Fun In The Sun Part 2
1:1 Buying Tour – San Diego Day 2
2 down, 12 to go! My day started off meeting Don Hickey, aka AlohaDon - complete with Hawaiian shirt. Don’s a licensed California real estate and mortgage broker. He is also a licensed real estate agent in Hawaii. Don has an oceanfront condo on Kona that is cashflowing him $1,300+ monthly. Hey Bob, how about doing the next buying tour in Hawaii?
My first conversation with Don was Day 1. I found him by researching Meetup.com and selecting the “Find a Meetup Group” button on the top left hand portion of the page, and then entering “real estate investing” and a zip code to search for real estate groups in my target market.
Don has Fannie Mae connections and is working on getting us a San Diego REO pool. In the meantime Don sent me 44 REO and Short Sale properties that best met our buying criteria. There are far more than 44 REOs and Short Sales in our defined market, and we could have spent much time chasing each lead down ourselves. Better to let a professional do this legwork for you based on specific criteria and spend your time evaluating the prospects versus suspects.
Don knows a San Diego area contractor who has run into funding trouble. He has a 72 unit oceanview condo mixed use building, a 10 unit oceanfront condo building and a 3 unit oceanfront condo building.
I took a tour of the 72 unit building in National City. The building is a mix of 1, 2, 3 bedroom condos up to a 3,500 square foot two story penthouse. The building has underground parking, and is scheduled to have a bank, grocery store, doctors office among it’s retail tenants. It’s roughly at the finish-out stage, needing $2.5 million to do carpet, paint, cabinets, etc. for all units. We’re waiting on financials from the contractor to see what options there are.
I worked with the real estate agent and attorney team Scott and I met Day 1 at the REIA club. We refined our buying criteria, and will get together over the next two days to begin making offers on our top prospects.
I got back to Roland’s office to debrief with the gang. Scott took off for his own realtor meeting. We eventually had lunch brought in around 3:30. Good sandwich!
I participated in Bob and Jayme’s monthly mastermind call. Great questions from students! I got caught “mono-tasking” as Roland calls it, as it is really not multi-tasking if you are not doing it well. I was working on a realtor.com email blast to 36 REO and Short Sale real estate agents, and began receiving calls and emails from agents immediately! There are many more REO and Short Sale agents in the San Diego area. I used the “Find A Realtor Search Options” to refine my search and only pull up agents who listed “REO” or “Short Sales” as a specialty.
Of course, at that same time, Bob called on me to answer a student question on the call. Oops…Sorry BobL. Side note – My husband’s name is also Bob. To keep things straight, my husband is Bob, and Bob Leonetti is BobL. Look for Bob-Bobble-Head Dolls, or the Bobbie, coming soon to a store near you!
I left Roland’s office around 7:45 and went to go pick up war room supplies. Scott and I discussed how to track and display results for not just us but for our students that will be joining us. I picked up a white board, some post-it arrows for our maps, and other items.
I ended the night by completing my leftover sandwich from lunch, and working on this blog. Another good day, and looking forward to tomorrow. The fun really starts when we are making offers.