2009 is almost over, 2010 is just over the horizon, and it’s the time of year to take stock and figure out what we did well, what we’d like to change, and what we’re just glad is going to be “last year” instead of “this year.”
One of the things I’m happiest about is how the Bird-dog program is growing and bringing success to our team. From time to time, I like to highlight people who have successfully brought deals to us here at RE Rebel HQ, and once again I’ve asked Joshua Ramey-Renk of The Farwalker Chronicles to step in as a guest blogger to do the interview and write up the story…take it away, Joshua!
Thanks, Larry! And thanks for the opportunity to make a guest appearance again with the Real Estate Rebel!
Let me introduce you Rebellious Readers to Francine S. Francine holds an MBA from a prestigious university, but that’s not how she’s making money with Larry and his group. I spoke with Francine about how she got into real estate and how she identified the property that Larry’s team is currently moving through the contract process.
“I’ve been interested in real estate for what seems like forever,” Francine told me, “As a means of wealth creation and a way to flesh out my investments. I had done well on a personal level buying and selling my own personal homes over the years, and thought I could do a good job as an actual investor, not just a homeowner. So far, it’s worked out nicely.” She’s also quick to point out that she likes keeping a lot of balls in the air, and real estate is just one of her many interests.
I was very curious about how Francine found the current property she turned over to Larry. The house is in Northern California, while she herself is based in the Los Angeles area. She acknowledges that it’s definitely a bit far out off her beaten path, which is one of the reasons she turned the lead over to Larry. “I got a call,” she says, “From a loan modification expert I’ve gotten to know over the past few years. He was working with a distressed property up north, and the modification process wasn’t going well for the owner. He suggested that a short-sale investor might be a good way to go, and asked if I was interested. It was too far away from where I live and work to think about doing anything with it myself but I wanted to do what I could to help the owner out. I had met Larry at a Real Estate investment seminar and really liked what he was trying to do. Since I knew he focused on the San Francisco Bay Area market and is a good guy, I had no hesitation connecting him with the property owner. As you can see, it’s working out well for everybody.”
Francine told me that networking, getting to know people, and being considered a good problem solver are critical to success in finding properties and building contacts in the industry. Even if the problem you’re solving isn’t one that seems directly related to your own activities. “I once,” she laughs, “Helped a mortgage broker figure out how to get a notarized signature from a man in jail. I wasn’t involved in the deal, but the issue intrigued me.”
You also need to think outside the box to find properties nobody else has looked at. While talking with her, Francine told me about a friend of hers who is involved in commercial real estate. Driving anywhere with him is an adventure, because he makes a point of always going a different route, exploring side streets, and generally taking longer than expected to get from point A to point B.
“But it pays off,” she says, “Often in the least suspected way. Once when we were driving through a neighborhood we’d never been in, we noticed a small hand lettered ‘For Sale’ sign on a little multi-unit complex, something that 99.99% of the people driving by would have missed. My friend insisted on stopping the car and gathering the information from the sign. It turned out there was a messy mortgage structure combined with a messier divorce, and he was able to pick up an excellent property for a significant bargain because the owner wanted it gone as fast and as discretely as possible.”
What other tips does she have for identifying potential properties that would be good ideas to bring to Larry’s group?
“Just keep your eyes and ears open, and be somebody that people think of as a go-to person for Real Estate issues. Even if you’re just a shoulder to cry on, a soft shoulder can mean more to people than all the financial analyses in the world.”
There’s not much more that be said on that front!
Back to you, Larry…
Well, my Rebellious Readers, with success stories like Francine’s being created all the time by our Bird-Dog team, I’m sure 2010 will be an amazing year for all of us.
May 2010 be filled with prosperity, happiness, and good fortune for you and all your loved ones!!
-Larry
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