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abohlig

My First 90 Days / 1yr

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$2K? Nah, that's not going to cut it on a $160K property. With $2K down all you've got is a tenant. Hold out for at least $3K, and I'd sleep better with four.

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Thats what I was thinking. $4K or so. Will keep you posted. I would love to post my deals in the completed deals section...

 

Thanks,

 

Akin

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Dear Journal,

 

First of all I want to say thanks to everyone for all the encouragement!

 

I said I was going to try and update this at least once a week and it has already been a week, so here goes.

 

I think that I will start with what I have, and have not done and then try and wrap up with what I want to try and accomplish in the next week

 

What I have done:

Since the last time I wrote I have done more reading in these forums. I probably should keep closer track of the time that I am spending on different activities. I'm guessing that I have spent 8-10 hrs reading here in the past week. I'm sure that I feel a lot like everyone else when they first start this journey. I am unsure of my knowledge, unsure about all the documents and contracts, unsure about my ability to make this work etc, etc. I still have all these insecurities; however I am starting to feel like it is really time to get started with marketing. I know that none of this knowledge matters a hoot unless I put it to use!

 

A few days ago I spent about an hour looking thru the local FSBO and FRBO adds just figuring out where they were in the paper, how many of them there were and what these ads said. I noted the ones that looked like they were not from a realtor or realty company. There sure are a lot of ads to look thru for just a few FSBO and FRBO!

 

Yesterday I spent a couple of hours reading thru the contracts to be used for CA as that is what I plan on concentrating on. I now think that I have a pretty good handle on both the contracts and the basic concept for CA's.

 

What I have not done:

I do not have a business name yet. I have not made business cards or stationary. I have not set up an LLC or whatever other structure is best. I have not started my marketing plan.

 

Like many others, I am trying to get this business started with very minimal dollars invested. So far I have only spent the $97 on Michael’s course. It may hurt my credibility, but I don’t plan on spending any money on any of the image or marketing ideas until after I have a deal or two under my belt. My original plan was to do all of my marketing by way of e-mail and calling FSBO’s and FRBO’s, both free. I still think that I will focus on these free marketing techniques for now. After I close a few deals I can start to experiment with other marketing stuff and get some of the other things done.

 

I am a starting to feel a little worried as my goal was to have a deal done by the end of one month. I set this goal knowing full well that Christmas fell right in the middle of my first month. I guess I better get busy with marketing!

 

I feel like I have a pretty good idea of what is required to make this happen. I am not afraid to make the calls or e-mails as I have some sales experience. I’m not sure if this will help or hurt me, but at least I am not afraid to do it.

 

Goal for next week:

I am going to make it a goal to talk to at least 50 real live people. I will keep track of stats like names, how I got them, what their response was etc.

 

Until next time,

 

Alan

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what I want to try and accomplish in the next week

You will "try" to do it OR you will "accomplish" it, it is impossible to do both! Try to pick up your computer mouse...if it's now in your hand, you didn't "try" to do it, you "accomplished" it. ("Trying" could never get it picked up.)

 

I'm guessing that I have spent 8-10 hrs reading here in the past week...I still have all these insecurities; however I am starting to feel like it is really time to get started with marketing.

Reading/learning is how you're going to start to build the foundation of your new business.

 

The only way to get over those fears is to contact sellers. So pick up the classifieds this weekend and start making calls. No goal other than to just have a conversation with the seller about their house. After a few calls, you'll be more comfortable with sellers. That's when you start asking if they'd be willing to sell on a Lease Purchase.

 

I made a big score yesterday in landing access to the MLS. I just asked someone who is in my office if her husband had access as he is an appraiser. She said he did and just gave me his logon/password etc.

Don't make this public knowledge!

 

I do not have a business name yet. I have not made business cards or stationary. I have not set up an LLC or whatever other structure is best.

That can usually wait a bit.

 

I have not started my marketing plan.

Have you written a marketing plan? If not, just start calling fsbo, frbo, and/or expired listings.

 

I am a starting to feel a little worried as my goal was to have a deal done by the end of one month. I set this goal knowing full well that Christmas fell right in the middle of my first month.

Christmas is a week away, and you're brand new. Finding a seller and a tenant/buyer in a week can be done, but it is unrealistic without some experience to back it up. So, when you realize your goal is unrealistic, sometimes the best thing to do is to adjust your goal.

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What I have not done:

I do not have a business name yet. I have not made business cards or stationary. I have not set up an LLC or whatever other structure is best. I have not started my marketing plan.

Business name at this point is unimportant. Ditto cards, stationary, and an LLC. What is critical is your marketing plan. Put one down on paper, and then put those plans into action. Even if you're marketing plan is only to speak with 50 FSBO's/FRBO's, write it down, commit to it, and then actually do it. Little else matters at this point. Not the contracts, not tenant/buyers, not asset protection, etc. Take a one-step-at-a-time approach. Focus on what needs to be done today, this week, and when that is accomplished we can go on to the next progression.

Taking a short term focus makes all this much simpler.

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I have not started my marketing plan.

 

Your marketing plan should be along the lines of 'Call FSBO and/or FRBO for at least one hour today!'

 

A couple of weeks ago I decided to commit to this by printing out this statement and sticking it to my bathroom mirror where I could see it every morning. As a result, I made these calls every day and on the second day I made contact with someone who I now have a contract with. My point is make your goals (especially short time ones) visual to yourself every day and when you don't act them out it should eat at you until it becomes routine. At least that's the way it worked for me, but maybe I'm just mental :xwink:

 

Like many others, I am trying to get this business started with very minimal dollars invested. So far I have only spent the $97 on Michael’s course. It may hurt my credibility, but I don’t plan on spending any money on any of the image or marketing ideas until after I have a deal or two under my belt.

 

Once you have The Manual, not a single dollar needs to be spent finding a seller and putting a house under a L/P contract.

 

From my (little) :xconfused: experience and I think, my market, a few dollars need to be spent to market for a T/B. The way I see it, spending a little time and $50 - $150 finding a T/B, is worth the $3 - $7 thousand dollars I am looking for on my first deal.

 

Enjoy your holidays, and enjoy the education of the journey. :xbiggrin:

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One other 'key', when you have a phone number in your hand that is related to your Lease Purchase Investing Voyage, is PICK UP THE PHONE AND CALL THAT NUMBER! Over the last couple of months I couldn't even count the number of times I felt like I wasn't ready to call a seller, or answer the phone when I knew it could possibly be a T/B for the property I am trying to move. But I have commited myself to calling those numbers and answering the phone because no matter how bad I may mess things up by my rookie-ness, I am better off than not making that phone call at all. I know my inexperience may have cost me some deals but without throwing myself in the action, I won't learn the rules.

 

Keep going and things happen.

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Akin,

 

Sold is correct. I have had many homes that I wanted $5,000 option money for. Some tenant buyers only have $2500 or so. Take it and take an extra $200 a month until the rest is paid off!!! Hell, I have one guy who is paying me off his $2500 with only $100 per month! I do not care! That is a $100 more than I had yesterday. So if they don't have the full amount they must come up with half at least and work out the rest on a monthly basis.

 

Pete

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Hi all,

 

Well here I am about a month into my journey. I had hoped to have completed a CA by now. Well that has not happened. I probably set some unreasonable goals/expectations considering I started this whole thing right before Christmas. Time to re-evaluate and really start to get things going.

 

I had intended to write long before this but many things came up and I really haven't done much so I didn't have much to write about until now. I know, I know all these are just excuses but I did have bronchitis for two weeks and with Christmas and all I just did not get around to making those calls until this past week.

 

On Monday of this past week I sent out 50 e-mails to FSBO on Craigs list and then some others as Craigs List only had about 20 or so within the last 45 days. After thinking about this a little more I think the older ones might be better. I did have about 15 responses of those 10 were realtors and 3 had already been sold and the other 2 were not interested at this point.

 

I decided that I had better get a little more proactive and start calling FSBO etc. On Thursday I called for about 2 hrs in the afternoon from about 3-5 and really did not have much luck finding people home. As it turned out this was fine as it gave me a chance to work on my pitch. I left many messages. Yesterday (Sat) afternoon I spent another 2 hrs calling. This time it was much more productive! I have 4 solid leads from yesterday and now today someone called me back that wanted more info. I have been saving the Sunday Homes section since the last week in Nov. so I have the FSBO for the past 7 weeks. I was calling only from the last week in Nov and the first in Dec.

 

Ok I have to admit I was procrastinating on the calling a bit. I have done calling like this before and was a bit worried about it. It was easior than I thought it would be and I actually had quite a bit of fun doing it.

 

I have used ACT as a contact database for many years now and have started creating a database for my new RE business. I plan keeping track of those houses that are still for sale but are no's for now. I will call all of these people again in 30 days as has been suggested.

 

I am pretty fired up about this whole thing again! Hopefully I will have some questions pertaining to t/b soon and good news to report.

 

Alan

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Guest Renae

Alan,

 

I think it is wonderful what you are doing; holding yourself accountible by keeping a journal posted on this forum. I have read over every message on your thread, and there are definitely some helpful insights throughout.

 

Unfortunately I do not have the money in hand to buy the program from Michael, so the one thing I am frustrated with at this point in time is not having some sample forms to go over.

 

I am at the same point in my venture as you are. I am also having a hard time not procrastinating, and getting over the fear of making the calls. I see that you have finally done that, and it relieves me to read that you are having fun doing it.

 

As somebody on this thread had mentioned (which I have failed to find again) it is eating away at me day by day not making the calls. And I can tell that soon it will be so unbearable to where I will have no choice but to PICK UP THE PHONE!!

 

I wish you the best of luck this coming week, and I hope to see atleast one success story from you coming soon.

 

Wendy :(

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Unfortunately I do not have the money in hand to buy the program from Michael, so the one thing I am frustrated with at this point in time is not having some sample forms to go over.

 

I am at the same point in my venture as you are. I am also having a hard time not procrastinating, and getting over the fear of making the calls. I see that you have finally done that, and it relieves me to read that you are having fun doing it.

 

As somebody on this thread had mentioned (which I have failed to find again) it is eating away at me day by day not making the calls. And I can tell that soon it will be so unbearable to where I will have no choice but to PICK UP THE PHONE!!

 

I wish you the best of luck this coming week, and I hope to see atleast one success story from you coming soon.

 

Hi Wendy. YOU NEED TO GET THE COURSE! :o Don't let the $97 (or any amount for that matter) stop you from succeeding. I know it's easy to say, but I've been there. There's a ton of ways to raise the money. The easiest would be borrow it from a friend/relative. Offer to pay them their money back plus $100, $250, $500 from your first deal. If you have to borrow $1 from 97 of your closest friends! :lol:

 

-Sell plasma

-Have a garage sale

-Sell something of value of eBay (the virgin mary grilled cheese went for around $25k!)

-Pawn your TV (Survivor isn't going to make you successful)

-Skip going to restaurants/whatever until you have the money

-Bet whatever $ you have that the Steelers are going to win the Super Bowl ( :( )

 

I understand where you're comming from about making calls. I'm kinda the same way sometimes. It helped me to keep reminding myself that these people want someone like us to call them! They placed an ad hoping someone will call about their property/headache! What's the worst thing that could happen? They'll say they're not interested? They'll say the property already sold? Not a big deal.

 

It might even help you to call a few ads and not mention lease purchasing. Just solicit information about the property. "Is the property still available? How many bedrooms? Do you like the area? etc" These are questions the seller will be comfortable answering and you'll be comfortable asking. Until you're able to order MCs' course, spend as much time as possible reading past threads (lease purchasing & marketing). There's so much good information and it's all free.

 

Welcome to the board, Wendy. I can't wait to hear about your first deal. Here's a little motivation for you if you haven't seen it.........Good luck!

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Bet whatever $ you have that the Steelers are going to win the Super Bowl (  )

 

Brian,

 

You mis-understood Renae.

 

She said she needed more money to be able to buy the course ! Not to lose money !!!!!!!!

 

The Steelers have to get by the WORLD CHAMPION NEW ENGLAND PATRIOTS in order to have the right to even play in the Super Bowl.

 

How can they win it if they aren't even going to be PLAYING in it !!??

 

:(

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She said she needed more money to be able to buy the course ! Not to lose money !!!!!!!!

 

The Steelers have to get by the WORLD CHAMPION NEW ENGLAND PATRIOTS in order to have the right to even play in the Super Bowl.

 

The Patriots :( hmmmm......sounds familiar. Didn't they have a streak broken this season? Who did that again? :o

 

If you don't take them to win the Super Bowl, at least take them to cover the spread. I was wearing my Bettis jersey on Sunday, and two different drunk guys said New England is favored by something like 2.5 points (not verified as of yet)! WTF? At Heinz Field!?? They're not going to have 2 bad games in a row. LET"S GO STEELERS!

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Brian,

 

Thanks for the advice. I will have the money as soon as I can file for my tax return. But until then I will just have to settle with making calls, and hopefully when the time comes to sign a deal, I will have figured out a way to get the forms, or informations for the forms.

 

I must say that after reading the forum yesterday, I feel much more confident. I was at work this morning, and a coworker asked me about what it was exactly that I plan on doing in real estate. I explained (surprisingly quite easily) exactly how I would put my deals together (lease options that is). I thanked him for asking me, because now I know, that I know what I am talking about (or atleast it seemed that way). :D

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