Last minute mad dash to get Escondido & Scripps ranch ready to sale.

WARNING!!!!

Do not read this blog on Real Estate Flipping if you have been drinking the guru punch about Real Estate being easy.

You have been warned because if you think the above is true then I am about to pee in the guru punch bowl.

If you want to really know what it takes to succeed in Real Estate read ahead because this blog isn’t about blowing smoke up your you know what. It’s about what it takes to survive and succeed in today’s Real Estate world. And it’s not about easy get rich scams it’s about putting your nose to the grind and sacrificing today for a better future tomorrow.

So where do I begin?? How about right now….

I am finally relaxing (if writing a blog is relaxing) having a beer (Sierra Nevada), watching The Heartbreak Kid with Ben Stiller (which is hilarious) after spending a 20+ hour work weekend getting Property 37 (Bullrush Glen – Escondido) and Property 38 (Caminito Agadir – Scipps Ranch) ready for a virtual tour.

Originally, I wanted it done Monday (so I didn’t have to spend 20 hours rushing around on Saturday and Sunday) but the photographer could only do it Sunday unless I wanted to wait until Wednesday or Thursday which I didn’t. So we did what we had to do we got it done for the pictures on Sunday which meant a long weekend. So thank you to Rick Williams, and Gabhart Investments newest team member Nick Walsh. I didn’t want to lose a week of market time so I got off my fat butt and got it done with the help of a great team.

I don’t like to put properties in the MLS without excellent pictures so I got it done. I am kind of a perfectionist in that way.. Come to think of it maybe it’s OCD?? I’ll ask my wife she’s a pediatrician and I’m a big baby.

Do what others won’t do so you get what others can’t
I think I saw this on a toilet stall in a truck stop somewhere.

The lucky insomniac I am woke up Saturday at about 2 AM thinking of all the things I had to do that day. I tried to watch a boring documentary (BTW my wife has NO problem sleeping and does not enjoy me watching the TV at 2 am AT ALL!) which I hoped would bore me to sleep. Instead I just learned a whole lot of boring things so I decided to jump out of bed about 4 to get a crack-in…

After organizing my day, sending off a bunch of emails I was at Home Depot At 6:30 picking up some mirrors, paint for an accent wall and misc. items for the projects. I then went to Tar-shay (Target) at 8am when it opened to pick up items to stage the kitchens and baths at both places and then to Ikea which is a boat load of fun in itself (I think I would rather be tied to a chair and have someone torture me by scratching a chalk board with their nails rather than go to Ikea on a Saturday)

I felt I needed to do a light staging on these projects and was glad it did (pictures coming soon). It really made the places seem a lot nicer and I want to thank my beautiful bride Lisa for helping me Sunday morning to pick up the items that I forgot. For the record this is the first time her, and I have not gotten into a fight for her going to target buying stuff and Target has a 90 day return policy, so this is really staging on a budget…. (Is it bad to take some things back?)

In a perfect world, I like to get the property in front of as many agents as possible. I do this for two reasons. 1) to sell the property 2) to sell our company. When agents see that we are a REAL company and not just a late night informercial student they take notice and start calling us on deals. Remember your Real Estate business involves marketing yourself.

A couple really great ways of getting your property sold and your name out there is to participate in the agent caravan and pitch sessions.

On the agent caravan the local realtors have a certain day for each area of San Diego where they all caravan and go see the listings that have signed up for the caravan.

Why should I care you wonder??? Well grasshopper let me tell you. I want to get as many agents through my property as possible. And I want these agents to 1) bring buyers and 2) bring me more properties to buy.

So how do we get these agents to come to our properties you may ask??? Well sure we get on the broker caravan but its more than that. We offer incentives like

* an extra 1/2 % to any agents that register on the day of the open. (motivates their greed)
* Let them know the property is NOT on the MLS yet (we also call on agents to let them know) so they have time to preview it and let there buyers know BEFORE it hits the mls (creates a sense of urgency)
* Provide food. It’s amazing how many realtors will show up for a sandwich! (motivates their cheapness)
* We give out a $100 gift certificate to whomever comes closest to guessing the actual final selling price of the property. The agents need to put the dollar amount it will sell for on the back of a business card and drop it in a fish bowl we have on site. (motivates their greed and competitiveness). The reason I offer an incentive is if I were to just the agent how much do yo think this property would sell for many of the agents will put a lower number. On the other hand if there is a shot at winning a Benjamin they will gnaw their arm to win it. Think about this, if the agent MAY possibly have a buyer don’t you think they may want to put in as low a number as possible so if they happen to put in an offer I think it’s good? Yes they do, UNLESS they have the chance of winning a $100 because realtors are very competitive and will want to guess the most accurate price possible.

The technique of getting the Realtors to guess a final sales price really helps me dial in the listing price since these agents are usually the agents who work the area we are selling the properties.

Pitch Session – This is what I do for the agent pitch session which is really just a meeting of a bunch of agents in a particular area to announce their listing and announce there buyers.
What I do is I 1) pitch our properties for sale and give them our listing agents contact info and 2) (the real reason I am there) let them know that since I am selling a property, I need to replace it and please call me for a good deals. I mention that I will act as a principal on any transactions they bring me and sell it through them also.

Remember to market your properties and market your self…

So it’s 8:30 and watching a movie and writing a blog is harder than me jumping on one foot, rubbing my belly, patting my head and saying the alphabets backwards (I can’t do any of these things by themselves none the less together) so I am going to clock out… But next time I post I will update you how the Caravan goes and the pitch session goes and post some pics and movies.

Last thing if you like this blog please share this post to as many sites as your willing.. I don’t make any money on this thing (actually I probably lose money since I am not getting paid) but I want this thing to be a top real estate blog and the only way it will happen is if people share this site with other people. So please share if you like the information.

Now if you don’t like this site, complain to these sites….. http://tomtarrant.com/ or www.flippingcrazy.com or www.buildbankroll.com or http://flippingsmart.com/ ….

No seriously I am just jealous of these blogs above. If you want to see what good flipping blogs are check those out. These guys are actually smart unlike yours truly 😉

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Bullrush Glen Project 38 Update

Bullrush Glen Project 38 Update

This is the property we closed on in the beginning of July  in Escondido, CA.
This property is located in a gated community constructed in the 1970’s. Surprisingly, the property did not need many renovations to get it ready for resale.
The exterior of the property will be repainted as well as new plants and bark will be added to bring some color to a colorless property. Part of bringing color to any property is installing a new front door, which is what we did. In the backyard new sod was installed and a new deck was constructed.
Inside new tile, carpet, and paint was needed as well as a light renovation in the kitchen. The kitchen cabinets were painted a dark Ebony color as well as a new sink and granite counter top were installed. The existing fireplace is going to be refaced with new travertine tile and a new Ebony colored wood mantle.
By August 11 this property will be on the market.

Home depot has great deals on queen palms here in San Diego. These guys were $10 each and we mixed them in with some queens that were $25 and a little bigger.
If you have the budget and it is appropriate there palms for @ $100 are HUGE and can really make a statement.
Since this yard is so big I needed to buy more plants so tried not to spend to much on any one plant.

All the cabinets throughout were honey oak.
We sprayed them out with a color coat of lacquer which ended up being a much better finish than the new cabinets we have been buying from home depot and the cost for  the whole house (3 bathrooms, 1 bank of linen cabinets) was about a 1/4 of buying new and installing.
You need good painters to do this. Don’t leave it up to your handyman.

The deck was in such bad shape that I decided to demolish the whole thing and rebuild a bigger one in it’s place. This deck is about 450 square feet and sits off the dining room. It really connects the inside and outside together and will be a great place to BBQ and entertain.

Our tile buys getting ready to face the fireplace with travertine tile.
Cheap way to really update the place and almost the first thing you see when you walk in the front door.
I always try to have a few “show” pieces in the house. I always try to put myself in the shoes of the buyer.
When they walk through I want them to think in there head that they can’t wait to show these things off to their friends and family.
To the right here is the sod we installed on the side yard. This was all dirt.

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Closed on our 4th property in about 45 days with an offer accepted on property on #5

Don’t have a lot of time to post and explain what is happening since I have been so busy so I will post a spreadsheet with the most current properties we have purchased so you can see how we break down our numbers.

You should (in theory) be able to click on the view web page and go the the web page I created for each property. I apologize if they are not all polished up yet and there may be some viewing errors but bear with me. If you like the property websites let me know so I can keep creating them.

I am trying to be as open as possible on how and what I am doing and hope it helps.

If you click on the project name it should take you to a website. Please do me a favor and let me know about any glitches that may not be working.

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