Fun In The Sun Part 14
1:1 Buying Tour – San Diego Day 14
14 down, and I'm going home!
Scott Carson decided to end our two week San Diego buying tour the same way we started it with breakfast on the beach. Tragically, it was another glorious morning that we had to endure. Ha!
After breakfast we headed back to the Sheraton to meet up with Bob Leonetti and wrap up our two weeks worth of activity. My goodness….we certainly accomplished quite a bit!
When Bob, Roland, Scott and I originally met and planned out our activities, we set ourselves up with some hefty goals. Remember, shoot for the moon and you may land among the stars!
Our profit mapping exercise for the two weeks resulted in the following goals:
- Want to Earn: $120,000 income from 6 wholesale properties and 24 portfolio properties
- Median Price: $465,840
- Average Profit Per Deal: $23,292
- Number of Deals Needed: 30
- Number of Offers to Submit: 300
- Number of Offers Daily: 22
- Number of People to Talk to Daily: 110
How would we accomplish this? Through leverage. We immediately began building our team: real estate agents, title company, real estate attorney, etc. How did we find our team members? Various methods:
- Craigslist Ads
- Realtor.com email blast
- Contact local investment clubs
- Attend local investment clubs
These marketing efforts generated for us:
- Hard money lenders
- Private money lenders
- REO listing agents
- Real estate agents
- Free NOT/NOD lists for the San Diego area
and so much more! Once we got word out, deals began coming our way matching our defined buying criteria, and some that didn’t match, both good and bad. Our buying criteria was as follows:
- I-5 corridor from National City to Oceanside
- No war zones
- Minimum 3 bedroom/2 bath
- $465,000 or less
- 65% of ARV
- Light rehab ok
- Must cash flow
A few prospects were well outside of our defined buying criteria. Bob says this is the green dress theory. You go into a store and ask the sales clerk for a black suit, and they bring you a green dress. On the other hand, sometimes that green dress is exquisite and a great fit!
We ultimately ended up with over 100 offers made on single family homes in our target market, a 24 unit apartment building and 3 oceanfront condos! We also put into place a system to help us keep the lead generation going, allowing us to continue receiving deals. All this from two weeks worth of focused effort. Now, why aren’t you doing this in your market?
All said, this was a terrific experience, and one we should repeat often! Where to next, Bob?
Fun In The Sun
Fun In The Sun
Real Estate Education
- Real Estate Investor Training, Real Estate Coach - Real Estate Profit Coach - RealEstateProfitCoach.
Real Estate Investor Training and Real Estate Investor Coaching providing step-by-step, action steps to help you find more deals, get them funded and get paid faster.