South California Real Estate Investment Training
Fullerton Real Estate Investing
Day One Tuesday, August 26, 2008
9:00 I arrived at Bhadra and Doris’ house. We visited for a few minutes, and then we started by reviewing the marketing sources and lists that he was targeting. Bhadra was using Sales Team Live to send out over 4000 postcards to the free and clear list that was generating him around 40 calls a week. After discussing this we also looked at how he and his assistant, Jack Austin, were handling these calls and what kind of follow up that they were receiving. I also recommended to Bhadra that he start tackling the probate and obituary lists
11:00 We spent the next hour before lunch posting Craigslist ads. Bhadra liked the ads that we posted and he understood the reason for posting them and why and where we were posting them. Along with this, I had him go ahead and create excel spreadsheets that he could use for his lists for buyers, sellers, and investors.
12:00 Lunch with Richard Stephens and Tony Santana with First Team realty regarding REO’s, short sales, market conditions, and areas of lists that they were currently pulling for Bahdra
2:00 We arrived back at Bhadra’s and reviewed his email listings. I went through private lending presentation along with giving him a few lists of banks for notes. Along with this, I also gave him a couple handouts to give to investors for potential private mortgages.
3:00 Aaron Patino (our 3 pm appointment) called and scheduled an appointment for Thursday at 10am at the Starbucks. I showed Bhadra several ways to pull leads off of Craigslist (short sales, REO’s, REO agents, etc).
4:00 Bhadra then pulled the latest NOD list for us to review. I showed him how to calculate the amount of money that the lender was behind on and how to filter the list by lenders to call on defaulted pools in NOD. Along with this we identified several potential private investors off of this same list that he could contact for private funding as well. We also got on the MLS and I spent some time helping Bhadra understand how his realtors had compiled their list of REO property listings. He was excited to figure out the proper formula on how to make an accurate offering. While we were doing this, we came across a posting at 50% of listing price and called on it. We were disappointed to find out the property had just gone into escrow!
5:00 We wrapped up the day at Bhadra’s house and prepared to head out to the local REI club meeting to listen to a speaker discuss buying notes and not homes. We arrived at the club at 6:00 and were there until 9 pm.
10:00 I dropped Bhadra off at home and headed back to the hotel.
Day Two Wednesday, August 27, 2008
9:00 I arrived at Bhadra and Doris’ home and we immediately started to work on calling mortgage bankers lists. We were able to make 30 phone calls and we were able to get a hold of 10 secondary marketing managers. We were not able to get a pool but we were able to collect 8 emails that Bhadra could email to in a drip marketing campaign on a routine basis.
11:30 After calling on bankers, Doris and Bhadra asked me to review their Las Vegas deal/private lending deal that they were looking to do. I called the builders and investors and asked them some questions with Bhadra and Doris on the line. After doing this, it was time for lunch.
1:00 After lunch, Bhadra had to take Doris to the airport so I headed back to my hotel and made some more phone calls to mortgage bankers along with reviewing some of the local postings. I then mapped out my travel to the Los Angeles real estate club meeting that scheduled for later that night.
7:00 I arrived at the club and started to network with investors. The club got started around 7:30 and the speaker, Bill Tan, spoke on owner financing, simultaneous closes, and creative financing. It was a pretty good meeting.
10:00 After the club wrapped up, I headed back to the hotel.
Day Three Thursday, August 28, 2008
9:00 I arrived at Bhadra’s house and we worked on completing the Daily Journal from the day before. We then headed out to meet with one of the homeowner’s that had responded to Bhadra’s free and clear mailer.
10:00 We arrived at Starbucks and we met with home owner, Aaron Pasani. Aaron was open to what ever we wanted to do as long as he could walk away. His divorced wife was still in the house and had just filed bankruptcy along with being very anti-sale oriented. Aaron mentioned that the home had a mortgage of $519K on the property along with some other liens from their failed business in Arizona. He agreed to sign an authorization form to allow us access to the mortgage company and to come up with a plan of action after pulling title. After spending some time with him, we headed back to Bhadra’s home for lunch.
12:30 After lunch, I helped Bhadra post a Craigslist ad for a part time assistant. After doing this, Bhadra showed me a stack of probate leads that he was paying for. I reviewed these and expressed my concern that he and Jack were not tackling this lead source immediately to take advantage of the leads.
1:30 After reviewing the probate leads, Bhadra wanted me to go over how Richard and Tony were coming up with their leads along with showing him how much and at what offering price he should offer. I had him pull a list of local REO’s by area, days on market, and sales price. We had to narrow down the list several times and had to run comps on homes to get an idea to see if the listing agent had listed the property below market or at the top of market value. After doing this for the REO’s we also did this for the probates as well.
4:30 We wrapped up the day with Bhadra filling out the Daily Journal for the day along with us getting ready for Bob and Jayme’s Mastermind Call.
5:00 I dialed into and was on the conference call with Bob.
7:00 We wrapped up the call with Bob’s mastermind group and called it a day.
Day Four Friday, August 29, 2008
9:30 We started the day with me arriving and checking on the houses that Bhadra wanted to review. After looking over his numbers, we had five homes to go out and look at.
10:00 We spent the next two hours driving around Anaheim and Fullerton looking at five REO’s. We identified one of the properties that was a light rehab and would be either a great wholesale, rental, or flip (based on comps and activity in the MLS for the area)
1:00 After lunch, we arrived at McDonalds to meet with Bhadra’s marketing assistant, Jack Austin. I spent several hours going over and reviewing his marketing, the results, scripting, and other lists that they could work and things that they should avoid. Jack was initially very obtrusive to changing some things until I finally stressed that he needed to quit following new things and stick to one specific marketing plan. Bhadra helped stress this and Jack started to come around.
4:00 After spending 3 hours with Jack, we headed back to Bhadra’s and spent the last hour working on looking at and reviewing the large development project that he was working on.
5:00 We finished up the work for the week with Bhadra completing the Daily Journal and Mentor Evaluation. He was also cordial enough to tape a video testimonial as well.
7:00 We wrapped up the week with me dropping off Bhadra at his home.
Follow Scott Carson
- YouTube - 1scottcarson\'s Channel
Share your videos with friends, family, and the world
- Scott Carson (Scott Carson) | MySpace.com
MySpace profile for Scott Carson. Find friends, share photos, keep in touch with classmates, and meet new people on MySpace.com.
- Follow Scott Carson on Twitter
- Scott Carson on Facebook
More by this Author
Here I'm sitting at home on a Sunday morning, trying to come up with a topic to send out on our weekly coaching call with our 1:1 students. I wanted to come up with an idea that would not only motivate our students, but...
No comments yet.