I have been around this site for a couple months now and have yet to start my journal so I decided I might as well get on it. I don't feel like writing out every day for the last two months so I'll give a brief overview.
Began reading Dean's books and looking at ads on craiglist.
After finishing both of the books I was ecstatic to begin my investing career at the ripe age of 19 (If jeremy can do it at 18 surely I can do it at 19 lol).
I began calling all sorts of ads and reading my local newspapers. I found an agent to meet with from RealtyTrac. Unfortunately the agent seemed to have no idea about investing and told me that if I could find homes for 5-10% off FMV then I would be doing good. Needless to say I didn't contact that agent back.
Walked through a few homes and kept reading up on all the material there was. About midway through July I joined the success academy. I love everything about it so far. I call the coaches at least once every other day and sometimes multiple times per day. I wanted to make a few offers on houses but got nervous and waited a bit.
I found a 6 unit home to make an offer on. Unfortunately the day I made the offer was also the day the home went under contract to someone else. Oh well, life goes on right?
I was still looking for an agent and had met with a few that I didn't really like and weren't too impressive. I finally came upon one that was willing to try anything I wanted and said that he had only worked with one investor but would try whatever I wanted.
I had been looking at an REO that looked like a great investment opportunity. I made up my offer and told me agent about it. He said he was still in the process of making sure everything was legal (This was early last week). I told him that was fine because it had been on the market for a while.
When push comes to shove I have heard nothing but stalling from my agent about moving forward with the offers I'd like to make so I began looking for another one as well. I guess worst case scenario he has at least given me some properties to look at. So I took all of those properties and calculated their fmv's for practice and then calculated my offer price.
Yesterday I got an e-mail from an agent that specializes in working with investors and commercial clients so I setup a meeting for tomorrow. Then today another agent e-mailed me and is setting me up for some listings in the area as well.
I finally decided to stop wasting all my time with the other agent and did some investigating to find the listing agents of the homes I was interested in. I e-mailed a few of them and only two have responded so far. Out of 2 properties I had e-mailed about 1 was under contract and the was owned by an investor who moved out of state and is looking to get out of his investments here.
These were the properties I decided to concentrate on today because there were 3 of them. I decided that I didn't want to make an offer just yet on the 3rd but the other two I was fired up about.
Both of these homes are listed at 35,000.
So I began my research.
Home 1 needs some fixing up but has an ARV of about 85,000. I made an offer of 27,500.
Home 2 needs a little bit of work too but is only worth about 45,000. I made an offer of 22,100.
The agent just emailed me back and said he will take my offers to the seller.
On another note I just got two emails from two more investors in my area and added them to my buyers list. Giving me a total count of 23 possible buyers!
Today was one of the most productive days of my short stint in investing! Hopefully I hear back soon!
Success and Nothing Less!