OfflineI have decided just like everyone else here to start a journal. I'm trying my best to become a successful real estate investor but its hard sometimes. When your new and young like me people don't take you seriously.
This website helps me gain the confidence and the motivation to keep moving forward. Without this website and without all the successful students here I would have given up a long time ago.
Anyways today is a very frustrating day because I have yet to meet my goal which was to make at least 10,000.00 in 30 days.
The main obstacle that prevents me from getting any deals is the way I'm approaching them. At first I figured I'd focus on assignments. That didn't work so then I started focusing on sandwich L/O's.
Problem with this is one of the investors I met whom introduced me to his REA. Submits offers on the same properties as me with the same real estate agent. This became a huge conflict today because my offer was countered and his was accepted. My real estate agent became frustrated because she thinks me and this guy are working on all deals as a team. So he somehow found out about my offer and told me that I can't submit an offer on the property he submitted an offer on.
That caused all types of confusion bottom line is it killed my opportunity to lock a property under contract. Also I was trying to work out a sandwich L/O with a FSBO. The husband of the property was fine with the idea until he got his wife involved.She quickly rejected the idea and told me she didn't want to sign anything with me. I got frustrated today because nothing seemed to be falling into place for me.
I constantly look at Matt's success video's. I look at the EDGE 10, and I even read completed deals by other real estate investors here but nothing seems to be clicking.
I started wondering if I should just focus on REO's since I'm not dealing with owner's with emotional attachments on their properties.
I recently OPTed into the HUD website to look at foreclosures and short sales. The biggest hurdle for me now is submitting an offer. I get a funny feeling that if I do lock something 50% off the FMV. The Hard money lender and the bank that I found, will not fully work with me.
So now I'm sitting here stuck trying to think what strategy will work best for me. Will it be buy fix and sell,sandwich L/O's, or buy and assign it to a cash buyer.
I'm lost today but hopefully I can get a since of direction.
Anyways this is my first entry I will continue to post updates on a daily bases!
What's happenin Fredrick???
Personally, I think Sandwich lease options or cooperative lease options are the best way to go when first starting out. All the info you need about them is on this website and in Dean's books. If you do want to pursue lease options I also suggest the book titled "Investing in Real Estate with Lease Options and Subject to Deals" authored by Wendy Patton. It talks about Sandwich Lease Options in depth and Wendy Patton herself has completed more than 650 of them over the past 25 years.
And above all, you must be PERSISTENT PERSISTENT PERSISTENT no matter what strategy you choose. You cannot get discouraged at a couple people turning you down. If the seller says no then you just gotta adopt the Jay Z attitude and say "ON TO THE NEXT ONE, ON TO THE NEXT ONE." If you talk to 200 sellers and only 1 or 2 of them say yes, then all of those phone calls would be worth it, right??? So maybe you should change your goal from $10,000 in 30 days to making 150 offers over the next month. A goal like making 150 offers is completely doable and you're bound to get something out of that many offers. If not, on to the next 150. If you just keep pushing you'll make it..
Press On
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"