For the past two days, we've started getting on the lines and calling people. Mixed results. Some of the investors we called (we found their info on bandit signs) were very friendly and interested in being on our buyer's list. We exchanged information and hope to do business together some day. A couple people seemed to have the attitude "Why on earth are you calling me?" ... oh well.
We made some calls about a few good looking wholesale properties in our neighborhood of choice...but the properties were already sold. No biggie because we made a contact and will learn of other properties in the future. Plus, this is mostly about getting over any reservations about calling people and also building our buyer's list.
We're also going to be participating in Tim Winder's 'Inner Circle' coaching for the next 60 days which was a benefit we received from the Foreclosures Daily investing system. Looking forward to talking to the experts!
Next up - calling about some REO properties.
Wednesday, August 27, 2008
Monday, August 25, 2008
Driving for Dollars
On Sunday I spent 40 minutes driving for dollars...in other words, driving to key neighborhoods of interest to see which homes were for sale, looked abandoned, etc.
I went to one neighborhood and was floored by how many empty properties there were...it wasn't a rough neighborhood (or ghetto as some would call it). In fact, this is your typical South Florida middle class neighborhood....but I wrote down about 10 properties of interest. Some were clearly foreclosed properties - a couple had code violation stickers all over the windows so I'll have to make some calls to see what the scoop is on those.
Other homes had For Sale By Owner so we'll definitely give those a call this week. And lastly, there were a few that were for rent supposedly but it looked like the owners didn't care spend too much time caring for the property because the grass was SO high. We'll call them too...perhaps they really just want to get the property off their hands!
I also wrote down the phone numbers on a handful of bandit signs. We're hoping to establish contacts for our buyer's list and this should be a great way for finding them.
I went to one neighborhood and was floored by how many empty properties there were...it wasn't a rough neighborhood (or ghetto as some would call it). In fact, this is your typical South Florida middle class neighborhood....but I wrote down about 10 properties of interest. Some were clearly foreclosed properties - a couple had code violation stickers all over the windows so I'll have to make some calls to see what the scoop is on those.
Other homes had For Sale By Owner so we'll definitely give those a call this week. And lastly, there were a few that were for rent supposedly but it looked like the owners didn't care spend too much time caring for the property because the grass was SO high. We'll call them too...perhaps they really just want to get the property off their hands!
I also wrote down the phone numbers on a handful of bandit signs. We're hoping to establish contacts for our buyer's list and this should be a great way for finding them.
Getting organized
This past weekend was all about getting organized. We put together our business plan for the real estate investment business...it really helped my husband and I think through our vision, goals, and approach (structure, resources, marketing plans, buying and selling strategies). This will also be helpful to show to potential private lenders so that they know what we're focused on.
We signed up for a voicemail service with Got Voicemail - it has some great features. We opted for a local number instead of an 800 number and we'll see how that pans out.
We've also purchased our first set of bandit signs from SuperCheapSigns.com. They have some great templates for real estate investors and have good prices. Not sure if they're the absolute cheapest, but I'm yet to find anything for less so if you're reading this and have suggestions, I'm open!
Anyway, we're focusing on signs for attracting investors as well as sellers. We've learned about a lot of different messages that have been successful for other investors so we're not recreating the wheel. We're trying the simple 'We Buy Houses' as well as the 'Handyman Special - 40% below market value' approach. Hoping to have those signs before Friday so we can get them up on Friday evening.
Today I will print out some business cards so that we'll have that on hand whenever we need them.
We've called real estate agents that we've worked with in the past to let them know that we're looking for properties to invest in - mostly pre-foreclosures and bank owned properties...but essentially if there's a motivated seller then we have something to work with. A good friend of mine is a realtor so we're looking forward to working primarily with her.
By the end of the week I'll also have some ads up on Craigslist.org so we can begin getting the phone ringing.
We signed up for a voicemail service with Got Voicemail - it has some great features. We opted for a local number instead of an 800 number and we'll see how that pans out.
We've also purchased our first set of bandit signs from SuperCheapSigns.com. They have some great templates for real estate investors and have good prices. Not sure if they're the absolute cheapest, but I'm yet to find anything for less so if you're reading this and have suggestions, I'm open!
Anyway, we're focusing on signs for attracting investors as well as sellers. We've learned about a lot of different messages that have been successful for other investors so we're not recreating the wheel. We're trying the simple 'We Buy Houses' as well as the 'Handyman Special - 40% below market value' approach. Hoping to have those signs before Friday so we can get them up on Friday evening.
Today I will print out some business cards so that we'll have that on hand whenever we need them.
We've called real estate agents that we've worked with in the past to let them know that we're looking for properties to invest in - mostly pre-foreclosures and bank owned properties...but essentially if there's a motivated seller then we have something to work with. A good friend of mine is a realtor so we're looking forward to working primarily with her.
By the end of the week I'll also have some ads up on Craigslist.org so we can begin getting the phone ringing.
Getting started!
I'm excited about starting this blog...for one, it will really serve as a great journal for my husband & I to see how our real estate investing (REI) business grows. Secondly, I'm hoping it will eventually serve as an inspiration or good resource for others who are interested in REI or are currently investors who are looking for new ideas from others.
Our adventures in real estate started several months ago when my husband & I decided that we wanted financial freedom and that this was one of the best ways to accomplish it. I'm glad to have a partner in this business. We're able to divide and conquer and bounce ideas off each other. Sure there may be some challenges in working together since we're married, but hey there's nothing better than this because we know and have complete trust in each other. We've been married for 9 years and have two young children - a 7 year old and a 4 month old baby....our sincere hope is that our real estate investing venture will secure a solid future for them and even their children. No point of being prosperous if you can't be a blessing to others!
Anyways, we started an LLC for our business and have taken care of the basics such as getting a business checking account so we don't mix funds.
We are highly motivated to get things going ....we just attended a 4-day REI workshop hosted by Foreclosuresdaily.com. It was our second training with them...the first was a Short Sale Boot Camp. We only attended 2 of the days but it was very informative. The key presenter was Tim Winders (TheFreedomEquation.com) and we wrote down tons of great notes to get us going and more importantly made a decision that we were going to get laser focused and stick with it.
Nike had it right when they said 'Just do it!' Success is all about getting started, gaining momentum, and perservering through the challenges.
We're definitely going to need to establish some mentors and a solid coach as we progess. For now, I am finding a lot of great tips and inspiration on the following Real Estate Investing blogs:
FlipThisWholesaler.blogspot.com
TheREIBrain.com
Mustknowinvesting.com
TheFreedomEquation.com/blog (Runnin' Down a Dream)
Ok...let's do it!
Our adventures in real estate started several months ago when my husband & I decided that we wanted financial freedom and that this was one of the best ways to accomplish it. I'm glad to have a partner in this business. We're able to divide and conquer and bounce ideas off each other. Sure there may be some challenges in working together since we're married, but hey there's nothing better than this because we know and have complete trust in each other. We've been married for 9 years and have two young children - a 7 year old and a 4 month old baby....our sincere hope is that our real estate investing venture will secure a solid future for them and even their children. No point of being prosperous if you can't be a blessing to others!
Anyways, we started an LLC for our business and have taken care of the basics such as getting a business checking account so we don't mix funds.
We are highly motivated to get things going ....we just attended a 4-day REI workshop hosted by Foreclosuresdaily.com. It was our second training with them...the first was a Short Sale Boot Camp. We only attended 2 of the days but it was very informative. The key presenter was Tim Winders (TheFreedomEquation.com) and we wrote down tons of great notes to get us going and more importantly made a decision that we were going to get laser focused and stick with it.
Nike had it right when they said 'Just do it!' Success is all about getting started, gaining momentum, and perservering through the challenges.
We're definitely going to need to establish some mentors and a solid coach as we progess. For now, I am finding a lot of great tips and inspiration on the following Real Estate Investing blogs:
FlipThisWholesaler.blogspot.com
TheREIBrain.com
Mustknowinvesting.com
TheFreedomEquation.com/blog (Runnin' Down a Dream)
Ok...let's do it!
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