Naked Lady Real Estate, The Bare Truth About Real Estate Investing

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The deals are slim pickings...

I am so bummed that I am not rolling in the deals.  My goal for this year is to get at least 4 deals a month - wholesale 2-3 of them and keep 1-2 of them to flip myself. Just late last year we were getting a lot of REO properties - but this year - dang.....its been tough.  I should be a lot more grateful I suppose.  We did get  3 properties in Jan and we wholesaled 2 and kept one for fix and flip.  We just got another under contract - but we are still evaluating it.  So - yes - I am grateful for what we have gotten.... but I want more! LOL!

Another thing... these properties in So. L.A. are getting pretty difficult to evaluate.  There are slim pickings out there and the prices are escalating at record speed.  I don't like this at all.  We are to the point that we are turning down more properties that we are getting - or rather making offers on.    We've been getting a lot of "good properties" presented to us by our broker - but after painstakingly evaluating them - the numbers just don't add up and we pass.   DARN IT!  Why are the numbers not adding up?  Two reasons:  Prices are too  high therefore the margin is too narrow for comfort and not enough comps to justify the rise in prices for these hunks of junks.  We are at a crossroad here.  There are a lot of Active properties with the comps that would justfy these REO prices - but they are not SOLDS yet.  We all know we can't base our ARV on active properties.  This sucks!  I keep knowing that in 2, 4, 6 months from now we are going to have some mack daddy comps (potentially), but until then - we must - simply must be cautious.  It seems like we are pioneering in this particular area.  I don't mind being a cautious pioneer.  But what I dont want - is to be a cowboy.   It is the wild wild west out there in certain areas and it's crazy. 

The ironic thing is that once those comps start popping - the prices are going to be even higher to buy these properties and we will be waiting for a new set up comps to start popping up.... LOL.   Oh the joy of being real estate investors in this market.  Or at least in our high profile areas in Greater LA.

I now have another additional broker finding us properties in my target area and he is one hell of a hustler.  He's this close to landing us a couple of properties.  We've put in several offers with him in the past couple of weeks - so fingers crossed.  Between him and our other broker and some of my friends who are buying at trust deed sales - I hope to get another 4-5 properties in the next month!  From my lips to Gods ears.  

Let's rock and roll!

Naked Real Estate Investors Monthly Meeting

 

TONIGHT!

 

 

Thursday, February 11th,  6:30pm  - 9:30pm - Culver City 

 

TOPIC:  Buy Properties before they hit the MLS 

 

Real Estate Investors and my good friends Will Barnard and Michael Gier of Nationwide Property Investments, LLC will teach you how they are buying properties before the MLS and cashing checks.

 

Rehab and flip investors, stop playing the make 30 offers per week numbers game and come learn how to buy BEFORE the MLS.

 

Passive investors & private money lenders: Do not miss this event! Learn how you can make secured investments without ever having to foreclose & without ever having to take back a property. This is a secured investment with very high returns through a proprietary system.

 

Attention RE Brokers: Don't miss this event! Learn how you can have the exclusive ability to offer your buyers the means to purchasing properties move-in ready without the MLS bidding wars and without the long and tedious wait on short sale approvals.

 

 

Location: 

Naked Real Estate Investors Club

10601 W. Washington Blvd

Culver City, CA 90232

310-280-9418

 

Cost: 

 $18 -Non Members

 

Bare Essentials Members:  Pay $5.00

Skinny Dippers Members: FREE - plus 1 Guest !

Streaker Members:  FREE plus 2 Guests!

 

For club infomation and membership information www.nakedrealestateinvestorsclub.com

 

Hope to See you there!

 

U.S. Department of Housing and Urban Development (HUD)

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

For the rest of this article click below:

U.S. Department of Housing and Urban Development (HUD).

It's OK to be a newbie... but never an amature.

What I mean by this is that if you're a newbie investor it is expected that you may not know what you are doing in any given situation in doing deals. You are expected to need advice or guidance from more experienced investors and to possibly (absolutely) make some mistakes. For the most part as long as you are humble in your learning, are taking advice and in general are being an earnest student of real estate investing - you will be all right amongst your peers and in your investor community.  

Now...Being an armature is much different in my opinion. It doesn't matter if you are a newbie or more experienced investor.Being an amateur means that you do shit wrong, follow the wrong protocol and in general do not respect the unwritten guidelines and rules of working with your fellow real estate investor.  Bottom line is you act irresponsible, greedy or worse - like you know what your doing, but are really just wasting peoples time. 

Don't be an amateur!  Or you will get a reputation as a pain in the ass and likely shunned by other investors.  If your not totally shunned then you will at least be dealt with at an arms length and you won't be given the same favors as other investors.

First of all an amateur investor will call me and tell me how many deals they have done and how much money they have to invest within the first 3 minutes of conversation.  This is someone who is trying to "buy their way in" with nothing but talk and bloviating.  It has been my experience that the big talkers never perform.  It's the quite ones that you need to be looking for.  They are the ones that have all the money.  They don't have a lot of prove.  They know what they can offer and they don't care who they impress.   

Amateurs don't follow protocol.  What does this mean?  For example.  If you call an investor who is wholesaling a property (me!) and say that you want to buy the property - then by god - you had better done your due diligence by then.  If you say your sending the deposit - then send the deposit!  Don't mess around for 3-4 days with every excuse in the book.   If you call to say you are finally sure you want the deal and are going to wire money today then do it!  Don't call an hour later to say that you just talked to your partner and he decided after all he doesn't want the property!  You just wasted my whole morning asshole!   NEVER call a wholesaler and say you want a property unless you know you want that property! NEVER call a wholesaler and say you are sending a wire only to back out of the deal an hour later!  And never ever act as if dicking around with me for a week on this property and wasting my time and energy was not such a big deal.  You are an amateur and a putz. 

Lastly - don't be a greedy mofo.  My friend and wholesaler Ginger Macias was telling me how one of her newbie students was trying to make a $30K wholesale fee off a property!  Or maybe it was $50K.  And then I think that fee was putting the house at 80% or something like that.  Ridiculous!  What a pig.  Don't gouge.  Take your small wholesale fee and give a good deal to the person who buys the property from you.  Now that "investors" name is written in mud.  She has been blacklisted by at least a few wholesalers now - including me.  All by word of mouth. 

All us investors talk to each other.  It's a small world the investor community. This business is tough enough without having to deal with bozos.  I won't do it I tell ya.

 Join the Naked Real Estate Investors Community!

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Rocking in So. L.A.

We have a lot of deals starting to POP in L.A. If you been to my real estate club meetings - you know this is where I was going to focus on and lay my mark.   Well - I started to put my nose to the grindstone  and things are hopping now!  No more messing around people!

I hooked up with my good friend  & real estate investor Dave Berens to do some LA deals because he had this "secret" connection in LA that he just had met.  These guys are brokers and contractors in LA.   Dave allowed me to meet them because I promised I would not make friends with them and I would only deal with them through him!  I have the real estate investor connections and he had these guys.  One kick ass team in the making I would say.  

That was a month ago.   To date:   We just closed our first rehab together (and I just got paid my aquistion fee!  Whee!), we wholesaled another property a week ago that is closing next week and we have another deal that we are wholesaling right now.   Not bad ey?

THe moral of the story:  Get off your ass and make it happen Rosie!  Oh yeah - and have those secret treasured connections that can actually get you these REO deals.  One thing I know for sure - is that if you don't have that broker in your pocket who is going to get you the deals - you will not get the deals.   Hhhmmm that reminds me - we need to take them to a steak dinner this week at Flemings! 

Check out our current wholesale deal:

1638 W. 51st. Place, Los Angeles, 90062
Single Family Home, 1054 sf.   R2
Title says 2 beds/ 1 bath, but it's 3 beds/ 1.5 baths. Lot size 5200
 
Zoned R2, and there is PLENTY of room to add on and make this a nice duplex. We have the contractor and architect available if needed.
 
As a single-family home, you can spend from $40,000-$60,000 for repairs, depending on what you want to do.
To build a duplex you need to add around 400-500 sf, and that (with remodel costs for the existing house) will cost $100,000 max.
 
ARV as a SFR is $285,000
ARV as a duplex with 3/1 each unit is $375,000-385,000
 
We are selling this property for $155,000.
 
It is important to go see it as soon as possible if you are interested. We expect to sell this quickly.

In the immediate pipeline - call me re these deals:

Duplex on 43rd street - $170K -all in (includes $15K of remodel)   ARV:  $245K

Triplex on 56th - $165 purchase, $90K rehab - ARV $410K

Coming soon:  Antelope Valley Properties! Coming soon:  Antelope Valley Properties!

Contact me right away for information on all these properties and to be added to my Buyers List :

Rosie@nakedladyrealestate.com   310-425-2695

Foreign Investors Not Yet Returning To US Real Estate Market

Foreign Investors Not Yet Returning To US Real Estate Market

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Deal In South L.A. available now 9/16/09

HOT OF THE PRESSES DEAL! - I just looked at this Yesterday and Dave has in under contract Now>

Amazing deal that we want to start remodeling tomorrow! 

SO. L.A.  - Currently a duplex (1 beds ea) W. 61st. St.

ARV $410,000-425,000 with new addition in back
Purchase price $170,000   Repairs $110,000
Carrying and Escrow: $4,500
Total Amount to Borrow: $280,000 - TODAY NEED the first  $170K to purchase
Terms:  Call for details
Your Loan is secured by real estate trust deed.

Bank owned (ZONED R-2) We're going to rehab the main house & turn into a 4 Bed which is in ok shape already. Then we will build a brand new 3 bed in the back  (approx 1200 sf).

Please contact me immediately - for further details as well as additional pictures, and information on the investors we are buying this from and who will be our general contractors on the rehab and new construction for he addition.  They have rehabbed deals like this over a dozen times in So. LA.  They are brokers and general contractors.

Contact me immediately at  rosie@nakedladyrealestate.com    Office  310-280-9418 
Cell 310-425-2695

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This is a yes post.

Make Me an Investor - This Thursday!

Join us for our Monhtly Meeting!  Networking, Education and Deal Making!

September 10th, Thursday (2nd Thurs of each month)

 

6:30pm - Networking Begins 
7:15pm - Deals, Wants & Needs 
8:00pm - Speaker Begins

Come early and sign up to Announce your own Wants & Needs at the beginning of each meeting!  

TOPIC:  Make Me An Investor  

Speakers:  William Barnard and Michael Gier of Nationwide Property Investments  

My good friends Will Barnard and Michael Gier are coming in to talk to us about their real estate investing strategies and systems.   I have been telling you at my meetings that I am going to only bring in working real estate investors from our own backyard to teach us what they are doing in real estate investing today, in this market.  These guys are two of my favorite "go-to" guys when I have questions or am just seeking advice or even moral support in the business.  

 

Please  join us this month for another of my must attend meetings and learn how to be a successful investor in today's market as William Barnard and Michael Gier of Nationwide Property Investments offers an informative educational evening which includes a Q&A session with the audience. So bring your questions and get them answered.

Location:
Naked Real Estate Investors Center
(located in Los Angeles Meeting & Event Center building)
10601 Washington Blvd
Los Angeles, CA 90232
Corner of Washington Blvd & Overland
310-280-9196

CLICK HERE FOR FURTHER INFORMATION on the Meeting

See you there!

Partners in real estate - ey curumba...

One thing I have realized in the last several months more than anything is that is partnering with people in your own company is a bad bad bad idea. And I am talking about "sweat equity partners".  For christ sakes, how many times must I learn the lesson of not taking on partners in my businesses!  Should I partner with people on specific real estate deals - sure!  You betcha!  But no more sweat equity partners.  Show me the money or show me the deal.  Now, should I partner in a real estate investing company and do all my deals with a partner.... hell no!  What a schmo..  Lord have mercy, I’m the one who has the real estate club, who has worked my butt off, scrimping, scraping, and working my fingers to the bone to build it.  Why oh why, do I think I need to take on a partner to do all my deals with? 

Well for one - I keep thinking I do not have the time to take it all on myself.  I am busy with the Club and now my new LA Meeting & Event Center and just felt like having a partner to carry half the work load - would be a great help to me.  But “half the work load” seems to be a complex, twisted, perception to most people.   I have only one way of defining work load.  Are you physically doing half the work – yes or no?  Are you doing the marketing? Are you bringing in the deals?  Are you bringing in the capital?  Are you managing the job?  Yes or no?  It’s very simple.   If I am going to do all the heavy lifting – then what do I need you for?

Listen people, I have learned the hard way to not be eager to take on partners in real estate investing or any other business for that matter.  And if you do – then for goodness sakes, please please please identify from the very beginning what is expected of each person and put it in writing!  Never make deals on a handshake, good faith, or because someone has a good reputation.   All the above is good to start – but always define it and then put it in writing!  Ask me how I know this.  I am the poster child for trusting people & doing deals on a handshake.  Sometimes I’ve come out fine and sometimes I haven’t.  The times I haven’t are the ones that hurt and they hurt bad.  Sweat Equity Partners = Pain-in-the-Assness.

I have gotten some real good advice from my friend Dave Berens lately on partnerships.   He is very clear with me;  I do not need a partner in my real estate business.  But what is OK is for me to partner up with people on specific individual deals as I see fit.  Nothing more.   So let this be a lesson to myself.  Stop the madness of taking on partners in business!  And if you do – then define it,  tweek it, hammer it out, then get it all in writing! But above all – for real estate deals – just take on a partner – per deal. Learn from me – please.  Don’t do it baby!

 

 

Changing my investing plans.....

Well I wouldn't say changing, but rather adding some elements.  Last night I saw one of our local real estate investors speak on wholesaling deals, since that is one of her specialties.  Her name is Ginger Marcias and she was terrific.  It's really nice to listen to presenters who have are down to earth with no ego involved in their information.  What a breath of fresh air!

Anyway - the point is that she was very inspiring for investors to know that they can do it!  She even inspired an 'ol gal like me - and let me tell you... it takes a lot to impress me, let alone inspire me.  Frankly, after the last couple of months - I was worried that I was dead inside insofar as been inspired by any outside speakers (that is, other than my own partners and good friends).  But what I realized last night that I just happen to get caught up in listening to a little too much bloviating and not enough substance. 

 Boy I am sure digressing a lot.... it must be all the built up pissocity. I am free at last, free at last!

Anyway....like I was saying.  Ginger inspired me to start my marketing campaign to homeowners again.  I have completely stopped doing this for various reasons and listening to her speak about her deals really made me miss being a full time real estate investor.  Because no matter how much I think that I am right now- I am not!  I am too busy "working" for a living running my real estate club business and now my new Meeting & Event Center (which business is booming thank God!).  But no matter - being a full time real estate investor is where my true love is and dang nambit - I am not going to miss out!

So thank thank you sweet, adorable and genuine Ginger;  I am going to throw myself back into the game full-time as of today.  Waiting for deals to come to me is boring.  It is so much more fun and profitable to market and to get my own deals working! 

Naked Real Estate Investors Club Monthly Meeting

Hello Everyone - wanted to let you know about my real estate investors club meeting tonight!

Join us for our Monthly Educational, Networking & Deal Making Meeting! 

"The Bare Truth About Real Estate Investing" 
No Hype, No Pitch - and we mean it!

www.nakedrealestateinvestorsclub.com 

Los Angeles Meeting - Thursday, August 13th 

Snacks & Beverages will be served!

6:30pm - Networking Begins 
7:15pm - Deals, Wants & Needs 
8:00pm - Speaker Begins

Come early and sign up to Announce your own Wants & Needs at the beginning of each meeting! 

TOPIC: 
Identifying Your Goals and Objectives in Real Estate Investing, and Discussing HOW TO RECOGNIZE A ‘GOOD DEAL ‘ FOR YOU. 

Speaker: Gary Haddock 

After last months meeting “ Investing in L A”, we were inundated with questions asking about the LA Market, how to identify a “good deal” and then how to act on it. So, this month is an extension and supplemental meeting- that we will talk about the different factors which determine what a good deal is to the individual investor. 

1. What is a "good deal"? - Would you Know one if you saw it? 

The first question one needs to ask is "What are my Goals & Objectives"? 

What are my resources? 

- experience
– time
- money 
- temperament 

What time frame am I comfortable working within?

A day, week, month, 
One year, 5 years or more?

Am I building cash or equity, or looking for some other benefit ?

Once having defined your Goals and Objectives, there may be one or more exit strategies to consider.

Define these strategies, and THEN answer the question “ What terms and conditions of obtaining this real estate interest make it a good deal for me?” 

Now you have defined a good deal and can recognize it when it comes along!

We will spend time on at least 3 ‘good deals’ , actual deals, the exit strategies which will make them work, and then how to recognize the terms and conditions of a deal which will meet the investors end goals and objectives. 

We will consider at least three particular goals and objectives for an investor, define possible exit strategies to fulfill each objective, then consider the terms and conditions which make it a ‘good deal’. 

When you leave the meeting, you will be able to more accurately identify what type of deal you should look for, so you will recognize it when you see it!! 


Non Member Cost: 
$18 pp - cash/check 
$22 pp - credit

Naked Real Estate Investors Club Website

In Depth: America's Abandoned Cities

Real estate vacancy rates are still growing in these metros.

The big news in Kansas City is the Chiefs' off-season acquisition of quarterback Matt Cassel. Filling in for injured superstar Tom Brady in New England last season, Cassel became a starter for the first time since his senior year of high school.

Click here to read this entire Artcle

L.A. is on Sale! Why we are on an "Acre of Diamonds"

Hello everyone!  It has been a while since my last post and I apologize for that.  I have been extremely busy getting some deals going and opening my new Los Angeles Meeting & Event Center.  We have just been open for about a month and business is starting to boom!  Thank the Lord!  It can be a little unnerving to open a business in this economy - but as I suspected - just like people will always need to buy homes - they will also always need to have business meetings and celebrations such as weddings and parties!   Once again - let me hear it... AMEN!

Now - onto my other important business - Real Estate Investing!  Please join me for our monthly meeting which is this Thursday, July 11th ! 

Snacks & Beverages will be served!
6:30pm - Networking Begins
7:35pm - Tony Alvarez speaks for 15 minutes, Wants & Needs
8:00pm - Speaker Begins

TOPIC: Los Angeles IS ON SALE !
Learn why we are all on our own ACRE OF DIAMONDS!

My partner Gary Haddock and I will talk to you about why certain areas of Los Angeles (specifically South and Central LA) are going to make millionaires out of everyone who invests in those areas over the next couple of years! 

We will be discussing the area of interest, depressed prices in the area, and forces and issues specific to the community which are driving the opportunities. We will also be discussing the 'nuts and bolts' of some of the skills and services necessary to making these property investments a success, such as property management, rehabilitation work, City restrictions and the present political climate and driving forces in the area.

The presentation will not be 'hand waving,' but will include specific facts and actual plans for the area which are already approved and soon becoming reality, and amazing changes which have already taken place, and cautions on what to look out for in the areas.

This presentation is very important to all investors, and is the basis for future talks on the specific details of many of the key points presented.

Location:  Naked Real Estate Investors Center, 10601 W. Washington Blvd, Culver City, 90232

Please  visit our website for further inforamtion about the club and the event:

http://www.nakedrealestateinvestorsclub.com