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Monday, April 27, 2009

Under the Weather

I am suffering from lackofdealitis. It is a rare disease that affects real estate investors when they become too idle. It also may be pig flu. I haven’t been checked so I am not really sure. I need something in escrow that is going to make me more money. I have Oak Meadows in escrow and just put out a post on the google group looking for an investor willing to put up $200K for 1.5% per month. I should only need it for 2-3 weeks.

I am speaking Wednesday night at Investor’s Workshops. Seller financing is the topic. Man I love seller financing.

I have also been making offers on REOs. Not a lot of offers, but I have sent out about 5 already.

Tuesday, April 21, 2009

Think Before You Act

Lunch today was awesome. We talked about the book 10 Commandments for Business Failure.

Those who read it really enjoyed it. Thinking was one of the most recognized parts of the books. Many people said they act, but fail to think. We then discussed the theoretical question “Would you rather have $1M cash or the income stream from $1M invested at 12%?” This is a real thinker. I went with the income stream. There is a lot of depth to the saying “Cash in my hand is like an ice cube in my pocket; Gone by the end of the day.” ~ Pete Fortunato.

It was a good meeting. Our next book is Crucial Conversations: Tools for Talking When the Stakes are High.

After lunch I went and looked at houses in Rialto. That is going to be my farm. I found a two that I liked, but one that I am going to make an offer on. I may offer on both, but the one house by the commercial building does not interest me as much as the other. Kids tagged the heck out of the second house, but I think a few security lights up around the outside will stop that. Besides, it is a nice house and I think I can sell it quickly.

Sunday, April 19, 2009

Win Some, Win Less on Others

Nicola closed. I think I netted about $2,800. Pretty funny! At least I didn’t lose any cash. I have a house in Los Angeles on 85th St. about to close. I am only handling the paperwork so my partner is paying me $1,000. I’ll take a $1,000 though. I also got NFCU to accept an offer on the Oak Meadows property. They are accepting $220K with me representing the seller and another agent representing the buyer. I have a back up escrow going with a retail buyer for $285K. I am expecting my partner and I to net about $25,000 each (conservatively), the other agent $2,000, and our two private money investors to get $1,000 each for helping to provide the wet close money. Great deal for all involved.

I am working with two mortgage brokers on securing a large pool of private money. It should be a very interesting ride if we get that going. I am also making offers on REO properties now; A minimum of 1 per day. I am shooting for 3.

I attending Financial Freedom taught by Gary Johnston and Clyde Wilson. An excellent seminar. I will definitely be putting some of that knowledge to use. I plan on taking my wife next time it is in town.

Well, not much else to report. State of the economy: BAD. President Obama is in office. Kind of cool to have him as a President. I hope he does a good job. I personally think the things that he is doing as far as bail-out money is a huge mistake. Better to let the free market prevail. But, who am I to make that kind of decision.