Fun In The Sun Part 12

1:1 Buying Tour – San Diego Day 12

12 down, 2 to go!

Bob, Scott and I once more started our day downstairs together in the restaurant diner. I think our students wait for the area to get quiet as an indicator we are moving to the suites to work.

Students, students, students! We have 7 students with us! Jamy Vanderwoude, Jackee and Ron Benson, Ilene Durbin and Brent Tyler, Nancy Moore and Majorie Durkee.

We started off continuing where we had left off two days ago targeting MLS pre-foreclosure listings. This time we started with the NOT and NOD lists to see if they were listed. Students called the listing agent to see if there were any Subject To opportunities. We came across a real estate agent whose own home was in default.  He was in serious denial.  Remember, sometimes the best deals are the ones you walk away from.  Don’t let one deal take over your life.

We changed up our strategy and began targeting MLS pre-foreclosure listings. We came up with a group of listings and had students begin calling the listing agent to see if there were any Subject To opportunities. A SubTo is where we reinstate the debt, take over the payments and maybe even give the homeowner and real estate agent a little money, depending on the numbers in the deal. SubTo’s are a great way to get around the conventional lending limitations placed on investors. We also began researching NOD low default amount and high equity properties.

Scott called one agent, and it ended up quite frankly being one of the funniest moments of the trip. Just wish I had been taping it! Scott called an agent that had a listing facing foreclosure. Turns out the property was under contract, and asked Scott if she could help him with anything else. Once she found out he was an investor, she told him “Oh, you’re a savvy investor. You don’t need me.” Click. She hung up on him! Ha!

After a productive and entertaining morning, we all headed to the local Panera Bread for lunch. Bob, Roland, Scott and I hammed it up in front of the Panera Bread logo. Panera Properties meets Panera Bread!

My real estate agent, Sonya, met us at Panera Bread with the purchase contract for the 24 unit apartment building in National City. We spent a few minutes reviewing the terms, I signed, and off Sonya went to present our offer. And you thought commercial was scary!

The entire group then headed over to the 3 oceanfront condos we have under option. We may already have an end buyer. These 3 units could more than make our trip worth it! The condos are literally on the beach. Think high end New York finish out, floor to ceiling windows and a view you just can’t beat. You open the front door and immediately step out onto the boardwalk. A few short steps and you are on the beach.

We all regrouped back at the Sheraton in Scott’s suite. Most of our students were heading home, and we wanted an opportunity to review the last few days with them. What did they learn? We work hard! Put big rocks first. Work first then play! Good job students!

Bob and I ended the day with dinner at a local pizza joint – Sammy’s. The eggplant appetizer and goat cheese pizza was delicious! Our waiter was a bit of a smart alec, so he and I got along famously! It was a terrific way to end a busy day, and I definitely needed the down time. Thanks Bob!

Panera Bread Is Good

Day 12 Wrap

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