Lisa's Road to Deals 2010 Journal !

Sounds like you are having fun!

Hope you feel better soon. Keep us updated.

Karen

Karen - thanks for your warm wishes. I am a Florida girl, born and raised, and this cold front has knocked my sinuses out of whack! I now have a sinus infection, according to the doctor! Hey, it's still a cool Christmas!!

I am so excited! Tuesday was the official date of my first ever offers using contracts. Remember, out of the 11 props my realtor contacted by phone with my initial offers, 6 responded with a "we can talk", then we walked the properties and on Tuesday I officially put in 3 offers in writing.

Unfortunately, all 3 responded with a "No" and not even a counter-offer. My realtor stated that they were all disliking the 2 contigencies I put in the offer: This contract is Null and Void in 30 days if the buyer is unable to obtain financing; and This contrat is Null and Void in 30 days if the Earnest Money ($1000) is not paid in it's entirety. - These contigencies were per Dean's book (Profit in Real Estate Now) - These were my 2 escape clauses so there's No Money out of my pocket. 2 out of the 3 thought I was scamming them and the third wanted me to "put skin in the game". Also, they were dissatisfied with the purchase price - even though it was ok over the phone - I guess just not in writing. Plus, one of the properties (the year and a half on the MLS) which needs a total overhaul and updating - except for the original 1958 hardwood floors throughout - they were not willing to work with price - you wonder about the mentality of some folks!

So, I asked my realtor if she explained to them that I am trying to help them since they were on the MLS over 6 months (one was a year and a half!) and that they initially over the phone said "we could talk" with the exact same purchase price as on the contract? Also, I am only holding up the property for 30 days and aggresively looking for a buyer for them. She told me she was unable to say all that to them since she only faxed over the contracts to the seller's agents/broker.

My question to the DG family: should my realtor get on the phone with the agents to explain, or, should I call the owner's directly to explain and further get a feel for their motivation (or lack thereof) or should I move on?
Am I allowed to directly contact the owner since they have an agent?
Also, my realtor thinks we need to try another approach - but, I am trying to calm that thinking down and remind her it's called 25-1 for a reason!

Please help DG Family. I followed the steps in "Profit from Real Estate RIGHT NOW!"
I would love your input and advice. I also need to find Dean's consultant phone number to call them as well for advice.

Thank you again for your advice DG Family! Also, Merry Christmas to you all! Have a safe and joyous holiday with the ones you love...

Lisa -

Does anyone have advice for my last comment?
Thank you, I really need your help!

Merry Christmas to all!

Where have you been girl?!?!

I have been missing you posting.

What is happening? Don't you give up!

Karen

Wow, so much has happened in my life since my last post in December! In the first week of January, I met a man that I believe will be my future husband, I got a promotion at work, we got a new general manager at work, many layoffs and firings in the last 3 months at work, and the everyday "unfocus" that seems to sometimes take over.

I now have a partner for wholesaling. We are keeping each other accountable and working on different areas of the wholesaling process. We are also going to start going to REI clubs and meetings together to increase our buyers list, and the best part is, she has support and encouragement from her family - they are "on board". It's like exercise - you can slack that first day, then the second, and pretty soon it becomes a month! But, with an accountability partner, you are going to persevere through your own self! I can't wait for the journey to continue!

I just wanted to use my journal as a public forum to personally thank Carol Stinson for being such a cheerful giver (of her knowledge and expertise) and paying it forward.... I just bought her Ebook today and can't wait to read the whole thing! I am meeting with my RE partner tomorrow and will discuss some topics that I learn from Carol's book and her blogs on her website. Thank you Carol!

I had a two hour business meeting with my partner and we created our business cards on VistaPrint - used the free ones and had 2 different cards - both free - only paid $5.20 for shipping - which usually arrives in 7-10 days even though it says 21 days.

Next, we looked on the internet for REI club meetings and we committed each other to attend - so we can learn the players for Orlando/Kissimmee, network with other investors (our new buyers) and to get our name out there in the community along with learning any of the information they provide. We have a meeting on May 18th and one on May 25th - 2 different clubs.

Third, I drove around last week and collected phone numbers of FOR RENT signs in the surrounding neighborhoods - which I will be calling tomorrow. She is going to use Craigslist to start calling - this is to build our buyers list and also to qualify them and learn their property criteria.

We will reconnect next week and email throughout the week. I am excited!

Well,
this weekend I drove around neighborhoods by the local university - looking for vacant duplexes or For Rent signs. I found a lot and called everyone on my list. Most were 1 or 2 rentals only and don't know how to invest. Others used the excuse that they have a realtor they deal with and don't want to go outside the norm. But, I did speak with a lady who was walking a duplex neighborhood who also happened to be the Property Manager. I talked to her for a few minutes and she gave me the name one of the members of a family that invests in a lot of duplexes and apartment complexes up to 120 units. I left a VM and he called me back today. He told me his family has been in the business for 20 years and they are always looking. After asking about all his preferences, he gave me his email to forward deals whenever I find them.....yeah!

Also, today, I contacted a lot of Title Companies, asked a lot of questions, and am very pleased with the results. I now have a title company in 5 of the surrounding sub-cities of Orlando - Kissimmee, Clermont, Lakeland, Sanford, and Orlando. So, I want to actually visit these offices this week to start building my relationships. I figure if I have them throughout the area, I could use the company that's closest to the property and make it convenient for the seller/buyers involved. Am I on the right track with that thinking??? Please let me know.

So to recap, I have added one more buyer to my list and multiple title companies to work with - very good day!

I just completed reading your journal and can feel the energy. I am so motivated, thanks. I am also just getting started, ordered my business cards. Planning on joining a REI club soon. I really wish I had an accountability partner like you do that way I would take more action. I am also planning to call some title companies to ask if they handle assignment deals, can you tell me what questions do I need to ask them. Your help is really appreciated.

Cheers to our success!
Maddy

Hi Maddy, thanks for your support and comments. I apologize for taking so long to write back - I was down south for 4 days at my sister's wedding.
Well, I simply called the Title companies and flat out asked if they performed double closings and also handled closings with assignment contracts. They either said "Yes" or "No, what do you mean?" Also, just generic questions like, "Do I have to use your contracts, or will mine work? Can I just fax the contracts over after signed or do I need to hand deliver originals?"....etc. Hope this helps!

Well, I just got back to Orlando from my sister's wedding down south and am ready to get back in the swing of things. I am going to a Real Estate Investor Club meeting tonight with my partner. It's our 1st one and we are excited to network, and ask questions, and hopefully learn about the local market as well.

I will chronical the details tomorrow! Have a great day everyone!

Wow, my first meeting was great! I met a lot of wonderful people who just wanted to share experiences and advice with my partner and me. After the networking part of the meeting, they asked if anyone is selling any property, then who wants to buy and what....of course I wrote down buyers' names and numbers and interests! Yeah!

The next part of the meeting was with the co-host. He had a PowerPoint presentation of the 2 closest counties and all their stats for April 2011. I now know the price of comps ft2 sold in April, # of days for REO's and Short Sales and normal props. Also, the actual # of props sold in April broken down by REO, Short Sale, or Normal. Very, very interseting! This will definitely help when I am running my own #s soon.

The final part of the meeting was a guest speaker - a Real Estate Lawyer. He also had a slideshow presentation. He wanted to warn all of us investors about staying on the right side of the law when it came to Forclosure and Short Sale laws of "Loan Mods and Foreclosure Help". ie: don't collect money UNTIL services are rendered, you and your client need to sign a contract before any services provided, homeowner has 30 days rite of resision, you have to state that you may not be able to get the lender to change the terms (no guarantees), and that you have to say you are NOT associated with the government or the lenders. (There were more rules, but, I couldn't write them all down). He wants to keep us out of jail!

Wow, I very much enjoyed that meeting and was invited to join for an annual membership and also take a Lease Options seminar this weekend. So excited to be apart of this "Club" as well as the DG family!

Have a great day!

On Tuesday I went with my partner to a local Title Company that I had called last week. The closing agent explained the whole process and she loves working with investors because "Cash Deals are faster, easier, and almost always guaranteed to close."-her words. She also gave us a price sheet with the different fees. Great 15 min meeting! I am much more informed now!

I went to an all day class yesterday for Lease Options put on by a local investor (whom has had over 200 transactions in the last 10 years and he also lives in my neighborhood) I met a lot of local investors, contractors, property managers, and other wholesalers from all over the Orlando area. Great contacts.

I think the class may have been over my head a little - even though it was called "Lease Options Made Simple" - but, the more I immerse myself in this field, I am sure it will become more familiar and attainable. I just want to know other strategies to talk to a seller if wholesaling doesn't work - since most sellers are telling me they can't take discounts because they owe more than it's worth.

Question: in your local REI Clubs, do they try to sell you other "programs" work with a local mentor and we will teach you all.....? One is worth $8000 - I need to do at least 4 wholesale deals first or find private monies to pay for that. What do you all think? Should I get more in debt now for local information or just keep asking questions on DG website? Honest opinions wanted! Thank you!

Have a great day!

I appreciate so much your journal entries. I just started about a week ago. I am in the middle of reading your entries and it is giving me so much guidance as to what my next steps should be. I especially liked your specifics. What you said to title companies is going to help me so much. Its memorial weekend. Everyone is on slow mo but thats great for me since i'm not refined yet. Great work!! I will continue reading.

I appreciate so much your journal entries. I just started about a week ago. I am in the middle of reading your entries and it is giving me so much guidance as to what my next steps should be. I especially liked your specifics. What you said to title companies is going to help me so much. Its memorial weekend. Everyone is on slow mo but thats great for me since i'm not refined yet. Great work!! I will continue reading.

I am journaling myself. I haven't kept a journal since I was a kid so bear with me but I would love any comments or feedback.

Your positive attitude leaves such a good feeling with my heart! I'm a newbie at DG's family and it's so nice to hear all the positiveness even when you feel like giving up. We're not going to let anyone stop us! Just keep moving forward and accomplishing! After all, isn't that what DG's family is about? Success! Good luck to you Lisa! I will be following all your posts!