My Investing Journal

FIRST OF ALL ILIKE TO THANKS MY LORD AND SAVIOR AND freeindeed for your information on how to attract investor it was very informative onces again thankyou and GOD BLESS YOU ELIUD DIAZ

I am sure I can't qualify my credit is lets just say its worst than in the crapper.

Bob

Just as I think I understand lease option I run into another hurdle. I was not aware that I would have to get a loan or show proof to the owner of a rental property any type of bank records. I can not get a loan if I tryed, somehow I got to get around this part. Another thing I am stumped on I thought I would give the owner 1000.00 down and make the payments for him/her until those payments added up to the cost which I bought the property for.

Any advice would be greatly appreacitated.

Bob Ross

P.S. I have been working with this thought for so long now I forgot how to do a contract sell.....I guess its time to do more reading up on the process.

I got an e-mail last night asking me to come to my real estate agent and brokers office on Tuesday. They want to talk to me about getting pre-qulified before they will show me any more houses. I guess they don't want to work with me as much as I thought. They go againest everything Dean has taught me. I can't wait to close my first deal and show them that Dean has been right all along and they just don't understand.

Coastal-funding.com provides a POF letter (free) to show proof you have funds to make good on the transaction. If they reject that then you can get a partner, friend or family member (with high FICO score) to go get a Pre-approval letter from their financial institution they bank with or if they got $$$$$ a POF letter to show to your Realtor that you have financing. They can even go with you. If they (your family or friends) want to be your partner(s) than it's all good! All you need is a POF or Pre-Approval letter from Bank or Private lender (HML). All it is, is a simple piece of paper that means nothing until underwriting approves or disapproves the deal. You then assign the contract over to one of your buyers whose criteria fit with the house or property.

Thanks for your advice.

Bob

many REA don't realize they don't necessarily have a "Close" deal until they're actually leaving away from the closing table with their commission check in hand. Right now I'm trying to find that REA who wakes up thinking how many commission checks they're going to deposit in their bank account by month's end b/c REA I'm working with right now is moving too slowly--"Gopher tortoise"--for me...LoL

Yeah a lot of people will say you cant do it, but you can!

Hello Friend,

Yes I know I can, I promise not to quit, I am so tired of people teling me this Business is wrong for me the real estate market is in the toilet and theresin no way anyone can make any type of money it, I tell them just watch me.

Bob

Hello,

I put up 20 more flyers and went to 12 houses on my own and gave out business cards to the 12 houses

FYI: Go to www.meetup.com and in the search box just type the letter r in the search box and the words "real estate buying & investing" will come up. Click it. From there you can join a real estate investor's club in your area if there's one available. To my surprise, when I joined the one for my area, I discovered that my real estate agent is the club organizer and the one that conducts a meeting every month. When I found this out, I called him with excitement and he just said, "we can put in low ball offers per your request, it doesn't matter to me." I think I better stay with this guy. Hope this helps.

Today at 10:30AM PT, I am suppose to meet with my REA & Broker, wonder what they want, I setup 2 more interviews tomorrow in case they put Deans program down again.

Bob

THIS DEAL IS A GREAT ONE FROM ITS LOOKS, I WAS CONTACTED BY THE CFO OF REMAX AND TOLD ME A GENTALMAN IS SELLING ONE OF HIS PROPERTIES FOR $300,000.00 AND ITS APPRAISED VALUE IS $575,000.00 THAT WOULD BE A $275,000.00 PROFIT, BUT THERE IS NO WAY I CAN COME UP WITH THE HARD CASH REQUESTED. REMAX IS GOING TO CALL BACK TOMORROW AND I WILL HAVE TO TELL HIM THERES NO WAY OF OF ME COMING UP WITH THE MONIES. HOPEFULLY SOME OTHER INVESTORS WILL PURCHASE IT AND I WILL BE THE BIRDOG ON THIS PROPERTY. I WILL ASK THAT MY BIRDOG FEE IS 10% OF THE SELLING PRICE WHICH WILL BE $30,000.00 A FAR WAY FROM $275,000.00 WHICH WOULD BE AWESOME.

I NEED SOMEONE TO TELL ME $30,000.00 IS JUST AS GOOD. I JUST WISH I HAD THE $300,000.00 ASKING PRICE. WHAT SHOULD I SAY TO REMAX TO CONTINUE TO HAVE THEM KEEP ME IN MIND NEXT TIME THEY NEED AN INVESTOR?

I WISH I COULD TALK TO DEAN ABOUT THIS.

BOB

I have learned one thing with all the agents I have interviewed. They all say the same thing you can't make a contract when you are in escrow, you can't make a no down payment, you can't use someone elses money to put down on a home, you have to have a licence to do the things that I have been taught by Dean. There is so much negitiveity out there and it confusing me. I get so hyped up reading Deans books then RE agents tell me I can't do something or tell me something totally different than what I have read in the books. It makes me so mad when someone tells me I can't do something or tells me that what I have been taught by Dean is incorrect.

I trust Deans teachings, he's not telling me I can't do something, I feel he's supporting me in many ways. It seems that I have not met the right agent as of yet one who will support me and understand the things I have been taught can work.

I am just rambling on but all I can say is I am so glad Dean created this site and I am greatful for all of his teachings and support.

Sorry your agents aren't working out for you. See the topic "RE Agents that try to shatter your dreams" They are just jealous that they spent the time and effort to get their license and they're ****ed you can do it just as easily, and better. There are plenty of successful people on here. As an investor you have to have tough skin. Who cares what other people say to put you down. If you know inside you can do something, then you will do it.

Don't let that deal pass you by either...FIND THE MONEY! Shop around small local banks, do your hw and show them it has 50% equity. Also, find a few people to go in on it with you, say you have 3 people splitting it, thats still almost 100k each. That should be pretty enticing.

Finally one more thing, have any houses sold recently in your area for 600k? It doesn't matter if it is appraised at that if no one has to money to buy it!

Anyway good luck with finding a REA! There are plenty out there!

for your state than none of those mf agents can tell you a damn thang! Sorry to use the harsh language. ROFLMAO...at some of the thangs that come out of REA's mouths. It boils down too them trying to control the real estate market to scare people into believing they absolutely need them to sell their houses or other properties. It also comes down too, the almighty dollar, they hate seeing investors make profits larger then their commission check(s).

Hello:

I have not been feeling good this weekend so I did not attend any open house or I did not look at any proprties. I guess what I need to do is re-think my stratagy because its been a month and I don't even have a buyers list put together. I have no buyers, I don't even have a relieable real estate agent. I know I have done things backwards, looking for properties first then looking for buyers, I have seen alot of properties and want to put at least 25 offers in but with no buyers it kinda does not make sence. I need to do alot of thinking, look at my flyers because they are geared for buying houses, look at my business cards they might be misleading and like I said my thinking could all be wrong.

Bob

you just hang in there and take a short (not too long) rest Place some ads in your local newspaper, penny saver or thrifty nickel (they also have online classified ads), craigslist and other similar sites to attract buyers. Get on meetup.com, sign up and find out if there's a REI club in your area, submit a join request and find out when is their next meeting and go. You will need many if not a few other investors in your area. Find out the kinds of properties they are looking for & make sure you exchange business cards. You can go to Staples or any other office supply store and get business card holder sheets to put into a binder so you know where all your buyers list is and any other contractors, appraisers and/or real estate professionals you may want to work with in the future. You can call it your REI rodex. God Bless with your REI endeavors.

I am back more motivated than ever. I joined a RE Club and it starts in August. I passed out 6 buiness cards today along with 10 flyers. I am preparing a buyer's list and I have one name to put on there. I have placed ads on craigslist, twitter, facebook & trulia. If I don't get any responces I will place ads is the Santa Maria Times, a listing in the Arroyo Grande, Pismo Beach, San Luis Obispo, Atascadero & Paso Robles newspapers.

Bob

Prices are on the rise again in the Central Coast of California

No. Bedrooms Week ending
Jul 1 w-o-w Week ending
Jun 24 Week ending
Jun 17 Week ending
Jun 10
1 bedroom $239,300 +4.3% $229,326 $208,950 $184,307
2 bedrooms $226,774 +1.3% $223,898 $221,311 $275,064
3 bedrooms $291,214 +0.3% $290,217 $282,440 $287,135
4 bedrooms $425,743 -0.6% $428,304 $409,643 $405,131
All properties $365,422 +1.5% $359,894 $350,741 $367,282

Today I talked to a rental agency out of Nevada, they were talking to me about how homes and apartments are being foreclosed without the renters knowing, they are left homeless. The rental company called me and asked if I was in interested in finding them rental properties for the displace people also he asked if I could setup a lease to own contract. I said yes. I want to lock these rentals up on contract so they can't be rented out from under me. I have to be sure that the rental properties will not be forclosed on.

I sure hope this is not hard without any of my money because I am broke, although I need to send this agency $150.00 for a website, I can not get credit because my credit is crappy.

I will do this some how.

I am really motivated.

Bob

Here is the ad that will be on my website:

WHY RENT WHEN YOU CAN OWN!!
RENTALS AND LEASE OPTIONS AVAILBLE
YOUR PROPERTY WILL NOT BE FORECLOSE ON
AND FULL TRANSPARENCY AT ALL TIMES

BOB ROSS INVESTOR
[edit: please do not post emails or phone numbers]

Change "Transparent" to "Full Transparency" just a suggestion.

Thank You for your suggestion, as you can see I put it in my ad.

Can I come to you anytime I need advice?

Sincerely,

Bob Ross

Bob sure I'd happy to offer you any advise that I can. If I don't know it; I'll find out the accurate information to pass along.

Thank You so much.

Bob Ross

I am glad to hear that you are very motivated and also most of us here that started out and we had no money or credits to do our deals and we all managed somehow. Just have faith and also pray and things will come all together sooner or later. God Bless You !!

Warm regards,

Paul T. La Moy

Thank You for your comment, yes I am very motivated and I will do anything to start this investing field.

Yes its true I have no money but that will change after my first Deal.

Sincerely Greatful,

Bob Ross

Is there a specific form that is used to hold a property on contract? I looked under forms and doc's and don't know which to use and is an offer form the same as a property set up on contract. Please someone advise me.

Alana if your on can you tell me?

Bob

Purchase & Sales Agreement form under Student Resources:Forms and Docs or you can use your State's approved Purchase & Sale Agreement form, double check there's no Non-Assiginability clause if there is strike through it initial and add an Addendum for Assignment of Contract.