Bird-dog Blues
I haven't posted in awhile. I've been busy bird-dogging and it's just not working out. Admittedly I've only been at it for 4 months, but boy do I feel discouraged. I've been doing short sells and they take months and then still don't go through for whatever reason.
I'd like to just do my own thing now which is wholesaling. However, I have no money and that is the reason I was bird dogging--to get some funds to start wholesaling. I turned in a loan application to a HML a week ago and still haven't heard back. I followed up with a phone call and nothing!
Things just aren't working out!
It sure would be nice to have a success stories forum for times like these! I hope everyone else is doing well.
Discouraged in GA.
Hang in there simba. Things will happen but sometimes they just take a little longer. I have been looking at houses for the past 4 weeks and either they rejected my offer or they need to be burned down.
I have faith though that one will appear in the distance and it will be the right one. Maybe I am being to picky but hey I can be since it's my money.
About the HML, look for another one. Run a small add looking for investors. How about these folks you were bird dogging for? Can they maybe flip something your way to get you started and carry a loan for you or are things that tight in your market area?
What ever you do, DON'T GIVE UP!
Simba!!
Dont be discouraged!! No matter how many rejections or "no's" that happen, all you need is that one "YES" to make it happen!! I know it sounds like a bunch of Rah-Rah but it will pay off if you're persistent.
I spend money on stamps/quality paper to send to letters to deliquent owners and not one response yet. But I know someones reading them and at least thinking about it!! Who knows..maybe they'll call but they're scared..
Verne
Don't give up! Remeber you can be one step away from success! I know it's hard. But anything worth having we have to work hard for. Re-evaluate your game plan and keep hitting your market. If you have John Cash's manual read it again. Keep coming to the website for motivation. But don't give up on your dream. And from what I understand our targets need to be hit at least 5 times before some will respond. Postcards are cheaper and it hits them faster. The messege is in their face, they don't have to open it to read it. Keep calling the investors, get new ones on your list. Hang in there I know it'll work out for you.
I suggest that you can start wholesaling now without funds. The deals are hard to come by but they aren't any more difficult than what you are trying to do now.
I suggest this technique: Delayed settlement with an out clause. Find a property with a good bit of equity that someone is looking to get rid of (vacant/ unoccupied houses are my favorite but you can use any type if there is equity), get it under contract of sale. Make sure it's a contract of your design with an assignment stipulation, a delayed settlement (I like to use banking days since it seems shorter than it is but as long as it gives you enough time to find a buyer), and an escape clause where you can get your entire deposit/earnest money back. (for this I usually use a financing contingency since if I need to get out of a deal I just appply to the most difficult lender in town and get them to deny my pre-approval so I can show that I wasn't able to get financing) At this point you just need to find a buyer and sell your position/interest in the original contract of sale (there is a separate contract to use for this).
Once you find the buyer you don't even need to find someone who has cash for a down payment (since a lot of serious investors protect their cash as well they like to wait until settlement when they'll have OPM to use to pay you). The title co. that does the settlement can put you on the HUD-1 as a fee so the funds to pay you can be financed and still you get cash. You'll notice that I can control the property and protect my own money. No lenders, no risking my cash, and once I developed a good buyers list no problem selling my deals to an end buyer.
Contact me directly and I'll be glad to answer any questions you have about this technique.
The point of this whole thing (and I apologize for the length and all the parentheticals) is that there is more than one way to skin a cat. You are doing and learning and that puts you miles ahead of millions upon millions of people. Keep at it, it will come. You know you have people at this site pulling for you.
[addsig]
SIMAJOY DROP ME AN EMAIL NYREINVESTOR@AOL.COM WE MIGHT BE ABLE TO WORK SOMETHING OUT