Elix's 'Anti-Journal' Journal

Gonna take it easy today, got some running around to do but thats baby stuff and personal errands

I was griping to my husband the other day about how I can't seem to please the people I am trying to do deals for. I have one guy that thinks he knows better about my area than I do and some of the expectation of the others seem to be hard for me to meet. It makes it hard for me when they say they don't want to work with RE agents, I know it's because they don't want to pay a comission but that is one of they best way for me to find deals out of state. I can understand E. how you could be frustrated with your clients because it sounds like you have some of the problems I have been having when it comes to satisfying peoples criteria for deals. Hope you are feeling better about last week and you got the rest you needed. Talk to you soon.

"Champagne tastes with a malt liquor budget"

That's how it is with real estate especially; people want something they cannot afford and it started with the 'boom era' when people were able to buy homes they simply could not sustain. Same today, but not as prevelent. Most people go into things now knowing or having a strong belief they can't afford as is, but if a deal were to come through......

Let's say you have a client who wants X property with a 10 cap, but you know the max is 6-7, don't shut them down at that moment unless you know the exact reasons and can provide an alternative;

"Look, I already knew what you were asking for was impossible in this area, but I did some research and the max cap rate has been 7.1. As a alternative how about we streamline what you're looking for in terms of a smaller property in another area to get you that???"

What you did was shut his grandiose dream down and saved him face with the alternative. His pride was kept intact.

On a more direct note, your time is valuable; if you find a buyer or investor who is rude or unwilling to bend, move on. sometimes you just cannot please them and cut your losses.

Hope it helps

I have pretty much decided to not do the wholesale game right now. I have 3 people that want me to birddog for them and I believe that will keep me busy for the time being. I am working with people that are easier to work with and they seem to know what it is they want and are straight forward with what it is they want me to do. I like that in a person because I don't like working with people that are unclear. It makes it hard for people to work together and get things acheived.

I hope you turning to commercial properties are going to be easier for you. I do know a couple of people that buy commercial but I have never worked with them and I could give you their information if you are interested. Let me know.

Best type of person to work with is someone who can tell you exactly what they want in a short sentence. The bigger details can be filled in but as long as they know the essence of the deal, everyone is happy.

Right now I am working on some commercial deals which is why I haven't been on here as much and this may surprise some, but to me it seems easier to find a buyer for a $3m property than it is to find one for a $300k property; with that price range, you don't have to weed out the fakers. Plus, the payout f better.

Hope all is well with my DG fam.

Some may think I am a dufus but I told one of the people that I was birddoging for that I could not work with him because he was expecting things from me that I really not sure I could do. He was expecting me to do a lot of research on properties across the country and with me being a newcomer to this game I wasn't sure how to do this. I told him that I need to get more education about birddoging before I could try to work with him again.

The two other people that I am working with pretty much has unlimited funding and I am happy to work with people that know what they want and tells me step by step what it is they want. Unfortunately, they only want residential properties right now but if they want commercial I'll contact you. Take it easy and I'll talk to you again and hopefully will have some good news on how I am doing.

Elix,

I have just read your whole journal and have enjoyed it tremendously! It will be nice when I am as busy as you are with my REI.

Thanks for sharing with us.

Karen

Has you ever read 4-Hour Workweek? It have a lot of good tips on how to get the important things done so that you can have time for other things you enjoys, like sleep. The important thing from it is that there's a 80/20 law that affect just about everything we do. That is you will find that 20% of your clients bring 80% of profits and greater ease and happiness as compared to the rest that are so-so and even smaller bad 20% that causes the biggest headaches and heartburns. Focus on th ebest 20% and expanse on them and the life will eventually get a whole lot easier for you.

Carl

actually about 35 days to be exact since my last entry and things are going as before, just a little more time consuming

I've been working w a few people on here with some deals in miami, texas, nevada, new orleans and a few other places so suffice to say, lack of REM sleep is a given

Strange on how the different attitudes are in different areas and its refreshing to get some positive relationships with owners and buyers who are serious and not into game playing; in my new orleans deal, i'm working with someone has about 50k acres of land and was referred to a developer who had no problem providing me with a POF, bank statement, and company info after speaking. In our 50 minute convo, only 10 minutes centered on RE as I had to bite my lip several times as he bragged about his Saints, but all was in good spirits. The last 10 were what we each did and what we were looking for and he ended the convo with "what do you need me to send to you???" Voila

Guy i'm working w in Las Vegas is originally from Boston, so we had a few back and forths and he told me about the area and went straight to biz.

In total, i've got about 30+ properties, most of them commercial on the table, the others undeveloped lots or lots w distressed homes and a few single fams. A few of them I may have to walk away from or put on the backburner, some have issues that may hinder the closing if not dealt with, so taking it all in stride.

So the 30+ properties deals I was working on has dwindled to less then 20 now due to several issues, among them, lack of interest, unable to acquire funds in timely manner, biting off more than you can chew and just outright being full of %$#@.

Last three months has been all about commercial properties, which in itself is a time consumer, and alot more detailed than residentials so it tends to weed out the herd. But the payoff is well worth the wait.

Right now i'm dealing in Miami, Dallas and got some new connects in San Diego very happy about. Potentially, working on checks coming my way into the new year with these deals which is good for the winter months.

For my DG who wants to work with me; I split fees 50/50 for properties found.

What I am looking for
Commercial properties
100+ units
Nationwide
Unlisted property. No RE agents involved(deal breaker)

If you find something, you tell me the basics aka area, sq ft, income and expenses, price, etc.
No addresses or contact info until we've signed a fee and non-circum agreement. I'll run it by my buyers, and if its a go, you'll know and be kept up to date on all matters. This is the way business should be conducted.

Merry Christmas and the Happiest of New Years!

Karen

just found your journal and found it to be an enjoyable read. I've bookmarked it so I can keep up with one the website's best investors. Love your thoughts and direction. Great stories.

Karen and Bill I am glad you dug this out of the attic, now Elix can't disappear for days.

Elix Merry Christmas to you and your family.

Merry Christmas to you and your Family.

Steve and Veronica.

I want to say I hope all on here have an even better 2011 than they had a 2010

For those of you who had an off or up and down year, you can only go up

For those of you who had a great year, keep it going

For the 'newbies', and this will be my last time ever(hopefully) saying that word, learn and don't be afraid; its not heart surgery. Just pay attention, believe in yourself, don't be afraid or scared to ask questions or say no, don't fall for any or everything and have an end goal that you can do this by yourself.

Happy Holidays to all

Many returns of the season to you and your family also. I hope as you know and I know, this is the big year for me. There is no turning back now. It is full speed ahead. I am putting my ducks in a row for action and about half way there. I also, as you mentioned, wish everyone the best for this new year. God Bless.

Sandra

Elix Where are you hiding. I hope you had a nice Christmas.

I think I saw somewhere on this site that you also handle rentals. Is that true?

My daughter lives in Manhattan on the upper East side and will be looking for a 2 BR apt late spring/early summer. I told her she may want to contact you. And she will not ask you to give her a deal as far as your commission!

Karen

I'll take care of her

Elix Have you been stuck in the snow!!

but that is why the Lord made blackberrys so I haven't missed a beat

In between naps with my son, the Mickey Mouse Club, Law & order and the NCIS marathon, I was ok

Law & Order, and NCIS are my favorite shows.

2010 was hands down the roughest year professional-wise for me;

I made roughly $30k less, I had roughly 12 deals fall through that would have net me at least $10k, and wasted much more time than any other year with 'clients'

But that is the life of a real estate professional.

My wife and son slept, so I brought in 2011 cleaning my floors, and after the ball dropped, in 45 degree weather I went outside, sat on my stoop with a bottle of Crane Lake cabernet(red wine) and an Augusto Reyes cigar, I spoke with the Lord, reflected on my year and thanked him for the positives in my life.

Came to the realization that it actually was not that bad a year and 2011 will only be better.

All the best in 2011!

This is a different side of you.

Happy New Year! It is going to be a great one!

Salut!

Karen

I'm with you Elix. Happy New Year 2011, here we come!

Elix we'll have to some of those cigars at the poker game.

Happy NEW YEAR

I was just wondering how you're doing cuz you don't post in here anymore. I miss your hilarious anecdotes!

smurfy wrote:

I was just wondering how you're doing cuz you don't post in here anymore. I miss your hilarious anecdotes!

My office gets lots of REO's from banks that we have grown relationships with and having buyers in place makes things easier.

Hope all is well with yourself