Woohoo, we’re on Part 9 of our San Diego Real Estate Buying Tour & real estate investor training and things are looking good! Bob, Scott, Jason and I had breakfast together this morning. Jason was headed home and we needed to debrief on offers made through his team.
Students, students, students! We’ve been joined by a total of 7 students today! Jamy Vanderwoude is still with us, and joined by Jackee and Ron Benson, Ilene Durbin and Brent Tyler, Nancy Moore and last but not least, Marjorie Durkee. What a great group!
We split our students up into two groups and into our two Sheraton suites. Our Chicago Title contact made on Day 1 set me up with a login on their web site which provides Notice of Default and Notice of Trustee Sale information. We pulled an updated list for San Diego county and scrubbed it for our target areas. Our goal is to research the homeowners facing a sale or in default, and reach out to see if we can help them.
Students armed with hundreds of NOT and NOD address and names, searched for homeowner contact via whitepages.com. We first searched for the name, and then did a reverse look up for the property address. If there was an alternate address on the notice, we searched that as well. No problem if the property is listed, we have a strategy for real estate agents as well.
With phone numbers in hand, we began calling the distressed homeowners. One thing we quickly learned that a Spanish speaker in this market is invaluable. Many students have never cold called like this and were at first intimidated by the process. The funny thing is that most homeowners are looking for help, and as long as you are sincere in your intentions, they will get this and open up to you. Of course, we also had our fair share of hang ups and disconnected numbers. This work can be very tedious, and it is an important part of a well rounded real estate investment business.
With the students armed with their task, Scott and I spent some time completing the Oceanfront condos option. We modified our normal option to include all three condos. We added a first right of refusal since we were allowing the seller to continue his marketing efforts. Scott sent the option off, then left with Bob to go meet some investors interested in buying the condos from us. Their meeting was perfectly timed with that day’s sunset.
The real estate broker and lawyer we met on Day 1 called with a 24 unit apartment building opportunity in National City. The building is owned free and clear, and the owner is willing to carry paper. Fantastic! Gary put me into contact with one of his agents to get details on the property. I left Sonya a message and asked for the property specifics.
We learned that one of our offers was rejected, and that several other properties were in a multiple-offer status. The listing agent asked us for our best and final, which of course they already have. We researched and made additional offers on properties. Our students were very interested in our property evaluation, which we will go into detail with them over the next few days.
Many of the students were worn out from the travel and the first days activities. Scott and I joined Jackee, Ron and Jamy back at our favorite taco dive in San Diego. Great food, great way to end the day!
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