Weekly 15 Hour Investor Schedule

[Just Information]

Started working with this schedule in 1994 and did this for 12 months without fail and now I no longer have to hunt for deals, they now come to me.

I get around 3 to 4 deals faxed to me every day, I get an average of 17 calls per day and 48 emails per day.

I call this "OPT" Other Peoples Time. Deals come to me! This will save you time and money!

You may need to adjust to your life style.

Monday - Mail, Fax, or email Advertisement at least 15 letters to lenders and at the end of the 1st month you will have contacted 60 lenders. You will then start getting lenders to send you their lists before Anybody else. (takes about 30 minutes)

Mail, Fax, or email at least 10 letters to Realtors, Contractors, Real Estate Attorneys, etc and at the end of the 1 St. month you will have contacted 40 Leads producing sources. You will then start getting Leads & business contacts. (‘takes about 30 minutes)

Search Internet sources for Leads (‘take about 1 hour) Study real estate related educational material (take about 1 hour) This I still do!

Tuesday - Spend day networking with realtors, bankers, credit unions, mortgage companies and all others you come into contact with (spend about 2 to 3 hours)

Wednesday - Go through newspaper for homes for rent, FSBO, Homes For Sale, Legal paper listings and searching neighborhoods and drive by. (‘spend about 2 to 3 hours)

Thursday - Court House Research. (‘spend about 2 hours)

Friday - OFF - My Family Day - Wife day

Saturday - Inspecting Properties & Make Offers (‘spend about 2 hours)

Sunday - Inspecting Properties & Make Offers (‘spend about 2 hours)

“Working smarter, not harder = Financial security”

[Luci Marcum]

That is absolutely fantastic! Thank you so much for posting this wonderful information. U ROCK :SM040:

[JerseyGirl]

Hello Everyone :SM005:
I am a new person to this board & to real estate investing, I've just gotten started as a bird dog here in the Southern NJ area

I love this schedule and I'm wondering if this would work for new people as well? :SM006:

Also, is it necessary for noobies to have fax numbers & 800 numbers?

If so, how would we go about finding the best deals?

I have limited funds at the moment, so I'm trying to figure out how to maximize exposure so that I can gain experience (and profit) without breaking the bank before I even get started!

Any suggestions?

[REIaddicted]

Hello Everyone :SM005:
I am a new person to this board & to real estate investing, I've just gotten started as a bird dog here in the Southern NJ area

I love this schedule and I'm wondering if this would work for new people as well? :SM006:

Also, is it necessary for noobies to have fax numbers & 800 numbers?

If so, how would we go about finding the best deals?

I have limited funds at the moment, so I'm trying to figure out how to maximize exposure so that I can gain experience (and profit) without breaking the bank before I even get started!

Any suggestions?

This schedual will work for anyone. These are great guidlines to to make a habit of so your business will grow.

You don't NEED the 800 or fax to start, it just makes it a whole lot easier. You can try Callwave as it has a fax, answering machine so you won't miss those calls. If you have a scanner, then you can also scan, upload and fax through call wave. It is pretty cheap as well. :SM056:

[Dan Auito]

Tee I have posted this before but will put it here for you as well. Also the link in the free e books by Jetton has a real estate jobbing book there for bird doggies!

Finding the Deals

• Place this classic ad in your local paper’s real estate section to appear on Sunday: If you can afford to run 7 days a week, then you won’t miss any sellers who need to act fast, Negotiate with the newspaper for a better rate.

I buy properties.
Will pay a fair price w/small down pmt.
Quick closings call (your name) @555-1212


• Start calling for “sale by owners” out of the classifieds and ask them all the questions you can up to the point that they have had enough or you find that it is not of interest to you or to schedule to meet them at the property to further investigate. Note: If they are difficult to talk to on the phone, they may be difficult in person – brace yourself!

Your script to use when talking to sellers (see breakdown for insights):

1. Do you own the property?
2. Why are you selling?
3. How long have you owned it? How old is it?
4. Are there any problems with it?
5. Can you tell me a little about the property?
6. When can I see it?
7. Whatever else you want to know, ask!


Breakdown

I. Do you own the property? If yes, now I know to go further.
If no, well who is the owner?
The following are possible answers with some possible conditions:
1. Out of town owner – unfamiliar with current market conditions
2. Incompetent to negotiate – power of attorney
3. Passed away/executor of estate – quick sale, legal authority
4. Real estate broker or organized selling entity – it may be overpriced.
5. Bank officer or foreclosure agency personnel dept. – lower your offer
6. Sophisticated lease optioning reseller/investor – big bad wolf! Are you alpha dog material? Are you smarter than the wolf?
7. Yes - go to the next question





II. Why are you selling? These are some of the biggies:

1. Divorced – Often 2 parties must agree, distress sale, “don’t wanters”, bad memories
2. Death – Executor, quick sale, high emotions, be considerate, tactful, caring
3. Relocation – quick sale, quick closing
4. Downsizing, “empty nesters” – maybe will agree to owner finance? Ask.
5. Moving to larger home – they will wait to get their price; price may be high due to new demands but not always.
6. Looming foreclosure – willing to negotiate, takeover payments, make up delinquent payments
7. Have a new home, need to sell this one – quick and in a bind
8. Was a rental, I’m tired and want to cash out! Probably sophisticated but may be a serious “don’t wanter.” Hint: Ask if they have any more rentals for sale!

The more you know, the better you can solve for the problem. Ask subsets of questions to understand more fully.

III. How long have you owned it? How old is it?

1. A long time – possible large equity, maybe owner financing, ask!
2. A short time – no equity, a reseller, rehabber (fixer-upper), divorce, transfer, lost job?
3. After 1978 – no lead-based paint disclosure required
4. Before 1988 – financing may be fully assumable, ask!
5. 30 years or older – inspect electrical, plumbing & heating closely, professional home inspection is a must!
6. How many people have owned it? Why did you buy it?
7. 50 years or older - difficult to finance
Statistically, people move on average every 5 years.

IV. Have there been or are there any existing problems that you know of?

1. “Well, yes, it has _____.” - you must decide if you want to deal with it.
2. “I don’t know”, “I’m not sure”, “I don’t think so”, just little things – get a signed disclosure statement and a home inspection. They may be concealing defects.
3. “It’s not mine” – go back to the first question if you missed it or they lied.

These questions begin to either interlock with previous questions or contradict them. Use these questions to cross check previous questions and answers, to develop your gut feeling, get clarity and root out deception! (Use all your scripts with this in mind.)



V. Can you tell me a little about the property?

This is the catchall. When you ask this question, be quiet and let them fill the voids of silence. Bite your tongue, ask open-ended questions that get them talking. You’re not looking for yes or no answers. You want their rambling life story. With this question, you may get the whole story, the true facts behind the sale. It’s one more chance to get them to volunteer information. Invoke the ASK principle and learn more – probe! What, why, where, when, how, who, anything else I should know? Ask.

VI. When can I see it?

1. Schedule it for daylight hours and don’t go alone. Bring a knowledgeable assistant for evaluation purposes and safety.
2. Try to see it as soon as possible! If it’s a good deal, it will be sold before you ever get there. Don’t get beat - push to see it quickly!
3. Schedule as many as you can and see more than one while you’re out if possible. Don’t forget your street finder, newspaper, notes, offer sheets, phone and flashlight.
4. Call the reverse listing phone operator. If you have a phone number, they will give you the address. Use your street finder to go straight to the property and see it immediately. Beat less educated hunters.

Don’t get sucked into an auction atmosphere.

VII. Ask anything you want. If you have any further questions that need to be answered, now is the time.

P.S. If you are selling, have your answers ready and be prepared to answer
The same questions, as they will be similar to the ones you asked above.


Back to hunting!

• Look at bulletin boards, local papers and small independent publications. This goes for every publication you get. Make sure you get one of the first copies off the press. Go to the facility that houses the presses and get your copy before the ink has a chance to dry. Let no one beat you to the punch.

• Better yet, advertise yourself and get people who are thinking about selling to call you before they actually tell the world through an ad.

• Look at the legal section of the newspapers. Contact heirs, attorneys and sales in the garage or estate sale sections. Also, 20% of people who have garage sales are planning on moving soon. Ask about the house or their neighbor’s homes. Always keep your antenna up!

• Your odds of success increase when you choose large population centers and remain in the market constantly on the lookout for your type of deal.

• Look for vacant houses, run down, fire-damaged, abandoned, with city notices evident. Talk to the neighbors of these homes. They usually know who owns it and what is going on. They have an interest in seeing it restored to beauty. It sure is a shame you can’t look in the mailbox to see who is receiving mail at the property in question – wouldn’t that be easy?

Don’t be afraid to walk up to a property and look in a window to confirm that it is indeed vacant. Don’t endanger yourself by getting bit or shot! Use common sense. Contact out-of-state owners through property records, by letter and/or phone. Leave your cards on the door!

• Oreo stands for Other Real Estate Owned. Make friends with your local lenders and let them know you are the one to call when they have a foreclosure looming or in progress. Hint! If you will Pre-qualify with lenders beforehand they may call upon you sooner. Pre foreclosure then Auction, if not sold at auction then it goes back to lender as O.R.E.O.

• Again, watch the local paper for foreclosure auctions, tax sales, HUD and VA listed properties. Note: Auctions held in bad weather where the property absolutely must be sold, are your best chance to limit competition and get property at rock bottom prices, due to the fact that there is no low limit on what can be accepted (no reserve) you may win big.

• Real estate agents are going to try to sell you something! When you approach them be very specific with them and tell them to only call if they have an absolute steal. Ask agents to give you those expired listings, since they couldn’t sell them. Suggest a 2% commission if they will assist with closing the paperwork after you make the deal with the seller on your own.

• Don’t be so selective. If the property is an absolute steal, lock it up and sell it to somebody who does like to work with that type of real estate. Condos, trailers, residential lots. Get the option and hand it off to another buyer. Look for distressed sellers in addition to distressed property.

• Post fliers everywhere – colleges, laundromats, shopping centers, bowling alleys, public bulletin boards, churches and local businesses. Wherever large numbers of people congregate, give them a chance to give you a lead on a hot deal. (I.e. I pay $500.00 to you at closing if I buy a house that you told me about! Do you know anyone who is selling property? Please call [your name] at 555-1212.) Print quality business cards.




• Join organizations of all types. The sky is the limit. There are so many –just pick the ones that you would be interested in truly being a member in and let it be known you pay bounties for consummated (closed) deals.

When you use headhunters, leave out no one. Property managers, moving companies, relocation services, neighbors, landlords, tenants, the mailman, the paper boy, gardeners, landscapers, service technicians, pest control people, friends, acquaintances, relatives and other investors. You name it! Everyone should know they can make $500.00 if you end up buying a property they tell you about – enlist your army! On commission, only pay when you close the deal! Give each of your soldiers stacks of your cards for exponential growth.

A special note here: Water, Gas, and electric company personnel who shut off
utility meters can be very good bird dogs, when it comes to finding property that
is in trouble or vacant. give them those bounty cards below.


• I suggest you have at least 10,000 business cards made with your offer of the $500.00 bounty and hand them out in stacks to everyone you can.

• As you grow, you might consider T.V., radio, phone books, billboards, street benches, bumper stickers, bigger commissions. Use your imagination.

• Put up signs telling people you buy real estate.

• Make multiple lowball offers on overpriced properties and walk away. Don’t deposit earnest money but they may stew on your offer and call you a month later accepting your deal. Leave the offer with them.

• Older people should not be left out. They are very valuable informants. They know everything and need people to talk to! Listen to them.

• Go to free seminars on real estate. Not only to learn about real estate but also to capture names and circulate amongst real estate minded people. Once you have their names, call your own club meeting and network to prosperity. Find your mentor here.

• Go to where people are buying those “by owner” signs. Ask them what they are selling. Follow them home and get the first look! Be first or lose the deal.

• Try offering 15% less than what you intend on paying. You never know – they may accept it. If they don’t, you can still negotiate up to 15% more and get it for what you originally were willing to pay. Any higher, walk away but leave the offer on the table (the offer stands).

• Make your offer easy for the seller to understand. Get the option to buy but use a contingency to protect yourself. Iron out the details later but lock it up now!

• Buy from sellers who tend not to care: seized, foreclosed, tax sales, corporations, non-profits, disinterested heirs, probate attorneys and private auctions.

• Try just helping someone to sell his or her property even if you don’t want it. Be a friend and offer to help for nothing in return. You will be amazed at what happens when you sincerely try to help with no thought in mind of making money. This is a magic bullet in disguise.

Those are some of the basics of advertising and finding the opportunities to buy real estate below market. The old saying goes, you make your profit when you buy, not when you sell.

[JerseyGirl]

Thanx so much Dan! :grin:

[REIaddicted]

Sounds like a plan! Ok last question for today (I think) how can I get myself an avatar? :cheesy:

P.S. I've been reading your posts REIaddictive, and they're very good! :SM049:

Thanks you so much Tee :cheesy:
In the previous post I meant to say the phone time is $20 for minutes. Depends how long you talk but it evens out to .10 a minute.

For the avitar, go to profile and you will see a spot to add an avitar with many to choose from or upload one of your own.

[REIaddicted]

Thanx everyone....heeheeeeee :SM087:
Tell us how it is going? inquiring minds want to know?

lisa

[Brian NC]

JohnMichael wrote:


Monday - Mail, Fax, or email Advertisement at least 15 letters to lenders and at the end of the 1st month you will have contacted 60 lenders. You will then start getting lenders to send you their lists before Anybody else. (takes about 30 minutes)

Mail, Fax, or email at least 10 letters to Realtors, Contractors, Real Estate Attorneys, etc and at the end of the 1 St. month you will have contacted 40 Leads producing sources. You will then start getting Leads & business contacts. (‘takes about 30 minutes)
This may be kind of a dumb question but I am a newbie. What advertisement are you mailing, faxing and emailing to lenders and what kind of lists are you getting from them?

And what letters are you mailing, faxing and emailing to realtors, contractors, RE attorneys, etc., and what kind of leads are they giving you?

Thanks!

Brian NC

[Dan Auito]

Here's an example of a couple general prospecting letters, you really have to craft your own though based on your specific talents and abilities.

EXAMPLES OF PROSPECTING LETTERS, YOU MAY CONSIDER

DO YOU WANT TO SELL THIS PROPERTY FAST?
Greetings. I hope this letter finds you doing well. Let me get right to the point:
I buy houses fast – any area, any condition.
I am not a Realtor and I DO NOT want to list your house. I want to BUY your house. My wife and I are private investors who purchase property in the (the town of interest) area for long-term investment.

• In most cases, we can close in only a few days.
• We could pay quick cash or take over your payments
• We can evict existing tenants if necessary
• We can handle:
- Pretty Houses
- Ugly Houses
- Trashed Houses
- fire damaged
- Little Or No Equity
- Whatever your real estate problem is – I’ll a find solution.
• I will not hassle you. I only want to buy if you want to sell.

If you have already sold this property, or if you are not interested in selling then please disregard this note and accept my apology for any inconvenience. If you want to get this property sold quickly and easily without spending any more money on repairs, taxes, or bad tenants, then I look forward to your call.

Sincerely,

Bill Jones
Office 1 907 xxx-xxxx
Fax 1 907 xxx-xxxx
Servant Mgt Group
www.magicbullets.com

Second letter

Your next letter might read something like this:
Date

Name
Address
City, State, Zip

RE: Your Home Address

Dear: Name

I am interested in buying your home at (Address).

My wife and I purchase homes in AS-IS condition and can close very quickly if we can agree to a mutually agreeable and moderately discounted price. We are not real estate agents and we do not want to list your home…we want to buy it.

I am a real estate investor and purchase five to ten properties per month. If you are interested, the entire transaction can usually be completed in just a few weeks and we can be flexible on when you need to move. If you are in foreclosure, behind on payments or need access to the funds more quickly, I am able arrange that as well.

THREE EASY STEPS:

1. Call me directly at xxx-xxxx and we’ll discuss the details by phone.
2. We’ll set up a time to view the home.
3. If we can agree on price and terms, we’ll put it in writing that day.

If you’re in a difficult situation, have too many repairs, behind on payments, have no equity or even owe more than the house is worth, we can still help. There is absolutely NO situation that I haven’t seen or problem that I am unfamiliar with. Call me any time day or evening, you can reach me at xxxxxxxxxxx(office) during the day or xxxxxxxxxxx(cellular) at night and on the weekends.

Thank you.

Sincerely,


By using research services such as Dataquick you can find the eager sellers at home.
Dataquick’s number is 800-950-9171 (general number) or 800-372-5373 x 2999 for this particular service. www.dataquick.com. Have them email you every owner's name & address for all the non-owner occupied houses in your city. You may get 1000,s of leads in the Format of your choosing.

- SFR & Duplex
- Owner address is different than the subject property address (probably landlords or vacant).
- Two separate lists: one with county Appraisals $80k and below & a second list of properties appraised $81k-$150,000k.

Contact these absentee owners by mail, phone, fax, postcards, e mail or any other method you may have at your disposal, get your offer to them and answer those replies.

O.K. Gang let's add to the letter file above! :praise:

[Just Information]

Dear REX,

I noticed that your listing has expired for your property located at 836 CONCORD AVE in Greene County and the listing agent may no longer be marketing your property.

We may have some interest in your property.

I believe there are several reasons that properties fail to sell:

Property price
Market conditions
Repairs not done
Marketing
Bad listing agent
I am confident we can help you with your property at 836 CONCORD AVE.

Please call us if you have an interest in discussing the purchase of your property.

[Just Information]

Dear William Goodman,

I noticed in the public record of Greene County, that a foreclosure action has been filed against your property at 00001 East Sunset and you may not be aware of this. If this is the case, We urge you to contact your lender, to clear this issue promptly. Your property is at risk.

Perhaps we can help; We are serious real estate investors with experience in the foreclosure process.

If we may be of service in this matter, it would be our pleasure to do so.

You may contact us at (xxx) xxx-8776, or by email. We look forward to your reply.

We handle all the paperwork and pay all closing cost.

You get a quick response with no hassles, no pressure, and your worries will be behind you.

Don't wait until it's too late! You deserve a fresh start! We can keep the foreclosure off your credit records.

CALL US TODAY to find out how I can help.

Sincerely,

[Brian NC]

I appreceate these letters to potential sellers from both of you. Thanks!

Another question for JohnMichael. Those letters deal with potential sellers. I am not sure that addressed my original post which was:

What advertisement are you mailing, faxing and emailing to lenders and what kind of lists are you getting from them?

And what letters are you mailing, faxing and emailing to realtors, contractors, RE attorneys, etc., and what kind of leads are they giving you?

Sorry if I am mistaken. I would really like to implement your strategy but I need to make sure I know exactly what you are talking about.

Thanks!

[Just Information]

Let me ask you my friend a few questions?


What would you want from a lender in your advertisement request?
What would you want from a realtor in your advertisement request?
What would you want from contractors in your advertisement request?
What would you want from attorneys in your advertisement request?
Think about this before you respond, read all the post on this subject, sit down, and ask your self what do you want from these professionals as an investor?

[Brian NC]

Heck, if I knew that I wouldn't have asked. I'm just a dumb newbie. :biggrin:

[Just Information]

You are not dumb:SM032: - shoot you be a real estate investor - we be smart folks.:smiley3:

You are doing just fine, but you caused your self what is called investor block.

What I'm doing with you is helping you get out of the "BOX" the normal way of thinking.

Your most successful people just simply do not think right.

I want you to ponder the questions more and than share, your thoughts and you never know what you will learn in the process.

[Aldo]

This thread is of no personal interest to me and, after glancing at it, I was going to move on. My plan was shot down when I saw the phrase "dumb newbie". What's that all about? Brian, you are one of the smartest newbies in the whole world. You recognized the fact that you have a lot to learn, as all of us did at one time, and sought out a place to get answers to your questions. If more newbies did that, the world would be a better place for landlords and tenants, alike.

[Jeff Harris]

I'm new too and have gobs of "stupid" questions so I'm sort of kibitzing on other people's question and answer threads to learn what I need. So keep talking! And thanks a lot!

My main man Jeff here folks. We just gained another great person on the crew :smiley21: Welcome to the site Jeff, we'll get you going buddy! Dan

[travellinmike]

I'm new too. I have samples of the type of letters and ads from other REI courses I've bought over the years. My question (stupid or not) is this. What do you do on a Monday of the subsequent months. There just aren't that many lending companies in my area. I'd be hard pressed to find 60 to fill out the first month. Follow-ups? Shift one of the other tasks to Monday (ie: do a little more neighborhood scouting or courthouse office searching) for a while then blast out more letters after a month or 3 time gap?

Not trying to be funny, just wondering.

Thanks,
Mike

[Dan Auito]

Don't forget why your doing all this Mike! As a result of all this work, your phone is going to start ringing with motivated sellers on the other end, when that happens you won't have enough time in your day to do what you where initially doing. You'll be out inspecting properties, gathering information, crunching numbers, making offers, signing and closing contracts, organizing works crews, sales campaigns and attending closings to name just a few of the new activities that will be on your to do list. Do the initial stuff and get ready for what follows!

[travellinmike]

That would be nice. I think I can see already how that would be the case. I drove back to KC from St Louis yesterday and had about 1/2 hour to kill before meeting my wife and son at soccer practice. So I drove up and down the side streets of our old area. in that 1/2 hr I found 3 FSBO's and 2 realtor listed fixer uppers. I called all of them while waiting for them to get to practice. one of the FSBO's was another REI who said the house would be ready in about a month. got a call back about 10 min ago from one of the RE agents.

Here's the scoop...

3 BR, 1 1/2 Bath, trilevel w/ walkout family room downstairs, 2 car garage. $82K asking price. being sold as is.

comparables go for 110 - 130K.

here's what the agent told me it needs over the phone. Roof had leaked into the Kitchen. Some roofing repairs are needed, the deck is falling apart, the kitchen cieling needs patched & painted, maybe new linoleum. when I drove by it looked the siding could use a good power wash, landscaping was minimal to say the least. I'll see what else it may need when I see it again.

Made an appt to look at it tomorrow afternoon. She's the listing agent and said she had some other appt's scheduled in the morning but i'd be the next person to go through the house.

Gonna take a friend with me who owns quite a few rental townhomes and has been in the game for years. 2nd set of eyes and a reality check.

gotta download the inspection forms, make sure I've got fresh batteries in the flashlight, dig out my measuring tape and a sturdy screwdriver for poking.

As Kramer said "I'm positively giddy with excitement".

Mike
cell: 773-329-6554

[Dan Auito]

Way to get moving Mike, remember plumbing, electrical, foundation, structural and roof. Heating and cooling too! It's good you have another set of eyes as well. Keep us posted! :SM040:

[REIaddicted]

Hello to all the new family members! :SM128:

There is no question to silly to ask... If you have a questions, there are others that have the same question but just haven't stepped up to ask. :confused:

The schedule is a guide... certain things work and fit in to your schedule. You tailor it to best fit your needs. Also remember, it takes a total of 3 contacts
( for the most part) before someone answers a letter or inquirery. so after the first 3 letters, the contacts and answers will be pooring in and you will wonder how to fit everything in. :SM058:

Lisa

[Jeff Harris]

Here's the scoop...

3 BR, 1 1/2 Bath, trilevel w/ walkout family room downstairs, 2 car garage. $82K asking price. being sold as is.

comparables go for 110 - 130K.

here's what the agent told me it needs over the phone. Roof had leaked into the Kitchen. Some roofing repairs are needed, the deck is falling apart, the kitchen cieling needs patched & painted, maybe new linoleum. when I drove by it looked the siding could use a good power wash, landscaping was minimal to say the least. I'll see what else it may need when I see it again.

Made an appt to look at it tomorrow afternoon. She's the listing agent and said she had some other appt's scheduled in the morning but i'd be the next person to go through the house.

Gonna take a friend with me who owns quite a few rental townhomes and has been in the game for years. 2nd set of eyes and a reality check.

gotta download the inspection forms, make sure I've got fresh batteries in the flashlight, dig out my measuring tape and a sturdy screwdriver for poking.

As Kramer said "I'm positively giddy with excitement".

Mike
cell: 773-329-6554


Giddy is the right word! I'm giddy for you! I get excited thinking about how it's going to feel when I get going on this and find a property that fits my criteria. Right now, I'm still in the process of convincing the boss that we can do this...she's coming around but it might be a few months before she's onboard.
Anyway, GO MIKE!! I can't wait to hear how it went and get some tips from you. Giddy...yep, that's it, giddy! And it's not even my deal...how's that work?
-Jeff

Even giddier (is that a word?) now. I just dragged my wife in here and showed her Mike's post as proof that this stuff can really work (I knew it could. I'm still trying to convince her that it can). She was actually somewhat excited and we spoke at length about what we needed to do to get going. So tomorrow, I'm canceling a credit line that we've had open but never used and I'm setting up some appts to get pre-qual'd for home loans. Here's a question for the group: What would be an appropriate amount to request as a new investor? I was thinking maybe $100k. Is that enough? Too much?

[Aldo]

The only dumb question is the one that isn't asked.

[RosewoodTx]

As Kramer said "I'm positively giddy with excitement".


http://smileys.smileycentral.com/cat/36/36_1_33.gif (http://www.smileycentral.com/?partner=ZSzeb001_ZNxdm817BBUS)Hey Jeff, I'm feeling way 'giddier' than you man!

Mike, way to go!!!!!!http://smileys.smileycentral.com/cat/36/36_1_55.gif (http://www.smileycentral.com/?partner=ZSzeb001_ZNxdm817BBUS)

http://smileys.smileycentral.com/cat/36/36_1_36.gif (http://www.smileycentral.com/?partner=ZSzeb001_ZNxdm817BBUS)We'll look forward to getting updates. Goooood Luck!
Either way it goes, you got the ball rollin! http://smileys.smileycentral.com/cat/36/36_1_21.gif (http://www.smileycentral.com/?partner=ZSzeb001_ZNxdm817BBUS)

[jmsafier]

Im a newbue from North Jersey ad I just wonder, How can a newbie who works 8-10 hours a day network with all these people on off hours


Jeff S

[Dan Auito]

Email, fax, phone and personal visits as time permits. you'll have to be fluid and use breaks, and lunch hours to your advantage. Vacation days will be all out war on networking the players up. Ask yourself the question: How can I make this work? And try out different plans.

Does your J.O.B. Give you access to a phone?

[Jeff Harris]

http://smileys.smileycentral.com/cat/36/36_1_33.gif (http://www.smileycentral.com/?partner=ZSzeb001_ZNxdm817BBUS)Hey Jeff, I'm feeling way 'giddier' than you man!




Okay, here's an update for you: Holly's onboard! She totally blew me away this evening when she got home from work. She walks in and says "You wanna go look at some properties?" And, of course, after I retrieved my lower jaw from the floor, I replied "Whaa?..I mean, Yeah!, Sure!" So we drove around little ole Kodiak, Alaska for three hours and found six FSBOs! Six! I couldn't believe it!
We called them all and I couldn't get in touch of two of them but I spoke with the other four, saw one of them and scheduled appts for tomorrow with the other three. Then I called Dan the Man and spoke with him for a while. Wow, what an asset that guy is! Thank you Dan. Anyway, Dan helped me narrow the field down to two. Gotta get the financing in place real soon. Worked on that a little today. I'll get some more done tomorrow. Giddy! That the word! Giddy! Nervous, scared, confused, and slightly overwhelmed are a few others...Gosh, this is fun!
How about you, Mike? Any progress? How did the place look?

-Jeff
(I'm outa breath...)

[REIaddicted]

HOLLY, WELCOME to REI :SM128:

Jeff, I can FEEL your excitment. Good luck and keep us up on ALL the details so we can do the deal THROUGH you.

:thumbup:

Lisa

[travellinmike]

The place needs ALOT of work. Likely too much to stay under 25K worth of repairs. But maybe not. My gut says it's too much but I really don't know. To be honest I was kind of overwhelmed by it. Just wandered from room to room slack jawed thnking "Oh my God". :eek: Doubt crept in and I realized any offer would be a shot in the dark. Not a good idea! I'm ready to get my feet wet but don't want to drown.

I did realize I've got to get a small database or spreadsheet going of typical improvements and average material and labor costs to quickly estimate if a property is worth persuing.

- Builders grade carpet w/ pad sq yd installed
- Linoleum & underlayment sq yd installed
- Basic kitchen cabinets, countertop, sink, faucets, DW, Oven
- Ceramic tile installed price
- Bath vanity, tops, fixtures
- Roof per square price. (both roof over & tear off)
- gutter running foot installed.
- Vinyl siding
- Drywall hang & tape Sq ft or sheet.
- Painters prices.
- Concrete flat work.
- Tree removal service

prices of things like

- dumpsters
- garage doors
- entry doors
- light fixtures
- small bushes/shrubs
- etc

I'm sure you get the idea. I need to have these average costs handy so I don't spend a week tracking them down.

So that's what I'm doing this week: Calling contractors and going to home depot to flesh out my cost/price list. I'm also getting business cards printed. Kinko's says I can pick them up Thursday.

If the place is still available when I get home this week-end I'll look at it again with my wife and with my prices in my briefcase. I should be able to measure everything and total all the major repairs and most of the minor ones in about an hour. Then I can make an educated offer if the property still makes sense. :SM110:

Even if this property isn't still on the market there'll be others. I've learned that I've got alot to learn.

Once again, Great site and I'll keep you posted.
Mike

[travellinmike]

one more thing... I'm gonna start taking my digital camera with me.

[RosewoodTx]

I was wondering if you were going to be making the repairs yourself, but then I figure with your work schedule, probably not. Since your going to need to hire someone for the work, maybe now is the time to make those contacts and get their estimates on the rehab job. Just a thought and most likely one you've thought of already.

[REIaddicted]

it is time to have this on top again....

4 member and 18 guests.... whewwwwww doggie :SM119:

[B&B Investments]

I think John is doing from out side his city as well . Sending them to people out of his area as well. I have been reading that you can buy from city out side yours within a 20 miles radius so you Can be a local LL and be able to check out your Investments in person without much effort of going out of state etc.

And i am sure there are -plenty of places you can send too. and even business that are not within our realm, for even those have homes and they know of people who know people etc, Anyway that is my plan hit every thing with everything no one will be safe. :xxrotflma

BUt i do every much like John schedule and will do it myself as soon as i get settled in my new Pride land.

I hope this helps and is helpful.

Racy
DBA B&B Investments :SM124: :beerchug:

[Tony Putman]

John,
I think the schedule is great. I am just wondering how much time it will take to get the first form letters ready. After that I can just make each out to the specific individual. There are quite a few different needs from the different professionals and each will require a different script.

Do you know how to get the letters to the right person or persons involved with each business?

Thanks John, your insight is invaluable! :praise:

[Just Information]

John,
I think the schedule is great. I am just wondering how much time it will take to get the first form letters ready. After that I can just make each out to the specific individual. There are quite a few different needs from the different professionals and each will require a different script.

Do you know how to get the letters to the right person or persons involved with each business?

Thanks John, your insight is invaluable! :praise:

Yes Tony I do and all this is listed in my ebook on getting started - You will also learn some of this by attending MB's chat's, downloading all the material that Dan's provides and also using the forum search tool will help you find ton's of treasures.

[Tony Putman]

John,
I really appreciate all the assistance. I only wish there were more hours in the day and dollars in the bank. Wait, there are plenty of dollars in the bank. I mean in my account. :xxrotflma

A researching I will go,

A researching I will go,

Hi ho the merry'o

A researching I will go. :whistling

[briamarc]

Still have not seen the answer posted to the question a few pages ago...What form letters am i mailing lenders, real estate agents, etc ????
What I am asking from a lender?

[Just Information]

Still have not seen the answer posted to the question a few pages ago...What form letters am i mailing lenders, real estate agents, etc ????
What I am asking from a lender?

Not a direct answer but questions for you!

As an investor, what can lenders do for you and provide you?
:SM006:

As an investor, what service can real estate agents provide you?
:SM006:

[freman00]

My first post...
I have been reading the forums for about 2hours trying to arm myself with info I can use to start making money on real estate. My job allows me travel alot to and see peoples houses. I drive through neighborhoods all day long and have the opportunity to stop and get info about house whenever I want.
I want to start off small and make sure this is something I can handle. I have been to a foreclosure auction last week but I am not sure if that is the best place to start. I have this weeks auction list and was wondering if someone can give me some advise as to invest in a cheap broken down property or a decent property that only needs some touch up?
The auction list I have lists the approximate property value and starting bids are 66% of that. The properties are sold as-is and I am not able to inspect them before the auction. So any advise i can get is appreciated.

[Dan Auito]

I hate to beat you over the head here Freman, but it helps if you fill in your profile so we know what state and where you are operating out of. Many locations have different rules so it's nice to have a little background already in place for us to go on.

This would also save everyone from asking the question, what is it exactly that you do that allows you to cruise the streets in search of the weed infested, vacant looking gold mines! Pizza Delivery?

[freman00]

Sorry that wasnt in my profile but I currently live in Dayton area of Ohio. My job is in-home computer repairs. Between jobs I usually drive around looking at neighborhoods and houses. I have never owned my own house but growing up in N.J. it was very hard to buy a descent house with the very high prices. In Ohio the prices of real estate is a fraction of NY NJ and are in alot better shape at times. Thanks for the wuick response.

[Dan Auito]

Freman, look up in the blue navigation bar above, you will see the word search. Click that and type in auctions. This will dig up all potential posts that have auction advice in them, scroll through those links to see if something jumps off the page while you wait for further replies to your question. I hope this helps. Dan

[abby]

I was going to start doing things in this "15 hour schedule", but I see JohnMichael doesn't want to give us a sample lender letter. I know what I want from the lender-leads to properties that are behind or REOs, but how to say it in the most effective way is what I'm looking for.
I'm also wondering how effective letters to lenders are anyway, because I have talked to one of the major lenders here and they sell most everything to the secondary market. If they do, I'm sure all the smaller lenders do as well. I'm thinking you would have to get in touch with the large nationwide lenders, like Washington Mutual, Wells Fargo, or Chase.
Does anyone have any experience with contacting local lenders? Will they give you a list of people who are behind, or what kind of "list" is JohnMichael talking about?

[Just Information]

Now Abby it's not that I do not want to give it out as I have in the past and will continue to do so.

I would suggest you do a little research on this forum and you may just find what you are looking for!

[abby]

JohnMichael-I can't find your sample lender letter. Maybe you could copy or move some of your posts that have to do with the 15 hour schedule into this thread?

Dan-Do you have a weekly schedule? If so, what do you do? I remember you were posting what you were doing to get started in Florida, but can't find it either.

[dsachs1]

I also want to get involved in REI. As a newbie I would say my biggest problem is not finding properties but having the capital to buy them. I think some of the ideas that have been generated in finding properties are excellent and very creative. So I pose this to the expert's....how does a new person, contact, convince, and raise money from investors to buy properties? Now consider this, I am young, I do not have many contacts (okay, really none) of people who have the disposable income to invest in properties, and I don't have any background experience in buying properties. Yet, as a Real Estate Agent living in a small rural area, I now a lot about the market here, and I know how prices have been fluctuating. Just wondering how people started in this business, in terms of raising capital to actually purchase properties?

Thanks,

dsachs1

[abby]

Do you own your own house? One way is to use your home equity loan.
Do you have several credit cards that often offer 0% terms?
Another way is to build your personal credit by borrowing small amounts from several banks, pay them off early, than borrow larger and larger amounts. It costs a little in interest, but gives you an unsecured line of credit.
Seller financing of the down payment is also a possibility. Though they usually want more than the bank rate, at least you could get started.
VERY IMPORTANT: Make sure the rent (if you're planning to rent it out) covers all the payments, plus taxes and insurance and has a $100 or two to spare. You will probably also see a tax refund due to the depreciation on the property. I save this back to do maintenance and/or make payments in the case of a vacancy.
Another thing you could do with small amount of cash outlay is tax sales. In my county they are in November. These are properties that are behind on their real estate taxes. You pay the taxes for the specified period of time. If the owner never redeems the property, then you've got it for a song! (For the amount of money you paid in taxes for a few years.)
I'm sure there are many more ways-maybe some of these pros will chime in and add to this. But, hope this helps!

[dsachs1]

Sorry for the confusion. I'm looking to know how people find investors. I want to know where people go to look for angel investors. I understand I can borrow myself, but I'm more interested in creating a network of investors so that we can enter bigger deals. I'm looking to deal mostly with commercial properties.

I noticed on JohnMicheal's stealth REI website you offer a page where investors can invest with you? Do you get a lot of leads from this? How do you come across and attract investors? From that same webpage, I see you offer houses that need work all across the country. How do you screen for properties in areas that you are not near? I'm guessing you don't travel to every property, but what do you do so that you feel comfortable investing in a property you haven't seen?

Thanks,

dsachs1

[Just Information]

Question: Do you get a lot of leads from this?

Answer: Yes

Question: How do you come across and attract investors?

Answer: Vary well

Question: How do you screen for properties in areas that you are not near?

Answer: By having a staff in each market area to assist in the evaluation of the subject investment.

Question: I'm guessing you don't travel to every property, but what do you do so that you feel comfortable investing in a property you haven't seen?

Answer: I do not purchase property sight unseen, I do travel to all locations to make final purchase, I also revisit the subject properties several times during the rehab process, upkeep process and sale process!

Extensive research is performed on each subject investment and market location to aid in the reduction of risk!

[Just Information]

Monday - Mail, Fax, or email Advertisement at least 15 letters to lenders and at the end of the first month, you will have contacted 60 lenders. You will then start getting lenders to send you their lists before Anybody else. (takes about 30 minutes)

What are you seeking by contacting lenders?

You are seeking to get information on preforeclosures and lender owned property.
Dear

I am currently looking to purchase real estate in your market area!

I am looking to make cash purchases on single family homes and multifamily units.

I offer fast closings; I handle all repairs and will pay all closing cost.

All information will be held under the strictest confidence.

[soilder1]

i like your strategy in terms of going about acquiring property. 1 question: has any success come your way?

[Just Information]

i like your strategy in terms of going about acquiring property. 1 question: has any success come your way?

Yes success has come my way in abundance! However, it took time and a lot of it!
I spent 3 years not doing any deals but devoting time to nothing but study and research in the Art of Real Estate Investing.

It has taken a lot of hard work, trial and error, networking and a great deal of research and study of each market area I participate in.

[SPIVALAW]

dsachs1

Hello David:

Be aware the investors you seek may want more experience before they park their money with you. Also Hard money lenders who take risks usually work with "quick turns" and rehabers who can afford to pay to pay points and high interest.Most investors arent looking to get bank rates and long term payments. Its hard to make a profit when you have expensive financing. Its risky too, especially if a property sits unsold for a while.

Thats all ok.
You are young and have a real estate license and a nice web page.
Use the assets that you have. Dont depend on others to make you sucessful.

Look for investments the same way you look for listings.
I like to ride around and talk to folks in person. People who like you will want to do business with you.
Read Dale Carnigie (How to win friends and influence people).
Show a genuine interest in others, dont talk about your self.

Get hard to sell properties or older folks who will just stick their money in the bank and offer them a slightly higher interest rate to owner finance.

Tell them "I really like you (and you better mean that) if you will take a chance on me, I will work hard and I wont let you down" (and you had better not). In a year your reputation and word of mouth willl have you enough real estate and investment business for life. Just always work hard, be honest and treat people right.

Later on the more challenging properties you can get at great rates and terms. Then shine them up and sell them. After all you should make a commission buying and selling (like a toll bridge get a little money every time someone goes by). After you polish the property sell it dont pay off the seller who wants a long term income (maybe for retirement) and do a "transfer of collateral" into nice properties that you dont want to pay bank points and origination and market rates. This is a great way to get desirable properties with low rates and cheap money. Its okay if you make little or no money on the sell, you are just using the deal to get money for investing.

Properties in desirable areas (main road commercial) or (deep water homes) hang on to, as they appreciate and your rental incomes rise you can refinance and take the money out in loans tax free.

I suggest once you have the experience and knowledge of real estate laws, you get your broker's license. With 100% of the commission you can live off that money and eat. Listing a property is equal to a lot of investors "quick turning" properties for overhead, yet you have no capital invested in a listing to get 4, 5, 6 or 10% commission.

Establish a short slogan or motto, and a logo and use them consistent all the time in every print (business cards, ads, letter head, signs, etc).

Use your situation to get listings. Listings are the key to sucess as an agent. Tie up a deal. Someone else could sell it while you are working or on vacation or at the beach.

Tell sellers "I am young, I have lots of energy and unlike other experienced agents who will only have minutes a day for your property I can devote 25% of my waking hours (if you have 4 listings) or 100% if they are your only listing :>)
Set your self apart do some unique marketing of their home. Your young think that up your self. Dont try to copy everyone else. Blaze your own trail.
Good luck.

Make it a great day!
howard

[blaque_hunee23]

Hmm,
I'm going to try this. Right now I am just all over the place. I'll spend half the day driving around looking for homes, then get home and spend several hours searching for foreclosures and FSBO's on the computer.
When I do get around to forwarding my findings to my investors (usually around 10 or 11 pm) I'm ready to fall asleep.

No wonder I have more leads than buyers...
(lol)

I've been meaning to write up a little schedule for the longest.
I was never very big on 'to-do' lists...

[ray_higdon]

My advice would be to work smarter. Do the right type of marketing to get people calling you, or, calling people on the phone. You can call 50 people in the same amount of time it takes to drive around a half day. I am not saying to not drive around as you will find good deals but just think if you can get people calling you that would be better, and also think of hiring people to help you out. Get people to help you out and help them out in the process. Like Scrooge McDuck said, work smarter not harder!

[Aldo]

Ray offers advice you really need to consider. IMHO, you should be spending more time looking for buyers right now. Your time should be budgeted to fit your current needs while keeping an eye on the future. When you have a bunch of deals, spend more time looking for buyers and vice-versa.

I've been meaning to write up a little schedule for the longest.
You really need to do that and yesterday might be a good day to do that. Time management is critically important to success. Setting your RE endeavors aside for a few hours will be time well spent and you'll never regret doing that. Even if that time costs you a deal or two, you'll quickly and easily make that up with good time management. Additionally, you might consider taking a class on time management at your local community college.

[Persephone]

JohnMichael, your schedule was exactly what i was looking for and it seems very feasible, but i was wondering what your advice would be to a rookie investor new to the area and with bruised credit. I need a checklist to go about the basic's of real estate investing. I am particulary interested in the Lease 2 purchase option for the majority of my investments. Please help!

Search around at www.lease2purchase.com (http://www.lease2purchase.com) they specilize in that area!

[ksjg046]

Would you like to buy a new home or maybe an invest in property with nothing out of your pocket and cash a check for 25k at closing! All you need is a FICO of at least 620. We have a list of gorgeous homes that you can choose from and its possible to close and receive your check in as little as two weeks. Lets get the deal done!

Josh
210-663-2710 - Please leave contact info if I dont answer
tamuk54@yahoo.com

[Persephone]

I've read and re-read this post and I see that buying RE and doing RE Investing is a win/win situation. What I need is help with everything BEFORE you actually go and look at the first property. How does someone with no job, no credit, no investors, no ASSETS, get qualified for financing. My husband and I are trying to get into REI and we know what we want to do, but how do we get to that point?

[Tryhm01]

This was excellent!!!!

[Honna59]

Everybody....I'm just trying to save you heartache similar to what I've experienced. John Michael will share tons of info and be very supportive, encouraging etc.. Heck, he provided me with a lot of info...but I will warn you NEVER give him any money. I'm minus a very substantial sum of money that I doubt I'll ever see again because I invested with him. Take his advice, use his forms, whatever...but never exchange funds with him.
My brother attended one of his 3 day bootcamps in Springfield, MO...in June this year and still has not recieved any of the material that was part of the tuition price.

[Matt Gilmer]

Honna I agree. I did recieve a bunch of free ebooks from him but he didnt ship his contracts book. Tried to call many times and email, talked to him a couple of times and said he would personaly handle it. Nothing ever showed. 40 bucks down the tank. Don't send this guy any money!! Too bad had a couple of nice chats w/him. Such is the life of a newbie.

[onejeffis]

John I am a new to the field, what you outlined is very interesting. I am looking for private investors, any information on finding a few would be helpful, I can be reached at 813 846 XXXX















Started working with this schedule in 1994 and did this for 12 months without fail and now I no longer have to hunt for deals, they now come to me.

I get around 3 to 4 deals faxed to me every day, I get an average of 17 calls per day and 48 emails per day.

I call this "OPT" Other Peoples Time. Deals come to me! This will save you time and money!

You may need to adjust to your life style.

Monday - Mail, Fax, or email Advertisement at least 15 letters to lenders and at the end of the 1st month you will have contacted 60 lenders. You will then start getting lenders to send you their lists before Anybody else. (takes about 30 minutes)

Mail, Fax, or email at least 10 letters to Realtors, Contractors, Real Estate Attorneys, etc and at the end of the 1 St. month you will have contacted 40 Leads producing sources. You will then start getting Leads & business contacts. (‘takes about 30 minutes)

Search Internet sources for Leads (‘take about 1 hour) Study real estate related educational material (take about 1 hour) This I still do!

Tuesday - Spend day networking with realtors, bankers, credit unions, mortgage companies and all others you come into contact with (spend about 2 to 3 hours)

Wednesday - Go through newspaper for homes for rent, FSBO, Homes For Sale, Legal paper listings and searching neighborhoods and drive by. (‘spend about 2 to 3 hours)

Thursday - Court House Research. (‘spend about 2 hours)

Friday - OFF - My Family Day - Wife day

Saturday - Inspecting Properties & Make Offers (‘spend about 2 hours)

Sunday - Inspecting Properties & Make Offers (‘spend about 2 hours)

“Working smarter, not harder = Financial security”

[Debbie]

John I am a new to the field, what you outlined is very interesting. I am looking for private investors, any information on finding a few would be helpful, I can be reached at 813 846 XXXX
OneJeffis,

It is only recent that we learned of JohnMichael's troubles.

To the best of my knowledge, JohnMichael is no longer an active member of the Magic Bullets.

This is an old post. I apologize for any confusion.

[Aldo]

I can only add that it's never a good idea to post your telephone number in a public forum. For your protection, I edited your post, removing the last four digits of that number. For future reference, you can click on a member's name and you will be taken to that member's public profile page where you will find contact information.

Sorry, I can't help with your private money question. Hopefully, someone who can help will see your thread and have helpful info for you.

[oreinvestments]

What anglel do you take to reach these trades by email fax. Do you just tell them your services and your referral fee or try to target different things with each party? Any details info greatful. Thanks

[Sequan]

I agree I attending his 3-Day Boot Camp.

I have not recieved any of the training materials he promissed us.

His websites dont even work anymore.

DONT GIVE THIS GUY ANY MONEY, NEVER

I just dont want John Michael to SCAM anyone else!

[Dan Auito]

Folks, Just use the good info that John posted here. DO NOT INVEST!

[owens423]

I am curious what would be the best way for a college student to get started in real estate. Any help or ideas?

[Debbie]

I am curious what would be the best way for a college student to get started in real estate. Any help or ideas?

Assuming that you're still in college, I highly recommend getting involved with the REI club and mingle. Then become a bird dog.

[TommyOH]

Definitely Bird Dog, learn some from experienced people. Maybe even work into wholesaling once you get an idea of how all this fun stuff works.

[Dan Auito]

Buy a multiroom house (close to the college) and rent out rooms to other college kids. You're a built in landlord running a rooming house that will cashflow like crazy if you do it right!

[owens423]

I just looked up the REI Club oinline. What exactly is it? I saw a link of Real estate clubs and what not. And also, what is Bird Dog?

[Debbie]

I just looked up the REI Club oinline. What exactly is it? I saw a link of Real estate clubs and what not. And also, what is Bird Dog?

Oooohhhh! I so much want to insert a joke here about what is bird dog!

Lucky you! Since you're a newbie, I won't do that....:D

The REI club I was referring to is local (or nearby) as in where you live. It is a club where local (or state wide) Real Estate investors get together on a monthly basis. They network with other RE investors such as hard money lenders, Realtors, landlords, appraisers, etc.

Bird dog----here is the link that should give you an idea http://www.magicbullets.com/forum/showthread.php?t=4146&highlight=bird

You can also use "Search" above this thread and use bird dog as key words. There's plenty of information about bird dog right here on Magic Bullets.

[Burke]

I just looked up the REI Club oinline. What exactly is it? I saw a link of Real estate clubs and what not. And also, what is Bird Dog?

To provide a little more info to get you started....

A REI Club is normally a local group of like-minded people that meet on a regular basis (monthly or more often) to discuss real estate investing. Many of them have guest speakers. Some have libraries that allow you to borrow courses and/or books on various REI related topics. Most usually have a sharing period that allows the members to discuss the deal they are currently working on. The idea is to network with other investors. Many times, other than investors, there will be other professionals who cater to the RE business (agents, mortgage brokers, construction tradesmen, etc...)

A "bird dog" is an individual who finds good deals for other investors and then is paid once the investor closes the deal. The pay usually depends on how good the deal is.

Hope that helps....a little.

Burke

[Debbie]

This thread is now closed.

JohnMichael no longer participates at Magic Bullets, therefore, he is no longer available to clarify any issues or answer any questions.

Anyone interested in discussing similiar issues/questions is invited to start new thread to copy/paste quotes or include a link to the thread of interest.

[Dan Auito]

Bill Gatten shows you a day in his life as a mover and shaker in the real estate industry:

As Open Response to Network Member John Whitworth
By Bill J. Gatten, Republican Candidate for Provisional President of New Iraq (Free Oil Platform)


A few days ago, John W. asked if it would be feasible to give him an idea of how my days came together. So we decided that a “Day in the Life of…” might be appropriate for the request. So here it is for your perusal.

A Day in the Life of Bill Gatten, Investor

6:30 AM: Awaken prematurely to the noise of a garbage truck coming down the street, but continue lying perfectly still, eyes closed, pretending not to notice wife getting up to take out the trash

7:00 AM: Awaken again to a blaring clock radio. Punch the snooze-alarm

7:15 AM: Second snooze-alarm punch

7:30 AM: Third attempt to hit snooze-alarm. Accidentally shut off the alarm instead and am forced to roll out of bed

7:31 AM: Half stumble and half crawl to shower and turn on water, while glancing at face in mirror and wonder why eyes appear to need draining. Prop eyelids open with Q-tips

7:41 AM: Emerge from 10-minute early-morning standing stupor becoming suddenly aware and concerned that hot water is running low

7:50 AM: Step from freezing shower, feeling quite awake. Dress for the day (color coordinated Mohair sports ensemble). Put off jogging, vowing to jog at noon

8:00 AM: Check phone messages and listen to first message: "Hi, this is Earl Splork, I'm returning your call about my house for sale. Yes, I might consider keeping the current financing in place, as you suggest, and leaving my equity in tact for a while…if you can take over payments, upkeep and all other costs"

8:01 AM: Return call: "Hi Earl, I'm returning your call. Thanks for calling...can you tell me a bit about the house?" (Yada yada yada) "Great! Let me run by it a little later and check some comps. If it looks like something we can do, I'll give you a call this afternoon or tomorrow. If it checks out, are you ready to put a deal together right away? Super! I'll call you this afternoon. Oh, by the way, how did you come up with that asking price? I see, and...and how much work or repairs would you say need to be done on it? OK, that’s not too bad. And about how many payments are in arrears at the moment? And, roughly, what's your current loan balance, not counting the arrearages? Ouch! Have you by any chance asked the bank for any kind of forbearance? Well, I'll give it my best shot and call you when I have all the data together. Fair enough?"

8:03 AM: Return second call: "Hi this is Bill Gatten returning your call. You had called about the property I have available over there on Fir Street. What can I tell you about it? (Yada, yada, yada). Great! Well, basically, if you like the house, there are three ways to get in: You can come in with 10% and closing costs and I'll carry the entire financing for you for, say 3 to 4 years. Or, if you’d prefer, you could come in with just half of that amount plus closing costs, and we’ll just agree to share in any future profits if there are any, over the next 5 or 10 years. Or...you might want to come in with maybe just 3 or 4 payments up front, on what we call a 'Tax Lease.' What that means is, you would lease the property with full access to all of my income tax deductions: mortgage interest and property tax. The payments will, of course, be a bit higher than rent, but your after-tax monthly cost will be much lower, and you could save thousands of dollars per year over renting.

9:30 AM: Pull comps on properties that I intend to try to get under contract today.

10:00 AM: Return as many phone calls and Emails as possible.

12:00Noon: Drive by one of the properties that is just a few miles away, and call the owner to make an appointment to sign the deal up. (Put off jogging until evening)

2:30 PM: Call for appointment to meet with owner of first property. I say to him: Are you pretty much the decision maker for this transaction? No? Ok, then, will you need to confer with anyone else on this? Oh, I see…and will she be there for signing? Great! (If the other decision maker/s won’t be there, I’d say, “then call me after you talked to her/them). And by the way, assuming that everything we’ve talked about turns out to be as expected and to your advantage, are there any other considerations you need to address before we put it all together? Good! So we can get everything signed up this evening if everything checks out…great!

Laughingly: “I hate to have to be so specific on these points, but you’d be surprised at how many people give me old “I have to think it over” stall after I’ve done all of everything I said I would. You won’t do that to me. Right (light chuckle)? How does 5:30 sound? Or would 6:00 be better? Great! See you then."

(At the meeting I’ll have my briefcase with plenty of Purchase Offer forms, Non-Exclusive Option forms; authorization forms (e.g., so I can speak to the creditors); a copy of the comps (to discuss with the seller, should there be any difference of opinion about value). All forms will be a completely filled-out as possible in order to save time and get to the point quickly during the meeting.

AS PART OF THE MEETING: "Yes, the 'fixed-up' value does appear, as you said it would, to be about $195 to $200K; and it appears that it'll take between $8-10,000 to bring it to 'Full Market' for resale. Then considering my remarketing expenses...about 7.5% ($15,000); and even a minimum four or five percent profit (e.g., $10,000): unless you'd want to cover some of those costs, I'll come in at about $165,000.00, including, of course, taking over all of your payments, principal, interest, property tax, insurance, upkeep, management, maintenance, repairs, insurance, etc."

2:45: After making bank deposit and picking up mail, stop for a Veggie Burger, a Diet Coke, Weight Watcher's 2-Point bar and a double order of Chili Fries with Cheese (decide to delay jogging until after this evening’s meeting…it’ll be cooler then, anyway).

2:50 to 5:00: Deal with matters of the property I have on the market.

4:30 PM: Call on a few FSBO and For Rent ads (“Hi I’m looking for folks who are selling on their own, who—for a full price offer—would consider leaving their exiting loan in place for a while and who can afford to leave their equity in tact for a couple years. In the meantime I’ll cover 100% of all payments, maintenance, repairs, property tax and insurance…then retire your loan and pay you off and, say 3-4 years.

5:30 PM (At the meeting): I show Earl the (unsigned) Purchase Offer and the (signed) Non-Exclusive Option Agreement, explaining that I’ll need about 30-45 days to get all my ducks in line: i.e., to run a title search; to check on utility liens; to check on the status of the hazard insurance and property tax; to check on building code or ordinance violations; to have the property appraised; to have the property inspected; etc. I explain to him that I fully realize that the time all this could take could be a problem if he had to take the property off the market and wait for me. So, instead, we do the NEO so that he can leave the property on the market and accept a better offer, if one would be proffered. I explain that if that happens, I’ll require only a five-day notice: i.e., five days within which to either exercise my option or relinquish it.

(After the NEO and the Memorandum are executed, the next morning I record the Memorandum of Option at the County Recorder's office and call the local newspaper and Penny Saver to place my ad (No Bank Qual, No Down, No Credit Req'd, 3 pmts & cl. costs moves you in. $160K, 3-2 beauty w/pool, 1,450 sq ft, 2cg. Owner fin. Call Bill. 1-800-207-4273)

7:00 PM: Back to the office to answer Email, phone calls, website discussion group (www.landtrust.net (http://www.landtrust.net/)) until 10:30 PM. (Put off jogging until tomorrow morning)

11:00 PM: Ponder why I’m actually watching Jerry Springer while waiting for David Letterman to come on.

11:30: Fall asleep with TV blaring four minutes before David Letterman starts.

2:00: AM: Amble bleary eyed off to bed, and prepare to repeat as needed the following day.