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!!!"
Kris, what a post!!
I don't think anyone who reads that could possibly walk away the same! Thank you!!
Rina
"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
First, Kris... that was an awesome post! The things you talked about are exactly what I am tackling today! CL and the online ads aren't working, so what changes do I need to make to my marketing strategy. I live in a unique area (very seasonal, but steadily turning into a permanent town) and I need to figure out what is going to work for this town. Perhaps it's bandit signs or direct marketing, who knows... but I have to work it out. Again, thanks for the great post and words of inspiration.
Nanner, the purpose of the post was not to give up. The purpose was that I needed a pep talk. I was feeling low (and sick with the flu)and I was frustrated. I don't want to quit. I just needed to hear words of encouragement. That's why I turned to the DG Family. I needeed to hear, "Yeah, things aren't great right now, but PRESS ON!" I needed validation with a KICK IN THE REAR!!! My frustrations and fears are real, but NOT THE BE END THAT ENDS ALL!!" I am, or was, at a low point for a few days, but I am moving on, making NEW plans and seeing what works. It is only going to take that first sale for me to look back and think, "I was such a dork. I can't believe I had a pity party. This works and it's awesome." As far as financial situation, may I suggest you read my journal "Diary of a Mad Real Estate Investor." With personal debt and school debt, I am at $100k. The really yucky part, is that after doing all that, I am miserable!!! My job has it's perks (I teach PreK special education), I love the kids, but it's the other garbage that goes with the job that I can't stand. I spent $70k on a graduate degree thinking that this is what I want to do with the rest of my life, and now, after only finishing my graduate degree a little over a year ago, I am ready to start new. Bummer? Somewhat. The positive side, is that I am the ONLY person in my family with a graduate degree, and, I feel like it has prepared me for something bigger and better in the future. God just hasn't revealed it to me yet. As far as the success academy, they're there to support, but it's up to you. You have to be the one to take action. They can't do it for you. I spent the last bit of left over credit I had to join the academy. I WILL make it work. You can't give up Nanner. You have to think outside the box. Oh... and the "MAD REAL ESTATE INVESTOR"... SHE IS BACK!!! WATCH OUT NOW...
KimmyJ
"Be still before the LORD and wait patiently for him; do not fret."
Psalm 37:7
While re-reading this thread - and all the wonderful posts, it reminded me of this thought.
IF YOU DONT TAKE ANY ACTION TODAY, WHERE WILL YOU BE A YEAR, 5 YEARS, 10 YEARS FROM NOW?
Guess what - EXACTLY IN THE SAME PLACE YOU ARE RIGHT NOW, looking back wondering where you COULD have been if only you had moved forward.
So we all need to keep our dreams alive, and take it one step at a time. Keep your eyes on the prize and fill your mind with the vision of yourself when you reach your next goal, and then the next, and on to the top!!!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
whst a wonderful letter ! ...I bought Deans new book and am starting all over....following the step by step....and I thank you too for the wonderful inspiration you gave me....we had some challenges...my FIL died after a long illness...and that was bringing me down, then my SIL 's cancer came raging back...but really thinking about real estate is keeping my mind off things I really can't do anything about but pray
so big hugs ...
nanner
There is no fear in love, but perfect love throws fear outside...1John 4:18
When I read about yout CL ads and online ads not working, I can sympathise. Mine are not working either. The area where I am investing is just like yours, was seasonal but now becoming more and more permanent due to the movement of New Yorkers. So maybe you and I need to put our heads together and figure out the next strategy?
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Finally after close to a year of being too afraid to proceed (admittedly our own fault) I think we have found our first deal. This is a short sale close to where we live in a decent area, and the bank is scheduled for foreclose in a few days. Townhouse is in near perfect condition, and there is lots of equity upon resale. We cannot write the contract on the property ourselves and assign it over to an REI, because we already know the bank won't accept an assignment or any contingencies on this short sale. We have no jobs, no money and can only write contracts if numerous escape clauses exist which we know this bank won't accept.
Here's what we did next. We called up an REI that we met two days ago that advised us he's interested in getting involved with short sales. In the past he has done rehabs and leased the properties for a positive cash flow. We did our due diligence and researched FMV, the amount the seller is in default on the short sale, and the amount the bank is willing to accept on the short sale. We called the REI we recently met and told him we wanted to partner with him by providing him with this lead, because he has the ability to write on this short sale. We scheduled a showing with the listing agent, and later today we and the REI are going together to look at the property. We told the REI that we are looking for a referral fee for locating the property for him. We told him we are anticipating a referral fee of anywhere from $500.00 - $1,000.00.
Here's where my worries come in. I am reading many blogs that state that bird dogging is illegal, as we are locating properties and anticipating a commission on such without a brokers license. Also, we need to get an agreement put together before the showing later today between us and the REI to ensure we get paid and that our payment is not contingent upon closing of the transaction, but rather upon the REI's writing and acceptance of a contract on the property. Where can we find such an agreement, and also, we need feedback about the legality of bird dogging in Illinois.
Thanks for any help that can be provided here!