PhillyStan Journal - It has begun....

I was, till I turned down down Diego blvd and got lost.. it took me 1 week to find my way back. I guess I should of had a navigation system built into my REI business.

but I will Vincent.
Thanks
Stan

did you happen to mention their names to each other???

any chance they know each other???

A few tips:

If you have an appt for wednesday, call on tuesday to confirm and text wednesday morning to confirm; trust me, it happens but just make sure they confirm that same day.

If you haven't hit up Steve again with "sorry about this. Let me assure you this is not how I do business. I'll make sure this doesn't happen again to waste your time"

Whatever happened with the properties I got you access to w Maurice???

NOO!!!!

Stan,

No GPS in your REI business!!! Lots of bad experiences with literal GPSs, don't let REI ones into your life! Hey, keep up the good work! After reading your post, I take away that you got a boatload of REI information and knowledge from Steve! Don't let it get you down. If it happens again, follow your gut and post it right away, then get right back out there! I've got a meeting with a seller and a buyer on an assignment deal tomorrow afternoon. I told my mom that I just want to get an answer! If it's a 'yes', HALLELUJAH!! If it's a 'no', I can start diving in on some of my other leads!

Vincent

NOO!!!!

Stan,

No GPS in your REI business!!! Lots of bad experiences with literal GPSs, don't let REI ones into your life! Hey, keep up the good work! After reading your post, I take away that you got a boatload of REI information and knowledge from Steve! Don't let it get you down. If it happens again, follow your gut and post it right away, then get right back out there! I've got a meeting with a seller and a buyer on an assignment deal tomorrow afternoon. I told my mom that I just want to get an answer! If it's a 'yes', HALLELUJAH!! If it's a 'no', I can start diving in on some of my other leads!

Vincent

Elix,

Yes, now I know. I will confirm day before, day with text and call. This will not happen again.

No they don't know each other names or contact info. And I did let him know that I was sorry about that.
As far as Maurice the list he sent me I didn't have any interest in those properties. I haven't asked him for anything new yet.

thanx
Stan

Vincent,
first and for most good luck on the deal tomorrow afternoon. Hope you close that deal. Yes steve shared alot. That was a fresh notebook I bought just for that day and the first few pages are all the stuff that I learned from him.

thanks
Stan

A little tired. I got in late today. I am going to post week 2 info when I wake up later since it's 12.13 am now.

So I going to read a few post on here than call it a night.
You don't want to miss the first reply email that I got from a hard money posting I did on craiglist. It's priceless.

Stan

When I finally recovered from that week of frustration, I decided to continue to look for more potential assignments deals.
I have been placing ghost ads for buyers and sellers for all different types of properties.
If a one of my current buyers tells me that they are looking for a duplex with cashflow in a certain zip code, I start placing ads for sellers with that type of property.
My hope is that I can match these buyers and sellers and either make a assignment fee or a bird dog fee.

Speaking of bird dog, I just partner with these two REI guys that had place a ad on craiglist looking for bird doggers. I ansered the ad and one of them called me. We discussed some terms and he filled me in on exactly what he is looking for, location he is looking for , average fmv deals he is looking for and then set a pay rate.
So I am looking for properties in south philly for him.

I would get $500 at closing for each property that I refer to him that him and his partner purchase. It's a start because I want to get in the game and I always love learning how others are doing things so that one day I can do it the same or better.

so far in the last 8 days, I exchange a lot of phone calls, emails and I had sent a few people to look at potential assignments deals as low as 4K to 25K but no taker so far. I will keep on keeping on.

the last few days have been quiet so I think I need to do some more advertising and researching.

That's all I have been doing in the last 2 weeks. Next post will talk about sunday and to this point.

SUnday I was reading some post on dg. and someone was talking about how they placed ads in newspapers for private money lenders. So I said let me go and place a ad on craiglist.

Remember, i am just doing this to build my contacts and to see if I can find something out there. I am not expecting results, I am just curious to see what's out there . If I learn something new, I always try to apply it asap to see if I can get results from it. so here is the ad..
----------

Hi,
Without posting all my details here. I am going to be brief. I am a real estate investor.
I am looking for a private money lender to work with.
I am looking for a deal that would allow the money lender to be paid back after the rehab and the home has been sold.
I don't have money for down payment so don't even ask.
What I need is someone that is willing to sit down and check out my numbers per deal and see if they would be willing to lend me the money to fund the transaction from START TO FINISH.
I can pay interest and points if term is agreed upon.

Option A: I buy properties and flip it .
Option B: I also buy properties and rent them as well.
But for a Private money lender. I would most likely do option a unless option b is not a problem as well.

Serious inquiries please.
Thank you for you time.
Stan
--------
HERE IS MY FIRST EVER RESPONSE TO THIS AD

Hey Stan, if the day comes that you have your own money, maybe then you'll understand why the reluctance for others to give up (their) hard earned $$$. Go get a job and pay your taxes, pay your way, and see how long it takes to accumulate any wealth at all, after all of that! After that, then you'll see why people want to hold on to what they have and not give it to someone that doesn't have a clue. Good luck.

---
Now tell me, what was that about.

anyways my second response since then has been someone that send me a link to a website that deals with private money lenders , etc. I save the email and replied to thank them for the info and their time.

All this happen sunday to wednesday. Thursday I was going to my brother house and I found a FSBO listing . I wrote the number but I haven't called yet. I want to research to see the qualifying questions that I should ask the buyer first before I jump in. This is the same block that I wanted to buy the reo property on earlier in my journal. Just the house is the next hundred street up 3 doors from my brothers house.

I know the house and neigborhood is worth 125 fmv . I did ask a friend that lives across the street about the property and owner and he told me that he knows the owner and that the owner purchased that property for 80K a year before he bought his property for 109,000. All this happened years back 4-5 years I think.

So right now I am waiting to see before I call the owner.

Oh yeah, I posted a ghost ad for buyers that are looking to lease to own and I already got good responses, to bad I don't have no homes yet in the area that their are looking for. YET!

Stan

Stan,

The saddest thing is that your first responder didn't leave his/her name. Mentally-disturbed people like that shouldn't be allowed to walk the streets freely.

Vincent

Stan, to be honest with you, that ad was very smug and unprofessional.

I know you were trying to be direct, but to put in an ad "so don't even ask" would turn off most potential investors. Personally, I would have read it, and automatically said "he's a rookie".

It's the same as when I get e-mails from people saying "I got deals. Call me back" or "Send me the addresses of the homes you have so I can assign them". I immediately ignore and delete.

I would strongly suggest you rewrite your ad to make it more 'professionally welcoming'. Perhaps this is something you can work off of;
----
RE investor looking for a private money lender to work with to purchase properties to rehab and flip.

Assistance needed with down payment and most upfront costs and overall direction of project from beginning to end.

Interest and points completely negotiable.

Serious inquiries please.
----

Hope it helps

Thanks elix,

I wasn't trying to come of smug but I can see how people might take it like that. I guess it's those rookie mistakes that I will have to learn from and correct. I've changed my ad and I am waiting to see if I can get better results.

Still nothing new to report yet so I will keep on pushing on.
Stan

You know what.
It's time I start submitting offers. I have two agents that is finding and sending me properties info every other day, but I haven't submitted no offers or even attempted to. I need to start doing so.
All the stuff that I've learned in the past two months is great but it's no good to me if I don't start applying it.
So after reading this post from Gorgeous Frasier...
http://www.deangraziosi.com/real-estate-forums/my-deals/51200/my-first-d...

I feel inspired to get out there and start submitting offers so I can get deals done. I mean if I don't shoot the ball how am I expected to score.

Perfect soccer example: look at USA forward Dempsey shot on England keeper a couple of days ago. If he didn't shoot it then it would have not been fumbled by the goal keeper and gone in.

Yeah,
that's all I had to say.
Stan

An Old High School buddy might be the source for my first deal.

A couple of days I got emailed from someone asking about a property I was offering on craiglist. They told me to call them in the email and I did. After I spoke to him about the property we hung the phone and that was the end of that. two weeks goes by...

side note: I had saved his number on my phone as a potential REI contact.

Well today I noticed that name called me but I missed the call so I called it back. No answer
then he called me back and ask me .
Caller: is this Stanley
me: yeah
caller: Stanley A...
me: Yes,
Did you go to Bok High Shool
me: yeah, .. then I looked at the name on the phone again ( because he mentioned my old school so he must know me)
called: it's C... I think we went to school together
me: oh yeah, I remember you.
caller: Naw, i don't think you do
me: yeah, you have a twin brother don't you
caller: oh, sh... you do remember
me: Oh shi... I can't believe it's you
So we chatted and then I realize he was a REI with more experience and he lived in a area that I have had people asking me every weeek if I have properties in that SOuth Philly area.

So I ask him if he had anything and to my surprise he said yeah.
He has a property under contract for sale at 28K that needs about 35K in rehab and the FMV is about 110-115K. He text me all the info

And he will split the commission with me if I find a buyer.
Well, I just finished emailing all my buyers and I posted a ad on craiglist. Already had one reply in 5 minutes from the crg ad. emailed that user the info and I am waiting to see what happens.

It's funny how this potential deal came out of no where.

He told me the reason he called me again today is because he was looking at my name in his phone and he taught to himself. Oh, I went to school with a guy with that name so let me see if it's him. And it was me and this maybe the start of something.

Only God knows but at least I've reconnect with a old friend and that's a plus in itself.

got to go. I have a feeling my email inbox is calling me.
Stan

Today I ask one of my Re agents to look in on a property that I like on the mls. their asking 17000 for it so when my agent comes back with the info I request I will have a better idea of what I should offer for that property.
We will see.

Also now I have 4 properties I am trying to assign. All this came from the friend I mentioned above. I feel a deal is just around the corner. I just can't seem to walk fast enough to the corner.

Stan

I got a property
I have a lock box ( this time)
I have a appointment in 1 hour
She is qualified.
She can close in 2 weeks.

On my way to show her the property.

Wish me luck.
Stan

I am back from showing my first potential whole selling deal. If I move this deal to any end buyer, I stand to make 5K.

Right now. I have 8 properties that I am working with my partner to move.
2-5k profit on each. For each property that I help him move. We split the assignment fee.

The math looks good. Hopefully I can get it all to add up. Wish me luck.
I will post something if I get some news. Now it's time to go email buyers.

Stan

Good luck, Stan!

Thanks.
I have been posting ads and talking to potential buyers all day. I am so tired right now. I love this business. Today when I walked in that property to show the buyer, I really felt like a Investor. Finally I got of the computer and did something that was tangible.
I luv it.
Stan

well my investor submitted a offer over the weekend and my seller accepted. Monday we all meet to put down earnest deposit and get all friendly and stuff.
Hope all goes well. I will keep you updated. I am nervous about saying to much to jinx the deal but hey, I have faith.
Stan

Don't let yourself fall into the trap of "jinxes", Stan. If it doesn't work out, pull yourself up off the mat and move on to the next one! "Who will join in our crusade? Who will be strong and stand with me?"

Vincent

Coincidence, I think not.
I am ready to get back into the game. It's funny because the last post that I wrote in this journal was...

OFFER IN

well my investor submitted a offer over the weekend and my seller accepted. Monday we all meet to put down earnest deposit and get all friendly and stuff.
Hope all goes well. I will keep you updated. I am nervous about saying to much to jinx the deal but hey, I have faith.

**
That offer got stolen under me because I connected the seller and buyer together without no paper work. And then I called the buyer he said " oh, I knew her already and she decided not to buy it.. " never heard from both of them again. It's also funny because I went to high school with the seller. He found me from Craigslist when I was looking for buyers and we reconnected.. So I taught it would work out, but I guess it didn't .. lol

Anyways.. I am back.
This time stronger in mind and stronger in belief... not only in investing but in myself.

by the way. thanks Vincent for that comment. It still applies to this day.

Stan