B.C.'s journal

Well I went to meet the guy today. Of course I was there early.I hate being late for anything. They had a corner store with an awning that said we buy houses. So i went in and asked for the this guy. The secretary gave me a form to fill out, I looked at it and it was a form to buy a house from them. I told her there was a mistake and that i told the guy Eric that i do wholesaling and bird dogging and was looking for a partner to back me on cash deals also .She told me no good so i left. I will e-mail the guy anyway to let him know i was there and that the secretary told me no good. Now that i think of it i should have taken their form home to look it over and see if there was anything that could be used by us. oh well. maybe if im in the neighborhood one day i will stop and do just that. Iy looks like they buy homes and also put people in them through this office. I SAW PEOPLE WAITING TO FILL OUT APPLICATIONS.
Back to the drawing board, I still have a books worth of HML's to contact and see if i can find one that works in my favor.
p.s. My wife is ready to throw me out because my computer desk is full of papers as well as my file cabinet i bought.So i am battling the i told you so thing too.
just another step forward. That was the first time i went to meet anyone in person and i was a little nervous but was not going to let that stop me from achieving my goal.NEVER GIVE UP!

Well I am going through the HML'S I found. also some RE lawyers that were advertising too. I will post anything I think is a good lead after I check them out so that others in this area may benefit from them.Good luck to all and NEVER EVER GIVE UP YOUR DREAM!

So far I recieved 2 replys. One was a HML But he only loans commercial buildings in NY. But says in other states he loans SFR.
Thw other wants me to contact him about bird dogging for him. That i am excited about. hopefully more will come in as the week progresses. I did another 5 hrs researching adds and sending questions to them. But its paying off slowly.

Nice job...Seems like the more you do, the more progress(obviously)but you can actually see it for yourself...Lot of people can't see the progress unfortunately...Sometimes when you do a lot of things, especially trying to get things rolling, sometimes you lose focus, and it seems like you are working at it for nothing cause you see no money after working your butt off for hours searching, making phone calls, or setting up meetings...Like yourself, I actually see the progress, and know what I am doing is paying off...Never as fast as we would like it, but it is never the less...So that is important, and that ONE aspect alone, will help us reach our goals cause we ain't letting nothing stop us or slow us down...

Thanks Mark, You are right on point. keep going forward. I have been following your journey as well and I am hoping your deals go through soon, then you will be on your way. With people like Rina & Anita in our corner how can we not succeed! You get the feeling they want everyone to succeed as bad as we want to succeed. An angel on each shoulder
Keep up the good work and it will pay off I really believe that.

Richie, you are SO right! We all love to see each other succeed. It fuels the desire and determination in us all! Even Dean is in here reading the posts and rooting for each of the people on this site! Your success is a reflection of his. It's awesome to see the strides you are making. Every little step is a victory toward the goal. Keep going!!!

Rina

I am putting this here so that some newbies have an idea of what to say/do. It is not perfect but it was what i wrote to the lender in which he responded back to me with info.

Subject: private money loan.

Hello Mr.Yeager.
I am looking for a private HML to back me on some quick flip homes and on some 2-family and up homes I want to hold and rent for cash flow.
I am looking to build a good and trusting professional relationship with A HML lender that I can do business with that wants to make a lot of money over the next few yrs.
My plan: I can go about this in 2 ways.
1- Borrow with the property as collateral with an up to 1-yr loan, after repairs refi you out as soon as possible with in that yr.
2-You back me with cash and We split the profits on all deals I use you for. I use promissory notes or can put you on the deed. Any way I can make you comfortable dealing with me until I earn your trust.

What I am doing is buying REO and fsbo homes 30-50% below FMV,do necessary repairs and resell at a great price for a quick sale and nice profit. Other homes (2 family or better) I find that are nice cash cows I want to fix and keep for cash flow maybe sell off when the market changes.
I am currently looking to purchase a 2 family home I found and have a renter waiting for one apt.
If you are interested please contact me back.We could speak by phone or if your in NY we could meet.
Richard

nice letter to him...If I find a hard money lender at some point, would you mind if I use that?

And btw, their are tons of good people on hear...It amazes me honestly...

Not at all Mark. Thats why I put it there. If you like it, please feel free to use it. And yes it is preety cool to find so many great people here, starting from Dean and down the line.

Well the investor called me back. I spoke to him briefly about what he wants and he said he buys properties himself but will also send some deals i find to his cash investing friends. I am not sure what level he is at. Also checked my mail. another investor from NJ that i e-mailed said they are interested in homes in my area also. They were advertising for multi fam homes in NJ but i figured it would not hurt to ask them if they wanted to invest in NY. so they want info also.
And thanks for the call DG buddy. I was kind of nervous getting a call from a DG superstar!! That call proves what I knew already,that you are a really special person and do want to help me succeed.

OK I sent e-mails to the 2 buyers I have. One for bird dogging and the other for a double close deal. Kinda scary going for the Double close but like Matt says, go out and get it done!
I will update you when I hear back from them. If the one commits to the double close I will ask for a non refundable dp so even if they walk away and i have to also I will come out with some money for my work.

sweet...go get it...scary yes, but at least you are DOING...It is going to be impossible for you to fail, unless you give up on yourself...But you want this to much to do that...Let us know what happens!!!

Thanks Mark, checked my e-mail today. the first guy aswered me back for the bird dog fee. He said he can close in 10days cash. he is going to run the numbers. he wants comps in that area but i no longer have a RA to get them.
The rookie i said i want to train hasn't contacted me yet. But I only
e-mailed him last night.
oh by the way, i asked for 2500 as a fee on this one since the equity will be so high. It didnt seem to faze him i guess since he replied back.

Ok went to zillo and got the comps and e-mailed him back. This guy is getting a great deal.
I wish I COULD HAVE BOUGHT THIS MYSELF. I figured in the taxes and insurance on this and he should have a cash flow around 1800per month.
Oh well Once i get the capital i will start buying to rent.

Richie, great job!! You're making great connections and probably a list of SOLID future buyers. Remember, Matt says just a few great buyers is all you need on your list. They'll keep you busy.

The feeling of that first deal is right around the corner.
(I know what you mean about wanting to keep it. Soon enough, my friend.)

Rina

P.S. thanks for the kind words. I know you do the same for others.

REA got back to me. Can't work for me as an agent now but the connection was worth the try. here is his response, keep in mind i work with his mother.

The appraisals have been really up and down so we’ll see how long it stays busy. Where are you finding these houses that the realtor has to put in a bid? What areas are you concentrating in? I know a few serious investors and do appraisals for some hard money lenders. If there is anything I could hook you up with let me know. I know so many people in the business but only refer out people I trust. That only leaves like two people, lol. If you ever need any property information, sales histories, or sales let me know because I have MLS and the rest of the data sources.

SO he covers everything but showing me the homes. but i may get some good connections through him.It was well worth me asking his mom because i saw his card on her desk.
Well I have to get in that house to get pictures Saturday, so i reluctantly left a message for my old agent to get back to me or have another agent contact me if he can't do it.

connections are important def...Its not what ya know, its who ya know...Probably overused, but in a lot of cases, it is so true...So sounds like things are moving in a good direction as far as that goes, so good job...Keep it up, and you are going to be putting deal after deal together

Thanks Mark for the kind words. This gets even better with this REA. read this.

Most of the hard money lenders I do appraisals for require that the property have a very low LTV and the borrower have a chunk of their own money invested. The biggest one I deal with is Gala Resources based out of Manhattan. I don’t know them on a personal level but they do loans for average guys like us and I’ve seen some of the big players use them as well. Let me know what areas you are looking in and I will keep my eyes open. I do some REO work and pre listing appraisals so I know about some houses before they come on the market. I would love to flip a house, people with cash in this market have a lot of opportunity.

Not bad huh? I told him to keep an eye out in my area for homes before they go on the listing. I also had an investor contact me from a Back page add i have.
My HEAD LINE WAS , smart investors wanted!!
What cash investor wouldn't consider himself smart? They have to peak to see the rest of my add.

nice.job...lol...I like it...That is great...Congrats on finding that info out and I like your HEAD LINE...Very good...

Thanks Mark. I am still waiting for the investors to get back to me.
I atleast now have a connection in getting REO'S before they are listed for sale.
The best part about that is I was just trying to help the kid out. His Mom had told me he was really down because he worked to get his appraisal business off the ground and the market callapsed and he lost his office because there was not enough work for him. He didn't have many connections with the banks. But now he is booming and has offered to help me with the REO'S as he appraises them. cuts out the competition!! Now I really need to find a cash investor to back me. I can make offers to the banks before they go on the MLS. I had one guy contact me and ask me for my plan. I hope I made it interesting enough for him.
good luck.
I will update when I hear more.

Still waiting for both investors to get back to me, HOPEFULLY!
I keep getting red flagged on Backpage and CL, so I reposted again!
I figure i am not hurting anyone, so everytime I get removed I just repost. I was contacted 3 times before it was removed, so I am happy with that.
Also waiting for one other person to get back to me. That is the one i really hope to hear from. But I am going to keep posting adds and find some more properties.
Going into overdrive because I hate the fact that I didnt get something done yet with the amount of time and effort i am putting in. But I know it will happen sooner or later.

You can have anything you want in life as long as your willing to work for it.
No one is going to hand you success, you have to earn it.
NEVER GIVE UP!

Another 3 responses so far to my adds. I cant read them yet because of work but I will when I get home. I will send one more e-mail to each investor then move on. I dont know what could have happened, but I will ask them.

Really hoping to get a cash buyer behind me soon, So many good rental properties around. And I found a good flip in my neighborhood.It was on the MLS and sold, but I stumbled across it recently by accident. It is with a rea and she says the deal fell through and to make an offer because the bank may take less now. But its not listed on the MLS again for some reason. Needs to be rehabbed as it belonged to a senior who passed away. was listed for 200k.

Hello B.c. this is Mathew. Ive bought Dean's books, Ive read one and part of the other. I have taken notes highlighted all the important stuff in the books so far. I have put a lot of hard study in this. But this is the understanding that i need to know. That is on how to go through the financing process. Like after getting loans on a home, where do you go from there?

its mat again i forgot to mention, but a read the offering letter and i like it... you sound like you know what your doing, so i thought i would come to you for word of advice. if you have any information give me whatever you got for me, i can absorbe it like a sponge, and i surley do appreciate it...

sounds great Richie...So did the 3 investors that responded to you sound good as far as what you were looking for?

Any new developments?

Mark, 2 were people telling me to advertise my houses on a different site. It was friendly advise, but I was not advertising houses. The 3rd is a wholesaler that would like to talk to me . So I told ( I think they were a HER ) I would definately like to chat. I am waiting for her response as to what time is good for her.
My other investors havent gotten back to me. I have resent them each an e-mail to see if they are still interested in the deals i have.
whether they respond or not I will continue to look for more investors to pass my deals along to. It will happen soon.
Oh I tried to upload a picture of me but for some reason it came out like i am far away. I used magic resize and clicked on fit instead of 50% or 100%. any suggestions as to how to make it more zoomed like the original?
I told Rina I was not good at that stuff lol.

SMART RE INVESTORS WANTED!!!

Are you an investor that can close fast with cash?
I am wholesaling great deals that will net 30k and above ARV on a low end sale. I also have 2 & 3 family cash cow homes available now! COME AND GET THEM!!
I am also looking for a cash partner that is tired of loosing money on stocks and wants to make solid $ in real estate, I have the knowledge ,You supply the cash and I will do the rest!! Sit back and collect your $. I want to build a good honest working relationship where we can both prosper from the current market. more info to anyone interested.

That is one add I have out there. I recieved a few responses from that one.

That one sounds awesome...Nice job...If you get the chance, add the ads you have been talking bout in a post started by Angela called Internet Ads. http://www.deangraziosi.com/real-estate-forums/everything-else/19119/int...

Out of curiosity, do you have any houses under contract already?
Or just trying to build a buyers list?

No I dont have any under contract. I am bird dogging now. But I am going to try to have to lock a few up for wholesale .I just made contact with the other wholesaler I mentioned above. She has some cash buyer and we agreed to split profits on any deals I send her to offer to her buyers, that I will offer to mine and visa versa.
She gave me what they are looking for and what area's and prices. most want 65 cents on the dollar.
She also said she has found a great Lawyer that she will send info on.
So I am making progress slowly but it is coming together. Hard work is starting to pay off. Like most people I put in a lot of time, more then my wife accepts lol. But I am more determined to be successful at this then anything else besides being a good parent.
good luck all.
Richie.

ok, I asked REA to show me some more homes so I can decide what kind of bids I want to put in if any at all. I found one I have been following for a while that has now dropped the price big time, but I want to see the inside before I bid on it. For some reason it dropped 180k. It is an REO and in a so so neighborhood but would be a good cash cow at the price. Its a 3 bed 1 bath.Most likely needs to be rehabbed,but after i see it i can decide if its worth it and if i should wholesale or double close on it.
Once I put bids in I will start advertising them. The one's I don't get I will just remove the advertisement. It would be great to have them sold before i even close or get under contract.