OfflineHi DG Family,
I am frustrated! I have been searching high and low for FSBO or potential investor's to add to my buyer's list. I have come up with a BIG FAT ZERO! Banks don't want you using and/or assigns, so I thought, "okay, I'll use coastal-funding and do a double closing." Wrong! The lender's want to use their own escrow company because they get kick backs from their escrow companies. Can't do a double closing with their escrow companies. I find FSBO, but they're so UPSIDE DOWN on their mortgage it is RIDICULOUS! The mortgage companies should be shot for allowing these people to take out so much money on their houses. It seems that NO ONE has responded to any of my ads for INVESTORS WANTED. I called my success coach and told them what I was experiencing and basically, he said I should forget wholesaling and move into bird dogging. How do I do that if I can't even get the REO banks to even talk to me unless I have a proof of fund letter, etc.? I'm looking for some suggestions guys. For all you newbies who have had a stroke of luck, God Bless You! It's a jungle out there.
KimmyJ
"FRUSTRATED, BUT NOT GIVING UP!!!"
I am frustrated! I have been searching high and low for FSBO or potential investor's to add to my buyer's list. I have come up with a BIG FAT ZERO! Banks don't want you using and/or assigns, so I thought, "okay, I'll use coastal-funding and do a double closing." Wrong! The lender's want to use their own escrow company because they get kick backs from their escrow companies. Can't do a double closing with their escrow companies. I find FSBO, but they're so UPSIDE DOWN on their mortgage it is RIDICULOUS! The mortgage companies should be shot for allowing these people to take out so much money on their houses. It seems that NO ONE has responded to any of my ads for INVESTORS WANTED. I called my success coach and told them what I was experiencing and basically, he said I should forget wholesaling and move into bird dogging. How do I do that if I can't even get the REO banks to even talk to me unless I have a proof of fund letter, etc.? I'm looking for some suggestions guys. For all you newbies who have had a stroke of luck, God Bless You! It's a jungle out there.
KimmyJ
"FRUSTRATED, BUT NOT GIVING UP!!!"
This does not sound like the same person I just read about stating .... Diary of a mad real estate investor.... Where's the passion, the drive, the ambition, the energy, the vision, the faith....
U can't give up now.... it's your destiny!!!!
U need to converse with your RE agent about hooking u up with a title company, which accepts "double-closings." It appears your funding source is the "bank," therefore, they are wanting to dictate how the closings should take place. I strongly encourage u to utilize Dean's Coaching Team with working through the obstacle.
There are lots and lots of investors (end-buyers) in the market, however u need to get into the right circle of people. U must make the trip to your REI club meetings. This will resolve alot of frustration for u.
Are u a business entity? Do u have a team built and ready go? The wonderful thing u have in your favor is a coach who can assist u with all of these issues. Utilize these people, isn't that why u paid the money??? Shalom!!!
Wealth2009 couldn't have said it better. Get it together and get it done. Focuse on the ending picture in mind. Take what frustrates you and develop a plan to conquer each one and then make it happen.
We believe in you, and yea what did happen to the "MAD REAL ESTATE INVESTOR", bring her back I like her.
Make it happen!
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
You need to select a title company for coastal funding. It sounds like you have things mixed up here. It does not matter what that the bank is telling you which escrow, or whatever to use. You have a choice of selecting a title company for you and your end buyer.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I am frustrated! I have been searching high and low for FSBO or potential investor's to add to my buyer's list. I have come up with a BIG FAT ZERO! Banks don't want you using and/or assigns, so I thought, "okay, I'll use coastal-funding and do a double closing." Wrong! The lender's want to use their own escrow company because they get kick backs from their escrow companies. Can't do a double closing with their escrow companies. I find FSBO, but they're so UPSIDE DOWN on their mortgage it is RIDICULOUS! The mortgage companies should be shot for allowing these people to take out so much money on their houses. It seems that NO ONE has responded to any of my ads for INVESTORS WANTED. I called my success coach and told them what I was experiencing and basically, he said I should forget wholesaling and move into bird dogging. How do I do that if I can't even get the REO banks to even talk to me unless I have a proof of fund letter, etc.? I'm looking for some suggestions guys. For all you newbies who have had a stroke of luck, God Bless You! It's a jungle out there.
KimmyJ
"FRUSTRATED, BUT NOT GIVING UP!!!"
Did you join a REI club yet? The best place to find investors I found. If you are posting ads, update them regularly to get them noticed. Where are you looking for FSBO, in a posting somewhere Rina wrote that she was contacting people who were advertising rooms/apartments for rent in the hope of finding a frustrated Landlord who was maybe tired of looking for rentees and maybe wanted to sell the property that they were trying to rent. I believe she did quite well with that tactic. Check out your local paper and call around! There are investors out there who will owner finance, I am counting on it, keep the faith!
have you thought about networking at REI Clubs to find partners on deals, or for buyers, or sellers, or even local mentors? if your ads are not working, maybe you should get some books or talk to your coaches about improving your marketing techniques. Although REOs are not allowing many people to wholesale, you can still work with them by finding alternative funding. Then resell it later through a lease/option, carry-back note, or rent the properties out. Have you spoke with upside down mortgage FSBO in doing a short sale? And lastly, bird-dogging is simply the act of finding, researching, and forwarding properties for a small fee (gen: 100-1000 bucks, depending on your investor). Its almost the same as wholesaling, but you are not locking any properties yourself. You just doing a lot of the leg work and then forwarding the info to someone who can purchase the property. you have plenty of options.
Also, just one thing you should always remember, set backs are temporary, but necessary. Every obstacle you face has a solution, the question is, are you mentally tough and dedicated enough to not give up and figure it out? Knowing that not everything will go as planned (and if it does, then great, its a bonus), why worry and get frustrated? It is just wasted energy and emotion and won't do anything but make you feel bad. Success doesn't come over night all the time. It takes years of hard work and dedication sometimes. So, instead what you should do, is just relax and think, "what are my options now? how can I make this work? what am I doing wrong? and where can I find/get the answers to keep moving forward?" THAT is the right direction you should be taking. If you focus on doing 5-10 action steps towards your goal a day, and do them correctly and consistently, regardless oh what happens, you will ALWAYS be moving TOWARDS your goals. You may not see immediate results, but who cares? If you are doing the right things everyday, before you know it 3-5 yrs have passsed by and guess what, you'll DEF see some progress. So be patient, trust that things will work out, and keep pluggin away ok???
take care and best wishes
Kris
- The Copy Ninja
CEO
Cash Flow Financial Solutions, LLC
a subsidiary of Halo Enterprise Inc.
"Make a distinction between being interested and being committed. When you are interested in doing something, you do it only when it’s convenient. When you are committed you follow through – no matter what – no excuses. – Mike Krzyzewski , Duke Blue Devils
Also, just one thing you should always remember, set backs are temporary, but necessary. Every obstacle you face has a solution, the question is, are you mentally tough and dedicated enough to not give up and figure it out? Knowing that not everything will go as planned (and if it does, then great, its a bonus), why worry and get frustrated? It is just wasted energy and emotion and won't do anything but make you feel bad. Success doesn't come over night all the time. It takes years of hard work and dedication sometimes. So, instead what you should do, is just relax and think, "what are my options now? how can I make this work? what am I doing wrong? and where can I find/get the answers to keep moving forward?" THAT is the right direction you should be taking. If you focus on doing 5-10 action steps towards your goal a day, and do them correctly and consistently, regardless oh what happens, you will ALWAYS be moving TOWARDS your goals. You may not see immediate results, but who cares? If you are doing the right things everyday, before you know it 3-5 yrs have passsed by and guess what, you'll DEF see some progress. So be patient, trust that things will work out, and keep pluggin away ok???
take care and best wishes
Kris
Need we say anymore?????
Kimmy girl...just calm down and take a deep breath. I want to check something out for you. Exactly what city do you live in in Southern Calif?
Let me know and I will find your investors and then you can send them a letter (or a series of letters)to get their attention.
I would like to also add this...I just read a new members profile and wanted to you read too. I think she and you together could do some good work and be a great support team for each other. She also lives in SoCal....
Jenny has a wealth of knowledge about the industry and is a realtor too.
http://www.deangraziosi.com/users/jennyinmalibu
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I can sympathize with your frustration, though not at the difficulty of finding deals, but dealing tonight with once again a negative spouse with a lecture an hour long about why this is a pipe dream (yes, even after ALL that we've already accomplished!). You know what, whatever it is you're going through, it's OK to get mad or cry, scream into a pillow, whatever. Sometimes you just gotta let it out (which you may have found in just posting here) and then gather your wits about you and go back to what you know. It WILL work. It IS working. You see other people succeeding, you've felt it yourself at some point. The main thing is that you don't give up. It's a new day tomorrow. And you've got everyone here on your side.
Call your coaches, like was suggested above. Keep bugging them until they get you on a concrete path to a deal. And place some strategic ads on craigslist. I've gotten responses from people in preforeclosure, tired landlords, people trusting ME to take their house key and just MAKE a deal with someone. They even lined up the buyer. It's weird. Just show people you are trustworthy and want to help them and you're all in. If you are finding people in situations of a short-sale possibility, you can even connect with a realtor that specializes in these to set it up with the bank for YOU to be the buyer. Let them take all the necessary steps in setting it up. You can work out a price with the buyer, and the bank may be more willing to work with it that way than going through you. And the realtor's fee comes from the buyer who really doesn'tcare how much you get the house for anyway, because they won't be receiving any of the $.
There are so many options. You can do it. Be patient with yourself, and work it slow but sure. You'll gain momentum, just don't burn yourself out. Are you ready now? We'll all be walking with you.
God bless,
Rina
P.S. Focus on finding your buyers right now. See what people are looking for (the ones that are actually ready to buy). It'll make it easier to know what to focus on for properties.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
All right, Little Kim. Send me a private message and we'll try to figure out exactly what you need to do. You've received some great advice on this subject. I'm in Malibu but work in Ventura County. The title co. my broker works with does double closings. We'll get you/us into an assign deal and get your ball rolling. Kris (kbarnes17) is supersmart and his comments are always spot on, like Rina's! Have you heard about HML's and Coastal Funding on this site? Read posts about assignments - Sully's great and so is Cyberman (CBRpower). What you really need to do is read everything here you can about assign and spent some money on printer toner and print the puppies and start a little notebook so you can inhale them and understand the pros and cons. You can thank Sistreat for genuine concern!
WOW!
You asked for a pep talk and you certainly got one!
I hope this has recharged your batteries
Angela
For the record Kris, how many words a minute can you type !!
Angela
Gotta say - thanks to your frustration we all benefited by these fabulous replies! I have been where you are, sister, and somewhere buried on this site are my 'down time' posts too. STAY STRONG - it is only with persistence, faith, and continued ACTION that we come out of the slump and move closer to our dreams! Also, I am a firm believer in the power of thought - what you focus on is what you attact. So get back in the positive, successful mindset and you will in bring it to reality! xoxoxoxoxoxoox
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Kimmy, you cannot give up..RE investing works and you have to be involved when everyone says not to be. That is what separates the wanna be's from the doers. They muster up the strength when the going gets tough and mute the naysayers. I know Rina responded already but look at her recent post on wholesale versus retail. It seems the wholesaling profession has really exploded these days making for tough competition and perhaps a little more scrutiny. Try her angle and market to more of a retail prospect...she is busy!
Rina..you have got to be KIDDING ME!! Hope it wasn't my call that triggered it. I am sending you pictures in a few.
Kate
"Whether you think you can or can't, you are probably right" Henry Ford
I am in your shoes too,,I live in Illinois and one of the greatest contributers of this site lives in my state and he is extremely busy and I can understand how this can be frustrating ,,I have contacted REI clubs in my area and I have even found a buyer in my area I just have yet to find a good deal for him. I am also considering dean's academy but to have a credit card and at least $500 bucks to start out with is a hard road trust me. I would say take it day by day ,,that is all you can do ,,YOU make your life what it is the other obstacles are par for the course ,,you can do it ,,I have talked to cbrpower alot this past two months and he lives less than 100 miles from me,,I do need direction and I know wholesaling is my door,,I just need experience and it will happen,,one day at a time kimmy it will be all good.
Okay, so I reread my post from yesterday and I do sound a little pathetic. It could be because I am at home sick with the flu, so I am a little more "sensitive" to my "so-called" situation. THANK YOU to ALL OF YOU who responded. I AM NOT GIVING UP!!! Just frustrated. That's why I wrote the post because I needed to hear some rah rah. So, I find myself learning more off this site. Which is fine because there are wonderful people on this site. First let me tell you what I did after I had my "pity party post." I wrote all new ads on CL, backpage, etc. I already have several posts out there for motivated sellers and buyer's. However, this time I took a different approach... this is what I posted
Hi,
Okay, so NO BULL here! I am a new investor who is looking for another investor to cut me some slack. I am looking for duplexes, 4-plex, sfr, etc. I don't have money to put down, but I am willing to take over your properties on long term leases, subject to, etc. The property has to be a win-win situation for both of us. I need to have some positive cash flow. The price needs to be realistic. I have had a few investors try to get FULL PRICE from 3 years ago on their property. Let's be honest, the market sucks. So, I am willing to be open and creative if you're willing to be open and creative in your terms. I am honest, hard working and just trying to get my feet wet in real estate. If you're patient and willing to wait a little on your investment returns then please email me. I look forward to hearing from you.
Kim
A New Investor
Definitely a different approach. We'll see what happens. Again thank you for the encouragement and the PUSH I needed. Needless to say, I am still at home sick, so I'll take advantage by perusing DG site and responding to some of your questions individually.
God Bless,
KimmyJ
you are welcome! keep chuggin along!!! you will get there!!!
(and angela...a ton/per min, 4-5yrs of writing up lab reports and term papers for science and pre-med classes have contributed to that. Its either get it done fast and efficient, or there is no time to play hard haha ;0) )
- The Copy Ninja
CEO
Cash Flow Financial Solutions, LLC
a subsidiary of Halo Enterprise Inc.
"Make a distinction between being interested and being committed. When you are interested in doing something, you do it only when it’s convenient. When you are committed you follow through – no matter what – no excuses. – Mike Krzyzewski , Duke Blue Devils
Maybe I am confused. Hopefully, you can clarify. Okay, so I read all the posts by Sistreat regarding Coastal-funding. Explained how I can do a double closing to my real estate agent. I explained to her that in order to do a double close it needs to be with the same escrow company. Her comment back to me "It is going to be very difficult for us to pick our escrow company. I just had two situations where the buyer's wanted to use a specific escrow company, but the REO bank would not accept the contract unless we went with their escrow company because they get kick backs." So, I guess my question is if the REO is using their own escrow company, how am I going to do a double close? There are only a few escrow companies that do double closings. Do I just find out who they use and call them. If the REO finds out, won't that send up a red flag?
Thank you for your help. I am sending both of you PMs right now.
Nevermind.
A kick back is actually illegal. People have found ways around it by using other terms, finders fee, discounts, refunds, ect. A kick back in this case is when the title/escrow company pays the REO bank a percentage back for giving them more business. That's why the bank only wants to use that specific title/escrow company, because they get "kickbacks" or discounts. They still charge the same amount to the buyer, but the bank will get a cut of that from the title/escrow company...
Let me know if I explained corectly...
Oz
"There's no place like home"
According to my realtor, the banks are getting incentives (kick backs) every time they use the same escrow company. I don't know what kind of incentives, but it must be lucrative to base the acceptance of an offer on it. Maybe it is an incentive to the loss mitigator? I don't know.
I couldn't have explained it any better.
Kim,
I love your ad.
Honest asking for exactly what you need!
I am looking forward to the responses you get to it.
Move it up every couple of days by changing the wording a little and re-posting. Things get too far down in the postings pretty quickly and someone might be looking over the postings this weekend and never get to read what was posted on Tuesday or Wednesday.
Keep us posted.
Angela
Just was wondering if the success academy was helping you as much as they say they will. Sounds like there not if your asking everyone else for advice. I was just wondering because I wanted to join it but thats alot of money for me right now.
Just go to http://www.coastal-funding.com/ and fill out the form that they provide......you will have a totally official looking proof of funds letter that will take care of any Bank REO. I just used the same letter for a offer I just made......NO PROBLEM. Now your in......make it happen.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
how can coastal-funding just willy nilly email anyone a proof of funds letter? I went to the site and pluged in **** info, and sure enough it sent a email saying they have pre-approved me up to xxxx amount.
How is this legit? and wouldn't the REO or whomever call coastal-funding to verify the pre-approval?
Don't Wish the Past, Create the Future! - DH
on their website, they have a disclaimer that they are not responsible for the mis-use of their forms on their site. They put all responsiblity on you. So ya, the bank would call them, but you would be held reliable for any mis-representations. So if you don't call them to let them know what you are looking to do so there is call log keeping track, then you would be held responsible. I'm sure they have that form there for you to just put info in to see how getting a proof of funds letter works by example only and maybe look at the forms. (hence the disclaimer). But your best bet is to always call first or contact them first so that you and them have a record of whats going down.
- The Copy Ninja
CEO
Cash Flow Financial Solutions, LLC
a subsidiary of Halo Enterprise Inc.
"Make a distinction between being interested and being committed. When you are interested in doing something, you do it only when it’s convenient. When you are committed you follow through – no matter what – no excuses. – Mike Krzyzewski , Duke Blue Devils
Hi kimmy and all...I was wondering about the coastal funding too, and frankly Im afraid to use it...
kimmy I am exactly where you are...but worse cause I AM about to give up...however I don't have a negative spouse but I have had no results from out ad in craigs list and the mortgage companys are very negative, Ive found also that they won't do double closings and want 10% down, no exceptions.
I didn't think of the title search angle , although a month or so ago I talked to one and they acted like they didn't understand a word I was saying...its hard to talk to people w/o a track record to back you up
I have the coaching but frankly in my situation with our money shrinking and bill collectors screaming for more , I don't see what I can do
There is no fear in love, but perfect love throws fear outside...1John 4:18
Are you wholesaling or doing a double closing with your REO offer? If yes, please tell me how you got around the escrow issue.
nanner - for a source of inspiration, look at Jeremiah 29:11, Rina's quote. Beautiful quote!
If quiting and giving up, even amongst challenging and difficult times, was the answer to our situations, we'd all be very successful. But that is the easy way out. Unfortunately, to be successful, it takes an iron-hide tough skin and a determination, drive, and will to strive for you dreams. What I am trying to say is that obstacles and frustrations are all apart of life, no matter WHAT you do. They will always be there to stop you from moving forward. You could be on top of the world, but you will still have adversity to deal with. So my question to you is, what PAIN is bigger? Is the pain of going through hard times of building your business, hearing negative people steal your dreams from you, dealing with people that don't understand you, having trouble with strategies and marketing adversities, and any other problem that, by the way, WE ALL FACE WHEN STARTING SOMETHING NEW (even us newbies in the business are all here fighting the good fight), knowing that at the end of the road you will have arrived to a financially free more prosperous life??? Is that PAIN bigger than being in the same current situation you are in now of being in debt, living pay check to pay check with no end till the rest of your life??? For me, HELL NO! I don't want to be in the same rut for the rest of my life. The thought of that keeps up at night and I refuse to have those thoughts and agonizing pain nauging at my subconscios and make my heart beat faster. I prefer to move forward and change my future, and NO MATTER HOW MANY HITS I TAKE, I will KEEP MOVING FORWARD. Nothing gets better by chance. You MAKE it happen.
So advice for you, first ask yourself that question, "which pain is bigger"? If you made the correct decision, then you need to a few things:
1)Re-evaluate what you are putting into your head:
Read inspiring quotes for the Lord. Post those truths on your bathroom mirror or your bedroom door along with affirmation phrases like "I am the most successful person in the world and obstacles are nothing but challenges that I will over come." or "Every challenge I face and overcome has a bigger opportunity on the otherside that will make me stronger." Then post them on your wall and resite them EVERYDAY MORNING AND NIGHT..forever!
2)Set some goals: Set short, mid, and long term goals.
a) Short term: where do you want to be at 1 month - 3 mon -6 months?
b) Mid term: where do you want to be 1-5yrs from now?
c) Long term: what is your ultimate dream? 10 yrs from now?
be sure to make them realistic!
3)Re-evaluate your time management: Get yourself on a schedule and plan your day out to keep track of your PRODUCTIVITY! If you aren't doing at least 5-10 things every day that is moving you towards your goals, then you are DREAMING! It will never becone a reality because there is NO FORWARD PROGRESS. Schedule your week out ahead of time then ACT on it. Spend time on the 7th day to reschedule following week. Your actions, should include:
a) reading your bible quotes/affirmations everyday/night
b) an hour or two of studying concepts and theories of investing, real estate market trends etc to increase your knowledge and understanding of what you will be doing. This will help you better and more effectively convey your message to other people on what you are doing as an investor and the strategies you will be implenting.
c) setting appointments to meet with as many people as you can! You should have at least 3-5 appointments everyday, 5-6 days per week, with RE investors, attorneys, title & escrow companies, realtors, mortgage brokers, etc to establish relationships/interview them to find out who are the most compatible people you can work with and hire to your team and at the same time building a buyers list or a referral network to get your NAME OUT!
d) researching properties!!! so that you understand cash flow formulas and how to identify deals or analyze trends/comps/properties.
e) Schedule at least 1-2 REI Club meetings a month AND network through other real estate forums/blogs to meet more people who have the same interests as you in your area!!!
f)creating a market and budget plan so that you can keep track of leads/sales
and last but not least,
g) Setting up your business platform so that you can better establish yourself as a professional and take advantage of the tax system as well protecting acquired assests.
See, you have a ton to do, and if you are doing these things every day with out hesitance or with out delay or regardless of what happened that day, you will ALWAYS BE MOVING FORWARD!! The most important thing is to keep taking one step forward. Every little step helps. If you take two steps forward and then 1 step back..you STILL MADE PROGRESS. But as soon as you stop, thats when you can say good bye to your dreams and hello current PAIN! So again, which pain is bigger? hmmmm? lol
oh and last bit of advice, If you know that you are having a tough time on your marketing then you need to sit down and think what things/approach needs to either be changed, fixed, or improved upon. Take a good look at your marketing plan and the ads that are targeting the people/leads that you want. Do you have a marketing plan? Are your ads strong enough? Are you being proactive or reactive? Meaning are you making calls on ads yourself instead of just waiting for people to come to you? (proactive) Sometimes you have to be proactive in the beginning (short term pain) UNTIL you are known in your area as the investment guru to which THEN they start coming to you (long term gain). Take a good look at how you are presenting your material. If people aren't understanding you, either you lack confidence in presenting yourself as an investor, in which you should study your concepts more, OR you just lack confidence due to inexperience. REMEMBER: WE ALL HAVE GONE THROUGH THAT FEELING. THe more you do, the more experience get, the more experience you get, the more confidence you have. Until then, you gotta fake it till you make it. You know the concepts you have been reading about are working, because we all are doing it. So why not you? If people you are talking to are being negative, remember there are plenty other people out there looking to make a buck. MOVE ON! They in the end will be losing business, esp WHEN YOU MAKE IT!!!!!!! So boo on them yo!! Sucks for their snotty attitude! YOU CAN DO THIS, NOW GET YOUR BUTT INTO GEAR AND GET A MOVE ON. STOP WASTING TIME, STOP FEELING BAD, STOP THINKING NEGATIVELY!!! Life is to short to let adversity stop you in your tracks ok!!! WE ARE HERE TO SUPPORT YOU, NOW GO GET IT DONE!!!!!!!!!!!!!!!!!!!!!!!!
your resident ninja,
Kris
- The Copy Ninja
CEO
Cash Flow Financial Solutions, LLC
a subsidiary of Halo Enterprise Inc.
"Make a distinction between being interested and being committed. When you are interested in doing something, you do it only when it’s convenient. When you are committed you follow through – no matter what – no excuses. – Mike Krzyzewski , Duke Blue Devils