OfflineHello DG Members,
I really enjoy posting in the "my deals" section because it is a chance to help other DG Members learn how we were able to find a real estate deal. The last few months have been nothing short of tremendous with real estate investing for us. We are having so much fun and enjoying doing real estate together. I see the glimmer of sunlight in the distance that is my journey’s destination to be able to leave my job and become a real estate investor 100% of my time.
I really enjoy my day job, but I have fallen in love with real estate investing. I often visualize my last day of work, saying good bye to co-workers that I have worked with for several years. Often I image my co-workers saying “I should have purchased that Dean Graziosi’s book last year when Joe told me about it!” This will feel better than winning the lottery and we have Dean to thank for sharing his knowledge and inspiration in his books, programs, events and the DG website!
After we completed Deal #6, the 100% financed bank REO, I knew I had to start contacting more local banks and asset managers about their REOs. I made an effort to contact at least 2 to 3 new REO bank asset managers per week. I had a total of about 8 new asset managers that I had established contact with either by a phone call or through email.
During the past few months that followed I have had a smorgasbord of REO properties presented to me from a bulk package of 14 homes, to single family homes, to multi units to commercial buildings, to a developed 40 lot subdivision foreclosure, to a bed and breakfast to a very large restaurant building with 2 additional lots and a home, to a 500 acre land parcel REO. I had been running the numbers and making offers. The key is starting with low offers, asking for 100% financing and including things in your offers that were bargaining chips to trade off with the banker.
This past Sunday we even went to look at a multi-unit property that had around 100 units. As I drove into the complex my mind was going a mile a minute because the value of the land was probably worth more than 75% of the asking price alone. I realize that a few more hours in the day would be my greatest asset for future acquisitions.
Once again I have to state that it is the old saying of patience is a virtue is so true! During the past several weeks I have been discussing a multi-unit building and a small commercial building that a different local bank owned as an REO. I went back and forth with a few offers and the bank wanted me to look at various other properties they had too. Thus, I was busy looking at their other REOs, several other bank’s REOs my realtor’s listings and a few dozen other properties I had on my radar.
The traffic on the radar was getting a little heavy so I realized I needed to land a few deals soon. I made various offers and I thought I would not get them accepted. I made an offer at 70% of their asking price with additional requested things I thought they would not agree to such as 100% financing and a 30 year locked interest rate tied to the prime rate currently at 3.25%. Then I got the email today that my 2 offers were accepted by the bank’s senior management. I honestly almost fell off my chair with excitement. We just acquired a multi-unit building in ready to rent condition and a small commercial building that does need some minor work.
You may ask how did this deal happen? I developed and cultivated a relationship with a local bank REO asset manager. I have made countless emails during the past few months. I even got busy with work during the past few weeks and the asset manager inquired if I could make another offer to be considered. Thus, I was not stalling but this delayed tactic created a little motivation on the bank’s part. I knew it was time to craft an offer. I crafted an email offer with 3 different offer options for each property. I offered an extremely low 30% of asking price all cash offer, a low offer price with higher interest and great terms and finally a slightly higher offer with low interest and great terms. Any of these offers would cash flow nicely as we planned to keep these properties for buy and hold rental properties. This was all done over email.
I did not receive an acknowledgement of my offers for almost a week and then the email arrived today! I am so excited because this bank has various other properties and this may be opening the door to several other properties
I want everyone to know that they can do this too! That is why I am providing the amount of detail to help you in your local area do the same type of deal! Dean, thank you for all your inspiring guidance and we really appreciate all the inspiring members on the DG website too! Good luck on all your deals! Believe and Achieve! 
- Joe and Stacey
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"I am naive enough to think that I can do my part in helping change the world, and if that's a bad thing, then, so be it, the Question is....who's coming with me?"
- Dean Graziosi
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How wonderful!! I'm so excited for you and Stacey. Well-deserved as from all your posts you have been working HARD this year!! Thank you for keeping us inspired!!! And for sharing so many details.
As usual, I have a million questions. I see myself as a "relationship person" so this "building relationships" with bank asset managers sounds like a great option and I have so many questions surrounding this! Maybe I'll get to ask a few when I see you at Dean's next live event (I know there is no date yet, but I will be there!!)
I will read through all the posts here, and see if I can find some answers....I just have very little money for a down payment so this 100% financing is perfect...so far, all the REO postings in my area, I have seen require a down payment and at least from appearances, this 100% financing wouldn't be considered at all. But I also know, if you don't ask, there is no chance in receiving, so I obviously need to study up on the details!!
Thank you for your post on my guest page....off to write in my journal and respond to your post too!
Keep inspiring us all....I always love to read what you have for us on here!
Thank you Joe!!
Louisa
Current Journal on Dean's site: The Second Chapter: http://tinyurl.com/p986al3
First Journal on Dean's Site: From the Beginning: http://bit.ly/ocv10
Congratulations Joe. Good to see the posts from you and also all others on the road to success in the world of real estate investing. I just got done reading both of Dean's books and will be reading them again soon. Just trying to get up the nerve to do the next step,but with the help with everyone out here and reading the blogs will kick me in the next step. Once again Congrats.
Thanks for the nice comments, we really appreciate it. We are definitely planning on going to the Gain the Edge 2010, whenever it may be. The 2009 Gain the EDGE event was just tremendous.
Some of the banks in your area may be eager to deal their REOs. The smaller community banks may be the best option. Another option for 100% financing might be finding some investors that want to retire and own their properties free and clear. The more you network, the more opportunities that may come your way. Good luck on all yoru real estate deals. Believe and Achieve!
- Joe
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Thanks for the congrats, we appreciate it. Congratualtions for readign Dean's books they are packed with great information, tips, strategies and techniques. Don't let fear get the best of you, just take some action and good things may happen. The more you do and learn the less room there is for fear and uncertainty. You can do it! Good luck with real estate investing. Believe and Achieve!
- Joe
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Thank you for your kind words.
I wish you luck.
Carpe Diem Stacey
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It is great to have such a wonderful DG family to share our deals and information with. Good luck to all of you.
Carpe Diem Stacey
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Hey Joe....
I have been busy as can be, as you are well aware why, so I just jumped online real quick tonight!! Great, great, news on deals #9 & 10. Goes to show you that persistnece and patience go a long way!
Go to go back to the grind, but I congratulate you so much!
Take care buddy!
Robert M. Burkett CPA
Stay Active & "WORK IT OUT!!"
Get your "Daily Dose" & check out my journal at the link below!! I would love to hear from you as well!
http://www.deangraziosi.com/real-estate-forums/investing-journals/27368/...
Thanks for the congrats and the comments. I know it is a busy time of year with Fantasy Football, (oh yeah, I mean Accounting), but I hope you are making some time to have fun and keep pushing forward with your action plan for real estate. Good luck on all your future deals. Believe and Achieve!
- Joe
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"I never get the accountants in before I start up a business. It's done on gut feeling, especially if I can see that they are taking the mickey out of the consumer."
~ Richard Branson
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You guys pulled it off again. Once you got started, you never looked back. Getting financing is one of the biggest goals some people face, and you get 100% financing again!! Amazing, congrats again and thanks for inspiring me even more!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Thanks for the comments and the congrats. It is always nice to find a great deal, especially when they are 100% financed. We are so excited about real estate and trying more of Dean's techniques and strategies. Continued success to you and Jan on all your real estate deals. You guys are doing great and are an inspiration to many other DG Members. Believe and Achieve!
- Joe
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Can you give us an idea of what you said in your emails or phone calls to these asset managers? I appreciate it!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I would be happy to provide the information. A good starting point might be to look at my prior fourm post back in August on how to locate REOs. The link is as follows:
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
As with anything, it comes down to a people business and people are helpful to other people they like. You want to strive to learn each REO asset manager at every small community bank in your area. Be nice, friendly, polite and professional.
If they do not have any REOs today, that could change tomorrow. Often bankers know what may be coming back to them as a foreclosure and this could be an opportunity for future short sales opportunitites for you. Thus, when you contact the REO Asset Managers, just inquire whom you need to speak to and inquire if they currently have some REOs available. The more you talk, the more people will tell you. A follow-up email and future inquiries is important for them to remember you in the future.
Each email you craft will be a little different based on the conversation you have at that time. The key is to be friendly and recap things that make them remember your prior conversation. Time and follow-up emails helps to solidify trust and this will build a great business relationship. I hope this helps. Good luck with REOs. Believe and Achieve!
- Joe
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Hey Joe, congratulation on deals # 9 & 10. When it comes to investing, there's not a better feeling than getting a great deal and having the bank finance 100%. I love that kind of deal and i'm blessed to have had some good success with 100% financing too. I just want to stop by and say congratulation and wish you and your wife the best.
Lloyd
Thanks for the additional comments and the congrats, we appreciate it. It is so true that when all your hard work pays off and you find and lock up a deal it is a great feeling. Especially when you can get a bank to offer the 100% financing. Congratulations to you on your 100% financed deals and I look forward to hearing about even more DG Members having great deals and also have success with 100% bank financing. Believe and Achieve!
- Joe
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Stacy you are my inspiration i wilkl do exactly what you did.
good luck to you.
Thank you so much for your kind words.
I wish you luck as well.
Carpe Diem :0) Stacey
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