Out of My Comfort Zone

[furnishedowner]

I went to a Self-Storage Unit Sale this morning (Sunday) at 7 AM.  I found it yesterday on a tiny little ad under "garage sales" on Craig's List.

Bought a LazyBoy leather recliner, perfect condition, for $25.  Plus as bunch of garden tools and tree clippers at $3/each.  Nice.  The sale was held by an-out-of-town lady selling off her Dad's estate stuff in the storage unit. There was hardly anybody there, she had not advertised much. 

Somebody is going to get a lot of brand new tools for almost nothing.  I called my yard guy and contractor when I got home and gave them the info.

Normally I would not have gone to a Sunday 7 AM storage unit sale.  Especially not by myself.

Lately I have been asking myself--"Will you feel better later if you go?  Will you feel sorry that you might have missed something?  WILL YOU FEEL BETTER OR WORSE?

So I go.  So I stop at all houses now that have foreclosure stickers glued to the windows.  So I follow up on obscure sale ads. So I am looking and evaluating and thinking and asking  more.

Part of the reason for stretching more is reading what other adventuresome people are doing on this site.  Maybe also from watching "Pickers", "Pawn Stars", and the storage locker picker show.

So I feel better as I sit down here in my office to tackle the taxes.  I FEEL BETTER  because I went out of my comfort zone.  I FEEL BETTER because my van is full of some great tools and a leather recliner.  I FEEL BETTER because I turned off the news, got off the couch, and did something new.

Now will I FEEL BETTER OR WORSE if I procrastinate and don't get these tax receipts done...?

Furnishedowner

[andydallas]

I don't pass by a Home Depot or Lowes without going in and seeing whats on closeout,,,I always need bath vanities, ranges, diswashers, etc etc for the rehab I'm doing, or the next one scheduled (I try to have the next one lined up when I start one)...

I love finding a great deal

andy

[fdjake]

Furnished,

You are VERY, VERY CLOSE!!!!

The FIRST question I would have asked that lady was....

WHAT ARE DOING WITH HIS HOUSE????

These types of situations are where the real GOLD is found in our business.

I'll make you a promise.....

You start REALLY thinking about how you could CONTACT these people BEFORE the estate sales, or the appraisals and you will NEVER buy real estate any other way!!!

I can buy 1/4 of the properties my competition buys and make MORE money with 1/2 the work.

[furnishedowner]

fdjake,
The second I saw your name on the response post I thought, "OH, SH__, I SHOULDA ASKED ABOUT THE DAD'S HOUSE! I totally forgot!  That was so stupid!"

It was cold out there, my brain was freezing up.  The 10 functioning brain cells still firing said, "Ask about the darn recliner...Duh."

I am learning.  But in baby steps.

I am tired of all the work I do for slow but steady returns.  I am hungry for a deal.  Just KNOWING that I am hungry is the first step.  I went to the bank Friday and the banker said, "You know what you are doing.  Sure, we'll fund anything that you find."  I was just checking.

Thanks for the wake-up slap upside my head.  What's eating at me now is that my contractor probably went there after my phone call and asked the lady, "What are you gonna do with his house?"

Furnishedowner

[justin0419]

I enjoy watching those same tv shows.  Don't know if it's part of the investor mindset or not.  i found a really cheap Dodge truck on CL here I could buy and throw a transmission in and probably make a few bucks, but I'm sure my wife wouldn't be very happy with all the other work I've been doing on houses...
That's cool your bank is willing to fund whatever you find.  That's the type of relationship I've been posting on here about for the last couple years.  We just go to the point where our bank didn't want to do anymore for us.  They did so much in such a short time though.  So were doing this next house on our own and that's probably about it.  I was really close to making an offer on three houses by seeing if I could get owner financing.  I was going to stretch out of my comfort zone, but....
I just negotiated a year tour over in Africa.  Not leaving for awhile, but didn't want to stretch too much and work on 3 more houses right now. 
We're about done getting all our tax items together.  I feel your pain.

[fdjake]

I'd see if you could contact that owner....Either through the storage facilty (they might have an address for her) or re check that craigslist ad.

The bottom line Furnished???

You need to be CONSTANTLY telling people you buy houses that need work!!!

A N Y O N E you meet could potentially put a HUNDRED THOUSAND DOLLARS IN YOUR BANK ACCOUNT!!!

I look at this like a TREASURE HUNT!!!  I never get sick of it.

Here's my 30 second pitch....

"Hi how are you???  Listen, I buy old outdated houses and I PAY the people that find them for me.  Here's my card..If you hear of, or know someone with a house like that....CALL ME WITH THEIR INFO...If I buy it, YOU GET $2000 CASH!"

They say.......REALLY???

You say......REALLY

and here's the KNOCK OUT PUNCH I leave them with.....

"You know what my favorite part of doing this is????"
they say......WHAT?

It's handing YOU that FIRST $2000....Because the day I do that???

You know I'm for real...... and on THAT DAY you REALLY start looking!!
That simple sentence tells these people IMMEDIATELY that you REALLY pay.  They'll know this because you've CONNECTED the DOTS for them...They understand the only reason you'd even KNOW THIS is if you REALLY have paid out those finders fee's and naturally those people would want MORE!!!

It's a DANCE.....You're GUIDING them and they don't even realize it!!!

[furnishedowner]

That's a great spiel.  I used to do the same thing when I sold real estate in California--"If you refer someone to me and they buy or sell a house, I will send you exactly 10% of my commission check the day I receive it."

Then if I got a check for $3428 at closing, immediately I forwarded on the $342.80 check. 

You're right, as soon as people got one of those they were strong-arming their relatives and friends to only work with me.  The potential buyer would say, "My cousin Joe said that whatever I do, I am only to buy my house through you.  So here I am."

I am memorizing your little speech, FDjake, but gotta go $500 or maybe $1,000 here or people will think I am loco.  Can't give a $2,000 finders' fee on a maybe $20,000 house--that's entirely too rich for this area.  $500 in nice, crisp $100 bills will still get a lot of repeat attention, and yes, hand-delivering is the better way to go.

Here I have been buried in picayune details--"My shower curtain is too crispy, can you change it?"
"The neighbors had a loud party and I need to move."
"I don't like the boarded-up house next door, this area scares me."
"Can you fix the draft coming in through the window?"

Some Mondays are like swimming upstream.  I am ready to go downstream.  Anytime now.

Furnishedowner

[fdjake]

I feel your pain furnished....

BUT.....I can tell you this....

THE DOWN STREAM RIDE IS MUCH BETTER!!!!

Buy 'em cheap, sell 'em with a little "meat on the bone" for the next guy and WATCH your bank account GROW.

I RARELY fully rehab houses any more....I buy them, have my tree guy open up the property so it can be fully seen.  Clean out crew gets it broom clean and that's it.

They go on the MLS and I let the next guy deal with the bathrooms, kitchen, light fixtures, flooring, carpet, electrical, plumbing, and the other 10,000 things you need to fix for Buffy and Brad home owner.

AS IS sale to CASH BUYERS,

Get 'em before anyone knows their even for sale and let the next guy deal with the BULLSH*T!!!!

[furnishedowner]

I get it, I get it, I get it!

Thanks , fdjake.

Furnishedowner