Diary of Newbie Real Estate Investors

   I’ve been having a blast these past 2 weeks!

A group of folks signed up for the membership and are getting 2 free coaching sessions to get them started in their business.  The sessions have been great and I’m hearing some great stories.  The first person I met with was Joseph.  We went over his goals, the importance of working with an investor SAVVY Realtor vs an investor FRIENDLY Realor.  All Realtors are investor friendly, not all know how to run the numbers and look at properties the way investors do.  It’s not their fault.  They’ve never been taught or never really learned.  So, when you find one that is savvy, hold on to them and work with them.  I made some connections for Jospeh and we had another meeting where he brought me listing and comps for properties.  What he presented wasn’t really comps, they were area trends and where the market is going.  There were no real listings, so we talked about how to look at comps, what you need to compare, etc.  He told me that they were looking at properties where they could do a condo conversion.  We talked about how it worked in some areas and not in others.  I followed up with some instructions and then I got a call from Joseph telling me about what he called, “I got a story for your Diary of a Newbie Real Estate Investor thing.”  And, he proceeded to tell me, “So, we set up a time to go look at what could possible be a condo conversion in Haverhill.”  I said, “Oh…it would depend on what part of Haverhill, there are parts along the river going towards Merrimac that are nice, but, as you get closer to downtown the worst it seems to get.”  He continued, “Yeah, well, we go over and this more the downtown area and I realize that maybe this isn’t the right side of town for this, but, we went in and we thought we heard some noises.  We saw a computer sitting on the table.  So, I’m thinking there were squatters there…so, I got a little nervous not knowing what to expect.  So, then we go upstairs to look at the other unit and there was stuff sitting out and it was obvious someone was there.  We couldn’t see anyone, but, you could just tell.  So, I said…look this isn’t a good area for this, lets just get out of here.  So, we left because I didn’t know if there was someone hanging out in the closets.”  Just goes to show you, be prepared for any possibility when you are going to look at a vacant (or supposed to be vacant) property.  If there were squatters, I bet he scared the heck out of them!  :-)

Then, I was talking to Dianne.  I had some technical difficulties with Google Hangouts.  She couldn’t hear me and was very patient which I was thankful for!  Google Hangouts sounds like a great idea, but, I can’t seem to get the mic to work right.  If anyone has any tips let me know.  Finally we decided on a call.  We had a great call talking about how you find properties, as a Realtor she needs to disclose that she is when putting in offers.  She was prepared for the call and had a ton of questions.  We talked about how people do business with people they know like and trust.  So, you have remember that when talking to people.  Through our conversation, she had some aha moments about a property she is working on that’s not on the market yet.  It might just turn out to be a deal.  If it turns out that way….we will celebrate!

I’m personally working on a deal in Groveland.  It’s a nice house with good bones.  It needs some work.  There are some interesting things with the property, like a reverse mortgage and an estate that we have to navigate through.  I am working on getting it under contract, so keep your fingers crossed for me. 

Then I met with Vito, who is super motivated to get his business going.  Vito, like the others has aggressive, yet doable goals.  He is also a Broker, so he has a working knowledge of how real estate works, how to put in offers and put together contracts.  

I met via Skype with Kern and we talked about FEAR.  There are a few ways to look at the word fear.  .  The first is where you are confused, nervous about losing your deposit money, nervous about how to write an offer or really don’t understand a contract and because of that you are paralyzed, don’t take action and then you Forget Everything And Run.  The second is where you are confused, nervous about losing your deposit money, nervous about how to write an offer or really don’t understand a contract and you get on the internet research, you pick up the phone and call a seasoned investor and instead of being paralyzed you Face Everything And Rise.  It’s simply a decision.  You just have to make the decision to chose one over the other.  Inaction do to the first fear is what causes most folks to be unsuccessful in real estate.  We then talked about the areas he wants to work with, set some goals and we discussed how to get his marketing set up and more. 

Mike and Jacqui are moving forward on their first rehab.  I believe it will be done soon and I hope we have enough time to do a reveal tour of the property in Framingham.  They have been hyper focused on getting the rehab completed.  Stay tuned!

I am getting deals coming across from many investors and it’s getting super exciting!  They are putting up badit signs, driving for dollars, getting their website producing leads and more.  Marketing is where it all begins...if you can’t find deal to put under contract, the rest of it doesn’t matter.  See you at the upcoming meeting on September 18th!

Yours in success!  DESIRE!  COMMIT!  SUCCEED!

Bernadette Trafton, Boston AREIA Chief Connector!

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