Ramble

This was supposed to be a FH post but I rambled and didn't want to hijack the post so I stuck it in here. ^^^^^^^^^^^^
The only REIA groups near me are 2 hours away. I like the people and like the content so even though they are not in my market area, I will continue to go. There are folks that travel farther than I do for this certain group. We have had some fantastic speakers. (Most recently Ron Starr, Thanks Ron!!) The group that was in my target market area is no longer meeting. They were more of a group that wanted to pool money and form joint ventures in the go zone, nothing local. I couldn't find any connections for my team. I want to start my own club, but haven't done a deal and I think I wouldn't be taken seriously.

I have a super agent who has fallen on some hard times due to investments gone south. I like working with her. Other than having her on my team, I am having to search out the other players by myself. So far the local banks are a no go. Maybe I am talking residential when I should be talking commercial ??? I am not going to talk to title companies 'till I have something to bring them. I am thinking I will be using the bank's title company (focusing on REOs).

I haven't been able to scour the mls for cash buyers yet. I only have access IN the office 2 hours away. So, I've called the craigslist rental ads, the bandit signs and the newspaper ads looking for buyers. I found 2 that seemed good, one won't call me back and one said he has all the leads he needs and doesn't want mine. I think I will call him back when I have something, let him know I am serious. I drove by a rental open house and spoke with the owners who were not interested in more property. I then asked them if they were tired of landlording yet. The attitude said yes but, they said no.

I have offers calculated and ready to submit but I am afraid to pul the trigger without buyers. My friend Ginny found a deal, couldn't assign, had to buy her property and is doing the rehab herself (GO GINNY!!) I can't afford to do that.

My plan is to make 2 offers on REO's using coastal letter and my $2,000 emd's. Once I have a deal under my belt so to speak, then I will try to get private money lenders.

That's where I am at right now.

^^Copy of Jan. 16, 2009^^

I went to my REIA group meeting last night and listened to Jack Shea. Wonderfully creative ideas! He has a 2 day workshop this weekend on options and land trusts. Part of me wants to just "run what I brung" which means put into action what I have already learned. Part of me thinks that I need these strategies, they are the missing key for obtaining deals. I'm getting to know my market, I have my Realtor, have my MLS access, have my proof of funds letter.......needed: end buyer, end buyer funding, my own title company, viable exit strategy. I want to save my money for my emd. I'm on the fence.

I met a Money couple last night who have access to self directed IRA cash buyers! I asked them if they were interested in my market......They said YES! WOW!! That was too easy. I will be contacting them to see what they are looking for exactly. It was such a good meeting for me. Usually I wait in the back and watch everyone talk, they all seem to know each other. This time, I boldly walked in and introduced myself to everyone I met eye contact with and shook hands. There wasn't enough time to say all that I wanted to say. And It seemed to pay off....we will see.

I also met a guy who does loan mods for a fee....don't know how I feel about that. \

I had planned on researching the market to maybe nail down the value of a clean REO today, going to Jack's seminar this weekend, then Monday, start submitting offers. I have 86 properties that I am targeting. There were 97 but 11 have gone pending. I will be trying to find out if there's a way to see what was offered or what info is on the contract.....maybe I just have to wait 'till it closes....don't know....more learnin'!

oh yeah, the property in my backyard was listed for 2 days then pending. I spoke to the listing agent who told me the offer was over the listing price. good to know.
LATER!

Big Baby Steps

I don't know how to import and export blog stuff. Since this is kinda new, I will copy and paste. This is now my new current blog. from January 12, 2009
This is a copy of what I posted on the Flippinghomes website***
Hi All!
I went to my target zipcode today to research the county records. I don't really know what I am doing so it takes a bit of time. The clerks are probably burned out from so many questions and are not that helpful. Once I figure it all out, I am going to type up a tutorial as a public service! I'm trying to learn my market. I am not sure how to search for and find cash buyers that have closed in the last month, please help. Where do I look? I thought only the MLS had the info I was looking for so off I went to find an agent. I have been rejected access so many times by Realtors in the past, that I had stopped trying.

I decided to push through (be brave), took a deep breath and spoke to the "agent on the floor". I explained that I was trying to follow a certain model and asked if she would be interested in submitting offers, letting me write my own offers, occasionally showing me properties but mostly text messaging me the lock box codes and allowing me to work as her assistant for access to the MLS. She said, "YES!!" I had my best poker face on, I remained calm, inside I was jumping up and down! Major victory today!!

Tomorrow morning we meet at her office, she will log me in and I can share her office for the day and research all I want...WOW! Once we establish a relationship, she will allow remote access. Our MLS has a key fob top secret krypto digital code that changes every few minutes like a password. She thinks the only way to obtain a magical key fob is to be licensed. Why would you want to be a licensed assistant??? We are looking into it, do any of you Californians know MLS access requirements?

I drove all day and found one bandit sign with a local number. I will call it tomorrow. I always thought you needed the buyer before the property. (?) My big fear is to find the deals having only the Coastal letter and not be able to find the end buyer and not be able to close it myself. I just know there are a lot of folks in my same situation. I don't want to be labeled as flaky before I get to prove myself. I am not successful in finding a money partner yet.

I'm wanting to make offers off of the MLS on REO's , then "full service" wholesale to investor landlords ~ we have a ton of local banks. I have to know exactly what to ask of them so I don't mess that up.