San Diego Buying Tour-Part Uno!
San Diego Buying Tour part 1
Wow, it’s been an amazing first couple of days here in San Diego during our buying tour. Lorena and I jumped out to an amazing start after of course having breakfast on the beach (yes, on the beach). We both had scheduled meetings with realtors that have turned out to be assets for us both.
My agent, Bettie, has fed us lists of BPO’s (broker price opinions) that she had done in the past along with finding us several water and beach front properties to sink our teeth into. Lorena’s agent turned out to be an REO agent (Real Estate Owned by the bank) and has given her several offers on pocket REO’s that haven’t even made it to the MLS. So we were both excited to have some potential “hot” leads to work. In addition to finding a couple realtors, I posted my usual Craigslist ads to find private money, motivated sellers, defaulted paper, and buyers. Here are the ads that I’ve posted:
I NEED TO BUY SEVERAL HOUSES THIS WEEK! (Real Estate Wanted) I am a full-time investor in town for two weeks looking to buy, wholesale, hold, and or flip somewhere in between 20-30 single and multi-family homes. I am looking for REO's, Short Sales, motivated sellers, Subject to's, and wholesale deals from other investors that I can buy at discounts or take over payments on. I have several million in private funds backing me and I can close very quickly. Realtors, if you have something, please send me an email and I will contact you directly for your listing and to set up a time to view the property. You can reach me at firstname.lastname@example.org. I look forward to working with you.
(This ad has generated several realtors contacting me directly, including the one we’ve used, along with several investors sending us deals as well!)
BRING ME YOUR PROBLEM PROPERTIES! (Real Estate Wanted) Realtors! Do you have a listing that you can't sell because the owner owes too much and the banks won't play? I can help! I will often come in and take over payments on properties with little to no equity and still pay you a commission! Homeowners, can you no longer afford your payments and don't know where to turn. Give me a call or email me your contact information and I will take the time to see if we can't turn your bad situation into a win-win! 512-585-3810. email@example.com!
(This has lead to two REO agents sending us some postings)
PRIVATE INVESTORS AND JOINT VENTURES WANTED (Real Estate Services) Are you looking to invest in real estate but don’t know where to start? Do you want your money working for you but don’t have the time to learn how to buy real estate? We can help! We are full time investors who have plenty of deals but need investors to help us fund our quality deals for an above average return and/or a nice chunk of the profit. Give me a call to discuss our deals and the ways for you to cash in now! 512-585-3810. Ask for Scott!
(This ad has lead to several private investors contact us directly about lending us money. You will see a you tube video on how I spoke and interviewed them.)
NO BANK QUALIFYING HOME FOR SALE (Real Estate for Sale) Are you looking to buy a home and have money for a down payment but can’t qualify for a traditional mortgage? Do you have bruised credit but a stable and reliable job? I have a variety of different homes available for sale that I am willing to carry financing for the right buyer with at least 10% down. I have homes ranging from the 200’s and below. Call me to discuss options. 512-585-3810 and ask Scott.
(I post this ad to help me find potential owner financed buyers, lease options or tenants that I can put into our properties. I immediately had two hits within 5 minutes of posting this ad, both with money for a down payment. I always have been able to build a buyers list with this ad!)
As the team’s money magnet (according to Bob), I also spent and continue to spend time talking with private investors. I was fortunate enough to be given a list of private investors (over 300 names) that belong to a private investment club that meets once a year. I took the time to take the names and emails and send out an email blast to everyone on the list. I wasn’t just looking to target them for funding (which I got over 20 responses for funding), but I was also looking for defaulted paper and REO’s that these investors might have that they would be looking to get rid of. Here is the actual wording that I used.
Hello Alan Sherman,
I was given your information from another private investor here in California who told us that you might be willing to work with us on a couple of things. I am a full-time investor who along with my four other partners are here in Southern California (San Diego area) for the next couple of weeks looking to buy 20-30 properties to add to our own portfolio. We are looking for several things that might interest you.
First off, we are looking for private investors to help us fund the purchase of our deals that we are looking at buying this week at 60-70% of current market values. We are making offers on short sales, REO’s, preforeclosures, and commercial properties. We are looking for short term funding (24-36 months) to hold onto these properties until the value comes back. We are only buying in areas inside the Hwy 15 and Hwy 5 areas where we will see the most amount of appreciation the fastest. If you are currently lending, we would love to discuss your terms and see about working together.
Secondly, I wanted to discuss with you to see if you had any personal REO’s or defaulted notes on residential or commercial properties that you might be looking to get rid of as well. We are actively buying defaulted paper here in the area (and other areas of the country as well) and would be glad to look at anything that you might be looking to get rid of.
Like I stated, we are looking for funding along with REO’s, and defaulted paper that you are looking to get rid of or get your money back on. I can be reached directly at 512-585-3810 or via email at firstname.lastname@example.org.
Like I stated, I’ve got an overwhelming response (6% response rate) to this email. We’ve found private money, REO’s, and defaulted notes on residential and commercial property that we will be reviewing. Lorena and I also found and attended a great little Intro to Real Estate Investing Seminar that was posted on one of the Real Estate Club’s websites as an event.
We were able to meet 30 investors (mostly new investors), but we were able to identify a couple realtors, a great title guy (Fred aka Superman), a handyman, and a couple investors who were willing to give us their private investors contact information as well! I always go indirectly and ask people if they know of someone lending money and you would be surprised at the overwhelming response that we’ve received! I’ve actually been asked back to speak on raising money! What we were lacking as far as team members, we were able to scoop up all in one spot.
One thing that as investors you want to keep an eye out for is other potential buyers. I attended another investment club on day two that ended up being a fluke as it was some multi-level club. A lot of people would have left without getting anything out of it but I was able to find four wholesalers and birddogs out of it, along with a potential lead on a nice condo with water front views that was going to foreclosure. Along with that, I was also to get a date out of it! Hey, I’m single and my motto is to ABC or Always Be Closing! The results of that might be found out in one of my other blogs!
Anyway, we are off to a great start with deals pouring into the war room on a steady basis. Keep an eye out for what continues to happen here in Sunny San Diego!