All Forum Posts by: Cory Rogers

George,
Welcome to BP. I am in the San Bernardino area. I found an REI which has meetings in Corona every last Tuesday of the month. I just found them. I have not visited them yet. They charge $25 for each meeting or $197 a year for all of their meetings. We are in the same situation. I have some knowledge from reading and following some gurus, but it isn't enough. I strive to continue learning everyday. I get 6 hours of sleep a night and balance many responsibilities. I love real estate and I know I will make it, but it definitely takes persistence, an open mind, and the ability to get through some trials. I own a tri-plex. That's it. I just started marketing for wholesaling using bandit signs. My next jump is direct mail. I also just finished a real estate course and will be scheduling my test with the DRE. I just felt like that was the right thing to do. No need to worry about gurus and whether their information is true or workable, but I felt like gaining the facts was more important to me. Plus it will give me access to the MLS. Finally, I'm looking to get immersed up to my neck in real estate. The best way to do it in my opinion is to just do it. Even that can be difficult, but withy license I can get mentoring from a real estate office, continued education (free) and I should get my immersion when I'm doing the agent thing full time.

That is the just of it. We should get together. Email me. [email protected]

IE investors, is anyone interested in meeting up and creating a type of support group, meeting of the minds?

BP, a few questions:

1. How are you stopping the TB from recording their interest in the property, what does your disclosure say? Assuming you decide to keep a property under the option to lease option and hold onto it for whatever reason ( maybe to exercise the option later for a profit on the back end) if the TB doesn't exercise it.

2. What criteria are you looking to lease option? Are you specifically looking for wholesale properties, or are you considering homes that are underwater?

3. If you are getting the TB to pay for attorney fees, closing cost etc... Is this in addition to the your assignment fee?

4. How are you setting the buyer up in the future to have at least 3.5% down payment assuming it was say an FHA?

5. I have heard of things like charging a little more for rent, and premium cost for doing LO since you are helping people that really desire a home. Can anyone elaborate on these concepts? Is this market a kind of market where these ideas shouldn't be considered?

Thank you in advance for all your help.

Hello BP it is a great day to be an investor, even better if I were full time!

SITUATION:
I spoke to a woman who is looking to get rid of her house. She gave me a call to find out what I could offer her. Can you please give me some advice. Here are the facts:
4 Bed
3 Bath
2 Story
2043 sq fr
12,588 sq ft lot
The property has not been updated, but according to her it has been kept in great shape. I did see the outside and house and garage are in great shape.
She owes 330k (refinance) and told me that she wants 400k. I already told her that based on the surrounding comparisons that the house is worth 300k at best. That is a rough estimate based on a quick look. I told her that I may not be able to help her and suggested that she speak with a real estate agent. In the end though I told her that she may end up paying about 15% closing cost which roughly may be 15k (again rough estimate-cost for REA, buyers requested repairs and appraisal, and inspection fees). With that said she may be paying this out of her pocket. Just did math turns out it is 45k.

QUESTIONS:
So, I told her that there are other solutions that I can offer her. My thoughts are a "subject or assumption to". Is there any thing else that I can do to offer her a solution that anyone could think of? I can't wholesale it, there is no equity, right? Maybe a wrap around but I'm not looking to get my own financing for this place. Possibly a lease option so that I can in turn lease option it to someone else. Please offer your suggestions. I would greatly appreciate it.

Additional notes* on the left there is a run down mobile home park and on the right an HOA community with newer homes. Zestimate is 322k, built in 1910.
Couple is wanting to rent an apartment to ready themselves to leave to another state in the next year.

Welcome Eric. I'm new here too. I am located in the inland Empire. Doing my best to make my dreams a reality. Good luck and hope things develop for you. I

Thanks Ron. That is great advice and also very helpful. I will definitely look into that. I was listening to Joe McCall and Sean Terry a lot. Not sure if they are considered gurus or not, but they both spoke about sending letters to the heirs. I've never seen an example of the letter though.

Michael,
Yes, they are all hand written. I heard they have a better response rate. I just got a call from one of the signs just before writing this. She wants 400k for an old house dated 1910. I'll have to pull some comps, but zillow has a zestimate of 323k. I screwed up a bit because I have to remind myself to build rapport. We only talked for a moment and it was simple and straight to the point.

Update:
I put out only 25 signs in high traffic areas this last weekend and got no responses. I know I said I was going to post 100, but I barely had enough time to do the 25. Just a little note: it is hard to tell the whole story in a one little blog. So, I work 12 hour days 5 days a week. I put the signs out Thursday night causing me to get only 3 hours sleep. I believe in investing whole heartedly. I want to breath it, eat it, live it. I believe there is a process which is why I am trying to figure out what "YOU" ( the investor living the dream) is doing to be successful. Going off on tangent, sorry! So, I put "we buy homes, sell your house fast, sell your house in 48 hours or less, you have tried the rest now try the best- all cash offers, #1 network for all cash home buying specialist." Just trying to get creative. So, I didn't get nothing. I picked up the signs on Sunday might before the city gets them. Next weekend I will so the same thing. Next I'll send some direct mail. A little at a time since I don't have a lot of cash. I was thinking about targeting people going through probate. Questions:

1. What can I say in a letter respectfully and without callous to marketplace this group?
2. I wish that I could wave a magic wand and people would call me and I can wholesale, but since this is a continuous process of diligent marketing and patience (perseverance), what might some of you suggest so that I can get into the investing market full time ASAP?
Notes* keep in mind I'm working on obtaining my real estate license. Another week and I'll be sending required paperwork to the DRE to test. I have a tri-plex, no equity there. I have considered rehabbing and hard money loans. Any suggestions?

Thank you. It is awesome to hear that. When I was marketing before I had a lot if free funds, but I was working in Iraq. I would stay up really late so that I could talk to sellers on the phone. I got a lot of un-motivated sellers, but I enjoyed the fact that I was making progress in learning. Fast forward to now and I don't have as many funds, my time is tied up in 12 hour days, but my dedication never waivers. Sometimes I wonder though if the bandit sign concept or slogans are something that worked then and not now. Which is why I was asking. One thing for sure though is once I get a deal, I may really be asking a lot about the contract and procedures- disclosures etc... Talking does not make me nervous, but the contract process does. I'm not one to run from fear so no issues there. Just for the record; I never say I can't do something, but always ask how I can do something. So the support is outstanding and very much appreciated.

Regards

Thank you AG. I actually had two questions.
1. What criteria should I be looking for? You answered it, thank you. Basically I have to know what I am looking for then get some ideas from listsource.com.
2. Where is the best place to get the list? Free is always great, i.e. title company, but is that list good enough?