North Carolina Real Estate Investment Training-Part Two

Day two day of Jack's North Carolina Real Estate Investment Training had him picking me up at his practice and us heading off to home.  While driving, we reviewed the previous day along with the conference call from the previous night with the head of loss mitigation.  Jack had several questions that we discussed from the previous day.  He hadn't quite finished up his homework from the previous night, so I had him delay working on it until 11 am.  

We immediately checked the status of his Twitter and Craigslist ads and he was suprised that people were already following his account!  We also looked on Craigslist to find hard money and private investors.  Jack mentioned that he would probably discuss with his landlord about becoming a private lender for his endeavors.  We identified several hard money lenders that we called and discussed with them about their lending criteria while also checking to see if they had any defaulted paper and or REO's for us to review.  I explained to Jack how he would probably come across deals outside of his buying area and how he could easily wholesale these online by using his Craigslist ads and investor networks.  

After working on these items, I had Jack work on his homework while I called into an online real estate radio show entitled, Income Property Investment Talk, that is hosted by Peter Mosca and Dean Essa.  We spent the hour discussing how to utilize Web 2.0 tools to help your real estate business and how those tools have changed the investment community.  Jack listened in on the call and had several comments regarding what we discussed and some of the comments that the other speakers had to say.

After wrapping up the radio show, we headed out to lunch and then on to meet with Jack's realtor freind, Dianne Ballard.  Dianne had helped Jack with a few deals before hand and was very knowledgable with REO's and short sales in the local area.  We spent some time discussing Jack's marketing plan and discussing with her on any potential leads that she might have.  Dianne promised to keep an eye out for deals and get with Jack later that week or the following week with any deals that she might have found.  We thanked her for her time and then headed out to meet with our wholesaler, Jennifer.

We arrived a bit early for our appointment, so Jack and I stopped at the Wendy's in Statesville to grab a quick drink and prepare for our meeeting with Jennifer.  She arrived a few minutes later and we were extremely excited to see what she had brought us.  Jennifer brought us over ten deals that she had found along with five potential land deals that were from 90 to 105 acres.  Jack was excited to see what Jennifer had brought us (along with comps, pictures, and negotiated pricing).  I was extremely excited but I noticed it was a lot of information overload for him so I mentioned to both Jennifer and Jack that I would work on creating a deal spreadsheet so that we could evaluate the important numbers and be able to clearly identify that the properties hit our 70% of market value test prior to us making offers or spending a lot of time looking at properties that didn't make sense.

We discussed with Jennifer about meeting with her on Friday to look at some of the properties on her list along with signing contracts and paying her a wholesale fee inside of closing to make the transactions clean.  Jennifer liked the idea that we wanted to make sure she stayed in the deal along with the fact that we liked several of her deals.  We agreed on our schedule and told her goodbye and headed out the door back to Jack's house.

We arrived at Jack's home after a bit of a drive and we wrapped up the day by reviewing the properties, the land, and the actions that we had taken that day.  I gave Jack the night off as far as homework was concerned as I would be working on the spreadsheet, unless he wanted to review any Craigslist postings for potential deals.  We filmed a quick wrap up video and called it a day.