Newbie - Chicago

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Newbie - Chicago

Remon Rasho
Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes

Good morning BP! First and foremost I would like to say that I'm grateful for this site and forums. My wife and I have recently become interested in investing in real estate and have been listening to pod-casts for months. A few months ago I found a mentor simply by calling on a bandit sign and asking the guy for help and although it isn't what I was hoping it would be, I'm grateful for his help and his sincerity.

Things have been slow going and I do wish things would move a bit quicker for me and now the clock is ticking. My wife came home with the sort of news you don't want to have to deal with, especially in today's economic climate. It isn't for certain, but she's being laid off in two weeks and will receive her last check on the 1st.

Guys and Gals, I will not allow this to break my family. However, I need to get my butt in gear, but how.... I don't have the money for marketing and I don't know what I'm looking for if I "drive-for-dollars."

I was looking at Joe McCall's program and how he'll call on "For-Rent" ad's in craigslist.org and so on, but at this moment I feel like all I have is information. I've got the gun, but no ammo.... I want to pull the trigger, but the round isn't chambered....

Could anyone please help me? I would love another mentor. Not that my current one is bad, it's just that I would love someone to truly... I mean truly take me under their wing and guide me! I'm eager, I'm hungry and I'm humble... I have a lot to learn and I'm driven by one of the, if not the greatest "WHY" known to man. Not to let your family down.

To everyone here, I say thank you in advance for all of your time and help. I say thank you for your consideration and I say thank you for your understanding.

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Account Closed
Real Estate Investor · Member since 2012 · 189 posts · 32 votes
13y

I must interject a li'l warning... it's REALLY EASY to get stuck in the study as the days pass by.

I'd strongly recommend figuring out a 14day plan on a 30day outlook of actionable tasks towards weekly, monthly deadlines/goals. By the time you know it, it will be July 1, and without a definitive course of action (syllabus per se), you may be scrambling and worrying that the time has flown by and you're not much further than where you were 60days ago with little to show for, but the ability to write a review or two and maybe even a bookreport on what you've read.

Joshua Dorkin / Brandon Turner is there a xx day (i.e., 30day) action plan in your Ultimate Investor Guide? I remember looking through it, but not finding such an action plan. Might there be any plans to create one (or get a poll on interest for such)? an action plan for each investor/strategy profile one might opt for (i.e., for wholesaler, for rehabber, etc.)

Starting off, it's realllllly too easy to get overwhelmed, spin your wheels, and get frustrated b/c you tried a li'l of everything, but nothing long enough to gain traction in any one direction/objective.

Hopefully, you have a detailed plan in mind or are drafting one to execute next week, if you don't already.

What are your measurable results to work towards in a step by step fashion to reach your goals? Better yet, what goals do you intend on hitting by June 1?

Much luck to you and your wife!

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  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    Just like we push through snow here in the Midwestern

    Here something, I feel you need to listen to beside our
    biggerpockets family podcasts :
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    “ Do or Die in 90 days “ parts -> 1 through 5

    www.nolimitsrealestateinvesting.com/blogpodcast/

    0Reply
  • Remon Rasho
    OP
    Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes
    13y

    Thank you for the suggestion "@"Jenkins ramon I've had that downloaded and have listened to it. So many good podcasts out there at times it's hard to know which to give your attention to.

    On a separate note, does anyone have any suggestions or tips for negotiating potential wholesale deals. I've read and now am now re-reading the suggested tips provided by BP. In all of my actions to move forward I hadn't thought of the actual call.... :-) or should I say, I hadn't given much thought to the negotiation of a deal that is... I'm researching book titles now. If anyone feels like sharing it would be greatly appreciated!

    Thanks again to everyone here!

    0Reply
  • Account Closed
    Real Estate Investor · Member since 2012 · 189 posts · 32 votes
    13y

    re: county records...

    have you tried calling the county clerk and asking them the cost for downloading (if that's an option) or at least getting mailed a list of records? I know the counties I've looked into provide that to the public for sale. You can also look into going into the county clerk office and manually looking up/printing a list of properties for your reference for a fee as well, if you needed to.

    lastly (in the realm of free-to-low-cost ways of getting county records), you might try going to reia's and/or connecting w/agents or title reps to see if they can help you out as well. i know ticor title (google them) can give you online/mobile access to look up properties, but you'd have to talk to a rep and/or establish a relationship with an agent who might be able to get you that access.

    anyway, congrats and keep at it!

    1Reply
  • Remon Rasho
    OP
    Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes
    13y

    Kelvin K. Excellent suggestion, as of today I have sent off over a hundred yellow letters and will continue to do so.

    This brings me to my next question. I have a data base of names right now and that has all of the pertinent info I need to mail these individuals, but whats the best way to track the actual people I speak with? Anyone have a system they find both inexpensive / free and effective at tracking sellers and the "file?" Thanks guys.

    0Reply
  • Wendell De Guzman
    Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Remon Rasho I use Zoho as a way to track my offers, who I talked with, etc. It's inexpensive. You can google "CRM" or "Customer Relations Management software" to research on what system to use.

    The key to succeeding in real estate investing is making a lot of offers. To do this, you need:
    1. Source of deals - the MLS can be one of them (get an "investor-friendly agent to work with you); vacant homes owned by out-of-state landlords is another good source
    2. A way to evaluate what the properties are worth (MLS, Zillow, Trulia)
    3. A quick way to evaluate the amount of repairs
    4. Source of buyers - below are some ideas for you:
    a. Google "we buy houses [your city]"
    b. local REI group (in Chicago we have the Chicago Creative Investors Association)
    c. Meetup groups
    d. LinkedIn
    e. Call on "We buy houses" bandit signs

    Make it a point to make 1 offer a day and you will be closing 1 deal a month (if not more).

    1Reply
  • Mike HurneyPro Member
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
    13y

    You guys in the Windy City know a friend of mine Jane Garvey? http://www.ccia-info.com/

    0Reply
  • Marlon Wilson
    Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    13y

    Hey Remon
    I would definitely suggest your local real estate investment clubs for great networking and deals for sure!

    0Reply
  • Dhane Crowley
    Los Angeles, CA · Member since 2013 · 27 posts · 3 votes
    13y
    Originally posted by Jason Vought:
    Welcome Remon. I too am a rather new investor, but I will share with you some of the things that have been helpful to me.

    1. This site has been great
    2. Find local REI clubs and attend meetings and connect with the people there! There are many in your area I'm sure.

    Good luck!

    I'm a newbie to this game as well, and co-sign Jason Vought insight here. I'm out in LA. I started looking for clubs on Friday, found one, and will be attending the first one this week.

    It's good that you CALLED that first bandit sign. I don't like talking on the phone, but I realize that in this game it's one of my most valuable assets. So choosing to CALL someone as opposed to emailing this is another area I would suggest people start at.

    Replace your unproductive habits with productive ones.

    Thanks again Remon Rasho for your question...

    From one newbie to another... lets GO GET SOME!!!

    0Reply
  • Dhane Crowley
    Los Angeles, CA · Member since 2013 · 27 posts · 3 votes
    13y
    Originally posted by Kelvin K.:
    I must interject a li'l warning... it's REALLY EASY to get stuck in the study as the days pass by.

    I'd strongly recommend figuring out a 14day plan on a 30day outlook of actionable tasks towards weekly, monthly deadlines/goals. By the time you know it, it will be July 1, and without a definitive course of action (syllabus per se), you may be scrambling and worrying that the time has flown by and you're not much further than where you were 60days ago with little to show for, but the ability to write a review or two and maybe even a bookreport on what you've read.

    Joshua Dorkin / Brandon Turner is there a xx day (i.e., 30day) action plan in your Ultimate Investor Guide? I remember looking through it, but not finding such an action plan. Might there be any plans to create one (or get a poll on interest for such)? an action plan for each investor/strategy profile one might opt for (i.e., for wholesaler, for rehabber, etc.)

    Starting off, it's realllllly too easy to get overwhelmed, spin your wheels, and get frustrated b/c you tried a li'l of everything, but nothing long enough to gain traction in any one direction/objective.

    Hopefully, you have a detailed plan in mind or are drafting one to execute next week, if you don't already.

    What are your measurable results to work towards in a step by step fashion to reach your goals? Better yet, what goals do you intend on hitting by June 1?

    Much luck to you and your wife!

    Do you have an ACTION PLAN you're willing to share?

    0Reply
  • Dhane Crowley
    Los Angeles, CA · Member since 2013 · 27 posts · 3 votes
    13y
    Originally posted by Wendell De Guzman:
    Remon Rasho I use Zoho as a way to track my offers, who I talked with, etc. It's inexpensive. You can google "CRM" or "Customer Relations Management software" to research on what system to use.

    The key to succeeding in real estate investing is making a lot of offers. To do this, you need:
    1. Source of deals - the MLS can be one of them (get an "investor-friendly agent to work with you); vacant homes owned by out-of-state landlords is another good source
    2. A way to evaluate what the properties are worth (MLS, Zillow, Trulia)
    3. A quick way to evaluate the amount of repairs
    4. Source of buyers - below are some ideas for you:
    a. Google "we buy houses [your city]"
    b. local REI group (in Chicago we have the Chicago Creative Investors Association)
    c. Meetup groups
    d. LinkedIn
    e. Call on "We buy houses" bandit signs

    Make it a point to make 1 offer a day and you will be closing 1 deal a month (if not more).

    Thanks for this rundown Wendell De Guzman!

    0Reply
  • Remon Rasho
    OP
    Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes
    13y
    Originally posted by Wendell De Guzman:
    Remon Rasho I use Zoho as a way to track my offers, who I talked with, etc. It's inexpensive. You can google "CRM" or "Customer Relations Management software" to research on what system to use.

    The key to succeeding in real estate investing is making a lot of offers. To do this, you need:
    1. Source of deals - the MLS can be one of them (get an "investor-friendly agent to work with you); vacant homes owned by out-of-state landlords is another good source
    2. A way to evaluate what the properties are worth (MLS, Zillow, Trulia)
    3. A quick way to evaluate the amount of repairs
    4. Source of buyers - below are some ideas for you:
    a. Google "we buy houses [your city]"
    b. local REI group (in Chicago we have the Chicago Creative Investors Association)
    c. Meetup groups
    d. LinkedIn
    e. Call on "We buy houses" bandit signs

    Make it a point to make 1 offer a day and you will be closing 1 deal a month (if not more).

    Thank you for the insight, any and all insight is always welcomed. Please do let me know if I can add anything here.

    I'd like to share what I've learned and accomplished along the way.

    Starting here, laying it all out and receiving the responses that I have have been invaluable. I've spoken with and met with some outstanding folks that have helped me (both indirectly / directly) with getting started.

    1.) I know I'm short on capital and decided to sell a few of my "assets" to get a few bucks to spend on materials and marketing.

    2.) Bought a ream of 20lb yellow (pale yellow) printer paper and scanned in a legal pad to mimic the look.

    3.) found a font that looks like hand writing and created a mail merge within word that'll write my letters for me.

    4.) Created a mail merge to print my envelopes.

    5.) Stamp'em and mail'em!

    I feel this may be child's play to most of you here, but I feel was a create way to save myself a few bucks and save myself quite a bit of time.

    Now on to the CRM software.... Thank you again @ Wendell De Guzman

    0Reply
  • Account Closed
    Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
    13y

    If you are going to follow the advice of hitting up REI Clubs, realize there are many more than just listed in this thread. I do agree you need to get out and network, but also be sure not to "waste" a seasoned investors time. Be ready, be prepared, and FOLLOW THROUGH with more than just talk/lip service.

    0Reply
  • Remon Rasho
    OP
    Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes
    13y
    Originally posted by ***********:
    If you are going to follow the advice of hitting up REI Clubs, realize there are many more than just listed in this thread. I do agree you need to get out and network, but also be sure not to "waste" a seasoned investors time. Be ready, be prepared, and FOLLOW THROUGH with more than just talk/lip service.

    Mind elaborating on how to navigate such pitfalls? I would like to think this is a matter of common sense and what I've been doing is just that, following through; however, appearances can be deceiving.

    0Reply
  • Remon Rasho
    OP
    Crystal Lake, IL · Member since 2012 · 24 posts · 0 votes
    13y

    Thought I would post this here. It's been over a month now and although I am closer to reaching my first deal, I have not achieved a deal yet. I am still very hopeful; however I'm just not there yet.

    As I've mentioned before, I am very.... very limited on funding / monies to use to market my business; however I did purchase a list of absentee owners ( a list of 500+ names) that I have mailed yellow letters to. I send out 100 at a time as the mailing campaigns are a bit costly for me at the moment.

    My question is this, am I doing something wrong? Each mailing has yielded approximately 3 - 7 call backs and I've only gone on 2 appointments. One of the appointments was promising; however fell through and the other was not.... Is there a better list? Should I be shooting for something that I am not? Are my tactics all wrong?

    It would seem this list of absentee (instate / out of state) all have renters in place and aren't really motivated to sell or do anything but wait.

    I would appreciate any and all criticism and or suggestions. Thank you.

    0Reply
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