$100k In 100 Day Real Estate Challenge

$100k In 100 Days!
$100k In 100 Days!

Introduction to the $100k In 100 Days Real Estate Challenge

My good friend and partner in crime, Scott Carson, came up with a great idea to boost business and challenge our students to either get their real estate business going or take it to the next level, and leading the way by example. The challenge itself has three categories: Deals closed, private money raised and total profit. This balanced approach should enable our students to grow their business in an effective and strong way to ensure future success. Starting the holiday season off with a six figure goal of $100,000 which would average out to an average of $1k per day profit would be a life changing event for most of our students.

I’ve decided to join him in this endeavor to create a dramatic amount of activity over a short period of time. My 100 days starts July 31, ending November 7.

I will update this blog nightly with my activity. You can track real time results by following me on Twitter or Facebook.

Day 1

July 31, 2009

I started the first day off by updating my online social media pages: HubPages, Twitter, Meetup and Facebook profiles.

I created a new blog to introduce the challenge. I updated my Twitter and Facebook status throughout the day, and received two requests for wholesale deals from local investors who saw what I was up to. Two lessons here: Always be building your buyers list; and Don't be a secret agent investor!

I accepted a Facebook friend request from an investor and joined their online investor resource group. I requested info from two bulk REO pool resources found on Facebook and Twitter. It's amazing the business you can get if you are properly utilizing your online social networks!

Now it was time to declare my intentions publically to my sphere of influence. I sent an email blast out about my participation in the challenge and provided links to the blog. I invited recipients to join me in the adventure! Three students committed to joining me: Ian Savage, Marty Crawford and Kashmir Moses. Congratulations to you all! Now you are publically committed! LOL!

Through my network I received a total of thirty properties to evaluate. The deals came from my partner in crime Scott Carson, Meetup groups and other local investors. I'm in the process of performing due diligence to detemine which ones deserve follow up.

I received a request from a local investment group request for Florida area properties. I have a few connections through inner circle students and wholesalers I've previously worked with in Florida, so I made a few phone calls and sent a few emails. I hope to be able to match Florida sellers with DFW buyers and make a few dollars in the process.

The Real Estate Profit Coach gang will be in Nashville August 13 - 16 for the Path To Profits workshop. Scott found some potential leads in Memphis and Nashville for us to work while in town. I have a couple of great Memphis wholesalers, and reached out to them for any deals we would add to our list. I'll follow up on these in the coming days.

My 15 year old son, Mr. DFW Real Estate, committed to working on the $100k in 100 Day challenge last night on the teleconference. I got him started on his modified version of $100k in 100 days challenge. You can follow William and cheer him on!

Day One Summary:

3 students committed to joining me, 30 properties to evaluate, 2 new REO suppliers, 3 investor/wholesale buyers and new Florida wholesale contact, and got Mr. DFW Real Estate going on his own path. Not a bad start!

Day Two

August 1, 2009

Today involved what seem like a lot of busy, not necessarily productive work. For those of you who know me, you'll understand my frustration.

I received a lead from my short sale negotiator and met with an Arlington homeowner facing foreclosure. What makes this interesting is that the homeowner has an end buyer in place, and my short sale neogiator has already gotten the sellers lender to accept a deal. I have an opportunity to control the home, put a buyer in and earn a gross of $9,300 for a few hours worth of work. I'm leaving plenty of equity in the property for the new owner, so it's definately looking to be a win/win/win. Whoo-hoo!

Driving home from Arlington I saw an investor bandit sign advertising a home at 50% of ARV. I left a message with the investor to get more info on this opportunity. Driving for Dollars is a key strategy in real estate - use it!

I had a surprise waiting for me at home. A short sale seller I helped out last month contacted me. He had a $600 shortage at closing. In business you must keep focused on the big picture. I wasn't going to lose several thousand dollars over $600. I had the seller sign a promisory note for the shortage, and paid it out of my profit. The short sale seller found the $100 option check our end buyer had given him, which he signed over to me. I really didn't think I was going to see any of that money. It's nice being pleasantly surprised for a change.

I still have several properties left over from yesterday's activities to evaluate. I enlisted help from my JV partners. Leverage is a good thing!

I received three Las Vegas area leads in from an on-going marketing campaign. Considering it is 8:00 pm and I haven't had dinner yet, these will be tabled until tomorrow.

I have 10 additional followers on Facebook and Twitter today, and more positive feedback from my peeps. Thanks, and keep the encouragement coming! I'm happy to reciprocate.

Mr. DFW Real Estate aka my 15 year old son seems to be more interested in playing internet games today than working. His thinking is he did ProfitMapping Days 1-3 yesterday, so now he gets 2 days off. Hmm...

Day Two Summary

1 short sale tied up with a potential gross profit of $9,300, 1 new wholesale opportunity, 3 Las Vegas leads and an unexpected $100.

Day 2

Arlington Short Sale
Arlington Short Sale
Investor Bandit Sign
Investor Bandit Sign
Payday!
Payday!

Day 3

August 2, 2009

Day three started off with a mixed blessing...an email from Bill Barnett telling me his three day tax lien course was being postponed until November due to family issues. While I'm sorry to miss this learning opportunity and for what Bill's family may be going through, I'm delighted to have three days back with so much activity. Plus it allowed me to take part of today off - Sunday siesta!

I talked with my partner in crime, Scott Carson, who was driving up to take the class too. We decided he would focus on other activities and I would continue due diligence on our 22 Dallas property package.

I received a single family home burn out property lead with a 65% LTV including repairs. I sent this to my short list of investors, including Jayme Kahla, that like these types of deals. Depending on how this plays out, it could be up to a $6,000 gross profit for putting a buyer and seller together. Whoo-hoo!

I followed up on my three Las Vegas leads from yesterday, plus an additional two from today. I received a live lead from a campaign I ran back in June: An elderly couple with health issues that want to sell their home. I am running numbers and will present sales options to them tomorrow. Best case, I buy a home and help them out. Worst case, I put on my real estate agent hat and pick up a listing. If my marketing has brought you to me, I'm making money! I worked on my marketing to continue having my brand out in the field.

I acquired a login to an exclusive REO site I found through Facebook on Day One. I also received an opportunity through Century 21 to begin listing REO's. Now I won't actually be able to purchase any REO's I list myself, but I'll be able to help out my investor friends. More work will be done on this tomorrow.

I heard from one of my students, Ian Savage from Canada, who's dubbed me Miss 100K USA. I love it, but that's Ms. 100K USA! He asked for some help with reaching Meetup investment groups, so I sent him my blog on the subject. He also asked for advice on an Arlington area apartment complex near the new Cowboys stadium he is looking at acquiring. Always glad to help!

I'm ending the day with 13 new Facebook and Twitter followers - working on expanding my ever growing network! Speaking of ever growing....I'm sick and tired of being sick and tired. I'm starting a new program and new blog on this venture. More tomorrow!

Day Three Summary

Burn out with potential of $6,000 in gross profit, investor, follow up 3 Las Vegas leads from yesterday plus 2 new leads today, one purchase opportunity.

Day 3

Ms. 100k USA
Ms. 100k USA

Day 4

August 3, 2009

What a great day! I completed preliminary due diligence on a 22 Dallas property package and sent the info back to my partner in crime, Scott Carson. I also performed due diligence on the elderly couple's property from my June campaign. Their home is worth $80k, and they owe $25k. Let's make a deal! I've presented to them an owner financed option, and will offer a listing as a last resort.

I received multiple calls off my Craigslist ad for my vacant property. I ended up with an executed purchase contract with a $25,000 gross profit that closes August month end. Backing out closing costs and buyer contributions leaves me with $15,000. Whoo-hoo! And I still have several tenant prospects looking in the same area.I can either go looking for more properties to place them in, or simply partner with a landlord looking for a tenant.

Pre-screened leads from my ongoing DFW area preforeclosure campaign are filtering in for September's auction. This should lead to more opportunities later in the week.

I worked on evaluating the new REO site I was given access to. Looks like some potential in Florida, the remainder seem to be in the rust belt. Fortunately I have quite a few contacts in Florida, so this bears further evaluation.

I also worked on signing up for Century 21 REO listings. I need to demonstrate my REO and short sale expertise. Ok, this was an easy one, just time consuming.

Through Facebook I learned of a webinar offering access to $80,000+ non-secured business credit, and signed up to participate. I spoke with Jayme Kahla briefly about the terms, and it looks promising so far. More to come on this.

I'm up to 11 new Las Vegas area leads that require my attention. These will be a priority tomorrow.

Last but not least, I kicked off my personal campaign for called "Healthy, Wealthy and Wise." Not a bad day at all.  It's amazing what you can accomplish when focused.  Check out "7 Habits That Can Change Your Life".  I'm ending the day with an additional 15 followers on Facebook and Twitter.

Day Three Summary

Executed contract with $15,000 in profit, completed comp evaluation of 22 Dallas property package, followed up 11 with Las Vegas leads, and 15 additional followers on FB and Twitter.

Day 4

My property under contract!
My property under contract!

Day 5

August 4, 2009

Today started off slow as I woke up with a headache. No making excuses, just ran a bit slower than normal.

I am going have to seriously dedicate a full day to phone duty tomorrow. I have 10 Las Vegas and 3 DFW area pre-foreclosure leads in. I was successful in talking with a DFW homeowner, and will be meeting him at his Wylie home later in the week.

I'm still getting leads coming in on my property that went under contract yesterday. I picked up 2 new tenant leads. Best case, I can convert them to a lease purchase buyer. Worst case, I get paid for finding them a lease property. The important thing here, I get paid!

I have 2 students actively working some deals with me. Got some numbers, fleshing out the entire strategy. Good stuff!

I was approached by 3 folks wanting to be bird dogs for me. One is an existing short sale I'm working. The other 2 are in Oklahoma, and I'm real excited to get them going in real estate!

I hosted a great interview teleconference with two of my students, George and Judy Staples. I did a four day on-site with them almost one year ago, and they are doing amazing! Judy gave us her Top Ten Investor Steps and a lot of insight on what's made them successful.

I'm ending the day with a slight dull of a headache, and an additional 18 followers on Facebook and Twitter.

Day 5 Summary

10 Las Vegas and 3 DFW area pre-foreclosure leads, 2 tenant leads, 3 new bird dogs and 18 additional followers on Facebook and Twitter.

Day 6

August 5, 2009

Another day, another headache - storms must be on their way. And a house full of teenage boys. When does school start again?

I spent part of the day working on paperwork - yuck - for my 3 closings this month. Closings good, paperwork bad. A necessary evil. Gotta love lenders and their last minute addendums. And HOA's. And bankruptcy judgements. Sigh...Thank goodness for my compentent team members, including my short sale negotiator and title company escrow officers!

Another 3 Las Vegas leads came in today, and 1 DFW area lead. I spent a good portion of the day dialing for dollars - or following up on my leads. Played some telephone tag with folks, left messages and eliminated a couple of my leads from the last day or so. I did end with a live Las Vegas lead that I may be partnering on with one of my students that lives and works in Vegas.

I decided to do something different marketing wise today. One of the first marketing elements you are taught as a new real estate agent is to work your sphere of influence. I'm working on developing my new online presence on Facebook and Twitter, and decided to reach out to my new virtual friends. I created a message that I sent to all my Facebook friends, and an abbreviated version to my Twitter followers telling them what I was up to with this challenge and asking for their support. I received a terrific response, including two high school friends.

Now, I'm approaching my 30 year high school reunion, so you do the math. One friend is a real estate agent in my home town of Pasadena, CA looking to get back into investing. Another is a private equity funds manager in Marin county, CA looking to invest $1,000,000 and wants commercial and residential at 65% of ARV. Whoo-hoo! I've enlisted the help of a northern California student to see if we all can make some money here.

I met with my DFW joint venture partners to go over potential deals. We have one REO and one hard money lender foreclosure we plan on making offers on once due diligence is complete.

I also managed to pick up an additional 20 Facebook and Twitter followers.

Day Six Summary

Paperwork, 5 Las Vegas and 1 DFW pre-foreclosure leads, 1 actively engaged Vegas lead, new marketing technique, $1m investor lead, 2 offers and 19 additional followers on FB and Twitter.

Day 6

Dialing for Dollars
Dialing for Dollars
Facebook Marketing
Facebook Marketing

Day 7

August 6, 2009

Today I gave into my headache which turned into a migrain. First, I did get a few things accomplished.

My team finally reached a wayward homeowner on a deal we are working. Have end buyer in place, and need documents signed, and my homeowners disappears for over a week. Got a hold of her new boyfriend. Those contact files become critical! Thank goodness for my team!

Another 2 Las Vegas leads came in today, and we played telephone tag. I got my live lead off to one of our Vegas based students who is also a real estate agent. Figured we could both benefit from my leads. Leverage is a good thing. Yes, I'll make a smaller portion of profit, and my time will open up to allow me to do more elsewhere.

I firmed up the requirements of the private equity manager looking for Marine County, CA paper.  I'll need to work on pulling together a mini-pool for next week.

We completed due diligence with my Dallas JV partners on an REO and submitted an offer. Have another one in the works. Scott Carson has about raised the private money for our 22 Dallas properties. There will be more on this deal in the coming days.

I kicked off a new business venture today. My Short Sale Negotiator that I have worked with for years wants to expand his horizons. We now offering Short Sale Negotiation nationwide, along with Loan Modification and Credit Card Debt Restructuring. Think about it, most of the homeowners in financial distress may wish to stay in their home, and probably have credit card debt. If all else fails, we can offer the short sale process. We've also set up a reciprocal arrangement with a local bankruptcy attorney for homeowners. We refer to them, they refer to us. Good stuff!

I added an additional 13 Facebook and Twitter followers.

Tomorrow I need to wrap up my JV offer, evaluate an Oklahoma property sent by a bird dog, and continue dialing for dollars!

Day Seven Summary

2 Las Vegas pre-foreclosure leads, new business venture, 13 additional followers on FB and Twitter.

Day 8

August 7, 2009

Week two started off strong! I received $100 option money check from my property that's closing month end. Whoo-hoo! $200 down, $99,800 to go! OK, seriously...I'm expecting a tidy sum by month end from closings.

I received a full duplex lead from a property manager, one side leased. I'm going to check out the deal. Best case I pick up a duplex. Worst case, I get a listing. Works for me!

One of my rehab investors, Mike, got back into town. He works for a high end custom home builder, and uses his crew to rehab properties during down times. He is interested in the burn-out home from earlier in the week. I call the investor seller, and the home is still available. Mike and I ran down to check out the home. ARV is $525,000. Seller indicated $140,000 in repairs and purchase price of $212,000. Well, the home needs slightly more than $140,000 in repairs. It may be a total tear down, which is a shame since it is a 2004 build job. Mike is going to run numbers and we'll make an appropriate offer. I'll be paid for putting a buyer and a seller together. It's a good thing!

I spent some time on Houston and Tulsa area leads that came in from bird dogs. I ask three things of any deal I evaluate: 1 - What are the numbers; 2 - What's the exit strategy; 3 - Where's the money coming from? Sounds like I should write a new blog! Maybe over the weekend.

Friday is my day to follow up with current real estate investor students. Checked in on several, left messages for others.

Scott Carson called about the 22 Dallas property package and wants to move forward with the deal. Make that 21 as one property was sold. I'll be putting eyes on the properties tomorrow with my JV partners and working on an offer.

Another 5 Las Vegas leads came in today that I need to call back tomorrow.

I added an additional 10 Facebook and Twitter followers.

Day 8 Summary

$100 option money, 3 property leads from bird dogs, 5 Las Vegas leads and 10 additional followers on Facebook and Twitter.

Day 8

$100 option check
$100 option check
Burn-out house.  Entire second floor is gone.
Burn-out house. Entire second floor is gone.

Day 9

August 8, 2009

Busy day. I went out with my JV partners to put eyes on the 22 Dallas properties Scott wants to partner on. This took up the bulk of my day. Plus it was a good hands on learning experience for my new partners. We started by grouping the properties geographically. Even though they are all in Dallas, Big D covers a lot of territory. Doing the external drive gave us the opportunity to view the property condition. Quite often the exterior tells you what to expect in the interior. Yes, I am judging a book by its cover.

I received another burn-out SFR from the same investor/seller that sent me the Keller area burn-out yesterday. I did a drive by, as it was on the way home from the Dallas properties. Got my buddy Mike on the phone, and we plan on meeting there tomorrow.

I set an appointment with the DFW pre-foreclosure homeowner tomorrow. It's a divorce situation, so the short sale hardship is clear cut. Either myself or someone on my team meets with the homeowner once, gathers all the pertinent information, and the majority of communication after the initial meeting is through email. Love it!

Another 6 Las Vegas leads came in today that I'm playing telephone tag with. Maybe I need someone to cover these leads for me. Jesh...it's a good problem when you don't have enough time to manage all your incoming leads. On the other hand, I'm thinking of all the money slipping away from me. Ugh.

I added an additional 10 Facebook and Twitter followers. Slow day. Wonder if it has anything to do with the outages. I've seen both systems experiencing difficulties the last two days.

Day 9 Summary

Eyes on 22 Dallas properties and structuring the offer, a new burn-out lead, 1 short sale homeowner appointment set, 6 Las Vegas leads and 10 additional followers on Facebook and Twitter.

Day 9

My favorite of the 22 properties.
My favorite of the 22 properties.
The Dallas burn-out.
The Dallas burn-out.

Day 10

August 9, 2009

Started the day off reviewing a Tulsa area property with one of my new bird dogs. Why not? Oklahoma is just over the Red River from Dallas. I love to help people getting started in their real estate business!

I received a lead from my short sale negotiator and met with a Wylie homeowner facing foreclosure. The couple is divorcing and neither can afford the home alone. The ARV is $140,000. The property needs mostly cosmetic repairs - paint and carpet. We believe the short sale purchase price should be around $110,000 or less. My short sale partner Mark and I are thinking about taking it down ourselves with his line of credit, fixing it up then putting it back on the market. Gross equity is $25,000. Of course there will be a cost to sell, hold and buy. I will also look for an owner occupant buyer and worst case I earn a $3,600 commission. I have an investor looking for rental properties to buy and hold in this area, and this one should be right up his alley. Not bad for a few hours work! I posted this house on Facebook a few hours ago and have already had 3 inquiries about it. Whoo-hoo!

On my way back home I met my rehab buddy Mike at a Dallas SFR burn-out I received yestesrday. He's really liking this one. ARV $230,000, repairs $80,000. Purchase price $70,000. I can earn $2,100 for putting a buyer and seller together, and will be able to list the home after the repairs, which would be an additional $6,900 in commission! I love the home that keeps on giving!

I received another three Las Vegas leads. I really need to find an assistant to help me with this part of my business. I have such great marketing, need to get the follow thru working just as well.

I worked on wrapping up some local marketing before my trip. I'm leaving for Nashville, TN tomorrow for the Path to Profits workshop with Bob Leonetti, Jayme Kahla and Roland Frasier. My son William is joining me. Mr. DFW Real Estate worked on some marketing of his own while I was out today. I received a Craigslist notification that he posted an ad. Good job! I showed him a resource web site I subscribe to offering REOs, pre-foreclosures, bankruptcy leads throughout the United States. I guess he selected some properties 'cause I received a download notification from the site. I love it!

I added an additional 9 followers on Facebook and Twitter.

Day Ten Summary

Short sale with $25,000 in potential equity, burn-out sale with $9,000 in potential profit, 3 Las Vegas pre-foreclosure leads, 9 additional followers on FB and Twitter.

Day 10

Wylie short sale
Wylie short sale

Day Eleven

August 10, 2009

This is an abbreviated day due to traveling to Nashville with my son William for the Path to Profits workshop.

Had some back and forth with the investor seller and my rehab buddy Mike on the two burn-outs. Plan on making an offer on at least one of the properties once Mike finishes up his numbers.

Hashed out some details with the investment group looking to buy Florida properties. One of my Florida students is working with me in this endeavor. Investment group says they want 5-10 properties a month. We're going to test the water with 1-2 to make sure they've got game. Gross protential profit could be $2,000 per month or greater depending on the deal.

I received another four Las Vegas leads. Really need to get an assistant to work on this. This will be a high priority once I return from Nashville.

I added an additional 17 followers on Facebook and Twitter.

Day Eleven Summary

Deal structuring on DFW area burn-outs, refining system for Florida wholesales , 4 Las Vegas pre-foreclosure leads, 17 additional followers on FB and Twitter.

Day 11

Image from one of my students, Ian Savage.  Funny!
Image from one of my students, Ian Savage. Funny!

Day Twelve

August 11, 2009

This is an abbreviated day due Path to Profits workshop prep work in Nashville.

Put an offer in with my rehab bubby Mike on the Dallas burn-out with a $2,100 gross profit. Not bad for about two hours worth of work! I should get a listing out of it once the rehab work is completed too, which could be an additional $6,900 gross profit.

Got yet another burn-out in Plano to look at as well. I'm becoming a burn-out magnet. Funny how word gets out. Got to love networking and leverage!

I received a repair request on my property under contract. Got to get a couple of repair quotes before committing to any repairs.

I received a clear to close on a very difficult short sale in the works for months. Everybody gave up money to keep the deal alive. $1,700 gross profit - thank goodness my involvement has been limited. I have a great team, and they know we'll make it up with the next deal.

I added an additional 13 followers on Facebook and Twitter.

Day Twelve Summary

Offer in on Dallas burn-out with initial $2,100 gross profit, short sale clear to close with $1,700 gross profit, 13 additional followers on FB and Twitter.

Day Thirteen

August 12, 2009

I'm putting on my Real Estate Profit Coach hat and working deals in the name of Panera Properties this week, in addition to my own deals.

I started off with our typical marketing when hitting a new town, which is researching and joining the local real estate Meetup group. I sent an email blast - a copy is below. I began receiving responses within minutes of the blast, including a buyer! I find this funny. I'm from out of town and finding deals. I have a local "investor" asking me to forward any contacts I get so he can use. Why isn't he sending his own email blast?

I received a transactional money lender lead from the Nashville Real Estate Meetup. A transactional money lender provides funds for one day. Say you're buying a property, and have an end buyer lined up. Some deals cannot be assisgned. Transactional money allows me to get the first closing done, then close the same day with my buyer. Very cool.

I received some properties from two Memphis wholesalers. I discussed the possibility of putting the properties under a non-exclusive option so I could control the properties and market them, with my fee built in. Both wholesalers were open to this concept, and I'm sending them the paperwork!

I did some paperwork keeping my DFW area deals going. I offered an option period amendment to buyers of one of my properties since they waited until the eleventh hour to give me a repair request. I'm sending my rehab guy out with their repair list to give me a quote before committing to anything.

I added an additional 10 followers on Facebook and Twitter.

Day Thirteen Summary

Marketing in Nashville lead to 7 properties, 10 additional followers on FB and Twitter.

Day 13

Day Fourteen

August 13, 2009

I'm putting on my Real Estate Profit Coach hat and working deals in Nashville for Panera Properties this week, in addition to my own deals.

Registration started at 7:00 am. Thank goodness for considerate Gaylord Opryland hotel staff. They brought us some coffee!

Scott Carson, William and I were introduced to the class. We discussed our activity yesterday, and then headed out to get some work done. I ended up with 3 properties under a non-exclusive option: 2 in Memphis, 1 in Charlotte. I have another non-exclusive option for 4 additional Memphis properties and 2 have tenants in place.

My bird dogs sent me a couple of properties in Oklahoma and Memphis.  I should have time to evaluate them tomorrow.  It's good to have friends!

We rejoined the Path to Profits class at 4:00 and gave them a break down on our days accomplishments. Then we enjoyed a cocktail party with our students in the beautiful Cascade garden area of Opryland.

I added an additional 5 followers on Facebook and Twitter.

Day Fourteen Summary

Non-exclusive option on 3 properties, 5 additional followers on FB and Twitter.

Day 14

Non-exclusive Option
Non-exclusive Option
Memphis property
Memphis property

Comments 6 comments

1scottcarson profile image

1scottcarson 7 years ago from Austin, Texas

Thanks for joining me in this awesome challenge! Love it!


John Carrozzella 7 years ago

This is good stuff. I'll see you on the Cruise!


1scottcarson profile image

1scottcarson 7 years ago from Austin, Texas

Keep up the great work..your building momentum! See you on Sunday and let's close some deals!


Anne Chunta 7 years ago

I want some of your vitamins--I got tired just reading

your blog Lorena! You rock the houses!


Peter 5 years ago

So what happened?


GeorgeCortez profile image

GeorgeCortez 2 years ago from Everywhere money takes me

banditsigns.com can help you get there.

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working