Fun In The Sun Part 7
1:1 Buying Tour – San Diego Day 7
7 down, 7 to go!
Bob Leonetti picked me at my hotel for breakfast, as I left my car back at the Sheraton, our host hotel. I was so tired the night before Bob gave me a lift back to my temporary home away from home. We met Scott and Jason at one of Bob’s haunts, a little café in the Mission Hills area. Great basic food served in a family atmosphere. Thanks Bob!
We headed back to the Sheraton, our home base, to get to work. Betty’s broker, Jeff, joined us and we got started writing offers. Yesterday we identified 12 properties from a batch Betty had sent us. Two other real estate agents had given me some properties and I worked with them to get a few additional offers written.
Our buying criteria for the real estate agents 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
Now the interesting thing is that for every property a real estate agent sent us, I would find 1 or more additional properties I liked as much if not more. We ended this part of our day with 31 total offers. Busy, busy, busy!
Tuesday night is our weekly coaching call with our 1:1 students. It’s rare to have all three coaches on the call, let alone in the same room at the same time! Our students had great questions. One of our students deals concerned us. Turns out they entered into an agreement, and I use the term very loosely, with the head one of their real estate investment clubs. The “agreement” was less than a half page, not written on a promulgated state real estate form, and required our student to deposit $10,000 in escrow upon clear title. There is no reason to tie up that much money for a $50,000 property! Not to mention giving the seller $10,000 before close of escrow!
We worked with our student on the call, and off the call. We want our students to be out there making deals and not being taken advantage of. We are always concerned with our students financial safety.
Scott, Jason, student Jamy V. and I ended our day by having dinner down by the beach. I was following the guys in my car, and we had some excitement. At a red light, with me 2 cars behind Scott, Jason decides I shouldn’t be driving alone. He gets out and runs to join me. Jamy V. decides he doesn’t want to be in the back seat of Scott’s car, so he gets out and enters Scott’s front passenger door. The car in between us is completely freaking out. There is a little more to the story than that, but I’ll spare Jamy V. the embarrassment.
We did eventually make it to dinner. The beach restaurant/bar, heavy emphasis on bar, was literally beach front, and would have been a great view if it had not been 8:30 at night. They were having a ‘70s night, and the locals were really getting into it. Even had Scott and Jason doing their rendition of the Bee-Gee’s Staying Alive! Use your imagination. I ate my meal, and then bid the boys good night, calling it a day just after 10:00. These days are starting to get a little long.
31 Offers And Counting!
Day 7 Wrap
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