Picking Up Deals In The City Of Angels-Part 2
Tuesday - Day One of Four
I arrived at Jeremy's office at 9:30 after fighting traffic on 405 for 30 plus minutes and got to work right off the bIat! I discussed with Jeremy about what he was looking to accomplish during the four days and we decided that we would focus on finding defaulted paper and REO's and then help him wholesale the deals to other investors to help him bring in immediate cash flow and then focus on him buying some properties that he could owner finance and build some long term wealth.
Jeremy had pulled together a short list of potential team members to help him be successful. We contacted Victoria Page with Olson & Associates ReMax Realtors and set up an appointment after lunch to meet with her. We also contacted a couple title agents and chose not to pursue them and ask Victoria for a referral when she arrived along with a referral for a good mortgage broker.
After making a few phone calls, I had Jeremy work on getting a few Craigslist ads up and running. I also started to review the existing postings and identified a hard money lender looking to sell some hard money loans. We discussed what we were looking for and Austin agreed to send us a tape. Jeremy was excited at the idea of wholesaling some paper. His primary concern would be to find private money to help fund his deals. I had Jeremy post a private money ad to attract Joint Venture and Private Investors. While he was posting the ads, I wrote up a quick introductory email that we would use later in the day to email blast his list of client contacts from his tax and financial advising business to attract and request private money contacts.
To assist in finding financing, I pulled a list of hard money lenders in California off of www.REIclub.com and identified eight local lenders within an hour radius of Tarzana and Van Nuys. After pulling this list, I worked with Jeremy to export his client list into a usable list that we could import into Constant Contact (www.constantcontact.com) so that he could set up a repeat drip marketing campaign for his real estate investing and tax business. After getting a lot of marketing, lists, and contacts ready for use, we found ourselves looking at 12 noon and took lunch.
We arrived back from lunch and I began to help Jeremy create his email template. We narrowed down his list of clients to 100 that had emails and sent out a short email blast. About that time, Victoria arrived. Vicky was phenomenal. We were immediately on the same page and I was excited to learn that she worked with several other investors. She was open to helping Jeremy with due diligence on notes along with REO's and helping him wholesale properties to other investors. She agreed to pull a list of REO's that were on the market in the two conties that we identified as being on the MLS for longer than 90 days. After giving her some instructions she headed out to pull some lists for us. Check out her website below!
After Vicky left, we finished up the email blast and sent it out to Jeremy's clients. After doing this, we made a few phone calls to the hard money lenders list. We spoke with half the list and identified what they were lending on, loan to value, interest rates, points and fees, and if they had any REO's or defaulted paper that we could purchase. After about an hour of talking with lenders off of REIclub.com and finding them on Craigslist, we were excited to get three emails from Vicky and her business partner, Jennifer. The ladies had sent us 36+ REO's that fit our category ranging from condo's at $75K up to a couple desirable single family homes at $750K. We spent the next hour going through the list and getting ready to identify 10 properties that we could make offers on.
This put us up to just after 4 pm, and we started to review what we had accomplished for the day and we realized that we hadn't finished calling the hard money lenders. I jumped on the phone with Jeremy and made the last few phone calls. We left messages on most but were excited when one lender returned our call almost immediately. The Ron with Lighthouse Capital Funding (website below) was intrigued by what we were looking for and he immediately identified three apartment deals (one in Memphis, and two in New Orleans) that were all REO's and one million dollar property in Houston that we could make an offer on. We were excited to get the tapes on these deals on day two, along with tapes from the hard money lender that we had spoken to earlier in the morning.
After talking with and wrapping up with Ron, we identified what we had accomplished on day one. Jeremy was excited to see things coming together after not doing anything the last couple of months in real estate. We jumped on the weekly Call With The Coaches Conference Call and then called it a day!
Day 1 Wrap Up
Victoria Page's Website ReMax Olson & Associates
Victoria Page & Jennifer Deleski, for all your real estate needs in San Fernando and Santa Clarita Valleys.
Lighthouse Capital Funding
- Hard Money Lender | Hard Money Loan | Real Estate Lender - Lighthouse Capital Funding
Lighthouse Capital Funding, Inc. is a direct real estate lender specializing in quick, hard-money loans. We operate where conventional lenders won't.