Boldness is rewarded

Well, I wish I could say I have found a buyer for the Hallett property, but I have not. I had a serious buyer lined up, but she was going to use hard money and the lender has cut back on his LTV (to 60%), so the deal became too expensive for her. Oh well. The website and ads I have posted have helped me pick up about a dozen more potential buyers, so it has not been a total waste of time. I have gotten with some other investors I know and have them spreading the word to their lists, so hopefully something shakes out. I still get leads from my ads, so there is some potential there as well.

Now, for the boldness stuff. In the grand scheme of things, this is probably not all that bold, but it has been a step for me. I am sometimes too laid back and go with an attitude of if they say no, I move on and too often I seem to present things in a way that make it easy to say "no". I have recently begun taking a slightly different approach. Now I have been going at this business with the attitude "what's the worst they can do, say no?" and this has paid dividends quickly. Too frequently I have offered prices that I think the buyer will accept, not necessarily the price that works best for me. Now, I have still gotten good prices, but not nearly as good as I may have been able to. Recent actions have gotten me different results.

On Friday I got 3 properties under contract, 2 are cash flowing already and one is ready to go.

Duplex (rented) - Duquesne, PA 15110

Single-family (rented) - Braddock, PA 15104

Single-family (vacant) - McKees Rocks, PA 15136



All of them are under 50% of ARV and I did not go higher than $18,200 for any of them. I had another offer accepted at $16k for a duplex in need of work, but the seller is looking for far more hand money than I am willing to give. However, we only got to this point because I kept at it on trying to work something out. I am not creating anything revolutionary for investors, I am just seeing how I can get better results by making small changes in my mindset.

I currently have 4 properties that I am trying to sell and they have all gotten some amount of interest. I just need to get these sold and my stress level will go waaaaaay down. I have not had the results I would like so far, but I am on the right track, I can feel it.

I have the opportunity to partner up with a mentor of mine that should do wonders for my lead generation. It will be a bit pricey compared to what I have been spending on marketing, but if it pans out the way we think it will (300-500 leads in 30 days), then it will e money well-spent.

I will keep you updated (while I keep my fingers crossed).

Come On!

I work my numbers, I talk to my agent (who is an investor) and I talk to other investors and they all say that this house is a no-brainer deal, yet nothing.

I have the property sent to 3,000 other "investors" and I get (still only) 125 hits from that group. Ugh.

Maybe this will help...I am a member of the Virtual Deal Factory community (by Mark Evans DM and Damian Lanfranchi)and Mark is a real estate mentor of mine. Each day on VDF there is a new video on the home page and today Mark promoted my deal BIG TIME! To see it, got to the Home Page and in the drop down box select Webisode #86.

If a guy who has made millions in real estate says it is a no-brainer deal, then I am not imagining things...IT'S A GOOD DEAL. Someone else (with money) needs to realize this. So far I have gotten one inquiry from this so far today, I am keeping my fingers crossed for more, but it only takes one, right?

I have gotten a couple other inquiries from other marketing, but still no takers (including the buyer who stood me up on Friday).

Keep plugging away.

Umm, yeah...

This has me scratching my head. I am part of a real estate investing group that consists of somewhere around 3,000 "investors". I use this term loosely because there does not seem to be much activity going on with these people. I (and a couple other investor buddies) have suspected as much, but now it seems to be pretty clear.

As a benefit of being a part of this group, when we have a deal to market, they will send out an email to everyone. So, the property that I mentioned in an earlier post (great investor location, good price, low amount of rehab, etc.) has hardly even been sniffed by this group. Because I had my doubts about how many of these people are active investors, I created a BudURL for my property page and had it put in the email this way I could track the hits just from this group.

Maybe I am expecting too much, but from a list of 3,000 investors there have been about 125 hits...4%. This seems rather low considering this group paid anywhere from $5,000 to $7,500 to attend the classes and become a member of this group.

At the end of the day, while I am not looking to hold anything right now, closing on this myself is not the worst outcome. I should be able to cash out about $10k and clear $150-$200/month, I would just rather have a fast payday...give me nickels now and I will work on collecting dimes later.

Have a Great 4th of July!