How Many Deals Have You Done?
I have posted this question before and got NO response.... either everybody is too busy making money, or nobody has done any real deals?
I'd like to get a general idea how many deals one can close, with John's methods and an average effort level.
The discussion here is great, however it doesn't sound like anybody are actually closing deals !
I hope I am way off the line.... I have been hesitant to get my feet wet as you know, anything on the internet can just be a pie in the sky.
So if anybody can just drop a line here, regarding how many deals you close in a year, and in which state, that will be very helpful.
Thanks.
Don.
hi, dozu.
I kind of did a sub2 deal with the house I'm living in. I took over pmts and promised 5K over payoff within 2 yrs. She was ecstatic to have this house off her hands. The payments were killing her. Had to catch up 1 month.
House has about 60K equity after the repairs I did. (spent $65 to recharge the central air. She was convinced that this 3 yr old unit was trash and that it was going to cost her another 4K to install a new one.) Had been using window units for 2 yrs. It had a small leak (from installation). My tech re-brazed it no problem.
The other deals I'm doing are rehabs. I just today recieved John's sub2 manual. Haven't had a good quiet time to read it. Heading that way shortly. (I'm a night owl.)
I promise you that they can be done. I haven't a doubt in my mind. They're legal too. If you follow some of the posts, youll see that John has several times reprimanded people for not being honest and forthcoming.
I started looking around just a month or so ago for ideas and info on RE investing. I've already got 2 good deals on the table. One is set. The other, I'm trying to bring them down on price. However, even at asking price, it's a great deal. They're both REO properties offered up by banks. They need a little rehabbing, but no big deal.
Even if I can't resell them right away, I'll come out with $500/mo. positive cash flow easily. That just about pays my own mortgage. One more deal like that and I get my house for free!
I do have a unique situation because I drive a semi truck during the day. I order books on tape free through the library and listen to them all day long. I can finish 3-4 books a week. I've got an obsessive need for information.
I hope this gives you the motivation you need. Get off your rear end and get out there. Asking questions is the only way to learn. Go to the courthouse. Talk to FSBO people. Talk to realtors. Have several show you houses and pick the realtor that you like most. Ask about REO properties.
Get Kevin Myers book buy it, fix it, sell it, profit. It's a good one for getting started too.
Good luck
Ronnie
[addsig]
We've done a few, Did OK on 2 not on 1. Then I thought I'd better get some education and learn how to do it right. I'll be hitting the streets this weekend, as soon I'm done helping my partner move into her new home. She's upgrading her living space. (as a result of her investing)
There now!
Don't you feel more successful?
My success or failure has nothing to do with your successes or failures. I have not made money in real estate investing when I wasn't working at investing, and I guarantee that you won't either. If you never make the attempt, you'll never be successful doing it..
I'm sorry if I'm being harsh, but I just might have a little insight about what I'm trying to say. Don't wait as long as I did! I bought my first Creative Real Estate Course in 1987. I studied it, and soon I became the "real estate expert" to everyone I knew, and offered advice to family members and friends wether they asked for it or not. I however, did not buy my first house until August. of 2000 (13 Years Later, (13 YEARS)), and I promise you it wasn't done by any creative means what -so-ever.
Last year I took a long, hard look at my life.. Financially I was no better off than I was in 1987, and nothing would likely change any time in the future if I didn't change. I set out to learn everything I could from books, and more Creative Real Estate Courses from some of the most famous GURU's around. ( I've got quite the library now) Before I made mistakes, I have made some anyway. (The information I had learned was good enough, I just thought I could do it better). I'm sure I'll make more mistakes as well.
One mistake I won't make again is "Doing Nothing".
I'm not rich yet!
I'm not without hope either!
Check everything out for yourself. Seek advice when you don't know. Question everything, and think it through.
But you've got to get started, or it won't work!
Good Luck,
Jeff
Jeff as posted sound advice for you Don.
What everyone else is doing (or not) has very little to do with what you can or will accomplish.
As far as sub2 investing goes, you might want to search the forum a little more since I've seen several posts of successful deals. Mr. Locke has personally did over 500.
How many you do a year will depend on your own effort, knowledge, drive, desire, and goals. Some may want to buy 1 house a month. Others might only buy 1 a year. If that was their goals, then they are both successful.
Roger
Dozu,
I'm right at $100,000.00 so far for the year.
(its only Sept.13. )
feel free to call me anytime about John's stuff.
********* Sorry no phone #'s within a post******
His books work. The question will you work?
I'm sure you will. I used to ask the same questions you are.
Good luck
[ Edited by rajwarrior on Date 09/13/2003 ]
$110K so far this year, with 5 that have tenants in them and I'm holding. I am expecting 2 sales next week, and that should change my number significantly.
Oh, did I mention I just do this part-time?!
I've flipped 12 properties in DC and 4 in MD this year, I average anywhere from 10 to 20 per year, mostly foreclosures, tax liens and probate properties. Hope this helps you, the deals are there you just have to get out there and look.
I just saw this post.
If you have John's manual and you don't do anything, nothing is going to happen!
I have read most posts over the months, since I signed up on TCI, which was the first best thing I did regarding CREI.
Then I bought John Locke's manual, read it a couple of times, talked with John on the phone, and then went to work the way he indicated to me.
On June 17th, this year I sent out the first 48 postcards to targeted addresses. I put 20 flyers in my daughter's store. I got 8 phone calls on the postcards, and two on the flyers. 2 deals from the flyers materialized, 1 I bought and sold within a week, which was no big deal, I had a buyer ready, no ad, the other one will be vacated end of Sept. From the 8 phone calls on the postcards, 1 appointment cancelled before meeting, 2 appointments were on the same day and materialized, I am about to sell 1 beginning October. The other one is pending, she is not a very motivated seller, so I let her hang till she is ready.
Some of the phone calls were not motivated sellers right now, just wanted to know but were not ready to sell yet.
I was truly amazed at the high percentage on so little postcards.
Recently I sent out 25 postcards, 2 phone calls, the houses needed too many repairs, so I was not interested.
Shortly I will send out another batch of postcards. I send them out on Thursday or Friday, that seems to be the best day, shortly before or on the weekend. They call Friday or Saturday and I set up an appointment on the following week, allowing time for research at the Court house and calculate their situation.
Anyway, I am no expert (yet, maybe in a year or two), but I DO know that Subject to is a great way to do CREI, and I feel very comfortable now, since I have done a few presentations, and closed some deals, and knowing that John is just a phone call away when I need him.
Just get your ducks in a row and start. Get active, that is the only way to start making money!
Success to you!
Ladybug
I agree with the posts that say that you are successful by your own measurements. I have done many deals. I lost money on my first one, but I learned, shook myself off and bought another one. Sometimes the best plans, don't go right...
Anyway, making money is certainly possible. I have made a bunch and love helping people get out of houses...
Good luck and happy investing!
It's really all about you
what you are wanting to accomplish
you can give the exact same program to 20 different people with 20 different results.... every program can work - if it works for you