Exhausted Every Angle - Can Someone Help?

Exhausted Every Angle - Can Someone Help?

Man I need advice! I am convinced I need to invest in a different area than my local target zone. I am frustrated beyond belief. Since finding my first FSBO and successfully flipping it last year, here is what I have done to find my next deal:
1. advertised on craigs list and other sites- response: zero(other than solicitations)
2. put up bandit signs - result: warning from town
3. given out tons of cards stating I pay a finders fee
4. spend hours every day searching mls, walking through homes, and driving, driving, driving around.
5. Result of the offers I put in on the FEW deals that came up: one pending, two taken by cash buyers and the last one I lost today had 10 offers in two day and ended in a bidding war that went well over full price. This on a house that was listed at 240,000, needed 40,000 in repairs and FMV is 310,000 at best. That is how it is around here.
I hung up from my realtor and actually cried out of frustration when she told me.
So to finally get to my point: what search sites can you use to find areas that fit the criteria we know are needed to make for good investing without physically being there? I drove 3 hours and spent 2 days looking at homes in Pa. that I thought were real steals, but turned out they were in ghost towns. Very bad. It's scary to me because here I know where houses will move fast, what areas are desirable or taboo, which have good school districts,etc etc. but there are just no deals that offer investment or rental potential!
How do I begin randomly looking for a new target area?
Any suggestions welcome because I am stuck in a maze of dead ends here!


oh yeah -

i forgot, i also have sent a ton of letters to owners of distressed properties and those in pre-foreclosure. Also attended the sheriff's sale several times but the bidding is fierce and I have not participated in that.


Laura,

Hey,

I hear that frustration in your voice, I am in a similar place. Tired of all the effort and going no-where, trying not to give up. On the verge though!

However, to get to my point and to respond to your post ...

What does "Long Distance" mean to you?
Do you mean the next town or the next county or the next state?
How far away is that from you?
Can you find a REI club say, 2 hours away from you and go there and make contacts with realtors, investors, i.e. others in that area who are knowledgeable of their 'town, county, state' ?

Maybe you are looking further than that, and hopefully someone here will be able to give you solid advice about that.

Not for nothing, we do not live that far apart. Hmmmm, maybe I should send you a PM.
Angela


Buttercup - where is your agent?

Laura:

You're going to need a new realtor, either in another county that won't have the same MLS listings as your current realtor does, or hit a realtor on the border of the next state you're in. Let him do some of your legwork. Tell him what you're trying to do. If he doesn't want to submit low ball offers for you because his broker won't let him, then find another realtor. Tell him to set up daily MLS alerts - for expired listings, long DOMs (days on market), FSBOs (he'll hate you for that), REO's, short sales, etc.

A realtor in another county or border state can be great because he's going to know which are the bad neighborhoods, etc. Now the agent has to be careful because he's paranoid of "redlining" or "steering" or "blockbusting" and all those terms basically mean is trying to steer a buyer to or from a particular neighborhood. He can lose his license for that, and for all he knows when you call him on the phone, you could be someone from that State's Dept. of Real Estate trying to trap him.

Don't be discouraged about bidding wars; when I sold REOs in Boston, the buyers were like mad sharks trying to get the properties, and you have to know when to bow out of the bidding so you don't overpay for the property and lose any potential profit margin. If you were going to live in the property, that would be another story.

Anyhow, God Bless You! You're a real go-getter and you're just in a dry patch now, but you're smart enough to reach out for help! Come on, you other Deanies - help this lady with your valuable input!

Happy fishing!
JennyInMalibu


Laura,

Are you looking to flip something again, or are you wanting to buy & hold?

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


exhausted every angle. . .

Hmmmnmmn. . . .every angle exhausted? come now. . I'm sure you'll get a leg up on this one with a little help from some of us Deanies'. I was thinking WOW! what a difference a county/region makes. To date we've used only word of mouth, and our local county/city newspaper to score every single deal .Probably like you, I ran "real" adds as well as tester adds and made darn sure I kept all the info from each hit(sold our last house to a woman with whom I'd checked in each month with something like, "hey, found your house yet. . ? I have a so and so in 'ville that might be just right" )
. Honestly for me, the handing out of cards, Craigslist and presenting letters to distressed properties netted me nada. . . ..Today I found and investigated 4 nice properties in a town 8 miles from our home; 18 miles to the next little town, where we've found deals. I wonder if perhaps there aren't some properties in close proximity to you that just haven't caught your eye. Look again. . . perhaps with different eyes. .. Personally, I'm still to fearful to venture beyond a 30 drive; at this stage, I need to feel like what I'm working with is within easy reach. . but, I'm sure I'll grow and expand in time.
grady

__________________

crosstown looker


Laura

I guarantee there are some sweet deals in your area every single day. Absolutely guaranteed. When markets are hot it is hard to buy on the MLS and get a steal. Have you tried to get the attention of some wholesalers in your area? Let the wholesalers do the work for you. I love bird dogs. Are you calling on houses owned by landlords? What about calling on houses that look like they are run down? Send those people letters. The thing to remember is this. Someone always wants to sell fast for whatever reason. Always. If everybody is buying old run down houses then focus on nice houses. Sometimes the owner is distressed and not the property. Everyday some real estate investor decides to give up investing in your area because of frustration. Don't be that person. Decide you are going to stick it out until the deal of a lifetime comes along. Tonight someone in your area is going to go to bed just wishing they could sell their house. They will probably pray about it and just ask for someone to show up and take the burden of home ownership off their shoulders. Will the person that shows up to help that person be you?

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Thanks To You All

I truly appreciate all your support and comments, and deep down inside I know there must be great deals hiding in the wings and that my strategies are just not getting me to them. And I also know its playing the odds - I've sent at least 100 letters and walked through more houses than that, put in numerous offers, so I just need to keep remembering that the next one might be the one but I do admit its sometimes really hard to keep up that positive attitude, but I will. To answer a few specific questions:
Angela- I have been avoiding the only RE club because its an hour away at 9pm on a worknight (I get up at 4:30), but it doesnt seem so far or late in the big picture so I will go there next week! Where are you located?
Jenny-My current realtor is fabulous, and I went through about 10 to find her. So I know I would have to go through the same process in a different area, thanks for your tips and I will put out some calls.
Rina - I would love to either flip or rent, my goal of course is to eventually hold rentals for income and flip for fun because I really enjoyed it!
Grady- I hear you on not going too far from home. Ideally I would love my properties to be within reach....consider yourself very lucky to find your deals word of mouth and in the paper-thats truly amazing to me!
Matt - as I wrote my post I thought of you and I knew that if you lived here you would be able to find some deals haha! I have done most all of yur ideas except contact wholesalers - not sure how to find them. I would have thought my ads would have attracted them. And I also have not contacted landlords-I will start making those calls today!
So thanks to you all for hearing me out and taking the time to reply, you guys are the only people I have to come to for support!
Love to all,
Laura


laura

You should invent some new techniques to find deals way below value. There are probably hundreds of undiscovered techiques waiting for someone like you to uncover them. If you ever get really discouraged you should google a guy named mel fisher. He was a treasure hunter and his story of determination is unmatched. Today is the day!

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Laura,

I was going to offer for us to work together on something up here. But that might take the fun out of it for you, and like Matt said there are probably hundreds of new techniques waiting to be discovered. YOU might be the inventor! We have to remember, just because it hasn't been tried or written in a book doesn't mean it can't work.

Here's to the pioneer in each of us!!!

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Laura,

Now this is just scary, I was going to suggest the same thing as Rina. I plan to send you a PM about something I was looking into that I think fell apart, I will send you details and see if you can come up with 'undiscovered techniques' to get it up and running again. Can't get to it just yet but I will later tonight. Now that I think about it I think I will cc Rina on it too. Turning to big sisters! Smiling
Angela


Laura

I know that you are a pro at this, but are you now a member of a REI. club. From my area in upstate NY, these guys ( yes all men) are worth a bunch of deals that seem to go between investors. Sounds like you hit a wall, just giving you bounce to get back in the game....Jan


You Guys Are THE BEST

Just shaking my head in amazement at the kindness and encouragement from all of you. You are truly my DG family, and having people so intelligent and successful taking the time to respond always brings me up from the depths of frustration! Rina & Angela - I am completely open and humbled by the idea of working with you. We will have to explore that more in pms. I look forward to getting your info Angela, and can't wait to meet and learn from Rina and Matt first hand in April! Jan - I am far from pro at this having only completed one deal - but thanks haha! I am a member of a RE club but have not yet attended a meeting due to time and distance but their next meeting is marked on my calendar for next week!!!!!
Again - I cant thank you all enough...and I will turn my mind toward exploring and inventing new ideas and techniques. Right now I'm going to go google mel fisher Smiling
xoxooxoxox


R.E. Investments Clubs in Your Area

Laura and other Deanies:
I took Kris K's advice and joined meetup.com and they have TONS AND TONS of groups, including r.e. investing groups! I'm sure you can join several in your area.

The point is to GET OUT OF YOUR COMFORT ZONE trying to find properties online. Go out and meet people! Press flesh and get your r.e. investment card out there. Do what I did and get an 800# (they're cheap!) and put that number on your new card. Just getting out and meeting people of all sizes and shapes all with common real estate interests as you is very stimulating.

I've found a great one that meets weekly and it's 25 miles away from me AND I DON'T CARE! Get out there!


Thanks Jenny

All the pushes I get here to keep growing and finding new ideas is so motivating. The next meeting of my closest RE club is scheduled for the 25th of this month and you can be sure I'm going to be there! I will check out the site you mentioned as well. Thanks again!


Let everyone know what your doing!

Aside from screaming at passers-by, just by letting each and every person that you come in contact with what you do...you will get an in on some incredible deals... that haven't even hit the market yet. Had a kid at McDonald's behind the counter let me know about his parents having trouble making payments on the house. We are talking soon. They are everywhere hiding...it's up to you to cash in on the world's largest Easter egg hunt!

John and Samantha


hahaha

John & Samantha - that is a great analogy! Love it Smiling


What about me.

Dont't you all know that lonely old Sandra is curious to know what is going on. All about the ins and outs about acquiring deals. I feel left out about other ways of doing business. I want to count myself in, lol. Love you guys.

Sandra

__________________

"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.


Sending out letters

Laura,
How did you get the information "fresh and new" on preforeclosures? I know that i can go to the court house and get a list of lis pendens, however, are you part of an online site that gives you these stats?
Thanks,
mati

__________________

Live life today, because you never know what tomorrow can bring!


Mati

Hi Mati,
Dean has a site called foreclosurealert.com that offers the best as far as foreclosures. Continued success................Lubertha

__________________

"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Hi Mati & Lubertha

Catching up here - havent been online for waaaaay too long! To answer your question Mati - my realtor actually gets the list of lis pendens and they are part of my automatic emails I get from her each day. Lubertha is right about the Deans program, but I have not subscribed to that at this time. I have been so busy rehabbing my current place I've been keeping my eyes out for my next deal but not making offers right now as all my money is tied up in this house. Hope your having luck in your search - there are a ton of good deals hitting the market now!


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