Wednesday, July 29, 2009

My Last Day in Indianapolis

Well today is my last day here. Yesterday, I went out with another investor who showed me couple of properties that were interesting but not what I was looking for. Someone can pick them up for about 45k with an value of about 70-75k. They are rented with two(2) year leases singed for $725 a month. I believe they were both section 8 tenants.

The results of my offers were not exactly what I was hoping for. I made two offers on HUD properties and didn't get either of them. They just came available to investors and apparently they were favorable properties with multiple offers that were obviously higher than mine. One of the offers we were countered to provide our "highest and best" offer. So, here is what I did...I actually left my offer the exact same dollar amount but offered to put the FULL offer price as earnest money and removed all contingencies. To some of you that may seem a little extreme, but keep in mind our name is Realestate-Extreme...haha...just kidding. Keep in mind that I have personally been in the property and I have already had a contractor go through the property to give me a rough estimate of rehab so I know where I stand. Basically, all I need is a clear title and I'd buy it so that's the reason for the strong offer. I have not heard anything on the 4th offer I made.

Today, I made two more offers. One was similar to we went to send in the offer they asked for "highest and best" so I actually lowered that offer as I originally made a full price offer. I lowered the offer and again offered the earnest money to be the total purchase price, again making it a strong offer. The other property has been on the market for like 90 days so I went ahead and made a low ball offer just to see if they would counter or of course accept. So, I still have four outstanding offers as I wrap up my week or so here in Indianapolis and get ready to head back home.

Today, I was also able to get into a couple of other properties that investors from our tour last month are buying and took some video for them so they can see the status of their properties. I think I mentioned this before but this is one of the biggest reasons to invest with a organization that will continue to look after your best interest.

Well this is my last post from Indianapolis. I'll continue to post my daily activities when I get back to Hawaii in hopes that people following will get a little insight of a day in the life of a real estate investor.

Monday, July 27, 2009

Getting Busy Again

Well the weekend was a little slow. Saturday I did some driving around in thunderstorms and I didn't get into any properties. I did get the chance to take in some neighborhoods all around the city to get a better understanding this diversified market. Sunday I just relaxed at the hotel and did some research on the Internet and just chilled out.

Today I spent the day with Preston looking at properties and then had lunch with him and Ryan. I looked at a good dozen properties and we are going to submit 4 offers today. Two of them are HUD properties so I should have an answer tomorrow and the other 2 are REO's so it could be a couple/few days to hear back on those two properties.

As I type this blog Preston is out previewing properties for me with a contractor to make sure they fit my buying criteria and we have good rehab estimates. So based on those results tonight we will view more properties tomorrow and write more offers. Randy also sent me a list of properties he found online so I have team also previewing them and getting us estimates of rehab and the after repair value so we can make some offers on them too.

I've got some calls in and emails into other investors in the area that assisted us with our tour in June so I can get into some of the properties that were purchased during that tour. I've also be letting them know that we are planning another tour in September and they are all excited to see another group come back on a tour.

If anyone has any questions feel free to shoot me an email

Saturday, July 25, 2009

Heading out in thunder storms today. I 've got 13 properties mapped out googlemap says 2 hours of just driving time should be a fun day :-D

Friday, July 24, 2009

Offer Not Accepted

Well my offer was not accepted so back to the drawing board. I spent today driving around neighborhoods and found some nice areas we can focus on. I also met with Jim who's shown us a bunch of properties and he's a property manager we'll be using. I met with John too, he's the mortgage broker we've been working with. He is the guy pushing through our 100% financing for our properties. All you need is a couple thousand dollars for closing costs and your in.

Tomorrow, Saturday, I've got a list of properties from Jim and a few from Steve, who I met with on Thursday, that I'll be going out to look at. I've also heard from some guys that are buying properties here and I'll be going by their places tomorrow to and taking some video to send to them so they can see the progress of their properties.

My plan was to go out with Preston again on Saturday but that's been moved to Monday so it's given me time to look at other investors properties all day on Saturday and then go out again with Preston on Monday. Hopefully, I'll have time to get some offers out tomorrow on some properties I'm interested in.

Time flies when you're seems like I just got here but this was my third full day here and I feel like next Thursday, when I leave, will be here in no time. Again, if anyone has any questions/comments feel free to post them here, facebook or shoot me an email.

Another Day

I had a busy day yesterday, Thursday. I spend the morning uploading those videos to the website so everyone could see some of the properties I was viewing. The afternoon I spent at Starbucks with a local investor, Steve, just talking about the market and opportunities. We spent about 4 hours just hanging out and talking story it was very informational.

There are a lot of good things going on here in Indianapolis and the market seems to be getting some steam, according to Steve. Preston the guy I spent Wednesday with viewing properties has seen a big increase in people buying up properties. He was telling me that if you don't make an offer within days of a listing and get it locked just may end up in a "best and final" offer situation, basically a bidding war. It seems the key to success here is "acting quickly" when opportunity presents itself.

My plan was to submit 3 offers, but come to find out 2 of them are HUD properties that are still only available to "owner occupied" buyers and I will have to wait until the 27th in order to make an offer on them as an "investor" aka "non-owner occupied". HUD properties require them to be offered to ONLY "owner occupied" buyers first 10 days of the listing. Once that 10 days is over if there was not a high enough offer or no bids the property is opened to ALL buyers and bids will then be opened daily.

So, at this point I have one offer pending and today I'm going out to just drive neighborhoods just to check out different areas that we are interested in. If anyone from the our last tour here has any properties being rehabbed that they want me to check out just shoot me an email or text with the address and I'll check them out and get you a video of the progress.

I'll be going out again on Saturday to look at another 10-15 properties with Preston who is a local realtor we've been using. If you guys have any questions for me you can make comments here and I'll respond each night or shoot me an email directly.

Thursday, July 23, 2009

Going to view more propertis and write some offers today, I posted some videos on our website INDIANAPOLIS tab

Wednesday, July 22, 2009

Viewed Properties Today

The day started early with a trip to the Regions bank to meet with the bank Manager. We now have a bank account set up for our new LLC and it has one cent in it...haha...Randy will be wiring money from our Hawaii accounts to our Indy accounts so I can start buying some properties

Today I looked at, I think, 10 properties all of which were single family homes. We had an appointment to view a four-plex but the we got a call saying they already had an accepted offer. The properties I looked all had an ARV (after repair value) of between 70-90k. Once they are fixed up they can be purchased for about 70% of the ARV and have rents from $650 a month to as much as $1,000 a month if you were to do a lease option.

I was hoping to make some offers on properties today, but it is 0:30p and I've been waiting on some details from the agent/investor that showed me the properties and haven't received anything it looks like I'll be writing offers tomorrow. I've identified 3 properties that I want to write offers on out of the 10 we viewed. The properties I viewed today needed rehab work from as little as $3,000 to as much as $15,000 and everything in between. I did have a contractor meet me at a couple of the properties to make sure my rough estimates were in line with what it cost here to get work done. Tomorrow, I'll double check the numbers that I'll hopefully receive sometime tonight and then drive the neighborhoods and write some offers.

I will also work on loading some videos to our website. Just watch for the "Indianapolis" tab to show up on the left and that's where you'll find them.

Tuesday, July 21, 2009

Arrived in Indianapolis

Got in to Indy this morning and checked into my hotel and started working the phone. Spoke with the attorney's office to get our LLC paper work squared away. Called Regions bank and set up an appointment with the branch manager for 9am tomorrow to open a bank account in our new LLC. Like many of our LLC's it's a single member LLC, guess the name...Realestate-Extreme, LLC and yes it's owned by our Hawaii Realestate-Extreme, LLC, we do that to confuse people...haha.

Sent some emails and made some phone calls to wholesalers and reatlors in the area and have a full day planned tomorrow of looking at property. I'll be sure to shoot some video of some of them and post them on realestate-extreme's website tomorrow night.

Monday, July 20, 2009

on my way to Indianapolis...just enjoying a drink at the Honolulu Red Carpet. Flight departs in less than an hour.
I'll be leaving for Indianaapolis today to buy some real estate. I created this blog so you could follow my journey over the next ten days as I share my daily experiences. I'm at the office this morning and will be heading to the airport later this afternoon to catch my flight to Indianapolis.

Over the ten day period I'll be looking to purchase 4-5 properties and I'll keep you posted here, twitter, facebook and of course our website.