I've been very, very busy this week. I had to close on the triplex myself because my buyers needed more time to close than the seller was willing to give me.
I found a transactional funder who financed the property for a week. It's costing me 3.25 points (which I thought was 2, but when I read the loan docs, it costs an additional 1.25 points when I pay off the loan). So, with the funder who got the loan approved in 2 days - kudos to her!!! - I was able to close on the triplex on Friday afternoon.
Also, my Realtor wrote a contract between me and my end buyer and I'm paying him extra for all the work that he did to help me. He's been a rock and I'm so happy to have him on my team.
Friday night, I put a "free stuff" ad in Craigslist and spent Saturday morning giving away all the stuff people had abandoned in one of the 2 bedroom units. They literally left a houseful of stuff, as well as 9 leaf sized trash bags of trash (so far). Tomorrow someone is driving up from Colorado Springs to get much of the rest of the stuff (woohoo!).
My buyers are going to close sometime on or before the 29th - hopefully before. And I must say that not going with these buyers in the first place cost me around $5,000. This was a very expensive lesson to learn, but believe me when I say that it is well-learned. And even though it cost me money, I have made quite a few good contacts from it, including 2 more cash buyers and 2 good funders.
I'll let you know what happens next week.
Until next time...
Showing posts with label real estate investing. Show all posts
Showing posts with label real estate investing. Show all posts
Saturday, January 23, 2010
Saturday, January 16, 2010
Challenging Week
Well, I thought I had the property sold to someone that I know and trust. However, he couldn't find money for some reason or another, so said I should shop the deal. That took about a week, but it was actually very helpful. We got an inspection and we got an estimate from a roofer on what the roof would cost.
Therefore, I pitched the deal at our local REIA meeting, to IRR. I was mobbed at the meeting. All 25 of my flyers got snatched up and 8 other people left me emails or cards. I showed the house to 4 people the next day and accepted the first guy who offered to give me a check. That's where the problems started.
While the buyer seemed to be very eager to buy the property, he had to work with hard money. The hard money lender was awesome. Their appraiser said the ARV (after repaired value) of the property was up to $300,000. A screaming deal when you look at the buyer's purchase price of $150,000 plus his estimate of $27,000 in repairs. Well, they approved the buyer, but the buyer didn't like the terms of the loan, so backed out. He told me at 10:17 Thursday morning. Closing was supposed to happen Friday at 3:00.
Thursday morning I started calling everyone I could think of who had shown interest in the property and who might be able to come up with cash to close the deal on time. The hard money lender called people too. So, I showed the house to a couple of people on Thursday at 3:30. One was the man who had been going to fund the loan for the hard money lender to the first buyer. I'll call him funder guy. The second was partners - one of whom could come up with cash in the short period of time needed.
The funder guy and his wife looked around and left, saying that he would call me later. The partners stayed for 3 hours. They did a very thorough review. They talked about just letting them take over the contract and give me a note for some part of my fee... I wasn't comfortable with the options they were offering because at this point, I would really like to just sell it and move on, so I promised to think about it and call them if I decided to go ahead.
The funder guy called me later and agreed to close on the property on Friday for $145,000. So, I was on the phone with him all Friday morning, sent him documents, my rehab contacts and all that. He signed the assignment contract, after getting me to take out any non-refundable part, since we were doing the deal in just a few hours... and met the realtors and the seller at the property.
So, I'm driving to Golden for the closing, which is a half hour drive and the buyer calls me up 5 minutes before closing time. He tells me that the seller pays $140 a month for trash and between $50 and $150 a month for water (I'll just call it $100 to keep it simple). He thinks that this $240 a month changes the value of the property by $30,000 to $65,000. He steps out of the deal. When I get to the closing offices, where my realtor is, they're on the phone... negotiating a much, much lower price than the one we had agreed to. I told my realtor to tell him we'd get back to him.
We called a buyer who's been interested in the property the whole time, who buys around 10 houses a month and asked if they wanted it since it appeared the deal had fallen apart. They do!!!! So we got the seller to extend the contract, which wasn't an easy thing, let me tell you, because they were highly annoyed at being put off again.
This has been the most trouble I've ever had closing a property. I'm trying to keep the deal alive, but am very worried that it's not actually going to work.
Until next time.
Therefore, I pitched the deal at our local REIA meeting, to IRR. I was mobbed at the meeting. All 25 of my flyers got snatched up and 8 other people left me emails or cards. I showed the house to 4 people the next day and accepted the first guy who offered to give me a check. That's where the problems started.
While the buyer seemed to be very eager to buy the property, he had to work with hard money. The hard money lender was awesome. Their appraiser said the ARV (after repaired value) of the property was up to $300,000. A screaming deal when you look at the buyer's purchase price of $150,000 plus his estimate of $27,000 in repairs. Well, they approved the buyer, but the buyer didn't like the terms of the loan, so backed out. He told me at 10:17 Thursday morning. Closing was supposed to happen Friday at 3:00.
Thursday morning I started calling everyone I could think of who had shown interest in the property and who might be able to come up with cash to close the deal on time. The hard money lender called people too. So, I showed the house to a couple of people on Thursday at 3:30. One was the man who had been going to fund the loan for the hard money lender to the first buyer. I'll call him funder guy. The second was partners - one of whom could come up with cash in the short period of time needed.
The funder guy and his wife looked around and left, saying that he would call me later. The partners stayed for 3 hours. They did a very thorough review. They talked about just letting them take over the contract and give me a note for some part of my fee... I wasn't comfortable with the options they were offering because at this point, I would really like to just sell it and move on, so I promised to think about it and call them if I decided to go ahead.
The funder guy called me later and agreed to close on the property on Friday for $145,000. So, I was on the phone with him all Friday morning, sent him documents, my rehab contacts and all that. He signed the assignment contract, after getting me to take out any non-refundable part, since we were doing the deal in just a few hours... and met the realtors and the seller at the property.
So, I'm driving to Golden for the closing, which is a half hour drive and the buyer calls me up 5 minutes before closing time. He tells me that the seller pays $140 a month for trash and between $50 and $150 a month for water (I'll just call it $100 to keep it simple). He thinks that this $240 a month changes the value of the property by $30,000 to $65,000. He steps out of the deal. When I get to the closing offices, where my realtor is, they're on the phone... negotiating a much, much lower price than the one we had agreed to. I told my realtor to tell him we'd get back to him.
We called a buyer who's been interested in the property the whole time, who buys around 10 houses a month and asked if they wanted it since it appeared the deal had fallen apart. They do!!!! So we got the seller to extend the contract, which wasn't an easy thing, let me tell you, because they were highly annoyed at being put off again.
This has been the most trouble I've ever had closing a property. I'm trying to keep the deal alive, but am very worried that it's not actually going to work.
Until next time.
Thursday, January 7, 2010
Holy Cow, It Works!!!
So, the seller of the triplex who had dropped $60,000 off his price on the phone called me the day after Christmas and again a day later. He really, really wanted to get rid of the property.
So, I figured out what I would be comfortable offering (which was around $108,000), then Skyped with Bill Twyford, who advised me to start at $120,000. The seller had the triplex on the market for $250,000. I got on the phone with the seller (nervous as all get out) and explained that I was embarassed to make this low offer, but the property wouldn't cash flow at $190,000 (which was what he told me earlier was the best he would do). He told me to just tell him the number, so I did. He told me I was a little off. For once, I actually remembered the negotiating tactic of he who speaks first loses... and I shut up and let the seller tell me how much I was off.
He said "$10,000."
So I said "You'll take $130,000?"
He said, "Yes."
So, I told him I had to think about it and would get back to him. I got off the phone, did the happy dance and called back a while later to accept the offer. I called up my fabulous real estate agent to write the offer on the 28th and we had it all signed and sealed up on the 29th.
Meanwhile, I started calling people on my buyers list... people that I was sure could perform. Well, long story short, I spent a few days working with someone who I greatly respect and he couldn't come up with the money and was kind enough to tell me that I could shop it.
So I called Michael Jake to talk to him about it... Now I gotta say that I feel extremely blessed to have access to Bill & Dwan Twyford and to Michael Jake. They are a giant help!
Michael told me how to pitch the deal at the IRR meeting the next night since it has both equity for a flipper (between $60,000 and $90,000) or is an excellent rental property which will cash flow some $1,200 a month. So, I called up my sister to watch the kids, made up my flyer just before the meeting - yeah, it was very badly organized... I put in the numbers, but forgot to put in the property address. I printed 25 flyers, thinking that would be plenty.
I have to admit that the IRR meeting was almost perfectly designed to sell a property. Brad and Andy were talking about getting past your fears of wholesaling and went through the 9 deals they had wholesaled last month. When I got up there with a property, which I must say is an excellent deal, I got mobbed. Literally. They had to restructure the meeting because so many people were running up to the front to get my flyer. Not only did I run out, I took approximately 8 other emails who were interested. And, one lady called me before she left the meeting because it was too crowded for her to get through. Trust me when I say that this was not what I was expecting.
I emailed the flyer to everyone when I got home Tuesday night and called back the lady who had called me first. Wednesday, the calls started pouring in. I showed the property to 4 people between 4:00 and 5:00 Wednesday afternoon & had a call from someone else who wanted to see it after I already accepted the first guy's deposit to assign the contract. Obviously, I had to tell him it was gone.
Now, the guy who I accepted is going through a hard money lender, so has to wait a week to close. The other people there could close faster. I called a Denver investor friend of mine and Bill Twyford (unfortunately after the fact) and got excellent advice to always accept the guy with cash first. Put the other guy in 2nd position.
Still, I feel as if I gave a newer investor a chance to get a great deal. It helped that I talked to the hard money firm he's going through before he ever did, so they're pretty forthcoming about whether they can fund the deal. At this point, it looks like a "slam-dunk." All they're waiting for is the buyer's list of repairs.
Which, of course, I helped with. I sent the buyer some contractor resources, including a roofer who had already given an estimate for necessary repairs.
My realtor told me to make sure the money commitment is firm by tomorrow in order to let the guy keep the deal. One of the excellent new clients he got from my showings really wants it - and they have cash.
So far, this has been a win for a number of people.
1. The seller who is getting rid of a property he doesn't want & getting a profit out of it.
2. The seller's realtor who is getting a commission.
3. My realtor who is getting a commission and a few new investor clients (Did I mention that he's the best investor realtor in Denver?)
4. Me - I'm getting a $20,000 assignment fee.
5. My buyer who is getting a property for $150,000 + $22,000 in repairs that will be worth $262,000 (10% CAP rate on NOI) when it's all fixed up and rented out.
6. The hard money lender who is getting points and interest.
7. The title company who is getting their fees.
8. However many contractors the buyer uses to fix up the property.
9. Some section 8 renters who will get a fixed up place to live in a decent area.
Well, to be fair, the last 2 haven't gotten any benefit yet... but they will.
This is a pretty cool business. The property must close by the end of next week, so I'll let you know what happens between now and then.
Until next time...
So, I figured out what I would be comfortable offering (which was around $108,000), then Skyped with Bill Twyford, who advised me to start at $120,000. The seller had the triplex on the market for $250,000. I got on the phone with the seller (nervous as all get out) and explained that I was embarassed to make this low offer, but the property wouldn't cash flow at $190,000 (which was what he told me earlier was the best he would do). He told me to just tell him the number, so I did. He told me I was a little off. For once, I actually remembered the negotiating tactic of he who speaks first loses... and I shut up and let the seller tell me how much I was off.
He said "$10,000."
So I said "You'll take $130,000?"
He said, "Yes."
So, I told him I had to think about it and would get back to him. I got off the phone, did the happy dance and called back a while later to accept the offer. I called up my fabulous real estate agent to write the offer on the 28th and we had it all signed and sealed up on the 29th.
Meanwhile, I started calling people on my buyers list... people that I was sure could perform. Well, long story short, I spent a few days working with someone who I greatly respect and he couldn't come up with the money and was kind enough to tell me that I could shop it.
So I called Michael Jake to talk to him about it... Now I gotta say that I feel extremely blessed to have access to Bill & Dwan Twyford and to Michael Jake. They are a giant help!
Michael told me how to pitch the deal at the IRR meeting the next night since it has both equity for a flipper (between $60,000 and $90,000) or is an excellent rental property which will cash flow some $1,200 a month. So, I called up my sister to watch the kids, made up my flyer just before the meeting - yeah, it was very badly organized... I put in the numbers, but forgot to put in the property address. I printed 25 flyers, thinking that would be plenty.
I have to admit that the IRR meeting was almost perfectly designed to sell a property. Brad and Andy were talking about getting past your fears of wholesaling and went through the 9 deals they had wholesaled last month. When I got up there with a property, which I must say is an excellent deal, I got mobbed. Literally. They had to restructure the meeting because so many people were running up to the front to get my flyer. Not only did I run out, I took approximately 8 other emails who were interested. And, one lady called me before she left the meeting because it was too crowded for her to get through. Trust me when I say that this was not what I was expecting.
I emailed the flyer to everyone when I got home Tuesday night and called back the lady who had called me first. Wednesday, the calls started pouring in. I showed the property to 4 people between 4:00 and 5:00 Wednesday afternoon & had a call from someone else who wanted to see it after I already accepted the first guy's deposit to assign the contract. Obviously, I had to tell him it was gone.
Now, the guy who I accepted is going through a hard money lender, so has to wait a week to close. The other people there could close faster. I called a Denver investor friend of mine and Bill Twyford (unfortunately after the fact) and got excellent advice to always accept the guy with cash first. Put the other guy in 2nd position.
Still, I feel as if I gave a newer investor a chance to get a great deal. It helped that I talked to the hard money firm he's going through before he ever did, so they're pretty forthcoming about whether they can fund the deal. At this point, it looks like a "slam-dunk." All they're waiting for is the buyer's list of repairs.
Which, of course, I helped with. I sent the buyer some contractor resources, including a roofer who had already given an estimate for necessary repairs.
My realtor told me to make sure the money commitment is firm by tomorrow in order to let the guy keep the deal. One of the excellent new clients he got from my showings really wants it - and they have cash.
So far, this has been a win for a number of people.
1. The seller who is getting rid of a property he doesn't want & getting a profit out of it.
2. The seller's realtor who is getting a commission.
3. My realtor who is getting a commission and a few new investor clients (Did I mention that he's the best investor realtor in Denver?)
4. Me - I'm getting a $20,000 assignment fee.
5. My buyer who is getting a property for $150,000 + $22,000 in repairs that will be worth $262,000 (10% CAP rate on NOI) when it's all fixed up and rented out.
6. The hard money lender who is getting points and interest.
7. The title company who is getting their fees.
8. However many contractors the buyer uses to fix up the property.
9. Some section 8 renters who will get a fixed up place to live in a decent area.
Well, to be fair, the last 2 haven't gotten any benefit yet... but they will.
This is a pretty cool business. The property must close by the end of next week, so I'll let you know what happens between now and then.
Until next time...
Friday, July 31, 2009
What's Been Going On
Quick update.... Mr. Goins put out a new (updated) Ultimate Buying Machine system in October 2008. I bought mine in October 2007. However, for people who purchased the system from him, there is access to a website with all the updates. That's a refreshing change from say, Cris Chico's system, which costs about the same, but is internet based, does not offer as much... and is only accessible for a year. If you let Cris Chico's Virtual Wholesaling system expire, which I did, you get an email with the header "I must be crazy to take you back." Well, don't let me make you crazy, Mr. Chico, I ain't comin' back.
Anyway, back to Larry's system. The updates have all the newest bookmark links online. Now, you're supposed to be able to download them... but I wound up clicking each link and creating each bookmark in Firefox. It took me about 2 hours. The whole time, I kept thinking how much longer it would have taken if I actually had to go search out all of this information... and believe me, there is a lot of amazing info contained in the links alone.... Now to follow the Ultimate Buying Machine and figure out what I need to do with all this info.
Also, I just couldn't resist... had to do it. I bought Dwan Bent-Twyford's short sale teleseminar system that starts Monday. I got an electronic manual and forms and will have a pre-recorded teleseminar emailed each Monday that I can listen to at my leisure. It has homework for each week and promises that I will have a deal closed at the end of the 4 week training. It also comes with coaching access to Dwan. I'm pretty psyched about that.
Until next time.
Anyway, back to Larry's system. The updates have all the newest bookmark links online. Now, you're supposed to be able to download them... but I wound up clicking each link and creating each bookmark in Firefox. It took me about 2 hours. The whole time, I kept thinking how much longer it would have taken if I actually had to go search out all of this information... and believe me, there is a lot of amazing info contained in the links alone.... Now to follow the Ultimate Buying Machine and figure out what I need to do with all this info.
Also, I just couldn't resist... had to do it. I bought Dwan Bent-Twyford's short sale teleseminar system that starts Monday. I got an electronic manual and forms and will have a pre-recorded teleseminar emailed each Monday that I can listen to at my leisure. It has homework for each week and promises that I will have a deal closed at the end of the 4 week training. It also comes with coaching access to Dwan. I'm pretty psyched about that.
Until next time.
Friday, March 20, 2009
Bulk REOs, MLS REOs and a Bus Tour
Boy, I've had a lot going on lately. I've met with several investors who want to buy bulk REO packages. Some of them have almost unimaginable amounts of funds (not quite like the bailout, but you know, big...) and some want to buy one or two houses with the package. It's a pretty sweet deal. All we need is to get Letters of Intent and Proof of Funds from all of the willing participants and we'll be good to go.
And, I even know how I'm going to be paid. I'm going to get 1% of what my investors spend. The bigger investors so far have been introduced to me by this wonderful realtor - and he and I are going to split the 1% down the middle for the amount his investors purchase.
I've also spent three days looking at bank owned properties listed with Realtors. I have one amazing Realtor who sends me lists every day of properties with at least $15,000 in profit potential. We've looked at a dozen properties and made offers on four. I also worked with another Realtor who is investor friendly, but is not nearly as on-the-ball as the other. I'm going to make a couple of offers on properties with her as well.
Keep your fingers crossed for me. Our market in Denver is HOT right now. Houses under $200,000 are only on the market for an average of 44 days. There's a lot of competition - but it doesn't scare me. I just have to go out there and make the offers that make sense for me. I'll get one and another and another...
Once these offers get accepted, I will send them out to my buyers list that I've created by networking with other investors. I'm putting in offers low enough that I will have some wiggle room to wholesale the properties to the other investors and they will make the lion's share of the profits.
Oh yeah, I've also been listening to Ray Cooper's CDs on selling houses. I would recommend them to anyone at all who needs to price a house in any market. He's got it nailed on how to figure out the correct pricing to sell a house fast. Not to mention any and everything else you might need to know to sell a house. He's sold over 1500 in his 23 year career. The man knows what he's talking about.
So, on Thursday, we went on an ugly house bus tour in Colorado Spring with Michael Jake. I'm in his Platinum Mentoring Program - and it rocks! We looked at a whole bunch of houses and learned how to make an approximation of the repairs needed in about 20 minutes. It was very helpful to go through the houses and see what sort of house you should bid on and what you should pass on. The angry house was possibly the worst - it had frowny eyebrows. And really bad neighbors on both sides. And had been "remodeled" so it was horrible inside. Let's just say that one was a "pass."
Tomorrow, there's an REDC auction that I'd like to attend. Some of the properties have bids starting at $500. The valuations they list in their auction catalog are all high according my research. However, I want to go in order to meet the people who are bidding on the houses. They'll be great additions to my buyers list.... It's an important thing to remember in this market. Build your buyer's list first! That way, you know that #1 you're looking for what they want and #2 you have a buyer when you get a property tied up under contract. And, if something's cheap enough, I might just buy one myself (you can't really go wrong with a $500 house)
I may need to bring the kids to the auction because my husband is playing in the state racquetball championships. That should be interesting...
Until next time.
I almost forgot to mention that my bus benches have finally gone up! Calls are not pouring in, but I have gotten a few. I'll keep you posted.
And, I even know how I'm going to be paid. I'm going to get 1% of what my investors spend. The bigger investors so far have been introduced to me by this wonderful realtor - and he and I are going to split the 1% down the middle for the amount his investors purchase.
I've also spent three days looking at bank owned properties listed with Realtors. I have one amazing Realtor who sends me lists every day of properties with at least $15,000 in profit potential. We've looked at a dozen properties and made offers on four. I also worked with another Realtor who is investor friendly, but is not nearly as on-the-ball as the other. I'm going to make a couple of offers on properties with her as well.
Keep your fingers crossed for me. Our market in Denver is HOT right now. Houses under $200,000 are only on the market for an average of 44 days. There's a lot of competition - but it doesn't scare me. I just have to go out there and make the offers that make sense for me. I'll get one and another and another...
Once these offers get accepted, I will send them out to my buyers list that I've created by networking with other investors. I'm putting in offers low enough that I will have some wiggle room to wholesale the properties to the other investors and they will make the lion's share of the profits.
Oh yeah, I've also been listening to Ray Cooper's CDs on selling houses. I would recommend them to anyone at all who needs to price a house in any market. He's got it nailed on how to figure out the correct pricing to sell a house fast. Not to mention any and everything else you might need to know to sell a house. He's sold over 1500 in his 23 year career. The man knows what he's talking about.
So, on Thursday, we went on an ugly house bus tour in Colorado Spring with Michael Jake. I'm in his Platinum Mentoring Program - and it rocks! We looked at a whole bunch of houses and learned how to make an approximation of the repairs needed in about 20 minutes. It was very helpful to go through the houses and see what sort of house you should bid on and what you should pass on. The angry house was possibly the worst - it had frowny eyebrows. And really bad neighbors on both sides. And had been "remodeled" so it was horrible inside. Let's just say that one was a "pass."
Tomorrow, there's an REDC auction that I'd like to attend. Some of the properties have bids starting at $500. The valuations they list in their auction catalog are all high according my research. However, I want to go in order to meet the people who are bidding on the houses. They'll be great additions to my buyers list.... It's an important thing to remember in this market. Build your buyer's list first! That way, you know that #1 you're looking for what they want and #2 you have a buyer when you get a property tied up under contract. And, if something's cheap enough, I might just buy one myself (you can't really go wrong with a $500 house)
I may need to bring the kids to the auction because my husband is playing in the state racquetball championships. That should be interesting...
Until next time.
I almost forgot to mention that my bus benches have finally gone up! Calls are not pouring in, but I have gotten a few. I'll keep you posted.
Monday, January 12, 2009
Finally Getting Moving
I am in the midst of reading Josh Cantwell's book on Short Sales. It's more detailed, yet quite a bit drier than either Nathan Jurewicz's or Dwan Bent-Twyford's material. He is very current on exactly what percentage one can expect to get accepted on offers based on who owns the loan (as far as the big agencies, FNMA, FDMC, FHA, etc., are concerned) and he gives you specific scripts to use to talk to loss mitigators - yeah! that is very helpful information. Dwan's courses take a very different approach than Nathan's and Josh's (BTW Nathan and Josh have VERY similar information - their contracts are almost word-for-word). Dwan has no problem faxing a loss mitigator 200 times a day to get what she wants, while the boys take a much more conservative - don't make the bank mad - sort of approach.
Now, I just emailed a lead for a short sale in Mt. Pleasant to an investor there - he's also a guru type. We'll see if he responds with a "Thank you"...
And, I hate to say it, but I bought another course. This one is called Advanced Marketing and it's by Vena Jones. She has some absolutely brilliant instructions for marketing specifically directed at real estate investors, and she's been in the trenches for years, so her work is tried and tested. My only problem with the course is that she's charging more for the course than she charged for the boot camp/seminar that the course came from. She's also a Dan Kennedy student. I get his newsletter and devour it every month. If you're in marketing, you need to get his stuff.
So, here's what I'm doing right now - I have an appointment with a bus bench advertising saleslady. They provide graphics, upkeep and design services as well as rental of the ad space for what I think is a very reasonable cost. They quoted me $125 for setup and between $25 and $75 a month for the bench, depending on the location - mine was $50.
I also have applied for a place in Michael Jake's mentoring program. He swears that this is the last time he will be doing his platinum mentoring - I hope so, because I hate sales ploys like that. Mike is a local investor with experience and integrity, so I think he would be a good mentor.
Until next time...
Now, I just emailed a lead for a short sale in Mt. Pleasant to an investor there - he's also a guru type. We'll see if he responds with a "Thank you"...
And, I hate to say it, but I bought another course. This one is called Advanced Marketing and it's by Vena Jones. She has some absolutely brilliant instructions for marketing specifically directed at real estate investors, and she's been in the trenches for years, so her work is tried and tested. My only problem with the course is that she's charging more for the course than she charged for the boot camp/seminar that the course came from. She's also a Dan Kennedy student. I get his newsletter and devour it every month. If you're in marketing, you need to get his stuff.
So, here's what I'm doing right now - I have an appointment with a bus bench advertising saleslady. They provide graphics, upkeep and design services as well as rental of the ad space for what I think is a very reasonable cost. They quoted me $125 for setup and between $25 and $75 a month for the bench, depending on the location - mine was $50.
I also have applied for a place in Michael Jake's mentoring program. He swears that this is the last time he will be doing his platinum mentoring - I hope so, because I hate sales ploys like that. Mike is a local investor with experience and integrity, so I think he would be a good mentor.
Until next time...
Thursday, November 13, 2008
Testing the Gurus
So, I've been buying creative real estate investing programs and reading books for about 4 years. I've listened to CDs, watched DVDs, read manuals and reviewed web sites. However, I've not done a darn thing beyond that. I've been the classic analysis paralysis person. All that is about to change.
Here is a list of the "gurus" and their programs that I have, split by type:
Tim Mai, Virtual Vesting 7-Day Instant Cash Secrets
Chris Chico, Virtual Wholesaling
Steve Cook, Wholesaling for Quick Cash
Mike Collins, Wholesaling Houses for a Living
Larry Goins, Ultimate Buying and Selling Machine
Ron Mead, Make a Flippin' Fortune
Toby Unwin, One Deal From Retirement
Dave Lindahl, Apartment House Riches
Alexis McGee, 6 Steps to Mastering Foreclosures
Dwan Bent-Twyford, Foreclosure Fortunes in Your Backyard
William Bronchick, Colorado Foreclosure Investing Strategies
Chris McLaughlin & Nathan Jurewicz, Short Sales Riches System
Dwan Bent-Twyford, Advanced Short Sales
Dwan Bent-Twyford, Short Sale Secrets
Chuck Smith, Powerful Profits with Probate
Jim Banks, Probate Profits
Ron Mead, 31 Days to Profits in Probate Real Estate
Bill Twyford, Shut Up and Stick to the Script
Bill Twyford, The Secrets of Closing the Deal
William Bronchick, Real Estate Negotiating
Dolf De Roos, Real Estate Investors College
William Bronchick, Real Estate Success Library
And these are the books that I've read that pertain directly to real estate:
The Weekend Millionaire's Secrets to Investing in Real Estate, Mike Summey and Roger Dawson
Push Button Investing in Real Estate, Ron Draluck
Making Hard Cash in a Soft Real Estate Market, Wendy Patton and Justin Ryan
Buying and Managing Residential Real Estate, Andrew J. McLean
Investing in Real Estate, Andrew McLean and Gary Eldred, PhD
Making Big Money Investing in Real Estate, Peter Conti and David Finkel
Emerging Real Estate Markets, Dave Lindahl
Multi-Family Millions, Dave Lindahl (I'm reading this one right now)
How to Make Money in Commercial Real Estate for the Small Investor, Nicholas Masters
Make Millions by Buying Small Apartment Properties in Your Spare Time, Brian K. Friedman
The Best Damn Commercial Real Estate Investing Book Ever Written, Monica Villasenor
The Complete Guide to Buying and Selling Apartment Buildings, Steve Berges
Flipping Properties, William Bronchick
The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-foreclosures without Selling your Soul, Alexis McGee
Preston Ely, Probates ebook
Preston Ely, Flip Your Way to Financial Freedom ebook
How to Get All the Money You Need to Buy Property, Alan Cowgill
Financing Secrets of a Millionaire Real Estate Investor, William Bronchick
The Millionaire Real Estate Investor, Gary Keller
The Millionaire Real Estate Agent, Gary Keller
Nothing Down for the 2000s, Robert G. Allen
Real Estate Riches, Dolf de Roos
How to Build a Real Estate Empire, Arsenault, Hamilton, Leeds & Marcil
Wealth Protection Secrets of a Millionaire Real Estate Investor, William Bronchick
Trump Strategies for Real Estate, Donald Ross
The Art of the Deal, Donald Trump
And, believe it or not, I have a pile of books waiting to be read about real estate investing.
The fact is that having all that in my head is very nice, but it ain't where the rubber hits the road. Right now, they are all theory to me. While I think that some sound more doable than others, it's just a guess and frankly, I'm a little nervous about getting out there and talking to someone about something that's so important to their life. What if I screw it up? Then again, what if I don't?
Is it possible to juggle several balls and have some of these systems running concurrently by setting up different businesses? Maybe I should just see if they work first.
Right now, short sale programs are coming out of the woodwork - seems to be the flavor of the month with the vast financial crisis we're facing in America today. Would that be the best place to start? Or maybe Tim Mai's program that promises cash in 7 days... all the possibilities make my head spin.
Anyway, my youngest is almost old enough to go to preschoolso I thought I would try out these programs, step-by-step, one at a time. There are so many that I'm having a hard time deciding which to pick. Do I do wholesaling, foreclosures, short sales, probates? Some of these could be chunked together, but I want to test each system to see if it really does work like the author says it does. So, next post, the decision...
Here is a list of the "gurus" and their programs that I have, split by type:
Tim Mai, Virtual Vesting 7-Day Instant Cash Secrets
Chris Chico, Virtual Wholesaling
Steve Cook, Wholesaling for Quick Cash
Mike Collins, Wholesaling Houses for a Living
Larry Goins, Ultimate Buying and Selling Machine
Ron Mead, Make a Flippin' Fortune
Toby Unwin, One Deal From Retirement
Dave Lindahl, Apartment House Riches
Alexis McGee, 6 Steps to Mastering Foreclosures
Dwan Bent-Twyford, Foreclosure Fortunes in Your Backyard
William Bronchick, Colorado Foreclosure Investing Strategies
Chris McLaughlin & Nathan Jurewicz, Short Sales Riches System
Dwan Bent-Twyford, Advanced Short Sales
Dwan Bent-Twyford, Short Sale Secrets
Chuck Smith, Powerful Profits with Probate
Jim Banks, Probate Profits
Ron Mead, 31 Days to Profits in Probate Real Estate
Bill Twyford, Shut Up and Stick to the Script
Bill Twyford, The Secrets of Closing the Deal
William Bronchick, Real Estate Negotiating
Dolf De Roos, Real Estate Investors College
William Bronchick, Real Estate Success Library
And these are the books that I've read that pertain directly to real estate:
The Weekend Millionaire's Secrets to Investing in Real Estate, Mike Summey and Roger Dawson
Push Button Investing in Real Estate, Ron Draluck
Making Hard Cash in a Soft Real Estate Market, Wendy Patton and Justin Ryan
Buying and Managing Residential Real Estate, Andrew J. McLean
Investing in Real Estate, Andrew McLean and Gary Eldred, PhD
Making Big Money Investing in Real Estate, Peter Conti and David Finkel
Emerging Real Estate Markets, Dave Lindahl
Multi-Family Millions, Dave Lindahl (I'm reading this one right now)
How to Make Money in Commercial Real Estate for the Small Investor, Nicholas Masters
Make Millions by Buying Small Apartment Properties in Your Spare Time, Brian K. Friedman
The Best Damn Commercial Real Estate Investing Book Ever Written, Monica Villasenor
The Complete Guide to Buying and Selling Apartment Buildings, Steve Berges
Flipping Properties, William Bronchick
The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-foreclosures without Selling your Soul, Alexis McGee
Preston Ely, Probates ebook
Preston Ely, Flip Your Way to Financial Freedom ebook
How to Get All the Money You Need to Buy Property, Alan Cowgill
Financing Secrets of a Millionaire Real Estate Investor, William Bronchick
The Millionaire Real Estate Investor, Gary Keller
The Millionaire Real Estate Agent, Gary Keller
Nothing Down for the 2000s, Robert G. Allen
Real Estate Riches, Dolf de Roos
How to Build a Real Estate Empire, Arsenault, Hamilton, Leeds & Marcil
Wealth Protection Secrets of a Millionaire Real Estate Investor, William Bronchick
Trump Strategies for Real Estate, Donald Ross
The Art of the Deal, Donald Trump
And, believe it or not, I have a pile of books waiting to be read about real estate investing.
The fact is that having all that in my head is very nice, but it ain't where the rubber hits the road. Right now, they are all theory to me. While I think that some sound more doable than others, it's just a guess and frankly, I'm a little nervous about getting out there and talking to someone about something that's so important to their life. What if I screw it up? Then again, what if I don't?
Is it possible to juggle several balls and have some of these systems running concurrently by setting up different businesses? Maybe I should just see if they work first.
Right now, short sale programs are coming out of the woodwork - seems to be the flavor of the month with the vast financial crisis we're facing in America today. Would that be the best place to start? Or maybe Tim Mai's program that promises cash in 7 days... all the possibilities make my head spin.
Anyway, my youngest is almost old enough to go to preschool
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