Chris McPherson's Journal

Chris McPherson's Journal

Very new to this site and am definitely inspired by the content and stories of success so far. I am based in Brooklyn, NY and have just began my journey with the Real Estate Academy. It would be great to hear from some other Brooklyn based investors! So here we go!

__________________


BK all day

Hey Chris welcome to the family

Whats your story???


My Story

Thank you.

I moved to the US from Australia four years ago 'chasing the dream' so to speak. I came straight to NYC from Melbourne which took some getting used to but here I am 4 years later. I'm in the restaurant business and just feel the need to expand into something different. I've always thought about Real Estate but never taken the time to get my hands dirty. When I came here I wanted to get out of my comfort zone in Australia and now I want to get out of my comfort zone for my future and see real estate and Dean's coaching as a vehicle for it. I'm nervous, anxious and excited all in one as I'm sure many people here were when first starting out.


Motivated!

I've just completed Deans book Profit from Real Estate Right Now and can't wait to get going. It's been about 2 months since I saw his infomercial and decided to go for it. I must admit I was skeptical but the more I learn the clearer it becomes. I'm looking forward to starting Make Millions in Real Estate as I'm curious about these 'magic buttons' that are mentioned. I started with the Real Estate Academy just over a week ago and have learnt a lot so far and am really motivated to get this going. This week I'm going to set my corporation up and get my business cards printed.


Lets get up sometime

Chrismcpherson912 wrote:
I've just completed Deans book Profit from Real Estate Right Now and can't wait to get going. It's been about 2 months since I saw his infomercial and decided to go for it. I must admit I was skeptical but the more I learn the clearer it becomes. I'm looking forward to starting Make Millions in Real Estate as I'm curious about these 'magic buttons' that are mentioned. I started with the Real Estate Academy just over a week ago and have learnt a lot so far and am really motivated to get this going. This week I'm going to set my corporation up and get my business cards printed.

Chris, welcome to the beautful and sometimes ugly world of real estate; if ever you have a question about anything, feel free to contact me

Let me know when you want to get started and what you plan on doing


It's been a slow week this

It's been a slow week this week due to wedding duties in an area with no wireless so am a little behind schedule for where I want to be. On a positive note I registered my business name. I'm planning on doing Assignment transfers to begin with to build up some equity then move into foreclosures and cash flow options. Foreclosures and seller financing, leasing etc is still a mystery but I'm looking forward to learning more about these areas. I also joined a real estate investor group here in New York. I'm a little stuck for areas to focus on here in New York. The cheaper areas seem more appropriate for low income families wanting to buy a home but crime is often high whilst the up and coming areas seem too expensive for this technique.


Week 3

Well slowly but surely things are seeming to take shape. Business cards -check. Recorded greeting - check. Business name set-up, check. I have joined a couple of real estate investment groups which I find a little nerve racking the thought of going to the meetings for the first time. Introductions were never my strong point. I'm about a quarter of the way through Deans second book and am continuing to learn different aspects each day - I just wish there were more hours on the day at the moment! This weeks focus for me is creating and posting several online classified ads. Next week is print and flyers so I'm interested to start testing the different marketing techniques and start to build my buyers and sellers list. It's still all a little surreal but each day I have more and more belief in this. Reading all the success stories here is really motivational I have to say!


Business cards arrived and I

Business cards arrived and I made my ten calls to investors - holy moly. Talk about a pit in your stomach. Some were welcoming and others not so. I did get an invite to join a RE investment club so that's a plus and also an investor willing to look at any offers I bring him and pay a bird dogging fee or do an assignment if it's viable. I posted my first classified ads and received a message almost instantly to my excitement - unfortunately it was from my own cell accidently in my pocket - gutted (but amusing Smiling) No success thus far so will have to try a different approach and areas. Flyers to go out this week to local areas.


Taking the time to read back

Taking the time to read back through the inspirational journals and stories on this forum is truly a motivational tool. Seeing and reading stories such as Carol Stinson's really do put things into perspective. They too started from somewhere. I'm still new at this and studying my tail off, eager to get that elusive FIRST DEAL but I have faith that if I keep on track that one day my story can provide inspiration for a future budding RE investor. I really haven't taken the time to think back that only 6 weeks ago I sat in a park and began reading PFRERN feeling stuck in a rut and without direction. Work was the same old day in day out - I now have a challenge on my hands! My worst habit or trait is (or was) procrastination. I was always an "I'm gunna do" type. Doing the action items in the RE Academy course have made me break out of that procrastination shell which is priceless. Here I am using lingo and words I never knew existed 6 weeks ago. It really is impressive how much you can achieve when you focus. I'm excited about the next step - 'Finding the Deals!"


First one's not far

I have found an agent and broker and am eager to get going to making some deals. I just want to get out there and do it! I'm not having much luck attracting investors but have joined the REIA of New York which sounds like a great place to meet people and network - I wish the next meetings were tomorrow! I've tried a few different approaches on Craigslist and Kijiji so if anyone has a secret ingredient for the New York area PM me! There's so much to learn - the deeper I get the more I want to know about but I really want to do it now - I feel like an excited kid chomping at the bit, so hungry for that first deal. Fear, anxiety, excitement all in one. I'm working on my website to get it working for me 24/7. I went for a ride around a neighborhood I'd heard of but never taken any interest until I saw the houses out there! Wow! Tree lined streets, detached houses in an upcoming neighborhood and only minutes from Manhattan. Found some FSBO signs and will definitely keep the area on the radar. Can't wait to bike through more potential neighborhoods and start making offers. First deal isn't far - I can feel it!


Points??

Call me ignorant but I keep seeing these points and medals under certain names? What's this about?


Hi Chris

First - welcome to the DG family and the exciting world of real estate! Sorry I missed your journal until now. Reading through I can tell you are on a bit of information overload. We all start out that way! There are just so many options to make money in RE that it takes a while to find the strategy that works best for you. But it sounds like you are well on your way with your cards, marketing, going to RE investment club- way to go!
As far as the points and medals....everytime you post you earn points. They are used for time to time for credit towards things Dean offers - like going to his yearly live event in Phoenix. Points turn into dollars Smiling The medals are given out by those that moderate the site. As they follow your journal and see you share alot, do deals, etc. you will see them appear. Little ways to acknowledge the work and partiipation of site members Smiling
Look forward to following your journal - all the best to you!


Thanks Laura for shedding

Thanks Laura for shedding some light! Big help. Yes I have been in an information overload but am seeing more clarity and focus with each step and am confident it will continue. Reading over your journal entries and the follow ups is really motivational! One of my goals is to get out of working nights in the restaurant industry and you have proven with focus and determination it can be done Smiling Congratulations on achievements and I look forward to hearing about more. And thanks for the encouragement!


Well I have some investors

Well I have some investors willing to work with me!! Finally got some bites. I also have a couple of agents working with me - one upstate in a college town where there is a shortage of housing for students which sounds promising. I'm doing a flyer drop this week to build my retail buyers list so we'll see if that works.


Organized!

With countless papers and workbooks, post it notes, Deans books covering every inch of my office I decided to give it a make over and am feeling much more organized! Amazing how cleaning can relieve stress and give focus - now all I need is a plant LOL! Eye-wink
Turns out that my accountant is very knowledgeable about the NY real estate market so a bonus there! I've contacted my attorney to try for 2 out of 2 so fingers crossed. Not sure if it's karma or coincidence but while I was watching Dean's weekly blog after organizing the office an investor called and wants deals on a slightly larger scale than I intended but he's on my buyers list!
I had a momentary set back putting out flyers yesterday with the wrong number on them!! I'm glad I caught it when I did so back to the computer and have printed up more. Time to hit the bike and pin these babies up!


Ouch!

I have just received my first slap in the face from an agent that doesn't seem to have a lot of faith and I apologize in advance to any employees of McDonalds and Denny's!

"Hi Chris,

Not to be offensive, but every McDonalds worker, Denny employee and wanna be rich person is doing the same as you are thinking about doing. I know, I know the letter you sent has been sent to me about 2000 times over the last 12 months everybody and his sister is going to be a real estate mogul and has “hundreds of thousands of dollars” is “cash” available at their disposal to buy these properties and flip them.

I understand the market is tempting and you want to do something .. but unless I see a bank account of 500+ thousand dollars available funds there is no conversation or work on any property.
Too many people use this form type letter about buying a selling 20 properties over the next 12 months… it is most probably not going to happen."

I can't wait to have that 500+ in my bank account........... then take my business elsewhere Eye-wink


Thats real....

Chris,

What he said is what most re agents in the boroughs that are doing well are going to say to you.

The reason is because there is so much competition, among first time homebuyers and cash investors, that to put a house on hold for someone who doesn't have the cash, but is looking for someone with the cash is risking missing out on a commission.

I have argued this point time and time again that NYC re is unlike any other and that the rules that are the norm mostly don't apply here. I've talked about this issue with my fellow DGers and how I am personally reluctant to work with assignment deals only because I have instant access to cash buyers who can close immediately instead of having to wait 30-45 days.

I think your best bet is to find an agent that is willing and able to do what you want or mostly find a younger less experienced agent who's willing to spend the time, or more importantly, has the time. Most of the agents I know know of assignments and have tried it, but most have not had clients who were able to close and lost out on getting paid and chose not to continue. Plus, like myself, they have their own network of buyers and don't need the option of assigning clients.

Don't let this get you down. Just find the 'team' that is best for you.

Hope this helps


Hey Chris

First, congrats on all the action you are taking...and dont worry about the letter from the realtor. Although I must say it was very rude...I'm surprised they even took the time to answer at all! Just another point about this business. There is alot of rejection and no's to get the yes' and success and you have to keep your eyes on the prize! Like Elix said - move on to the next and you will find the right people for your team.


Well yesterday was a reality

Well yesterday was a reality check for me and I have to admit I went to bed pretty bummed. I know to look past this and there's going to be plenty more along the way but I was walking around the restaurant I work in last night like a deer in the head lights thinking, "what am I doing?" The butterflies and pit in my stomach came racing back. I kept telling myself water off a duck's back but it just niggled away. But - another day is here and if New York has taught me anything it's to dust yourself off and get back out there 'cos if I don't somebody else will. Thanks for the comments to put things in perspective - I buy wine for a restaurant, create the list. Not all types of wines fit the restaurant. Expensive Bordeaux for example doesn't work in the restaurant but it's still great wine. I just have to search and find the team that's right for me. I'm in contact with a young Agent from upstate that invests herself and they also have offices in Brooklyn so hopefully we can connect on some level. On another note, this minor obstacle gives me reason to look at different techniques to use here. Elixbrown, I have a couple of investors on my buyers list that pay cash, would I use a Double Closing with them?


Chris

Stopping in to say hi and see how things are going. Glad to hear you dusted yourself off and are keeping the perspective of moving forward and finding the right RE path for you to take. Its not an overnight process. So be prepared by keeping your focus on success - and keeping your persistence strong, maintain your self confidence in making this a reality, and look at every step of the way as a learning experience and turn it into something positive. DO NOT let fear and negativity beat you down!


Hey Laura, All's well -

Hey Laura,
All's well - thank you. Hopefully I'll have some success to share with you shortly!


It's been a while since I

It's been a while since I was here but it's good to be back and see familiar faces, and great to put a voice to a face seeing you all interviewed for Dean's latest video! I hit the streets hard this week armed with flyers and an enormous role of packing tape - this time with my 'sellers' flyers. Funnily enough I managed to find 6 new cash buyers ready to go! I attended my first Real Estate group meeting in Manhattan which was great to meet other people face to face to bounce questions off and chat in general. At first I was hesitant as I can be shy in this sort of circumstance but everyone was great. They gave a seminar on raising capital that was pretty amazing to see first hand how creative these people are to get the property they want - no matter the circumstances. I met people and listened to their roads to success and left the meeting so motivated I couldn't sleep! I was up at 4.00 on the sofa getting more and more info on a college town one of the investors I met at the meeting mentioned he was buying in. The next day I contacted two agents and am waiting to hear back to find out more info on the town, average rents, the better areas etc. I called into the DG help line to discuss options for buy and hold with no money down. All in all a positive week - and all this despite having my phone stolen then my credit card on separate days! You gotta love New York!! Eye-wink


congrats

Hi Chris

read your blog for the first time. My husband and I are going through some of the same things you have 9instead of wrong number on a flyer we got wrong zip code on the biz cards in re print for monday). I'm hopeful that a networking event that is being held in area will lead to many deals. I think I may start blogging for our are which is New England. Thanks again for the inspiration.


Hey Deb and Bud, sorry to

Hey Deb and Bud, sorry to hear about the zip code issue but good to catch it sooner than later. I'll be keeping an eye on your progress - good luck with your action plans and keep pushing yourself to take the next step!


This week has been busy!

This week has been busy! Work is crazy, the launch of Deans SFL and all the other everyday happenings we all deal with, I've finally locked myself in the office and have watched all the videos and listened to the conference call and have to say am really excited about what's going on. Can't wait for my SFL package to arrive. It's a fair chunk of change for me right now but looking at it form another angle and breaking it up into a weekly cost I can save that by riding to work and the payoff potential is HUGE! The benefits of having access to that sort of software will only speed things up to reach my goals. I have faith and trust in the DG incentive.
After sifting through countless agents I have struck up a relationship with 4 that I can speak to on my level. All in different areas and even states in one case. I was originally looking for a college town but after chatting with the agent she told me there isn't enough housing here for the new oil companies moving into the area from Texas - OMG! Just like Deans book! The stars have aligned! My pulse started racing and I hit the internet to do some research and sure enough - OIL! Even felt like I struck it myself. Now I have a focal point to take the next step. Can't wait Smiling


Chris

Great reading and catching up on your action! SO happy for you and all that you're doing. Its only by taking the action that anything gets done and you are burning it up right now! Keep it up!


Thanks Laura - really feel

Thanks Laura - really feel like I'm getting somewhere here and as you said, only from taking action.
Spoke to a fee agents in the 'oil' town discussed earlier and am planning a trip there to look at some properties. Can you believe one agent was asking me to buy land and build there as there is simply not enough homes right now. I checked out raw land in the area and there's 20 acres up for sale from a motivated seller. I'm new this so baby steps for me but if anyone wants more info PM me.


extremly motivated

Hello and God Bless to all DGF.My Name is Steve, I am from California and I Just recieved A copy of Dean's book "Profit From Real Estate Right Now" I am about 3/4 of the way done with the book and I am so eager to get started I have already been posting ads and using some of the techniques from the book but am having trouble finding Cash buyers even using ads.I would love to join the academy but am strapped for cash at the moment.I understand how these strategies work I just don't know if I am using them in the correct order if any.Maybe Someone could help me by letting me Know the best way to get started or to let me know I'm on the right track. Big Thanks to everyone.

Steve.


Thanks

Chris thank you for posting your Journal it has helped me put what I have been learning from the book in place and gave me a pretty good idea of where to start.Thank you Chris Steve


G'day all DG'ers. My eyes

G'day all DG'ers.

My eyes hurt from looking at my computer screen for so long - I feel like a kid on Christmas morning with this new SFL software. I entered in my criteria in the search pipes to find cash buyers in the area and I now literally hundreds of buyers contacts to sift through - powerful stuff! My squeeze pages are live and I'm ready to develop my core web page, lots of 'online lingo' there!
I had a bit of a nibble this week helping a work friend to find a property. I came across a house in foreclosure in the area she was looking for that needed a bit of work but plenty of equity in it. I spoke with the agent and my friend went out to see it and loved it. A quick call to the DG support to clarify a few things on foreclosures and then I called the agent. Turns out there were a couple of cash offers in already and we missed the boat. But he gave me another address and the experience of the whole thing did my confidence a vote of good.
Watching the DVD's from the EDGE 10 are out of this world - I'm itching to get out there and the hidden tips are brilliant! The lease options blew my mind! MORE LEARNING Eye-wink I contacted a few agents in the college town I found out about at the local RE club and have lists of potential properties to hunt through. I'm looking at a buy and hold to get the ball rolling. I contacted a local bank that offers 80% LTV and no seasoning at 80% value. Not a bad start but I'll keep shopping for comparisons. I also found a RE attorney in the area that deals with assignments if I want to use that option. Now I have to head off to work - really wish there were more hours in the day on days like this. As Dean said, "with clarity comes energy" Smiling


It's been a while since my

It's been a while since my last post. I had a friend from home come and stay for a couple of weeks which was great. I haven't seen him for a couple of years so playing tour guide was a lot of fun. New York is such an amazing city to take visitors around while seeing new things for yourself. The Seinfeld cafe was a hit and the Buffalo wings definitely hit the spot! Now I'm back into the routine and have been busy learning the SFL program and watching all the EDGE Dvd's. So many great tips - inspirational. I found a new agent in Pennsylvania looking at property in a college town. Small steps to start to learn the ropes and have positive cash flow. It's a 4 hour drive and will be good to get out of the city and see a different part of the country. She has sent me a list of property that have been on the market over 90 days, motivated seller, etc which I plan to narrow down to look at 5 on my trip out. I had a FSBO contact me from the Craigslist add and went through the one liners. Another first out of the way. I called FSBO property just for the practice of listening and asking the right questions. Practice makes perfect! My LLC is all set up and ready to go and visited the bank to officially open my business account. I contacted banks in the Williamsport area and for home loan options, seasoning details, LTV rate and have an pre qualification application in as I write this. Next step is to view the properties and to learn more about hard financing. Thus far hard financing goes straight over my head so if anyone has a 'hard financing for Dummies' contact let me know! Looking back at my last post it's pretty similar to this! Sorry for repeating myself. Next post will have more progress forward.


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