The San Diego Real Estate Buying Tour continued and so did the real estate investor training as we entered day 4! Jason Schubert joined us today. The 3 Amigos were together again!
Scott and I started our day in Chula Vista to check out a Foreclosure Options seminar given by some area real estate professionals to educate distressed homeowners on their options. We learned of the seminar on Day 1. I joked and suggested getting “We Buy Houses” signs and sitting in the parking lot at the seminar. Scott thought we should get “Cash For Keys” shirts made up. We had a good laugh, and mentioned the idea to Bob Leonetti and Roland Frasier. The idea quickly escalated to full blown flyers for us to pass out, which we created Day 3.
The flyer was simply worded as follows:
“Are you having trouble with your mortgage? Would you like a legal and ethical solution? Panera Properties can help! We’re not real estate agents or mortgage brokers – We’re just a real estate investment group run by real people who would like to give you real options. Call Scott at xxx-xxx-xxxx or Lorena at xxx-xxx-xxxx! Help us help you today!”
So we showed up at the seminar, peaked in to say hello, and then left to distribute flyers on the cars of homeowners attending the seminar. Just one simple way we are thinking outside the box and doing the things you need to be doing in your own business!
We left the seminar to go pick up Jason from the San Diego airport and headed to the office to get working. I asked Vikki, our real estate agent from Day 1, to meet us and help us research properties. Jason worked with Vikki to narrow down previously identified properties. Scott worked his Craigslist ads, and has 12 private money lenders in discussion and had a builder contact him from an ad wanting us to look at 5 properties. Sweet!
Aloha Don contacted me with financials for the 72 unit ocean view mixed use condo building. The developer owes $17.5 million and needs another $2.5 million to complete the job. He is willing to let it go fully developed for $16.5 million as he was planning on negotiating his own short sale with the lenders. He is also open to a joint venture where a cash infusion could be traded for several of the units. We are working on finding out who the two lenders are to see if we can negotiate a note purchase and control the property ourselves. Much more due diligence needs to be done on this one.
I followed up with Gary, the real estate broker and attorney we met on Day 1, to see if he knew of any buyers and/or private money lenders that might be interested in our deals. Turns out he had a private money contact for us! Don’t be afraid to ask your network for what you need!
I spent some time obtaining a San Diego pre-foreclosure list from a site I learned about during the real estate investment meeting on Day 1. First I searched for the Notice of Trustee Sale, with the sale date 2/15 – 3/31. I came up with approximately 100 properties to follow up on. Next I searched for Notice of Defaults filed in the last two weeks and came up with over 700 properties. We’re going to get busy contacting distressed homeowners during the next few days.
We have students starting to join us tomorrow. I’m excited for them! I would have loved an opportunity like this when I was a student. See you tomorrow!
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