Hello everyone My name is Rick and I bought DG's "BAREM" about a year ago and loved it. I currently work in the finance industry so I had some knoledge of current markets and idicators but the info and tatics I got from the book were excellent.
Dean's book was the first I read on RE investing and thought that they would all be this way. Well as many of you know by now they aren't. I read another book by some other author who has a TV show that was given to me by brother inlaw that was well....left one wanting.
Ok so agian about a year ago I knew trouble had already hit the housing market (I'm from New Jersey) so my strategy was going to be find great deals on foreclosures or preforclosures with a buy and hold strategy.
I started the research myself and found a few good deals but nothing great. Finally I found the one I wanted. It was in preforeclosure for about 50% FMV 200m owed on a FMV of 400m.
I feel selfish about this, because unlike most starting off, cash was not the problem. I set a plan in place and found a private backer to 100% finance any deal I found with a 50/50 split to start. Well this house several times got delayed at auction. I sent several letters to the home owner asking if they were interested in selling. No response.
So I moved on and made a list of about 50 houses that were in PF that I sent letters to the current owners. 0 response from any of them. On or about 9/08 I got discouraged and completely stoped looking or sending out letters.
Well I'm back. My PI had reached out to me asking if I had been looking at all. So I am. I'm taking a new tatic not strategy. I'm looking at REO's with the same strategy of buy and hold unitl we make it through this mess.
IMO we still have about 8 solid months of a down market give or take 2. But along with doing my own research I'm working with an agent who I've known for a while. I'm going to make it happen one day at a time.
I hope to update this journal on a daily basis but more likely a weekly one. Please feel free to post and let me know if any of you are from my area and whats working for you. I will do the same.