Real Estate Investing!

Hello Again - http://www.dealmakerscafe.com Forums

Original message

Arlie

"Hello Again" , Sun 10 Dec 23:45

I just want to let everyone know that I should be able to get back into chatting with you guys here on the forum. I am coming into some time and money where I can start to invest in my marketing efforts to get the phone to start ringing off the hook. Matt I read one of your posts about people complaining about not having any deals and it was great. It really sums it up for us. Lynn, I want to thank you again for your input and the help you have given me in clearing the nervousness about REI.
Sorry for babling but I have missed you guys and wanted to let you know whats going on with me. Welcome to all that have joined since I have been away and have a great day. talk to you soon.
Oh one question: Does anyone have a good idea about how indepth I should research the comps on a property before making a decision to buy subject to? Thanks in advance.

Never doubt, just believe, and all things are possible.

Keep Smilin'
http://arlieanderson.homes.com

Replies:

Lynn
Moderator

"Re(1):Hello Again" , Mon 11 Dec 10:44

Welcome back Arlie!

As far as your question about comps I have a two part answer. You asked

quote:
Does anyone have a good idea about how indepth I should research the comps on a property before making a decision to buy subject to?

First you should not be wasting any time doing comps before you get the contract signed. I can not stress the importance of this enough. I see many investors who want to completely analyze the deal before they negotiate a contract. One of the investors on this very forum lost out on a subject-to deal last week because another investor beat him to it.

When a seller calls:

1. Set an appointment to meet with the seller(s) - as soon as possible - right now if they are home.

2. Make it to the appointment on time.

3. While sitting at their dinning room table, negotiate the best possible deal you can get and get the contract signed.

When you get home, after getting a signed contract, THEN you start your due diligence.

If you decide that it isn't a good deal then call the sellers and tell them that during your due diligence you discovered...the property isn't worth it, there are other liens, you discovered a toxic waste dump or Indian burial ground in their back yard, or what ever the problem is. You don't want to wait until the day before closing, but there is no problem with you backing out of the agreement if you find problems.

As far as the actual comps go, you just have to get enough comps to feel comfortable that you are making a good decision. You have room for error if you are selling on flexible terms because you will be able to charge a premium for the property anyway. If you were selling retail then you would need to be more thorough with your comps.

Did I say Welcome Back Arlie?

Happy Investing!
Lynn

Andy-MA

"Re(2):Hello Again" , Mon 11 Dec 17:16

Lynn,

Hi there,

You Said,

"When a seller calls:

1. Set an appointment to meet with the seller(s) - as soon as possible - right now if they are home."

I'm curious as too how much pre-qualifying you do over the phone?

You surely don't set an appointment with each and every seller that you talk to.... What kind of motivation level do you want to get before you make an appointment?

Just to let you all know, I have been lurking here for a few months now and this site is one of the best REI sites that I have seen. The comradery here is just great - so now I have decided to quit the lurking and to participate. I'm looking forward do doing my first deal as well - I've been reading about this stuff for over a year so now I'm determined to JUST DO IT!

Thanks again for the great site

Andy-MA

"The greatest waste in all the world is living below our potential."

Harold B. Lee

Lynn
Moderator

"Re(3):Hello Again" , Mon 11 Dec 17:32

Welcome Andy,

Glad that you have decided to join us, and that you are going to get started. Get started is the hardest part! Please feel free to post all of your questions.

You question is a good one. We recently had this question asked and Terry (Houston) had a great response. You can read the post and the responses at http://www.dealmakerscafe.com/forums/Forum1/messages/10209.shtml#0

Welcome to Dealmaker's Cafe!

Happy Investing!
Lynn

Andy-MA

"Re(4):Hello Again" , Mon 11 Dec 17:58

Thanks Lynn - That really helped....

Andy-MA

"The greatest waste in all the world is living below our potential."

Harold B. Lee

Arlie

"Re(5):Hello Again" , Mon 11 Dec 23:04

Hey Andy,
Welcome. I am basically in your shoes as well. Ihave learned alot but these guys here are the best and they keep the answers down to earth and easy to understand. Matt and lynn sometimes will even call pr email you to exp[lain further in depth answers to your questions.
You will have fun and they will keep you motivated to do the deals. We look forward to seeing the results of your hard work.

Have a great day.

Lynn,
Again you have offered wonderful insight strengthening my confidence and streamlining my work habits. My next course of action will be to work on my presentation and explaining my strategies to anyone who will listen so I can get it down cold. I am going to post any and all questions I can here on the board and look forward to their reply.

I will probably call or at least email you to let you know that I am off to my first appointment to close the deal. then comes the task of due diligence. I have spent so much on courses lately that I am about tapped as to investing into Bronchicks course that give me the forms and techniques of the subject to deal but I still have resources at carlton sheets that can help me work on this project also and they might be able to help me with these transactions. I need to do some research on this and will let you know what happens. Talk to you soon.

P.S. I have some scoop on the clipper magazine ads that I posted last night. I'm thinking when the time is right and when we can coordinate it we should all try to get an advertising rate reduction for the many refferals that could come from this forum. Just a thought but it could save a group of us some money and they seem to have a pretty good nationwide system.

Hitch your wagon to a star
-Ralph Waldo Emerson

Keep Smilin'
http://arlieanderson.homes.com

Dealmaker
Moderator

"Andy.. Non-lurker" , Mon 11 Dec 18:13

Andy!

Welcome to the other side!! A poster!

We're glad to have you participate on our forum. Let's us have your questions and we'll do our best to answer them. Are you currently investing??

If we can recommend anything for you, let us know.

Dealmaker

Andy-MA

"Re(1):Andy.. Non-lurker" , Mon 11 Dec 22:53

Dealmaker,

Thanks for the inviting welcome. To answer your question, Yes I am investing...though I have yet to complete my first deal...

Though I am investing much time in creating a plan.

Where I currently am:

1. I have purchased Bill B's L/O and Bulletproof Corp. courses.
2. I started my marketing scheme by putting an ad in the paper last month (paper runs 3 times a week - had the ad in all month - Had One call) - I also printed out some flyers to tape in the window of my car. I am currently out of $$ (have little debt - about 2k on a Credit card - besides my home) so I have applied for another CC to fund my marketing and to purchase a couple more courses.
3. I feel fairly confident in my abilities in approaching sellers and attempting to solve their RE issues - just need the sellers to come to ME!!
4. I have been to the local registry and feel fairly comfortable there (though I'm not sure where to locate the foreclosure filings???) Today I checked out the tax assessors office which was very cool.

So this is where currently am....I second your opinion on the Kiyosaki stuff - Reading RDPD over two years ago is what initially got me interested in RE - it is definitely a mind changer!

My wife and I are also about to have our first - she is due in February so this is a very exciting time in our live. My wife is very supportive of me and my RE endeavors - though it is not her #1 interest (like mine

) she does come with me to drive the neighborhoods and visit the registry etc...

Thanks again for the welcome and I will post any questions that I may have.

Andy-MA

"The greatest waste in all the world is living below our potential."

Harold B. Lee