Just wrapped up my first deal and I'm on my way! After finally running out of excuses, I started working the 25:1 strategy and making offers on properties. After making 22 offers I got one accepted! Had an investor lined up who pulled out over some repair issues so I was left scrambling to get another (note to all: build that buyers list!. I only had identified 3-5 buyers so I didn't really have enough. (plus, in my haste to get a deal done, I offered a little too much on this property!... Live and learn!)
Hello DG family,
Well, do I have another story to tell you! Guess what, this one is also riddled with twists, turns, ups, downs and craziness too! I tell you; I attract these complicated deals! One of these days I'll post you an extremely boring deal. But, NOT THIS TIME!
My deal funded yesterday, recorded today, and is finalized on Monday. That is because this deal occurred in Los Angeles County, which has the 24 hour wait period between funding, recording and re-recording.
STOP trying to learn it ALL. You can't.
Find YOUR niche in RE:
Whether it be wholesaling, BDogging, SFH, car washes, laundrymats, apts, buy/hold, fix/flips, mobilehomes, billboards, etc,...PICK ONE.
Then learn ALL you can about JUST that!
You WILL avoid Info Overload and have a better chance at success in REI.
You CAN do it!
#3 to follow-stay tuned
Best wishes on YOUR REI journey,
Every week I get emails from wholesalers like this:
Subject: Look at these great deals!
123 Main St
3 Bed, 2 Bath
Single Family Home
This property has a huge living room, needs some new carpet, and possibly a new roof.
456 Main St
2 Bed, 2 Bath
Single Family Home
This property has a brand new garage, needs all new appliances, and it needs some drywall work.
It's great that they are doing the work to find the deals and send the emails to cash buyers, but what exactly can I, as a cash buyer, do with this information?! Not much.
So, I put up about 40-50 bandit signs out during the weekends and take them down Monday morning. I did this for about a month.
I know I've been a member for a while now but I finally made the decision to stop contemplating to evaluate to consider to decide and conjure and..whatever.
SHOOT FIRE AIM READY!!!
I got about 8 calls from this. The first call was from a local real estate investor looking to buy the houses I'm looking to wholesale. GREAT! I didn't know this at the time but we had met before at the local monthly real estate meetups. He is the host. A couple other phone calls were unmotivated, a few were over indebted and referred to a Short Sale Realtor. One week, a guy calls on a weekday from the ONE SINGLE SIGN I left up by accident.
My partner and I found this deal on Craigslist about 2 weeks before Christmas. It was an 3 bed/1 bath 1000 sq. ft. REO being advertised by one of the local banks. We did some research and found out it had been on the market more than 90 days and they really wanted to get rid of it. We set up a walk through with someone from the bank and saw it didn't need any major repairs most of which we could do ourselves, which got us very excited. They were asking $49,000 for the home. We offered $39,000 and about 3 days later the bank accepted!!