All Forum Posts by: Andrew Alexander

Hi!

Where in Michigan are you?

Great post, I hope to see more in the future. Very helpful!

I'll go first:

The last few months things have been busy for me and unfortunately I've let my goal setting slip through the cracks. I definitely need to get back on track though so here it goes:

1. Start setting aside an amount of money each month in order to get enough for a down payment on our first property. This is our number one goal because financing is our biggest obstacle at the moment.

2. Market our new website. We just spent the last few months working on our brand new website. This site will help us build a buyers list for wholesaling and retailing which will help us build some savings for our first property.

Usually I like to make more specific goals with measurable results but at the moment I just want to get some things down to get the thread rolling.

Sorry for the late post, things have been busy for me. But I want to keep this thread growing each month so please share your goals with us!

Okay everyone, June is here! I hope you all were successful in obtaining your goals in May!

As I'm sure many of you know, goals are the foundation to success. Goals help us keep focused, motivate us, and give us something to pat ourselves on our backs about at the end of the day (or month). Without goals we are just wandering around in the dark, hoping to stumble upon success.

One aspect of goal setting, that is vital in its effectiveness, is recording or verbalizing them. Tell people about them so you will be, in a sense, held accountable for them. This will help motivate you.

Write your goals down so you see them everyday. I have a white-board in my bedroom with my yearly and monthly goals written on them. I see them every day when I wake up and every night when I go to bed. This kind of auto-suggestion has been studied and proven to be an effective way to get things done. Stay positive!

This thread will be a way for everyone to record their goals. Record them in this thread and revisit it often. Read the goals of your peers and people you look up to.

Ready...Set...GOGOGOGOGOGOGO!

Okay everyone, April is here! I hope you all were successful in obtaining your goals in March!

As I'm sure many of you know, goals are the foundation to success. Goals help us keep focused, motivate us, and give us something to pat ourselves on our backs about at the end of the day (or month). Without goals we are just wandering around in the dark, hoping to stumble upon success.

One aspect of goal setting, that is vital in its effectiveness, is recording or verbalizing them. Tell people about them so you will be, in a sense, held accountable for them. This will help motivate you.

Write your goals down so you see them everyday. I have a white-board in my bedroom with my yearly and monthly goals written on them. I see them every day when I wake up and every night when I go to bed. This kind of auto-suggestion has been studied and proven to be an effective way to get things done. Stay positive!

This thread will be a way for everyone to record their goals. Record them in this thread and revisit it often. Read the goals of your peers and people you look up to.

Ready...Set...GOGOGOGOGOGOGO!

I'm not talking about creating a business entity with him. I'm just going to work short sales for him in his target area. I'm wondering if the deal that I proposed is fair or not.

My friend is a rehabber in a city about an hour north of me. I have a direct mail marketing campaign set up in my own town that targets foreclosures. We have been talking about partnering up.

Basically I will be setting up a direct mail campaign for homeowners facing foreclosure in his target areas. When I find them I will negotiate the short sale on his behalf and I will do all of this for a fee. I see this as being similar to a wholesaler/investor relationship. So I've created a way that I believe is a pretty standard way for wholesalers to figure out their wholesale fee.

I will take the as-is value of the property (FMV) and subtract the price my partner wants me to negotiate ($) to figure out the equity I am negotiating into the deal. So E = FMV-$

I will base my fee on the equity I am building into the deal. Something like 20% of the Equity.

So if I were to find a property with an as-is value of $85,000 and I got the property for him for $50,000 then there would be $35,000 in equity. This would result in a $7,000 fee.

The as-is value will be figured by subtracting (cost of repairs)-(after-repair-value).

Is this fair? Is this a pretty standard way to calculate something like this?

[Cliff's Notes]: I will be finding the properties and negotiating the short sale for an investor for a fee of 20% of the equity I build into the deal. Equity will be calculated by subtracting the sales price from the as-is value. Fair? Comments?

If I had all the documents in my email account, is there a way that the lender and I could exchange all the documents via email during the day (or over the course of days)?
I don't have access to a fax machine that I could use during the day at work but I do have access to email.

Here are my goals for the month:

Get my first deal in the works. I was close but it fell through last month.

Read The Richest Man in Babylon This book has been recommended to me by a few different people.

Intensify my Flyer Ad campaign I have put "We Sell Houses" ads in local grocery stores and laundromats in order to build a retail buyers list.

Modify my Direct Mail Campaign to include a piece of educational literature All I'm including is a letter at the moment. I think I need to attempt to reinforce the idea that I am the best one for the job, since I believe that I lost my last deal to a competitor.

Establish a more effective Private Mortgage Lending marketing campaign I am only really marketing to friends, family and friends of friends, which is all i want to do right now, but I think I need to organize my 'pitch' a little better

Create files on 2 vacant properties in neighborhoods I am targeting

Okay everyone, March is here! I hope you all were successful in obtaining your goals in February!

As I'm sure many of you know, goals are the foundation to success. Goals help us keep focused, motivate us, and give us something to pat ourselves on our backs about at the end of the day (or month). Without goals we are just wandering around in the dark, hoping to stumble upon success.

One aspect of goal setting, that is vital in its effectiveness, is recording or verbalizing them. Tell people about them so you will be, in a sense, held accountable for them. This will help motivate you.

Write your goals down so you see them everyday. I have a white-board in my bedroom with my yearly and monthly goals written on them. I see them every day when I wake up and every night when I go to bed. This kind of auto-suggestion has been studied and proven to be an effective way to get things done. Stay positive!

This thread will be a way for everyone to record their goals. Record them in this thread and revisit it often. Read the goals of your peers and people you look up to.

Ready...Set...GOGOGOGOGOGOGO!

Last Month's Big Achievers

nrconnor: On the very last day of the month nrconnor reached his goal of finalizing his first wholesale deal. He also locked up his next deal.

FtMyersMike: FtMyersMike acheived his goal of finding and participating in the local REI group.

awarunn: I almost had my first deal but it fell through when the homeowner who I was going to negotiate the short sale with stopped communicating with me. Though, I did achieve my goal to get my direct mail campaign up and running. yaya...

Please update us on how you did on your goals so I can include you in this section next month!