Thursday, August 27, 2009

Another long day

Well I started the day off hoping to make a bunch of offers. Unfortunately, after looking at the numbers some of them just didn't make sense. A couple of the properties from yesterday were in areas that we had trouble finding comps on. When that happens you have trouble proving value so rather than mess with properties like that we just we'll just pass. Something I didn't realize too was that half the properties I viewed yesterday were HUD properties and the bidding doesn't open until Monday for investors. So, if they are available I can make offers on Monday...that didn't make me happy. So, I think that left me with 2 properties from yesterday and of course the were the 2 that were not really on my list because I'd have to get them for 50% of what they are asking for and due to the favorable area I wouldn't have a chance. So for those two I'll wait a couple of days and if they are still available I'll through in a low offer just to see what happens.

This afternoon I viewed 5 properties and stopped by a property we just closed on to pick up the keys to it. I was told the key was wedged behind the drain spout, which struck me as odd, but sure enough when i got there I found a single key stuck behind a drain spout. I went in and took a quick look around and everything looked good so now we need to get people working on it. I had two contractors go out and take a look at it and got one back today so I'm waiting on one more to come in so I can compare them.

As for the properties I viewed today I did make offers on two of them so we'll see what happens with them over the next couple of days. A couple, again, were HUD properties that aren't available until Monday. I've told the guy showing me these types of properties that I don't need to see HUD properties until I can bid on them. Why spend time looking at properties that I may never have a chance to bid on, not sure why he's not getting that.

Tomorrow I have two appointments, one at 11a with Gary to go out and view about a dozen properties and another one at 3p with Steve to talk about some properties he has. He told me he has a couple of package deals with like 22 properties and 43 properties so we'll see how they look and see if we can't get some great deals from that.

Well it's about 10:30p my time and I think I'm going to call it a night. Any questions feel free to shoot me an email or make comments below. Aloha!

Wednesday, August 26, 2009

Fun Day Viewing Properties

Alrighty, first I'll comment on some of the comments made on my first post.

The property that we wrote a contract on prior to arriving here was based on input from our power team here in Indiana. I received a phone call while they were at the property and they told me it fell into my buying criteria (this is different for everyone and depends on your ability to purchase, property condition, exit strategy and even your own comfort level). I made the offer based on their information and was later sent some pictures and of course the address so I knew where it was by looking at a map, but wasn't familiar with the area. We've been buying properties out of state for like 5 years so this is very normal for us to make offers and actually buy properties we've never seen. Today, I delivered the earnest money check for the deal. All I had done was fax them a copy of the cashier's check and told them I'd bring it with me since I was coming so soon.

As you can see by the time of this post it's after midnight here and I looked at a lot of properties today. I've evaluated them and plan on making offers on about 8 of them tomorrow. I'll make offers on 8 and hope to get some action on a few of them and actually buy 1 of them. I'll make low offers on some because I think they are over priced or need to much work, but if I can buy them cheap enough they make sense. As I always said "price cures all"!

I looked at properties today from about noon time until about 6pm tonight mostly on the east side of Indianapolis and tomorrow we'll cover the west side. I also have that appointment on Friday at 11am to meet another investor as he has about a dozen properties to look at so that's my plan for Friday.

Guess that's it for now I'll start making offers tomorrow and let you know how they pan out.

Tuesday, August 25, 2009

Back to Indiana

Well I meant to start this back up about a week ago but I've been so busy getting ready for our next SOLD OUT tour to Indiana I just kept putting it off. Anyway, it's now Tuesday about 8pm and I'm back in Indianapolis. I left Hawaii on Monday, flew all night and arrived this morning. I quickly drove by and inspected a property that another investor purchased from our last tour, which still needs some work. After that I went by a property that we just got under contract so I figured I should at least go take a look at it and I was pleasantly surprised with the location and it's condition. It's going to be a great property.

Then it was a quick lunch and off to the hotel to check in. I caught up on email and made some appointments. Tomorrow I'm meeting with an investor around noon to view properties all afternoon. I also set up an appointment for Friday at 11a to also view some properties with another investor.

So, now it's about 2:30p and I headed off to the escrow company to sign some closing documents on a property we purchased and should get the keys to tomorrow to start rehabbing it. I have a couple of contractors going out there tomorrow to get us some bids.

Okay now that I know to look for comments on the post :) be sure to make comments or ask questions and I'll be sure to answer them this time.

Thursday, August 6, 2009

You guys missed a great HiREI meeting tonight and a better after party at Any Place...did I mention it's midmight and I'm still there with friends :-D

Monday, August 3, 2009

I arrived in Hawaii last week Thursday and basically just chilled out at home for the night. Friday morning was spent in a meeting with my business partners Randy and Laura going over, in detail, all the things I did while in Indiana. I had to leave early on Friday, around 2:00p because I volunteered to referee an inline hockey tournament in Mililani Friday afternoon, Saturday and Sunday...18 games later I managed to survive! I can't wait until next weekend so I can play again, missed two weeks of playing between traveling and the tournament this weekend and NO that wasn't a typo and you didn't read it wrong...I play inline hockey, come watch if you dare :)

Anyway, I heard back from some of the offers I made. As it stands now I have one accepted and one still pending. Let me tell you about the one that was accepted, I think you'll like the approach I used.

I made the offer and of course within two days I was told they had multiple offers on the property and they wanted my "highest and best" offer. So, my highest and best offer was my original price (which was a cash offer), but I made my earnest money match my offer price and removed all contingencies from the offer, crazy right? Not at all...keep in mind that I had already previewed this property, had repair estimates and knew what I was buying. So removing the contingencies didn't worry me because at my offer price I WILL buy the property. I received an email this morning saying my offer was accepted. The nice thing about this strategy is it shows the seller that, 1-you are serious about buying, 2-you're obviously going to close the deal and 3-they won't have to worry about any contingencies killing the makes for a very attractive offer even if they have higher bids.

I'm still waiting on one more offer and have a couple of properties I'm looking at making offers on tomorrow, since it's already 11pm in Indiana there isn't much point in making an offer today. I'll let you know how my other offer turns out and any new ones I write.

Now I have to finish our Realestate-Extreme newsletter for our meeting on Thursday night, I'm guessing Miles (Laura's husband and our printer) would probable prefer to already have it.