All Forum Posts by: Kebron Girma

@Sean Phillips correction: not my fee but minus the agents fee

@Sean Phillips yes, I've talked to the owners. When I started I only made cash offers, but now I offer all cash or lease option. The plan is to get the owners under contract and then before/on closing day assign that contract to my cash buyers. So, I'll be using the buyer's money to pay the owner. And no I don't offer through the agent. 

My offer price depends on the comps and how much repair the property needs. So I normally take 65%-70% of the ARV - est. repair cost-my fee.

When I first talk to the owners, I do go through series of questions...if they have any liens, the kind of loan, fix or adj, monthly payments and if payments are currrent. The FSBO I've dealt with ask for more than what the property is valued at and so when I send them my offers, it's like an insult to them.

@Sean Phillips yes, I have found a few properties, mostly FSBO, and did my due diligence on the properties. I've used real estate agents to run accurate comps for me and have made offers on those properties, but I haven't been able to close on any of them. I'm not sure what I'm doing wrong. I'm hoping this program will stir me in the right direction.

Thanks, Sean! 

Yes, thanks for the update, Derek. I was skeptical about the 90-day program but still wanted to take my chances and see where it got me. Plus, I'm more of a hands-on learner so this would be a good starting point for me too. 

I've asked people in the business to mentor me in exchange for 50/50 split plus offered do their admin work but had no luck. One told me he charges $10,000, and another one recommended me a book to read ( which I started reading). So, I decided to attend one of the Meetup events to socialize and learn about the business and find me a mentor. The drive was about an hour, but I was determined and I wanted to learn about how to find and how to analyze them. I told the event organizer, and everyone else, that I recently moved from overseas, I'm new to the business, currently unemployed and I'm very eager to learn about REI and it would be great to have a mentor I can work with. The event organizer said to come and talk to him after the meeting and we'll figure out how he can help me. Long story short he told me 1. unless I come from a family with money or have $300K-$400 in my bank account, I should forget about buying and holding 2. If I'm ready to really work, he will hire me as his bird-dog to find him ugly houses and he will pay me a finder's fee. 3. He told me I should invest in a Scooter and ride over 30 minutes to his location to find him deals (icing on the cake). Oh, and I will need to wear a t-shirt that says "I buy houses" on the front and back. WOW! So I was very disappointed but he was like fuel to the fire.

I know I'm going to be very successful in this business, it's just a matter of time.