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Fun In The Sun Part 6

Updated on June 26, 2011

1:1 Buying Tour – San Diego Day 6

6 down, 8 to go!

Scott, Jason and I started off the day by meeting for breakfast back at Denny’s. Bob Leonetti joined us just as we were heading out to meet with our 1:1 students. Jamy Vanderwoude joined Haynes Parker as our 1:1 students who took action and are being rewarded by spending time working with us as we do our thing in San Diego! 

Jamy and Haynes joined me in meeting Dan, the REO broker, in Oceanside. An REO stands for real estate owned, meaning properties that lenders have foreclosed on. Dan is an REO Broker, whose clients include IndyMac, Dan took us to his new REO listing, so new that the foreclosed homeowners listing agents sign was still in the yard. The property was in great condition for a foreclosure. It’s a 4 bedroom, 2 bathroom property in a great little neighborhood. It may need roughly $5,000 in repairs, which makes it a light cosmetic job. Dan believes the property will be listed for $145,000 and will rent for $1,500 monthly. Unbelievable! Check out our property tour video online. 

Dan asked if I would be interested in other markets. Turns out his brother is also an REO Listing Broker in the Freso, California area. Booyah baby! I’m a little busy this week, and will gladly follow up later in the month! 

Bob Leonetti got us a suite to work in at the Sheraton in Mission Valley. Scott’s staying in the suite, and we’re working in the living room/kitchen area. We moved our war room from Roland’s office to the Sheraton suite. 

Scott’s real estate agent, Betty, joined us. Betty advertised on Craigslist, which is how Scott found her. Advertising on Craigslist represents an out of the box thinking agent, and we’re happy to know her. We worked on identifying the properties we wanted to make offers on, and researching comps to come up with offer amounts.

Betty was kind enough to leave us her laptop computer and MLS access with us, so I continued the research until almost 8:30 that night. 12 properties were researched and ready to write offers on. We finally broke for the day, feeling pretty good about our accomplishments. Bob Leonetti gave me a ride back to my hotel since my eyes were so tired from working comps that I could barely see! Scott, Jason and Jamy picked me up at my hotel and we had dinner down by the beach. I attempted to do some work upon returning to my room…and alas….good intentions were overcome by exhaustion. Time to get some rest.


REO Listing

Day 6 Wrap


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