CS successes from MN - Posted by Boyd and Lori

Posted by Ted on October 29, 2000 at 12:59:24:

How everybody wants this stuff handed to em!

Good post RR

CS successes from MN - Posted by Boyd and Lori

Posted by Boyd and Lori on October 29, 2000 at 08:02:16:

My wife and I had purchased the CS program about a year ago. We have been trying to get started with REI here in MN but are not sure what are good areas to purchase rental/income property here. The CS info-mercial, some time ago, showed a successful student from MN by the name of Gordon Hines. We were hoping to locate Mr. Hines, or any other successful students in MN, with the hope that we could get some tips on the local market (i.e. good areas vs bad areas). If anyone on this forum knows how to contact Mr. Hines or any other MN successful CS RE investors we would greatly appreciate contacting them. Thanks so much.

Boyd & Lori

BS from CA - Posted by Bill Gatten

Posted by Bill Gatten on October 29, 2000 at 19:35:32:

The “not being sure” is your downfall Luke Skywalker (Yoda,. from the 1998 International Peace Summit in Prague).

When you learn to trust your own instincts and forget about getting someone else’s direction, advice and permission…you’ll be all right; but until then you’ll go nowhere in this biz. Why on earth would anyone pay that much money and time to take a course on RE buying, then wait a year to try to get a finger nail under the lid? If you could have been buying a house a month for past year (as I’m sure most of Sheets’ graduate do), that hesitation of yours has cost you hundreds of thousands of dollars (in addition to the money you wasted on the course).

However…here is the advice you want…

There are no “good” areas. There are just those that work better for you than others might AFTER you make some attempt at one or the other; and there are areas that you can work better than someone else might: but you have to try something, in order to find find out which is which.

Here’s MY criterion for area slection (it works for me):

My wife called today from a property where she’s making an offer in San Bernardino California ('bout 90 mis from where we live). Her comment on the phone was, “Bill, this is a good price ($220K on a $270 appraisal and low comps of $250K) and the house is gorgeous, in great shape and in a great neighborhood: but the aggregate payment are nearly $1,900 per month…is there anyone in San Bernardino (a depressed area) who can afford those kinds of payments?”

My answer (in question form):

“Are there other properties in the neighborhood that look as good, that have humans living in them? (Yes) If so, do they all have For Sale Signs in front of them? (No) Well, apparently several folks have decided they CAN afford to live there, and no one appears to be in a trustee’s sale or anxious to sell and move away, so there must be a few more folks like that where they came from…especially when they find we can get them in to a home of their own without a down, credit check or loan qualifying (while we share in future profits and principal reduction).”

My definition of a ?bad area?: All the buildings are boarded up, and there’s a broken For-Sale sign in front of every one, dangling from one rusted hook, as a lonely cold wind whistles along the empty street?s cracked pavement, herding tumble weeds into the distance (as a lone coyote howls from atop a long forgotten chimney somewhere).

Probably not much help here, but hey…the good advice from the others needs no editing.

Don?t worry about the weeds! Start planting seeds! You can always hoe later.


Re: CS successes from MN - Posted by DJA N.Y.

Posted by DJA N.Y. on October 29, 2000 at 17:00:39:

Check out www.johntreed.com he has information on CS.

Re: CS successes from MN - Posted by Jim IL

Posted by Jim IL on October 29, 2000 at 16:05:23:

Boyd and Lori,
Okay,you are requesting info on how to contact an investor in your area who has done creative RE with some success, right?
With any luck, there are none.
That would be better for you, as there would be no competition.
Rest assured, contrary to what non REI’s will tell you, this DOES WORK where you live.
You have the course, use it.
And, if all you got from it was a good basic understanding of terms and techniques, then get another course to expand what you already know.
But, whatever you do, DO SOMETHING!
Do not fall prey to the trap that many of us did in the beginning, and that is “Paralysis of analysis”.
You can look at this business and keep yourself from doing deals forever if you CONSTANTLY ask, “What if?”.
do that as you make deals, not before you even try.
And forget about looking at houses.
Look for motivated sellers, and/or find a way to make them look for you and find you.
That is the key, not the houses.

Happy investing,
Jim IL

get out there - Posted by Todd W(CO)

Posted by Todd W(CO) on October 29, 2000 at 15:12:52:

In the words of the Nike logo JUST DO IT. Go out and find deals. There are NO bad area’s, I repeat NO bad area’s there just hasent been anybody who figured out any solutions. good luck
Todd Williamson

doing the work - Posted by RR Smith duluth MPLS

Posted by RR Smith duluth MPLS on October 29, 2000 at 11:08:39:

Learn to do your own homework your partners (mentors) will expect you to. Learn to fire a few RE agents on the way into a new town, don’t expect to get any “hot tips” or inside infomation for free. Be part of the 10% that actual does the course work. Edit the cold call scripts and do your drive bys,walk thoughs, and write your own offers. good hunting

Re: CS successes from MN - Posted by JohnBoy

Posted by JohnBoy on October 30, 2000 at 14:29:38:

That’s a good place to read up on Guru’s if you’re looking for EXCUSES to NOT be able to succeed in this business!

Heck, just talk to most of your friends, relatives and local realtors about what you want to do, they’ll all tell you the same crap!

different types of strategies - Posted by RR Smith

Posted by RR Smith on October 29, 2000 at 17:22:59:

There are some methods that require drive bys (REOwned, abandoned property, higher use) and review of the property, but as Jim pointedly reminds me the CSheets method is to find don’t wanters and cold call FSBO’s in your area (FSBO’s also require driving), so shot me I like drive bys and walking.
There are many different types of strategies that cover the full spectrum of risk, high return on dollars invested and talents of the REI in question. Use whatever method WORKS and don’t hang your ego on any one method or any one deal(as Steve Cook posts below “keep the pipeline full.”) One guru here has a system for finding disgruntled landlords and acquiring small apt. complex’s (the landlords call for help!).