Posted by ScottE on October 29, 2002 at 16:28:02:
Ron, you’re not thinking about selling all of that prized Oklahoma property, are you??
hahahaha
Take care
Scott
P.S. Did you make it in for the certificate sale?
72hr Challenge - Posted by Joe
Posted by Joe on October 29, 2002 at 04:54:18:
I would like to pose this question to the seasoned investors. If someone challenged you to find a deal in 72hrs and said they would pay you $1,000,000. if successful. What would you be doing for that 72hrs to find that deal? Have some fun with this, but please be explicit…Thanks Joe
To Easy Lets Add On For Fun. - Posted by $Cash$ (NV)
Posted by $Cash$ (NV) on October 29, 2002 at 13:15:00:
Joe,
Glad to meet you.
Your challenge for some of the pro’s would be way to easy.
How about drop someone off in any city that has a population of above 500,000. Limit someone to have no credit cards, $500 in their pocket that is all the money allowed, no vehicle, no cell phone and they must buy and sell a house in 72 hours. They must make a profit of at least $5K on the property up front when it is sold.
Now wouldn’t that be a challenge just for the fun of it? What would I be doing for the 72 hours if you put the million up? You can follow me and get first hand experience and we will split the $5K from the house deal.
John $Cash$ Locke
And the answer is… - Posted by JT-IN
Posted by JT-IN on October 29, 2002 at 11:26:18:
Joe:
Not a bad little exercise, to think in such terms. Oh, BTW, if you get the 1 mil together and really put on the challenge, (for real), I will certainly want to be included in the contest.
However, in the mean time a more philosophical answer is this. If one approached all avenues of available deals, as if there truely was a 1 mil prize for the best deal in 72 hrs, it would be a guranteed lock that everyone would win the 1 mil… How you say…?
Easy. If we each approached this challenge with frenzy and zeal searching for this wonderful deal, we may fall short in the 72 hour category. However, what is surely to follow within the following 6 months to a year, from all the tree shaking and rattling loose all these great deals, would be a steady stream of great deals resulting in a king size payday; albeit a mil, or almost.
How we would each go about this may be different, but the bottom line remains that if we each made enough necessary contacts to produce this type of activity, the rest would be history. Knowing “HOW to go about it” is discussed here daily. Having the desire to go out and do so varies within each of us… It is simply a matter of deciding if we want it bad enough to dothe things necessary to make it happen, and decide what technique or group of techniques suits each of us.
Many times the flailing that goes on trying to determine what to do is way more difficult than actually going out and “doing it”. What I am convinced though, after seeing many a folk grapple with how, what, when, what color, letters vs. postcards, and on and on, is that all or most of this is an avoidance technique… for getting down to waht really is important; ACTIVITY. And that would be ACTIVITY that counts, not thinking about doing it, because for some reason, if we “think about” calling someone, their phone doesn’t ring. If we think about knocking on their door, (and don’t) they never answer.
So as we each think about how wonderful that would be to actually have that 1 mil, decide if you are willing to do what it takes to go out there and get… if not, it is OK. But if you aren’t willing or ready, don’t pretend that you are, because the pain of repeatedly pretending that you are, is way more painful than putting on the gloves and going out there and dooking it out with sellers.
Just the way that I view things…
JT-IN
finding deals is not the biggest Challenge - Posted by David Krulac
Posted by David Krulac on October 29, 2002 at 11:12:41:
IMHO, they biggest challenge ot time. there are plenty of deals out there and there are plenty of people looking for deals. If there were not plenty of deals to go around, investors would drop out and go invest in other places.
I wrote a couple posts about a 14 by home for $2,500 advertised last week. Did I buy it? NO. did I even have time to look at it? NO. A 100 acre farm was auctioned on Sat for $525,000 and a 3 bedroom house at another location was auctioned last week. Did I buy either? NO. I was busy with other things and was in fact out of state.
Time and money are more critical factors, than finding deals. I can find a deal every day of the week and twice on Sunday, but I don’t have the time or the money to buy every deal. I know of another deal worth $6.7million, that is begging for an investor to come along.
Several weeks ago another investor and I went on a blitz and looked at property literally from sun up to sun down. we looked at 80 properties in 2 days and bought 4 of them and have some leads on some more purchases from that group. It can be done, but it meant being in a car all day and absolutely clearing everything else from that days’ schedules. Most people are unwilling or unable to make that kind of sacrifice or commitment.
David Krulac
Central Pennsylvania
Re: 72hr Challenge - Posted by Rob FL
Posted by Rob FL on October 29, 2002 at 10:56:33:
Like some people have said, you need to develop a system and then the deals seem to come at you. Either by your own efforts or by motivated sellers calling you.
If I wanted to find a deal within 72 hours this is what I would do:
-
Look through the Realtor MLS and make offers (many lowball) on every property that showed promise.
-
Doorknock on every property that I could that was either in foreclosure or behind on their property taxes.
Doing that should give me at least a half dozen deals that I can put under contract.
who determines… - Posted by michaela-ATL
Posted by michaela-ATL on October 29, 2002 at 08:02:55:
what exactly ‘a deal’ is? getting 1 mio is enough of a deal for me, that i could buy a ‘full market price’ home and by gettin the ‘reward’ i made a deal 
michaela
Re: 72hr Challenge - Posted by Marcos
Posted by Marcos on October 29, 2002 at 07:47:34:
While an interesting question, I think you’re missing the point.
Most people who have been doing this for a while have built up their relationships, that they could find a deal in less than 24 hrs just by making some calls. Actually so could you. You just don’t know it yet.
Finding a deal in a short period of time is easy. Want to find something tough?
The real key is not to find one deal. The real key is to have a system that brings you property each and every month. One that once you put into place works in over drive, and keeps deals coming your way. Now, thats a challenge.
Marcos
This is easy. Here is what I would do … - Posted by Robert M. Campbell
Posted by Robert M. Campbell on October 29, 2002 at 07:28:24:
I would put an ad in the paper saying: "Last chance! Will pay a $500,000 finders fee to the person who brings me a good real estate deal no later than November 1, 2002. Call Robert Campbell at xxx-xxxx.
Robert M. Campbell
Now you have a game show Ca$h! - Posted by Scot - SoCal
Posted by Scot - SoCal on October 29, 2002 at 15:17:29:
All you need is Regis to host! LOL
you know, john - Posted by michaela-ATL
Posted by michaela-ATL on October 29, 2002 at 14:49:43:
there is this house in kennesaw, georgia, that i would like to give to you, nothing down. would love to see you turn this one around
michaela
so true - Posted by Kristine-CA
Posted by Kristine-CA on October 29, 2002 at 10:31:51:
My first two deals spoiled me, got me thinking that it was easy and I could just continue to wing it. Not so. Making deals a business that pays every month is hard work and requires persistence. So far there seems to be no special magic. Just continuous marketing and following up on leads.
If someone offered me a million dollars 72 hours from now to complete a deal, I could offer cash for any number of things, thereby buying for 70% FMV (or less) and selling for 80% of FMV the same day. The end buyer ends up with a deal too. Not too hard when you are funded, so to speak.
Sincerely, Kristine
Re: This is easy. Here is what I would do … - Posted by Kim (FL)
Posted by Kim (FL) on October 29, 2002 at 08:51:19:
You’re SOOOO smart!!! That’s funny.
I am interested in hearing some serious answers although the funny ones are great too!! I’ve always counted on my realtor finding me rehabs. I have money sitting in the bank from a closing last month but my realtor hasn’t found me another house. I wanted one rehabbed and on the market at this point. I’m starting to feel like I’m putting my wealth potential in the hands of a realtor that doesn’t care about my wealth as much as I do. He’s looking but I think he’s just busy right now.
SO - what should I do to find a deal without my realtor??? The truth of the matter is that I work from home full time and take care of my kids so I really can’t hit the street as much as I need to. What’s the best option really?? Bandit signs? Ad in paper? I’m in a busy market (Central Florida) and there’s billboards all over town so I’m not sure what I should do!!!
come on, - Posted by michaela-ATL
Posted by michaela-ATL on October 29, 2002 at 15:46:57:
regis is nothing without kelly
michaela
How’s the fishing in Kennesaw? - Posted by $Cash$ (NV)
Posted by $Cash$ (NV) on October 29, 2002 at 15:33:53:
Michaelahh,
The house you are referring to is probably not a 72 hour house. At least I would want to pick the house when I bought it for a fast turn around by me personally.
However, I believe that any house can be sold, with in reason of course no crazy house deals please. Even this house you are talking about will sell given a fair chance.
If you tell me the fishing is good in Kennesaw, then I would be more than glad to saddle up ole Trigger and head your way, you can keep the money from the sale of the house, except I will need a couple of bales of hay for Trigger.
$Cash$
Re: This is easy. Here is what I would do … - Posted by Kristine-CA
Posted by Kristine-CA on October 29, 2002 at 10:43:05:
Now here is a problem I could really get into. Money in the bank and wanting another rehab. For fun, you buy me a ticket to FL and I find you a deal in 72 hours. Or better yet, I’ll drive to FL with my homeschooling kids (and visit my Dad). You watch the kids and I’ll find the deal. All much cheaper and pleasing than dealing with an agent in my opinion.
I find junkers and rehab properties and rental property deals without any money in the bank. Maybe I’m just too hungry…But I wish I had the money to rehab them myself. Until I have more cash, I have to sell them to rehabbers or other investors.
I don’t know about your area, but start looking for vacant/abandoned properties. A one hour drive will get you started. Or drive different routes to the grocery store or soccer practice. Call FSBOs in the paper. Think about placing an ad for one month that says I buy houses for cash, any condition. Again, almost any newspaper ad will be cheaper than your agent. Unless you are considering national distribution of the NY Times.
If you have cash to close a deal tomorrow and know how to analyze your numbers for a rehab, you can find one… I give you till next Monday.
Sincerely, Kristine
make it a game - Posted by michaela-ATL
Posted by michaela-ATL on October 29, 2002 at 08:59:08:
with your kids. take them all to a drive around and give points to whoever points out a boarded up or neglected,vacant looking house. allow them to help you, make them interested in wha tyou do.
michaela
Re: This is easy. Here is what I would do … - Posted by Kim
Posted by Kim on October 29, 2002 at 11:44:19:
I didn’t have any money either, if that makes you feel better. We took a cash advance from a credit card to get enough money to do our first deal and then we charged the rehab on another credit card. From there we made a bit of money and put it all into the second one. From there we made more money ~ paid off the credit card and now we have REAL money to spend on our third. So, we’re still new at this and we don’t have a ton of money but enough for a minimal downpayment on the next one. I am starting to feel that after one or two more I may have some actual money to be proud of!
I should do the driving thing again. I’ve done it before without much luck. But ~ I need to stop waiting for a deal to fall in my lap (from my realtor who I love but who is a bit too slow for us) because I’m getting frustrated!!
You’ve motivated me! What I really really need IS someone who can find me property ~ just like what you were talking about. As long as I can make 10k, I’m happy. (okay, heck, I’d be happy to make 8k) How do I find a person to find property for me that’s not a realtor. I went to my local REI club but it didn’t get me very far in the networking arena (too many people)
Re: Don’t be shy, introduce yourself… - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on October 29, 2002 at 16:50:10:
… I went to my local REI club but it didn’t
… get me very far in the networking arena
… (too many people)
Don’t be shy. If you have networking time, then work around the crowd and talk to people, introduce yourself, ask questions, etc… Too many people? That means more people you can meet at future meetings.
For our club, I try to get a speaker set up and give them about 45 minutes to an hour to give their presentation so that I can stop that portion of the meeting by 10:30 AM. From 10:30 AM to 11:30 AM is what I call Networking Time. In that hour people can get to know each other and discuss deals, techniques, offer advice, etc… I try to make sure there is time set for this. If your club does not have a time for this, then stay after and talk to people. There are many times where the discussions are still taking place outside the restaurant when the meeting has ended and our allotted time has expired.
Re: This is easy. Here is what I would do … - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on October 29, 2002 at 14:49:04:
Kim–(FL)-----------
Well, I’ve got a fixer upper in N.E. Oklahoma City you could buy for cash. Or if you would like something closer–how about Lawton, OK, that’s in South part of the state–closer to you.
Good InvestingRon Starr**