SD CRE Blog

Greetings Fellow Real Estate Investor:

You are invited to participate in our upcoming REO Investor Summit. This two day event will include an all day REO tour on Saturday and a DEAL Analysis Class on Sunday.

Spend two days with Janice Bell and Rich Hake! This is your opportunity to spend 2 FULL days with two coaches for top REI gurus where you can ask questions, network with other investors and learn details that are pertinent to today’s changing marketplace. You will learn how we analyze deals, call REO brokers and make offers. OFFERS will be made on Sunday on houses from the Saturday tour.

Space is limited to 40 so register quickly!

Saturday, September 19th 9:00am – 5:00pm

Sunday, September 20th 10:00am – 5:00pm

Lunch and snacks provided on Sunday

REO Investor Summit: $699

DISCOUNTS FOR: COACHING STUDENTS, MEMBERS OF SDCIA OR NSDREI OR PREVIOUS TOUR PARTICIPANTS,YOU MAY PARTICIPATE BOTH DAYS FOR $350!!

TOUR PRICE: $99     ANALYSIS CLASS: $299

The tour will be in the San Diego area with the focus on evaluating properties for purchase with multiple exit strategies of wholesale, flip to retail, rental and long term hold. We will cover what is right and wrong with each house. Why we would or would not buy it and for what type of exit strategy. We often bring along another expert eg. contractor, inspector or appraiser on this portion of the tour.

The Analysis Class will cover selecting comps, choosing properties and exit strategies, running the numbers (cost analysis of each house) calling the listing agents, and making offers. We run you through the process as we would do in our offices. This is how we do it start to finish. Rich made a lot of money leading up to the last bubble in this very same geographic market. Join us for the class, then rinse and repeat!!

Please register by following the directions and the Paypal links at the bottom of this letter. Upon receipt of payment, instructions will be provided regarding where to meet.

This is your opportunity to spend 2 FULL days with two coaches for top REI gurus where you can ask questions, network with other investors and learn details that are pertinent to today’s changing marketplace. You will learn how we analyze deals, call REO brokers and make offers. OFFERS will be made on Sunday on houses from the Saturday tour.

Do you have the knowledge to buy the right investment property and the know-how to rehab all these foreclosures on the market? With the right know-how YOU can make TONS of money in the next few years.

Fortunately for you we are offering an REO tour and DEAL Analysis Class and you can learn from our experience how to chose the right house to wholesale or rehab.

When you attended a recent Real Estate club meeting you signed up for an REO tour offered by Energywise Properties, Inc. and Green Hill Mortgage LLC. I am Janice Bell, President of Energywise Properties, Inc. Rich Hake is owner of Green Hill Mortgage LLC and a private money lender. We have both completed many rehabs over the years and bought numerous houses from the bank in various markets. We should be in rehab for being addicted to rehabs!

First lets answer Your Questions:

WHAT, Another boot camp? No, we teach the laboratory they forgot to offer with your last boot camp. Remember in school the science, math or computer classes that had a lab or tutorial where you learned how to DO the stuff they taught in the lecture class. That is what we offer at Wise Wealth University, the hands-on lab classes where the class size is small and you can get your questions answered.

WHO Are you? My name is Janice Bell and I have gone to many of the same boot camps as you. Once I got home there was no one there to tell me what to do next or what to do when I hit a glitch in the boot camp theory. I just kept asking and reading and doing until I figured it out. I have fear just like you. I am stubborn and I keep pushing through it. As far as teaching, I was trained to teach genetics, biology and biotechnology and Rich was trained to teach chemistry, all at the University level. I LOVE to take a complex topic and make it clear. My passion is to explain it in a different way until you get it. Since I can do that with Human Genome questions, I can probably do that with real estate questions huh?

WHY Listen to you? Ever notice how everyone bashes Detroit? That is a tough place to do business. Well I learned to do rehabs by buying REO’s in Detroit and Lansing, MI as well as Utah. Rich learned by buying rehabs in Baltimore, upstate New York and Ohio. We have both owned properties in Southern California as well.

WHEN Is it? REO Tour will be Sat 9AM -5 PM. Lunch is on your own. Analysis Class will be Sunday 10AM – 5 PM in a classroom setting. Lunch as well as Drinks and Snacks will be provided on Sunday.

If you ever want to do a repeat you can go on the tour again for $25. That way if you saw one area of San Diego and want to see another area you can. There is always new material on each tour depending on the houses we see and the questions of those on the tour.

HOW MUCH Is it? The Deal Analysis Class is $299 and the REO Tour is $99. Both classes together are a bargain at $350 for 2 whole days. SDCIA and NSDREI Members, Coaching students and those who have attended our tour before can come to BOTH days for only $350. For the REO tour 1 day ONLY our coaching students receive a discount and pay $99. If you did not get enough of us jabbering about real estate the first time, you can repeat the tour for a whopping $25.

HOW Do I sign up?  HOW Do I sign up? Click on the links below to pay with PayPal. You will have a secure checkout. You do not need a Paypal account and can pay with any credit or debit card. Look for the small print in the lower left that says “Don’t have a PayPal account?” If you see SDBiocomputing on the paypal invoice, don’t worry, that is my consulting and education company. “Wise Wealth” will be on your Credit Card statement.

Tour and Analysis Class $350

Deal Analysis Class -Sunday Only- (You must have attended our tour before) $299

REO Tour $99 -Sat only

Repeat Tour: $25

If you have any questions, feel free to email us at Info@EnergywiseProperties.com.

With the right know-how WE WILL ALL make TONS of money in the next few years.

On Saturday February 21, we held our second REO Tour, this time in Oceanside.  We viewed 16 houses, most in good shape and cleaned out.  We like 3 bedrooms minimum and don’t bother with condos/townhouses.  The largest one we saw was a 7 bedroom assisted living house.  It had originally been a 4 bedroom 2 story.  Extra rooms were added onto the side of the house.  The owner that was in foreclosure had bought it subject to and existing loan so the sale was contingent on the bank finding the first mortgage holder who was not the one in default.  In that case you might imagine the bank does not like any properties sold subject to.  We put in an all cash full list price offer on one of the houses.  With 15 other offers, ours was not accepted.  About 1/2 of the other houses now have pending offers. We will post results on those houses as we see the final sold prices.

NEXT REO TOUR:

Saturday March 21, 2009.  To receive the sign up flyer and reserve your seat please email us at info@energywise properties.com

Tour of bank owned homes in Oceanside CA

Rich Hake and I attented the REDC auction on Jan 28, 2009 at the San Diego Convention Center.  We stayed to the very end and tracked the prices of every house we had seen on our REO Tour in Escondido (see previous post).  First to note that the starting bid price is irrelevant and they are up to $150,000 within 30 seconds of the bidding.  Some final prices were lower than the MLS asking price which were inflated above other similar houses that had been on the market and were not on the auction list.  Final prices were close to a comparable market analysis price from the MLS which is a price based on comparable houses on the MLS.  The only houses considerably less than the CMA were 2 bedrooms.  Based on the amount of work needed they were not a deal for an investor to make money.

I have an excel file for you to check on the results we found at the auction.  If you would like it please email me at sdcreblog@energywiseproperties.net

We were interviewed by FOX and NBC news so perhaps at 11 PM that night you saw 15 seconds of our opinions on the current house market.  We never saw it.  We were still at the auction.  BTW the prices were not better by staying to the end!

REO TOUR**********REO TOUR***********REO TOUR

Be on the next tour and learn 10X more practical information than you did on your last bootcamp

email us at:

info@energywiseproperties.com

You will receive a sign up form and dates for upcoming tours!!

Saturday, January 24 we spent a full day looking at houses listed on the REDC auction and other REO’s in Escondido.  Rich Hake and I showed 10 students the ins and outs of looking for foreclosed houses in San Diego.  We toured the smallest of 600 sq ft and the largest of almost 4000 sq ft, all offered on the auction on Wed Jan 28.  Students learned which houses would make good rentals and which houses not to buy.  When would you wholesale the house to a rehab or handyman investor.  We also taught how to get a good price from the bank, how to make the offer and when to walk away.  Students learned how to use hard money and private money to make the purchase.  We toured the full spectrum of houses from those that needed little work (those sell fast and go for marked up prices) to a full “back to the studs” rehab of a Craftsman era house to a Luxury new construction to a Luxury unfinished short sale.  Along the way we discussed how to hire contractors, taxes, trusts, assignments, options.  They learned why to avoid “cobbled together layouts”, how to spot drainage problems, roof problems, foundation problems.  Furnaces, cabinets, flooring, painting, they asked, we answered.

We tracked the house prices, the MLS comps, what we would offer and compared those prices to REO’s not on the REDC Auction.  We then went to the REDC auction to compare final prices with comps.  Come back to the next posting for the final prices and news from the Auction.

Here is what Deb S. said about the REO tour:

We really enjoyed the tour.  Very informative and everyone was engaged. Thank you for all your effort. I debated whether to go or not, if it was going to be informative, or just a long drive with a lot of stops. We were
really surprised with the amount of casual exchange of information, ie, how to get around evictions, smaller counties for tax liens, installing sweep clean flooring, etc. My son Chris was very impressed too.

REO TOUR**********REO TOUR***********REO TOUR

Be on the next tour and learn 10X more practical information than you did on your last bootcamp

email us at:

info@energywiseproperties.com

You will receive a sign up form and dates for upcoming tours!!

Title: SDCIA Meeting
Location: Scottish Rite Mission Valley
Link out: Click here
Description: Bruce Norris: 12 Reasons You DON\’T Sit On Your Hands in a Downturn
Start Time: 18:00
Date: 2008-12-11

The Norris Group purchased over 20 REO properties in 60 days.  The lender took a 69% hit on these foreclosed houses!

Bruce will give the top twelve reasons why you don’t sit on your hands in a downturn.

From the Talk:

By sitting on the sidelines, you rely on other people for first hand knowledge. Because I’m in the trenches everyday as an investor, I know things you couldn’t possibly know. I know the lenders have just about given up on things. They are walking away from REO properties, giving huge discounts. I know the lenders have radically changed their approach to investor offers just in the past 60 days. How do I know that? The answer is because we continued to make offers; even when they “knew” it wouldn’t work.

I’ll give some specific examples of REO deals we’ve purchased and the negotiation that went on between us and the broker representing the bank lender. I’ll update which auctions are producing results and which ones to avoid. Our little pile of REO properties will produce about $350,000 of net profit. When we sell these rehab properties, we will have comparable sales that will establish where the upper limits are for price. The wholesale purchases we made will establish the lower limits of value for REO houses.  By being active, I don’t have to rely on anyone to tell me what something is worth.

As a buyer, you go from:

1. I’m uncomfortable with the market to…
2. I understand the market to….
3. I am the market

When you control the destiny of 20+ properties, you become the market!

And don’t forget investors create wholesale and retail comps for each other to use in offers. Everyone has been having trouble getting lenders to accept their offers on foreclosure homes. Well, the day’s of begging for REO discounts is over!