what was the CATALYST for first deal? or if new what are you waiting for?

16 Replies

hi BP

I had an interesting conversation yesterday.

A lady called me from my zillow agent page. She apparently researched me bef calling.

She was inquiring on a property that I had recently sold, she was interested in investing but had cold feet.

When she found out I bought and what im doing with it, she told that she wants to do REI and been reading and watching. And has lost a ton of opportunities.

Her reasoning, is she is new... And the agents she was working for  with for YEARS were typical retail agents. Lost patience or didn't know how to find her the spread she needed. Or price point to low to bother... I hear it all the time!

"Now that I found you, I feels I have the confidence to start"... 

I said why? 

" you are experienced!"

Lol.... I understand though, she is divorcee, no child support, and I speak her native language.

Good thing is unlike my other newbie she already has all her ducks in a row. just need to start and the networking!!

--------

This triggered a though in my head!

What started my journey!??

I always wanted to do this, but when my mom was still alive, there are a lot resistance. I was 24yrs

I think my mom, who is an investor of all sorts of things herself, knew too much of the business, and had a fear.  She was also a control "freak" perfectionist, I would be doing it in the US and she in Asia ;p

When my mom, the support of our family, passed....... we all had to reassess our life.

and this is the path I chose. my family, "dad" was very supportive! and was a wealth of info. And my mom was a true teacher.. I had no idea how much I learnt by osmosis!

Updated over 3 years ago

Sorry to typos, on mobile ;( can't edit

I commend her for finding you and having the courage to communicate. I am new, so I'll answer your question: analysis paralysis has a grip on me. I find "deals", run the numbers through BP calculators. They are not excellent candidates to start my REI portfolio. I am waiting for a mathematically correct home. I am a numbers guy and a conservative risk taker. So, the numbers must support the purchase.

Originally posted by @Aaron Thivierge:

I commend her for finding you and having the courage to communicate. I am new, so I'll answer your question: analysis paralysis has a grip on me. I find "deals", run the numbers through BP calculators. They are not excellent candidates to start my REI portfolio. I am waiting for a mathematically correct home. I am a numbers guy and a conservative risk taker. So, the numbers must support the purchase.

 Don't waste your valuable time chasing rainbows,  keep the faith and keep moving forward.  If you stop, you are DEAD in the water.

@Chas Fabiano  I don't understand your chasing rainbows analogue. Are you suggesting that I am too conservative w my deal analysts? Can you elaborate?

I'm ready- show me a 3/2 w a garage in a 9 or 10 rated elementary school region for $100k price range w positive cash flow in jacksonville, Fl , and I'll buy it today. 

@Chas Fabiano  In re-reading my post, that last paragraph sounded snarky... That was not my intent.  

From a very young age my goal was always self employment. Real Estate seemed to be the most logical stepping stone to reaching that goal.

Originally posted by @Aaron Thivierge:

@Chas Fabiano  I don't understand your chasing rainbows analogue. Are you suggesting that I am too conservative w my deal analysts? Can you elaborate?

I'm ready- show me a 3/2 w a garage in a 9 or 10 rated elementary school region for $100k price range w positive cash flow in jacksonville, Fl , and I'll buy it today. 

 Aaron, I'm with you - it's a little tough to find a solid property in a better neighborhood.  I've done some properties that are a bit more than that range but the numbers aren't nearly as sexy as some of the lower end stuff.  But neither me nor my property manager are likely to tolerate lower range tenants well either.    

@Aaron Thivierge 

Update 

Met her today. At a property that listed today!!! and we are putting offer.

I have to say, bc she is like you, so easy, she just needed to see the house, and it made the cut. She also has analysis paralysis.

She has LLC, $$ already curing ;) check in hand, proof of fund all ready.

Wow. If only my other investor were as prepared.

@Jennifer Lee   SO cool ! maybe you can turn her on to this forum, this BP education! I hear a lot and read a lot between the lines in this thread.  Both you and the buyer displayed many characteristics that produced great results. Thank you for sharing.  Truly, it has been an encouragement and inspiration.  

@Carter Melvin  

 @Aaron Thivierge 

I couldn't add Carter in previous thread.

Try to find a truely investor friendly Realtor that will educate you on the market.

Today, she already did market research, even though the house was listed 2 hrs before we saw it. She knew her numbers. I just needed to reaffirm them. She is new to seeing the work needed to be done, but I was there to help her and direct her.

And I think just hearing me confirm her own knowledge was catalysis enough to want to pull the trigger. I didn't expect an offer today.

Of course no promises on my side. I think this will be a bidding war. 

But i always advise my client. Have your unemotional #. We lose, we walk, next!!! You need to find an agent that doesn't need your income to live on LOL IF YOU KNOW WHAT I MEAN.

When u bid, put inspection contingency if u have any doubt.  just because you have a number it doesn't mean you will get it. You never know who you are dealing with on the other side. 

Getting your feet wet in some not so good deals also builds your negotiations skill. Learning what point allow you to walk away is also a learnt skill.

So when it comes to something you really want it won't be your first negotiations ;)

@Jennifer Lee  Ohhhhh I like all of that... Eloquently stated. Thank you for taking the time to educate. 

Originally posted by @Aaron Thivierge:

@Chas Fabiano I don't understand your chasing rainbows analogue. Are you suggesting that I am too conservative w my deal analysts? Can you elaborate?

I'm ready- show me a 3/2 w a garage in a 9 or 10 rated elementary school region for $100k price range w positive cash flow in jacksonville, Fl , and I'll buy it today. 

 It sounds like you just wanted to do a deal and stray away from the discipline that you have learned.  When the CORRECT property comes along you will be ready, that's what I meant.  No harm...no foul.  I want to see everyone have success.  Say bye to the rat race and rush hour road rage.

For me it's all the lead up into getting the business together, connections made, funding in place, book keeping software, SEO keywords.....seems like the list just goes on.

Part of my struggle has been a personal one (we are trying to move south, quitting the old job, having a baby -YEAH!) but I really feel like I'll have the minimum number of boxes checked here in a couple of weeks and be able to get a solid deal lined up and ready move on.

Going to need you all to hold me to that - OK? :)

Travis - Funny to hear someone anywhere in FL talk about moving further south!  Congrats on the baby!

@Carter Melvin  - Thanks!  Super excited to be a dad and the closer it gets the more excited we are getting.

Makes it even more important to get deals inked and housed turned.  "Baby needs some shoes and Momma needs some teeth!" 

 @Aaron Thivierge 

Upate: we found a decent deal for at 60% of value, we put offer in that day.

seller decided to play games, and we are not playing, 

They rejected our offer to go fishing.... and multi bid now. our offer was fair, good luck to them,

And I am happy she was willing to walk too ;p not emotionally attach.

Well, one offer under her belt..... moving on....

…look at 100, offer on 10, close on 1…keep on moving on.  

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