The last 2 weeks have been pretty busy in terms of the offers I'm sending out. The big one is a 185 multi-family property near Dallas TX. If the numbers work out, this might be a great project for me and my investors. I'll reiterate - it MIGHT be a great project. The reason for the skepticism is because 1) I don't know that specific area too well; 2) A trusted colleague of my cousin DOES know the area, and the industry very, very well, and was none too impressed with it. So as I've learned long, long ago - never get emotionally invested in a property. Ever. This way, if it works, then great, you'll make money (hopefully!). If it doesn't work, then the most important word to know is: Next. Despite what some new investors believe, there is always - ALWAYS another property, and probably better than the one you were looking at.
The other property I put an offer on was another condo in the same little area of Palm Desert CA. Our 6th in this great little area. The condo does need a bit of work, but that's something I've done a bunch of. My partner and I are very interested in these 'base hits' as my cousin calls them, to help the down time, and to build a bit of working capital for the larger projects like the multi-family units I'm interested in buying.
So in the last 6 weeks, I've put out about 6 offers on various properties - which I feel is not a lot. But I'm amping it up. I would ideally, like to submit 3 offers a week on either multi- or single- family properties. This is a numbers game, and the more you offer, the more get accepted. For the other investors out there - keep it up - keep making those offers. Something will work and you'll start making more money!
And, once again, we're always looking for partners on these projects, and willing to give up a larger portion of equity on the larger projects. If you're interested send me an email - or visit my site http://JBBHoldings.com to find out more about partnering with me. Yes - I can also help you with your deflated IRA and get it working for you, not working against you. Email me now to find out more!
And - Keep making offers - its the ONLY way you'll get them accepted!
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