanks for responding to my frustration with your encouraging words. It really and truely helps to know that people are following my progress and the stumbling blocks that come with this endeavor.

Way to go Dave! sounds like you hit the jackpot! I wish I can hear those words from an agent lol.
I always wonder why most are not agressive since it is their bread and butter.
good luck, and never ever give up.
Richie.
p.s. can I interest you in a yankee's hat

Dropping in to say hi! Havent been on in a while so catching up. RE is a roller coaster ride...just remember you keep pushing and always end up back on top. Remember to always turn obstacles into challenges, and then find the solution! Wishing you a VERY exciting, adventurous and prosperous 2010!

Dave,
I stopped messing with agents. I made a goal to make an average of 6k per month. I found these guys slow me down. Not trying to discourage you from what youre doing, but I did want to pass on a couple of new methods I am working on.

1. Read the auction chapter in Profit From Real Estate Now.
-look for home owners that are NOT willing to go down 40-50% off price but want full FMV.
-Lock those up on contract and Auction them. I am working on one of these now.
-Two possibilities/opportunities arise from this
-1.You will definitely find what people are willing to pay for that property and the owner may be in a distressful situation to sell and will take the highest offer. BAM you get PAID!
-2. If the house does not sell, you build one heck of a buyers list

2. My second method I am working on is going to all the FSBO. I am writing down their FMV, APV, asking price, Contact info, and price I am willing to pay (60% of asking price is my goal) etc. Once I have a list of about 25-30 with all this pertinent info I will start calling them, finding out their reasons for selling and try to make an offer. The best part is I already know a great deal about the house before I called because I have already done research on the property. Yes this is time consuming, but.... IF YOU WANT SOMETHING DONE RIGHT, DO IT YOURSELF!!! at least when you are starting out, I mean who will do a better job than you??

Anyway, If I happen to lock any of these properties up I will assign them to buyers who are investors like me. Look in your thrifty nickle to find them. The guys that say "I BUY ANY HOUSE ANY CONDITION", or "I CLOSE IN 7 DAYS". I will call those guys up and tell them I have a house that is 30% off asking price and keep the other 10% for me (after I have locked up said property for 60% off FMV or asking price).

Anyway, those are the two no money down techniques that I am working on. I have already taken steps for Technique one (sellers have been very receptive) and I am working on Technique two.

These two methods seem like fast cash to me.

Though, to be honest, I see our goals are different. You want to buy and hold, I want to make fast cash by locking up a property and getting it off my hands quickly and letting the new buyer deal with having to sell/rent it.

Lets see how well it works. Wishin you luck man! Hope this year is what does it for all of us!

Best,
Shane Weller

Hey folks! Happy New Year to you all! I'm sure your wondering where I've been and why you haven't seen me lately. Or maybe not! Anyhow.
I've been crazy busy with the years end. Mainly clearing the deck for 2010. I have been really concentrating on getting organized. There are a whole lot of things I've done to become organized over the past week and I felt it a good time to do it with the new year and all that I expect to accomplish over the next year. The one thing I've done which is working out very well is to have mounted a "BIG HUGE WHITE BOARD" right in front of my desk mounted on the wall right in front of my face where I can't ignore it. I have separated it into 3 sections. 1. Personal home tasks. 2. Work related Tasks and goals. 3. Realestate Goals and tasks. And I'll tell you what folks....it works great. Once I place the task on the board I can't stand to see it sit there in front of me, so I have to get it done and out of the way. Not only that but it is a reminder for appointments, for properties I'm interested in seeing and so on and so forth. I got the biggest I could find at staples, its about 6' wide and 4' long. You can't miss it. The only way it won't work is if I don't write anything on it and believe me you, I don't want to see I blank white board staring at me all day long telling me that I'm lazy. So you may want to try it if you have the room and the space.

It's not like I haven't been doing anything Realestate related.
I have met and interviewed two new agents who are working with me.
I have gone out and looked at about 10 multi family properties and have familiarized myself in my regional market.
I have filled out a loan application with a direct lender for pre-approval.
and I have created a whole bunch of links for bank owned properties and placed them into my favorites so I can view anything new that has come on the market very quickly each and every day 1st thing in the morning.

So I have been busy! I'm preparing to do some great things and hope to find the right property for my buy and hold technique very soon.

Talk to you all soon.

You remind me of when I got started. Damm, almost to the T. you probably have everything you need except one thing now, A DEAL IN THE WORKS. You are gaining the knowledge, it will come, and it tastes sweeter than Lobster with butter!!.....Jan

Jan, Your absolutely right about the "deal in the works". Just wanting to find that right property and for an absolute great price. I'm sure it will be out there. I've looked at so many that need to much work and its been a little bit discouraging but I'm not at all giving up.
I looked at your profile and wanted to say that as far as golf goes I'm sure you know you'll never master it, but its always worth trying. I'm a 3 handicap and have played sense I was about 8 years old. I love playing in tournaments and thrive on competition. In other words " I Love the game". Thanks for your thoughts. I always appreciate it when anyone makes comments to me. It makes me feel specail some how.

Dave,
Your journal is good information with great action!If a property needs cosmetic and/or mild mechanical repairs,That can be fixed easy(I know you know this)and it is the best way to get a property CHEAP.The prefect deal is when you buy a property at a great discount...If you do not want it...Just pass it on!

Dave,
Glad to see you back. I went to a REIA last night and there was a realtor there that was as on fire about the biz as you are. I was great to here his passion live. He said some interesting things. He pointed out that e thinks the market is at the bottom even if prices went down 10% more it was a tiny amount off the price today. He gave some great examples of homes he is moving. Man was it great to hear someone speak with such passion about what I am passionate about ( and you also!!). My point is this, It IS PERFECT NOW. I know ou are going to rock out deals real soon. Do me a favor, When everything is rolling along you'll have to come back to your journal and re-read all the stuff you have done. Keep on Keeping on!! Happy new year to you Dave and your family too!!

Hey Folks! First I must say how much again I appreciate the words of wisdom and encouragement you share with me! Your insite and inspirational words help to provide me with the kind of fuel I need to keep motivated. So PLEASE don't stop what you do to help me in those regards.
I'm sure I don't have to tell you how easy it is to get discouraged and side tracked by tasks which don't pay dividends on what it is I really want to do in realestate. Unfortunately I still must go to my regular paying job to make sure I pay my incoming bills at the beginning of each month and when you add them all up its not at all chump change. There is a pressure factor there. Having said all that...I am still looking everyday and hoping for that 1st deal to hit me. I thought I might have had my 1st last week, but the timeing didn't work out and so I missed the opportunity. I guess I just have to say that it wasn't meant for me. Anyway....I have high hopes that before long the right deal will fall into place because of my desire and persistance in wanting to make it happen. I will try and make an entry on my progress at least a couple of times a week.
As far as those success video's go and who I voted for: Lets just say that I have a heart for those who make something happen out of almost nothing and who are not as fortunate as others like myself and who have been dealt with some tough cards.
But in any event...All of those video's were inspirational and very encouraging and I think that was the purpose of having us vote. Marketing Strategy 101. Way to go Dean!

Great to catch up on your journal...as long as you're in it that deal will come! Your doing a great job and your journal is very inspirational and motivational to the rest of us. So here's looking at 2010 being a banner year for all of us!

Shane, what kind of fee are you charging the home owner to do this auction? Have you done any yet?

I've viewed a few properties this week and am getting a bit closer to feeling comfortable enough to place a bid. Leaving right now to view a 3 family with some water damage, but it's listed for only $79,900.00 and is an REO.