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Picking Up Deals In The City Of Angels-Part 4
Day Three of Four Wrap Up
Day three (Thursday) got off to a bit of a bang as Jeremy's phone rang several times from investors calling his Craigslist ads from the previous day's. Out of these calls we set up an appointment with one of the investors for a phone call the previous day with one of her contacts who supposedly had some REO's at 50%. Along with that, she had several potential subject to deals that we sent her a property information sheet to get filled out and back to us to determine the numbers.
We were able to share with the rest of the callers on the type of properties that Jeremy was looking to acquire. Along with that we also discussed how Jeremy could work with a couple other investors who were employed as code officers and enforcers for the city of Los Angeles. We discussed how they could partner up on the leads and contact the home owners for potential deals.
Jeremy also showed me his list of business card contacts which blew me away that he hadn't used the list to market for private money and other deals. We delegated the task of transferring the cards to a usable form for him to market to. Along with that task we also delegated several simple daily marketing chores to his assistant to tackle.
We also met with Jeremy's realtor Vickie and her partner, Jennifer, to look at the REO properties to make offers on and take a look at on Friday. We spent a good chunk of the afternoon looking and evaluating ten properties in good areas at $250,000 or below. We also took the time to explain our exit strategies to the girls who loved the idea that we were extremely flexible and had multiple exit strategies. We set an appointment the next morning to meet at one of the viewable condos along with around nine to ten others.
We wrapped up the day by structuring a couple deals and going through the financing side of buying and selling and how much he could expect in profit from owner financing, wholesaling, or simply renting the properties out. After doing this, we also focused on discussing daily marketing duites and actions to make Jeremy the most effective. Along with that, we also set up an appointment with a private investor out of San Francisco for the following Monday to help with Joint Venturing on a REO pool that we expected to get in our hands on Friday.
Today was definitely a day to pull things together so that our final day is filled full of looking at properties, making offers, and putting together Jeremy's marketing plan for his business.