Okay, Okay, I did it...

Well, I have a great mentor who is teaching me this process of commercial real estate. I am waiting with bated breath as to when this process will come full circle.

In ALL of my real estate transactions, I have NEVER, EVER, EVER been to a closing..(Except for my own for my house..) BUT I am not just talking about any closing, I am talking about that closing(you know you have seen it) where YOU are the dude/dudette walking away with that big cardboard check and your picture..YESSS........ That closing..

I have dreampt, enacted, done speeches. Yes.. I believe in asking and receiving. But, I wonder WHEN... this will happen.

Let me tell what I have done: Since learning a criteria from my mentor..of at least 8% cap rate and preferably 16% cash on cash return..(using low downpayment and owner financing options). I went to work. In about three weeks, I looked at over 400+ properties, we have sent approx 6 Letters of Intent and we have 1 accepted from myself and one from my mentor. We are still working on about 3 more needing either owner to back down and finance or to meet our all cash offer requirements...(Still having the right cap rate and cash on cash...)

I even(with my mentor) offered up 17million on a 27million property..Listen, my family has about 70 dollars in our savings..We just had 4 bounced checks, we are still "restructuring" our house.(Yes, we are "those" homeowners everyone is trying to bail out) And I am on the internet putting in letters for 17 million dollar properties..

HEY..if you are gonna go, go BIG...

So now, my mentor is negotiating. One of our properties that was accepted seemed to have a decrease of about 12% from last year..so in writes my mentor..

"Our acquisitions director, Lisa Curry, will continue to complete research on area rents and developments (any information you could provide would of course be helpful), and, we would certainly welcome using your company for management."

Ha...Acquisitions director..that's a good one..this is just one of the people, YOU BECOME..(I will talk about this more in another blog) when you are doing real estate.. I LIKE THAT...I LOVE IT, THIS will get me some really needed funds. The word "need" brings to mind a thought that was presented to me by in infoprenuer in network marketing..(I am paraphrasing here)

"Do not PRESENT the the marketplace your NEED..the marketplace can't use your need, put PUT OUT in the marketplace what YOU ARE WILLING TO DO in the marketplace to fufill that need..and it will be provided.."

Think about it..Talk to you soon.