I’m on a Blogging rampage this afternoon! I’ve had a few blog ideas just floating around this week and decided to hunker down and get them out finally. This will probably be the last one for the day. I’m trying to make a contact with the City of Temecula do discuss real estate signage and whatnot. That one should be really valuable and have lots of information. Of course, getting a hold of someone there isn’t as easy as it sounds. So stay tuned for that one.
Alright, so the other day I was looking at our Facebook and Twitter accounts. I was like…something is missing. I’ve done a good job of sharing photos, testimonials, stories, links to relevant real estate news etc., then it hit me, I hadn’t posted about something educational in awhile.
So I hounded Cliff who was as busy as always and demanded three tips for our students and other real estate investors. Here are three quick tips from Cliff. I hope they help! They are just three quick tips with the intentions of constantly sharpening your real estate investing skills.
1. Always verify your facts yourself. If someone tells you it is ok, make sure it is via a professional. In other words if a realtor tells you it is worth $200K, don't just take their word for it, verify with the Mentorlynx System and/or get an appraisal.
2. When planning to purchase a property, always have an exit strategy ready and in place. Don't wait till the rehab is done to market the sale of the house. Everyone waits which is big mistake.
3. Always buy your boss lunch as it helps get raises faster!
Cliff was trying to be funny on number three. After all, I was hounding him. But what he’s trying to say is that buying people lunch is an easy way to discuss current and future business. You never know, a paid lunch might bring you returns on your investment that you could never imagine. Small gestures go a long way in today’s competitive business environment.
Do you have any quick tips that you would like to share?
Friday, October 15, 2010
Cliff Gager Helps Previous Student From Another Company
Cliff is so incredibly awesome. Yes he’s my boss but even if he wasn’t, he’d still be awesome. Here’s a little story on Cliff.
Last week on Thursday October 7, someone called and asked for Cliff Gager. I happened to answer the phone. I asked who it was, their contact number, and why they were calling. It was a lady that had previously taken a class with Cliff when Cliff worked for a different real estate investing company. At MentorLynx, we hold ourselves to a higher creed so I’ll keep the name of the company out of this blog.
Fortunately, he was in the office at the time. I told him who she was and that she was a student for a certain company that he used to work for. Somehow she had managed to get out office number and needed help. She insisted on talking to Cliff because she said he was the best part about the training she had received from the other company.
Cliff didn’t even hesitate. He picked up the phone. After hearing her out, he explained that he no longer mentored for that company but he would be glad to help her out regardless with her real estate investing.
I faintly overheard their conversation but I could tell she asked why? Why was he going to help her even though he was not technically obligated to help her? He swelled up with excitement and almost shouted, “Because I love this.” By this he means mentoring real estate investors.
As I’ve mentioned before in this blog, what truly makes Cliff happy is the success of his students. You weren’t here to witness it and I couldn’t let this story go untold. Have a great weekend real estate investors!
Do you have a story like this one? Where you helped someone out when you didn’t have to?
Last week on Thursday October 7, someone called and asked for Cliff Gager. I happened to answer the phone. I asked who it was, their contact number, and why they were calling. It was a lady that had previously taken a class with Cliff when Cliff worked for a different real estate investing company. At MentorLynx, we hold ourselves to a higher creed so I’ll keep the name of the company out of this blog.
Fortunately, he was in the office at the time. I told him who she was and that she was a student for a certain company that he used to work for. Somehow she had managed to get out office number and needed help. She insisted on talking to Cliff because she said he was the best part about the training she had received from the other company.
Cliff didn’t even hesitate. He picked up the phone. After hearing her out, he explained that he no longer mentored for that company but he would be glad to help her out regardless with her real estate investing.
I faintly overheard their conversation but I could tell she asked why? Why was he going to help her even though he was not technically obligated to help her? He swelled up with excitement and almost shouted, “Because I love this.” By this he means mentoring real estate investors.
As I’ve mentioned before in this blog, what truly makes Cliff happy is the success of his students. You weren’t here to witness it and I couldn’t let this story go untold. Have a great weekend real estate investors!
Do you have a story like this one? Where you helped someone out when you didn’t have to?
Monday, October 11, 2010
The Testimonial Archives
I am amazed every time I look at review sheets and testimonials from Cliff’s previously mentored students and other real estate happenings. It’s obvious that students and other real estate investors generally love Cliff. They give him so much praise. It’s simply inspiring to just read. So I shook the dust of this one because it really sums up Cliff’s devotion and capabilities. It’s a little old but it’s a neat story. Enjoy!
Testimonial: Todd Frazier
Date: November 2006
I am a Real Estate Broker with Century 21 Discovery in Fullerton, CA. In Early November of 2006, I was holding an open house in my personal home that I had listed to sell. I had many people come through that seemed interested but no one would pull the trigger and make a deal to buy our home.
On that Saturday afternoon two gentlemen walked through our door. They seemed to be very interested in our home. As we talked, I realized that one of these men was looking for his family and the other, Cliff Gager, was his “Real Estate Mentor”. Our conversation continued and as Cliff recounted the many deals he had worked on in the past, I became more intrigued. Finally he explained how he helped people get started in real estate investing through these one-on-one experiences.
When they left that day, they said that they were going to talk about some things and that I would hear from them soon. I had heard this before and did not get my hopes up. Just a few hours later, my phone rang and it was Cliff. He said that the two of them wanted to sit down and figure out a strategy and put a deal together.
The next day we came together and Cliff, using his extensive experience in Real Estate, came up with an idea that seemed too benefit both his student and me. He even had the Mortgage broker on the phone while we were sitting together, on a Sunday night, who said he could make the loan happen in 30 days.
Because of the intricacies of this strategy, I knew that closing this deal was not going to be an easy task so we started working together with the Mortgage broker and Cliff that Monday. 29 days later, the deal was done and we all were very happy. I was extremely impressed with Cliff and his ability to get a deal, that seemed difficult to finalize, done before we had expected. Thank You Cliff!
What are your personal experiences with Cliff?
Testimonial: Todd Frazier
Date: November 2006
I am a Real Estate Broker with Century 21 Discovery in Fullerton, CA. In Early November of 2006, I was holding an open house in my personal home that I had listed to sell. I had many people come through that seemed interested but no one would pull the trigger and make a deal to buy our home.
On that Saturday afternoon two gentlemen walked through our door. They seemed to be very interested in our home. As we talked, I realized that one of these men was looking for his family and the other, Cliff Gager, was his “Real Estate Mentor”. Our conversation continued and as Cliff recounted the many deals he had worked on in the past, I became more intrigued. Finally he explained how he helped people get started in real estate investing through these one-on-one experiences.
When they left that day, they said that they were going to talk about some things and that I would hear from them soon. I had heard this before and did not get my hopes up. Just a few hours later, my phone rang and it was Cliff. He said that the two of them wanted to sit down and figure out a strategy and put a deal together.
The next day we came together and Cliff, using his extensive experience in Real Estate, came up with an idea that seemed too benefit both his student and me. He even had the Mortgage broker on the phone while we were sitting together, on a Sunday night, who said he could make the loan happen in 30 days.
Because of the intricacies of this strategy, I knew that closing this deal was not going to be an easy task so we started working together with the Mortgage broker and Cliff that Monday. 29 days later, the deal was done and we all were very happy. I was extremely impressed with Cliff and his ability to get a deal, that seemed difficult to finalize, done before we had expected. Thank You Cliff!
What are your personal experiences with Cliff?
Tuesday, October 5, 2010
Attn: California RE investors, $1,000 cash referral fee for a buyer!
Hello everyone! We are in October already. Candy corn and peanuts! Woo hoo!
We wanted to share an offer by Tim Trerise. Cliff Gager trained Tim in 2009 and they developed a special relationship. Tim has actually worked on rehabbing books and presentations for MentorLynx because he has a specialty in construction. Tim is great at rehabs and he loves doing them. He once left a real estate investing event to run home and fix a broken water pipe underneath his house. He fixed it that night and was back at the event the following morning. Now that is the kind of person MentorLynx likes to associate itself with!
Without further ado, Tim is offering a $1,000 cash referral fee for a buyer for each property! He’s also throwing in an additional $500 if you can find a buyer that is under contract by this weekend. I thoroughly love this kind of math so please allow me to compute this for you. You could earn $4,500 for finding three buyers for these properties by the end of the weekend. That is a whole lot of candy corn and peanuts! But I digress. These properties have been completely rehabbed with new kitchens and baths. They’re simply beautiful!
Address: 143 Haltern Ave., Glendora, California
Summary: 1500 sq. ft., 3 bd., 1 full bath, 1 ¾ bath with large den, back yard screened in room on a 6500 sq. ft. lot
Price: $425K
MLS # : C10092015
Address: 1345 Orchard Lane, Ontario
Sumamry: 2200 sq. ft. 5 bd., 3 full bath with a full laundry room, den, bath and dining room on a 12000 sq. ft. lot
Price: $325K
MLS # : C10097297
Address: 5702 Cedarglen Ave., Covina, California
Summary: 1252 sq. ft. 4 bd., 2 full bath on a 5500 sq. ft. lot
Price: $315K
MLS # : Preview mode, no MLS yet
Contact:
Tim Trerise
(760) 209-3268
ttrerise@hotmail.com
--
What do you think of Tim's properties?
We wanted to share an offer by Tim Trerise. Cliff Gager trained Tim in 2009 and they developed a special relationship. Tim has actually worked on rehabbing books and presentations for MentorLynx because he has a specialty in construction. Tim is great at rehabs and he loves doing them. He once left a real estate investing event to run home and fix a broken water pipe underneath his house. He fixed it that night and was back at the event the following morning. Now that is the kind of person MentorLynx likes to associate itself with!
Without further ado, Tim is offering a $1,000 cash referral fee for a buyer for each property! He’s also throwing in an additional $500 if you can find a buyer that is under contract by this weekend. I thoroughly love this kind of math so please allow me to compute this for you. You could earn $4,500 for finding three buyers for these properties by the end of the weekend. That is a whole lot of candy corn and peanuts! But I digress. These properties have been completely rehabbed with new kitchens and baths. They’re simply beautiful!
Address: 143 Haltern Ave., Glendora, California
Summary: 1500 sq. ft., 3 bd., 1 full bath, 1 ¾ bath with large den, back yard screened in room on a 6500 sq. ft. lot
Price: $425K
MLS # : C10092015
Address: 1345 Orchard Lane, Ontario
Sumamry: 2200 sq. ft. 5 bd., 3 full bath with a full laundry room, den, bath and dining room on a 12000 sq. ft. lot
Price: $325K
MLS # : C10097297
Address: 5702 Cedarglen Ave., Covina, California
Summary: 1252 sq. ft. 4 bd., 2 full bath on a 5500 sq. ft. lot
Price: $315K
MLS # : Preview mode, no MLS yet
Contact:
Tim Trerise
(760) 209-3268
ttrerise@hotmail.com
--
What do you think of Tim's properties?
Monday, September 13, 2010
Contest – Show Us Your Real Estate Seminar Ads
Contest Description:
MentorLynx is putting on a simple contest. Show us real estate seminar advertisements that you’ve recently received. Cliff Gager, Paula, and I (JT) are going to select one advertisement winner for each category. The person who sent in the advertisement of the selected winner will receive (1) Home Depot store gift card for a value of $25.
Contest Categories:
Most Hilarious
Most Legally Questionable
Secret Mystery Category (to be decided later)
Go through your email and your junk mail. When you have them, here’s how you can send them to us.
Via email:
customersupport@mentorlynx.com
Suject title: Real Estate Ad Contest
Via mail:
MentorLynx
Real Estate Ad Contest
43300 Business Park Dr., Suite 204
Temecula, CA 92590
Via fax:
951-699-9330
Good luck!
Contest ends October 15th at 5:00 p.m. PST.
*If we think the advertisement is fake or altered in any way, we will not include the advertisement in the contest.
MentorLynx is putting on a simple contest. Show us real estate seminar advertisements that you’ve recently received. Cliff Gager, Paula, and I (JT) are going to select one advertisement winner for each category. The person who sent in the advertisement of the selected winner will receive (1) Home Depot store gift card for a value of $25.
Contest Categories:
Most Hilarious
Most Legally Questionable
Secret Mystery Category (to be decided later)
Go through your email and your junk mail. When you have them, here’s how you can send them to us.
Via email:
customersupport@mentorlynx.com
Suject title: Real Estate Ad Contest
Via mail:
MentorLynx
Real Estate Ad Contest
43300 Business Park Dr., Suite 204
Temecula, CA 92590
Via fax:
951-699-9330
Good luck!
Contest ends October 15th at 5:00 p.m. PST.
*If we think the advertisement is fake or altered in any way, we will not include the advertisement in the contest.
Friday, September 10, 2010
In The First Week of September 2010, New Home-Purchase Applications Increase by 6.3%
Side Note:
If you’re already signed up for the MentorLynx weekly newsletter, then you’ll notice we highlighted this exact article in the newsletter. I, JT, created the newsletter toward Thursday evening. Usually, I create the newsletter earlier in the week. I sent the article for comment to MentorLynx Mentor and Trainer Eric Von Heal and he responded as soon as he got it; however, by the time I received his response the newsletter had already been sent out. With that out of the way…
Article: Purchase Mortgage Applications Post Largest Rise Since May
Author: Nick Timiraos
Publication: Wall Street Journal
Full Article
Quick Summary of Article:
The housing crisis might be double-dipping; however there was a small positive signal last week. Wall Street Journal Writer Nick Timiraos wrote that new home-purchase applications increased by 6.3% from the previous week due to near-record low mortgage rates. “Purchase applications hit their highest level since the end of May, but home-buying activity is still way off of levels seen earlier this year, when tax credits juiced sales,” wrote Timiraos.
Comment:
The loss of the tax incentive has caused sales to decrease but with 30-year fixed-interest rates at 4.5% and real estate prices as low as they are, anyone considering buying a home should act now. The market prices of 4-5 years ago were so high that many people could not afford to purchase a home. The market conditions of today make home buying a reality for a larger segment of the population. With the concern of interest rates increasing, this window of opportunity will not remain for long.
Comment By:
MentorLynx Mentor and Trainer Eric Von Heal
--
What are your current and potential buyers saying about current housing prices?
If you’re already signed up for the MentorLynx weekly newsletter, then you’ll notice we highlighted this exact article in the newsletter. I, JT, created the newsletter toward Thursday evening. Usually, I create the newsletter earlier in the week. I sent the article for comment to MentorLynx Mentor and Trainer Eric Von Heal and he responded as soon as he got it; however, by the time I received his response the newsletter had already been sent out. With that out of the way…
Article: Purchase Mortgage Applications Post Largest Rise Since May
Author: Nick Timiraos
Publication: Wall Street Journal
Full Article
Quick Summary of Article:
The housing crisis might be double-dipping; however there was a small positive signal last week. Wall Street Journal Writer Nick Timiraos wrote that new home-purchase applications increased by 6.3% from the previous week due to near-record low mortgage rates. “Purchase applications hit their highest level since the end of May, but home-buying activity is still way off of levels seen earlier this year, when tax credits juiced sales,” wrote Timiraos.
Comment:
The loss of the tax incentive has caused sales to decrease but with 30-year fixed-interest rates at 4.5% and real estate prices as low as they are, anyone considering buying a home should act now. The market prices of 4-5 years ago were so high that many people could not afford to purchase a home. The market conditions of today make home buying a reality for a larger segment of the population. With the concern of interest rates increasing, this window of opportunity will not remain for long.
Comment By:
MentorLynx Mentor and Trainer Eric Von Heal
--
What are your current and potential buyers saying about current housing prices?
Monday, August 30, 2010
MentorLynx: What We're All About
Okay, so I was thinking the other day. I haven’t really mentioned what we do, our products and our program. So for this blog, I’m just going to explain what MentorLynx is all about it.
Our Focus:
We are a real estate investment training company. We want to be a supportive and effective mentor for real estate investors. We currently offer our programs to all areas in the U.S.
Cliff Gager:
He’s the captain of this ship. Cliff has been involved in real estate investing for nearly two decades. He’s also been a mentor for various gurus in for the past 13 years. He’s directly and indirectly been involved in thousands of real estate deals. He’s been through the ups and downs of the economy. Believe him when he says foreclosures are great for investors! He simply adjusts his strategies for the individual situation. His goal is to share his knowledge with those that are motivated to invest in real estate. You should see how happy he gets when a student calls us and tells us of another deal they just completed. His success is what motivates him. Without Cliff at the helm of this ship, there wouldn’t be MentorLynx.
Staff:
Cliff hand selects each employee. He has a lot of parameters when he brings someone onboard. He wants employees and connections with companies that have our students’ best interests in mind. I’ve seen him quickly and permanently distance himself from those he perceives as a negative threat to our students, programs, products, and company. It goes back to the fact that Cliff truly cares about our students.
Programs:
To align Cliff and our staff with our focus, we’ve created mentor programs. Currently we have five programs. We have a “Preview” which consists of an overview of real estate investing. We have a “Workshop” which offers three days of intensive real estate training. For really motivated real estate investors, the ones that really want to make real estate investing enable them to achieve their financial goals; we offer a “Basic” “Advanced” and “Ultimate” program. The “Ultimate” program is just that, the ultimate real estate investment training program.
Products:
To supplement training, we offer materials that are included in our programs. We also offer DVD training sets. We intend to offer products in the future separate from our programs. Stay tuned for those product offerings.
Do you have any questions about MentorLynx?
Our Focus:
We are a real estate investment training company. We want to be a supportive and effective mentor for real estate investors. We currently offer our programs to all areas in the U.S.
Cliff Gager:
He’s the captain of this ship. Cliff has been involved in real estate investing for nearly two decades. He’s also been a mentor for various gurus in for the past 13 years. He’s directly and indirectly been involved in thousands of real estate deals. He’s been through the ups and downs of the economy. Believe him when he says foreclosures are great for investors! He simply adjusts his strategies for the individual situation. His goal is to share his knowledge with those that are motivated to invest in real estate. You should see how happy he gets when a student calls us and tells us of another deal they just completed. His success is what motivates him. Without Cliff at the helm of this ship, there wouldn’t be MentorLynx.
Staff:
Cliff hand selects each employee. He has a lot of parameters when he brings someone onboard. He wants employees and connections with companies that have our students’ best interests in mind. I’ve seen him quickly and permanently distance himself from those he perceives as a negative threat to our students, programs, products, and company. It goes back to the fact that Cliff truly cares about our students.
Programs:
To align Cliff and our staff with our focus, we’ve created mentor programs. Currently we have five programs. We have a “Preview” which consists of an overview of real estate investing. We have a “Workshop” which offers three days of intensive real estate training. For really motivated real estate investors, the ones that really want to make real estate investing enable them to achieve their financial goals; we offer a “Basic” “Advanced” and “Ultimate” program. The “Ultimate” program is just that, the ultimate real estate investment training program.
Products:
To supplement training, we offer materials that are included in our programs. We also offer DVD training sets. We intend to offer products in the future separate from our programs. Stay tuned for those product offerings.
Do you have any questions about MentorLynx?
Friday, August 20, 2010
First-Time Investors Enjoying Buyer’s Market in Real Estate
The real estate market is currently a buyer’s market. Real estate investors are capitalizing on the current housing crisis. Housing inventory is up, mortgage rates are down, and existing home prices are projected to increase in the following years. Investors are turning to real estate to diversify their portfolio; especially investors who lost their retirement savings and suffered losses from the troubled stock market.
The housing inventory has steadily increased. According to the U.S. Census Bureau, the number of all housing units in the U.S. was 127,808 in 2007, 129,019 in 2008, and 130,159 in 2009. The number of vacancies was 17,635 in 2007, 18,545 in 2008, and 18,815 in 2009. As the housing inventory and vacant units have increased, the overall housing has increased as well.
As the housing inventory has increased, the Federal Reserve has reduced mortgage rates to encourage purchases. According to the Federal Reserve, a 30-year fixed mortgage rate was 6.34 in 2007, 6.04 in 2008, and 5.04 in 2009. The 30-year fixed mortgage rate was estimated to be 4.56 in July, 2010, according to Freddie Mac.
Existing home prices are projected to increase in the coming years. According to the National Association of Realtors’ (NAR) “U.S. Economic Outlook: August 2010,” the existing home prices was down in 2009 by 12.9% from 2008. However, NAR statistics show existing home prices increasing by 0.1%, 1.5% and 2.8% in 2010, 2011 and 2012 respectively.
The unemployment rate is also a factor in today’s buyers’ market for real estate investors. The unemployment rate has steadily increased as the recession began in late 2007. According to the Bureau of Labor Statistics, the 2008 unemployment rate was 4.6%, 2009 was 9.3% and the unemployment rate as of June, 2010 was 9.7%. From 2007 to June, 2010, the unemployment rate increased 110%. According to NAR data, unemployment rates are expected to drop from 9.8% to 9.3% in 2012. As more unemployed workers return to work, the demand for housing will increase. This will be a positive trend for real estate investors.
The housing inventory has steadily increased. According to the U.S. Census Bureau, the number of all housing units in the U.S. was 127,808 in 2007, 129,019 in 2008, and 130,159 in 2009. The number of vacancies was 17,635 in 2007, 18,545 in 2008, and 18,815 in 2009. As the housing inventory and vacant units have increased, the overall housing has increased as well.
As the housing inventory has increased, the Federal Reserve has reduced mortgage rates to encourage purchases. According to the Federal Reserve, a 30-year fixed mortgage rate was 6.34 in 2007, 6.04 in 2008, and 5.04 in 2009. The 30-year fixed mortgage rate was estimated to be 4.56 in July, 2010, according to Freddie Mac.
Existing home prices are projected to increase in the coming years. According to the National Association of Realtors’ (NAR) “U.S. Economic Outlook: August 2010,” the existing home prices was down in 2009 by 12.9% from 2008. However, NAR statistics show existing home prices increasing by 0.1%, 1.5% and 2.8% in 2010, 2011 and 2012 respectively.
The unemployment rate is also a factor in today’s buyers’ market for real estate investors. The unemployment rate has steadily increased as the recession began in late 2007. According to the Bureau of Labor Statistics, the 2008 unemployment rate was 4.6%, 2009 was 9.3% and the unemployment rate as of June, 2010 was 9.7%. From 2007 to June, 2010, the unemployment rate increased 110%. According to NAR data, unemployment rates are expected to drop from 9.8% to 9.3% in 2012. As more unemployed workers return to work, the demand for housing will increase. This will be a positive trend for real estate investors.
What do you think?
Wednesday, July 14, 2010
Educational Opportunities and Their Influence on Real Estate
Different people purchase different properties for different reasons. There are obvious reasons: proximity to job, proximity to family, great deal, local housing market value expected to increase, etc. Another more prominent variable in home buying, especially for parents, are the surrounding educational opportunities.
In general, schools become overcrowded in cities with large populations and limited space. The better schools often have to form waiting lists due to the dilemma. New York Times Writer Christine Haughney recently interviewed a family in New York. The family hired an educational consultant to help them find the best schools in the areas they were interested in. Based on the consultant’s recommendations, they purchased a small 2-bedroom apartment for nearly $2 million near the suggested school. Full Article
“I don't see this as a nationwide issue. This is more centralized to NY City. In other areas such as Florida, there is a "Choice Program" which means parents can choose the school their children attend regardless of where they live. Naturally, the better schools have a longer waiting list.”
– Mentorlynx Mentor and Trainer Eric Von Heal
So it seems that different areas have different educational policies. Don’t forget to look into the educational opportunities nearby the next time you’re considering purchasing a property, especially if the majority of those interesting in housing in the area are parents with school-aged children.
Have you had any homebuyers solely focused on surround educational opportunities?
In general, schools become overcrowded in cities with large populations and limited space. The better schools often have to form waiting lists due to the dilemma. New York Times Writer Christine Haughney recently interviewed a family in New York. The family hired an educational consultant to help them find the best schools in the areas they were interested in. Based on the consultant’s recommendations, they purchased a small 2-bedroom apartment for nearly $2 million near the suggested school. Full Article
“I don't see this as a nationwide issue. This is more centralized to NY City. In other areas such as Florida, there is a "Choice Program" which means parents can choose the school their children attend regardless of where they live. Naturally, the better schools have a longer waiting list.”
– Mentorlynx Mentor and Trainer Eric Von Heal
So it seems that different areas have different educational policies. Don’t forget to look into the educational opportunities nearby the next time you’re considering purchasing a property, especially if the majority of those interesting in housing in the area are parents with school-aged children.
Have you had any homebuyers solely focused on surround educational opportunities?
Monday, July 12, 2010
Cliff's Students Ray and Wayne's Rehab Project, Update 2
Hey everyone! It’s been super busy here at the office. Keep sending us your updates! We love to hear from previous students.
We have a bunch of photos of Ray and Wayne's rehab property in Hemet, CA, on our Mentorlynx page on Facebook. It’s pretty amazing what Ray and Wayne have done in such a short amount of time. You’ll have to check out the pictures for yourself.
Here was the last update from Ray himself:
We have completed all of the changes in the electrical system. We decided to open up the master bath. We removed the walls inside it and it made a huge difference. The bathroom doesn't seem so tight now. We removed the rock from the front yard and installed a new sprinkler system front and back. We have replaced the fence on the north side. We have patched back all the holes created in changing the electrical wiring. Today we insulated and dry walled the garage interior. We will install the new tub and shower pan tomorrow on Friday and finish off around them with wonder board in preparation for tile on the walls.
The electrical system was pretty haphazard. We were surprised it ever passed inspection. It is all corrected now and each bedroom will have a light switch for the ceiling fans. The kitchen will have a light switch for the can lights and the dining room will have a light switch for the can lights. We also installed can lights in the hallways. Actually everything has gone fairly smooth so far.
Ray Woll
--
Ray Woll: steele823 at aol.com Cell: 909-534-98644
Wayne Hlebasko: whlebasko at aol.com Cell: 626-485-6811
(To protect their emails from auto spam, we used “at” instead of the @ symbol, simply substitute “at” for “@” when emailing either Ray or Wayne)
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
--
Do you have any comments for Ray and Wayne?
We have a bunch of photos of Ray and Wayne's rehab property in Hemet, CA, on our Mentorlynx page on Facebook. It’s pretty amazing what Ray and Wayne have done in such a short amount of time. You’ll have to check out the pictures for yourself.
Here was the last update from Ray himself:
We have completed all of the changes in the electrical system. We decided to open up the master bath. We removed the walls inside it and it made a huge difference. The bathroom doesn't seem so tight now. We removed the rock from the front yard and installed a new sprinkler system front and back. We have replaced the fence on the north side. We have patched back all the holes created in changing the electrical wiring. Today we insulated and dry walled the garage interior. We will install the new tub and shower pan tomorrow on Friday and finish off around them with wonder board in preparation for tile on the walls.
The electrical system was pretty haphazard. We were surprised it ever passed inspection. It is all corrected now and each bedroom will have a light switch for the ceiling fans. The kitchen will have a light switch for the can lights and the dining room will have a light switch for the can lights. We also installed can lights in the hallways. Actually everything has gone fairly smooth so far.
Ray Woll
--
Ray Woll: steele823 at aol.com Cell: 909-534-98644
Wayne Hlebasko: whlebasko at aol.com Cell: 626-485-6811
(To protect their emails from auto spam, we used “at” instead of the @ symbol, simply substitute “at” for “@” when emailing either Ray or Wayne)
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
--
Do you have any comments for Ray and Wayne?
Wednesday, June 30, 2010
Checking in with Laura Chiavassa
It’s a rewarding and challenging task to blog about Cliff’s previous students. It’s like trying to follow shooting stars. There are so many and they’re going so fast! Luckily today, I was able to follow up with one – Laura Chiavassa. Laura took a class with Cliff in June 2009 similar to the Mentorlynx 3 Day Real Estate Investment Training Event in San Bernardino at the Hilton from July 30 through August 1. She’s undertaken two real estate investment opportunities since learning from Cliff.
Her story is pretty amazing. In order to understand her situation, I must brief you on her current schedule. She is married, has three children, does appraisals, is studying for her broker’s license, and still found the time and energy to invest in real estate.
She purchased her first property for $58K, invested $17K in repairs, and sold it for $115K. She made $29K in profit. That’s the snapshot of her first deal. Read on for the full story.
I asked Laura a few general questions about her endeavourers. I edited portions of her responses for clarity and brevity. Enjoy! Don’t forget to respond below.
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First Deal: Green Valley, CA
Purchased: $58K
Repairs: $17K
Sell price: $115K
Profit: $29K
JT: Tell me about your first deal.
Laura: I walked away from this house when I was told I needed a septic tank. Then I re-ran the comps and realized I could still make money if I replaced the septic tank so I went back in. The house was pretty thrashed. We replaced the kitchen, the flooring, much of the drywall and texture, removed two illegal additions off of the back of the house and the side of the garage, painted inside and out, and replaced the chimney. We went over budget but were able to sell the house higher than projected. We didn’t need a new septic tank after all.
JT: Did you learn anything?
Laura: I learned to talk to more than one expert in a particular field. The plumber who originally came to check the septic tank immediately said it was bad and needed to be replaced. After talking to a neighbor, I decided to get a second opinion. I found out that there are two sides to a septic tank and that the only way to know if the thing is bad is to check both sides! The first plumber didn't do that. The second plumber said the concrete tank was fine, it just needed repairs. Getting a second opinion saved approximately $6K. Now, if a house is on a septic system, I will always add a septic tank replacement to the cost of repairs to be safe.
Second Deal: Lake Elizabeth, CA
Purchased: $124K
Repairs (Projected): $30K
Sell price (Projected): $230K
Profit (Projected): $76K
JT: Tell me about your second deal.
Laura: We are now on our second project. The multiple listing services stated that the house had various code violations and that it was a cash-only sale. When we first looked at this one, my husband said it was way more work than he wanted to get into. I, being a certified appraiser, thought it was over priced so we walked away. A week later, I saw that a perfect comp on the same street was now a pending sale. According to the agent, it was selling for $100K more than our house! That blew my over priced theory out the door! We ended up getting it for $123,900.
Our projected repair costs are $30K and we anticipate selling it for $230K. We had to get a hard money loan for the repairs so the costs on this one will be more. Hard money is very expensive! My good plumber told me that this one definitely needs a new septic tank. Remember to always add a septic tank replacement cost. I'll let you know how this one turns out!
Contact Information:
Name: Laura Chiavassa
Email: lchiavassa6 at gmail.com
(To protect Laura’s email from auto spam, we used “at” instead of the @ symbol, simply substitute “at” with “@” when emailing her)
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
951-699-9300
Have you ever consulted multiple experts and received conflicting stories?
Her story is pretty amazing. In order to understand her situation, I must brief you on her current schedule. She is married, has three children, does appraisals, is studying for her broker’s license, and still found the time and energy to invest in real estate.
She purchased her first property for $58K, invested $17K in repairs, and sold it for $115K. She made $29K in profit. That’s the snapshot of her first deal. Read on for the full story.
I asked Laura a few general questions about her endeavourers. I edited portions of her responses for clarity and brevity. Enjoy! Don’t forget to respond below.
--
First Deal: Green Valley, CA
Purchased: $58K
Repairs: $17K
Sell price: $115K
Profit: $29K
JT: Tell me about your first deal.
Laura: I walked away from this house when I was told I needed a septic tank. Then I re-ran the comps and realized I could still make money if I replaced the septic tank so I went back in. The house was pretty thrashed. We replaced the kitchen, the flooring, much of the drywall and texture, removed two illegal additions off of the back of the house and the side of the garage, painted inside and out, and replaced the chimney. We went over budget but were able to sell the house higher than projected. We didn’t need a new septic tank after all.
JT: Did you learn anything?
Laura: I learned to talk to more than one expert in a particular field. The plumber who originally came to check the septic tank immediately said it was bad and needed to be replaced. After talking to a neighbor, I decided to get a second opinion. I found out that there are two sides to a septic tank and that the only way to know if the thing is bad is to check both sides! The first plumber didn't do that. The second plumber said the concrete tank was fine, it just needed repairs. Getting a second opinion saved approximately $6K. Now, if a house is on a septic system, I will always add a septic tank replacement to the cost of repairs to be safe.
Second Deal: Lake Elizabeth, CA
Purchased: $124K
Repairs (Projected): $30K
Sell price (Projected): $230K
Profit (Projected): $76K
JT: Tell me about your second deal.
Laura: We are now on our second project. The multiple listing services stated that the house had various code violations and that it was a cash-only sale. When we first looked at this one, my husband said it was way more work than he wanted to get into. I, being a certified appraiser, thought it was over priced so we walked away. A week later, I saw that a perfect comp on the same street was now a pending sale. According to the agent, it was selling for $100K more than our house! That blew my over priced theory out the door! We ended up getting it for $123,900.
Our projected repair costs are $30K and we anticipate selling it for $230K. We had to get a hard money loan for the repairs so the costs on this one will be more. Hard money is very expensive! My good plumber told me that this one definitely needs a new septic tank. Remember to always add a septic tank replacement cost. I'll let you know how this one turns out!
Contact Information:
Name: Laura Chiavassa
Email: lchiavassa6 at gmail.com
(To protect Laura’s email from auto spam, we used “at” instead of the @ symbol, simply substitute “at” with “@” when emailing her)
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
951-699-9300
Have you ever consulted multiple experts and received conflicting stories?
Tuesday, June 29, 2010
Mentorlynx Explores Transactional Funding
Transaction Funding: In short, it’s a one to two day loan. Typically, it’s a one day loan. There are four players in the transaction: lender, seller, buyer, and real estate investor.
Let’s assign names to the players and create a role play.
Lender: Mr. Scott
Seller: Angela
Buyer: Dwight
Real estate investor: Jim
After finishing his ham sandwich for lunch, Jim gets a phone call from Dwight. Dwight recently sold his beat farm and wants to move closer to his company in Scranton, New York. He’s looking for a single story home for around $125K to $150K. Jim tells Dwight he’ll call him back.
Jim starts going over his notes. He suddenly realizes Angela is selling a house that fits Dwight’s needs. She is selling her property for $100K. Jim is excited. Jim calls Dwight back and tells him of the good news. Dwight visits the home and tells Jim he wants it. Jim is elated! Jim tells Dwight he can sell the home for $125,000.
Jim is excited. However, he doesn’t have enough funding to purchase Angela’s house. Jim goes home and starts talking to his wife Pam. Pam can see Jim’s disappointment. This would be an excellent opportunity for them to make some extra cash, especially since they recently had their first child together.
After a few moments of dwelling on the matter, Pam’s eyes burst with thought. She remembers hearing about transactional funding from her coworker Andy. Pam tells Jim to look into transactional funding. Jim kisses Pam and thanks her dearly. He runs to the computer and begins searching for lenders offering transactional funding.
He calls several companies and tells them of his dilemma. Angela has a house for sale that Dwight wants to buy. Essentially, Jim wants to buy the house from Angela and sell it directly to Dwight for a profit. He simply needs the initial investment of $100K to purchase the property from Angela.
Over the course of 10 phone calls, Jim learns that he’ll need to fill out an application along with other documents. The majority of the lenders want four items submitted with the application: a contract between the seller and investor, a contract between the investor and end-buyer, a letter of approval for end-buyer, and possibly an acceptance letter for a short sale. He goes to work on collecting the information. After a few hours, he’s obtained the necessary information from Angela and Dwight, and also filled out 5 applications.
Sleeping is difficult that night. All Jim needs is a temporary loan for $100K. He’ll get the short loan, buy the house from Angela for $100K, sell the house to Dwight for $125K, pay the lending company 3% to 5% on the borrowed $100K, so he’ll end up giving them $103K to $105K back, thus, leaving him a profit of $20K. During the few moments of sleep, Jim dreams of working with a whacky boss in an office that distributes paper supplies.
Jim is sipping his morning cup of coffee reading the “Wall Street Journal” when the phone rings. Mr. Scott, a lender from Dundee Transactional Funds, tells Jim that his application was approved and his company requires a 4% return. Jim bursts with excitement. Mr. Scott tells Jim that the loan is a short-term loan good until the end of the day. That’s what she said, Jim’s wife Pam.
Jim buys the house from Angela, sells it to Dwight, and returns the loan plus interest to Mr. Scott. He deposits his profits of $21K into his bank. He heads home to thank his wife. Without the transactional funding, Jim would not have been able to do the deal.
Have you had any experience with transactional funding?
Let’s assign names to the players and create a role play.
Lender: Mr. Scott
Seller: Angela
Buyer: Dwight
Real estate investor: Jim
After finishing his ham sandwich for lunch, Jim gets a phone call from Dwight. Dwight recently sold his beat farm and wants to move closer to his company in Scranton, New York. He’s looking for a single story home for around $125K to $150K. Jim tells Dwight he’ll call him back.
Jim starts going over his notes. He suddenly realizes Angela is selling a house that fits Dwight’s needs. She is selling her property for $100K. Jim is excited. Jim calls Dwight back and tells him of the good news. Dwight visits the home and tells Jim he wants it. Jim is elated! Jim tells Dwight he can sell the home for $125,000.
Jim is excited. However, he doesn’t have enough funding to purchase Angela’s house. Jim goes home and starts talking to his wife Pam. Pam can see Jim’s disappointment. This would be an excellent opportunity for them to make some extra cash, especially since they recently had their first child together.
After a few moments of dwelling on the matter, Pam’s eyes burst with thought. She remembers hearing about transactional funding from her coworker Andy. Pam tells Jim to look into transactional funding. Jim kisses Pam and thanks her dearly. He runs to the computer and begins searching for lenders offering transactional funding.
He calls several companies and tells them of his dilemma. Angela has a house for sale that Dwight wants to buy. Essentially, Jim wants to buy the house from Angela and sell it directly to Dwight for a profit. He simply needs the initial investment of $100K to purchase the property from Angela.
Over the course of 10 phone calls, Jim learns that he’ll need to fill out an application along with other documents. The majority of the lenders want four items submitted with the application: a contract between the seller and investor, a contract between the investor and end-buyer, a letter of approval for end-buyer, and possibly an acceptance letter for a short sale. He goes to work on collecting the information. After a few hours, he’s obtained the necessary information from Angela and Dwight, and also filled out 5 applications.
Sleeping is difficult that night. All Jim needs is a temporary loan for $100K. He’ll get the short loan, buy the house from Angela for $100K, sell the house to Dwight for $125K, pay the lending company 3% to 5% on the borrowed $100K, so he’ll end up giving them $103K to $105K back, thus, leaving him a profit of $20K. During the few moments of sleep, Jim dreams of working with a whacky boss in an office that distributes paper supplies.
Jim is sipping his morning cup of coffee reading the “Wall Street Journal” when the phone rings. Mr. Scott, a lender from Dundee Transactional Funds, tells Jim that his application was approved and his company requires a 4% return. Jim bursts with excitement. Mr. Scott tells Jim that the loan is a short-term loan good until the end of the day. That’s what she said, Jim’s wife Pam.
Jim buys the house from Angela, sells it to Dwight, and returns the loan plus interest to Mr. Scott. He deposits his profits of $21K into his bank. He heads home to thank his wife. Without the transactional funding, Jim would not have been able to do the deal.
Have you had any experience with transactional funding?
Wednesday, June 23, 2010
Sibling Investment Team Debbie and Johnathon Embark on Their First Real Estate Investment Adventure!
Debbie Taylor and her brother Johnathon George took Mentorlynx CEO Cliff Gager's real estate investment mentor class on May 21, 2010. Debbie and Johnathon quickly moved forward with their first real estate investment after the three day training class.
Here is Debbie’s message sent to Cliff Gager on Facebook on June 10:
Hi Cliff, I was in your mentor class in Boston with my brother Johnathon George. I wanted to share with you I got my first investment property offer accepted! I used your spread sheet to check the numbers. The house market value is $150,000 and we are buying it for $86,000. Yesterday we got pre-qualified with a hard money lender and today I got a call saying our offer was accepted! The house needs some rehab work, but it is not too bad. I am excited and wanted to share this with you. Johnathon will be going there today to give the deposit money and the hard money lender is supposed to be calling us back today or tomorrow before lunch for the specific loan we need.
Here is Cliff’s response the same day:
Hurray! Make sure to check the value with an appraiser and condition with a contractor or home inspector! Good luck and keep me posted! I'm probably more excited then you are! Woo hoo! Happy dance!
This is their story told from Debbie:
I started looking on the Mentordvd.Foreclosure.com site for foreclosures in Rhode Island. I started in the Providence County because that is where my brother lives. We thought for our first couple of investments we'd find properties local to him. And I just started going down the list. I called many places. A lot of the properties were all ready sold and were under contract or in negations. I had some Realtors say they'd call me back, but they didn't.
One of the properties I called about was located on Mineral Spring Avenue in Pawtucket, RI. This property was listed for $99,000. I looked at Realquest.com and Zillow and came back with a value of $150,000. Ok, so my starting offer should have been $75,000. Why was it listed so low? Well, I saw it was as an "As Is" sale. What is wrong with it? There must be something major I thought.
Well, I called about it anyway. I talked to the listing agent and I told him I was an investor and he stopped me there. He said, "Well there have all ready been offers on this house in the mid-50s and the bank wouldn’t even consider them." I am thinking ok, then there must be something very wrong with it, but I am going to see where this goes. I offered $69,000 cash. He said he'd talk to the bank and get back to me in a couple of days. In the mean time I was still calling on other properties and getting nowhere.
Two days later, a female called me about the Mineral Spring house. I talked with her and she told me to send her a proof of funds and my offer. I looked up sample offer sheets on line and came up with the best one I could.
I asked the Realtor if she’d be my buyer’s agent. She said yes and that she was all ready my buyer's agent. The property was actually listed with someone else. That must have been the male that I first talked to. So I started talking with her more. Before this conversation, our interactions were very limited. She told me that I had to offer at least $86,000 and I needed a sooner closing date because there were three others putting offers in on it. I didn't believe her. I thought she was just saying this. She told me I was in a good position because I was offering cash but I needed a sooner closing date because it doesn't take 45 days when you are doing cash. I put 45 days because I thought I needed 15 days for inspections and 30 days for closing. I asked if I could have someone look at the place because $86,000 was more then I was thinking. After I had a contact look at the place and he was able to take photos and send them to me, I said ok – $86,000 and 20 days for closing. I guess I could have done less, but this was my first time.
Now I need to find the money! So I went online and started looking for hard money lenders. There were so many! I just picked one and called them. But they were asking questions about me and my situation and not telling me about their business. The conversation didn't go too well. I called another – same thing. I wanted someone who was going to be open about their business so I could know they were real. Then they could ask about me.
So calling random places just wasn't working for me. Then I found a website. The website said there were no lenders listed on this site and I just clicked on some link at the bottom of the page, I couldn't even tell you which one. I filled in my name, email, phone number and what I was looking for.
On Wednesday, someone called me from Real Estate Investing Solutions. I liked talking to him. He told me all about his company and told me they were accredited with the BBB. He even sent me the link to see for myself. He gave me all kinds of information before he asked one single question about me. I liked that! I talked with him for awhile and explained to him that I was really looking for someone on behalf of my brother who was in RI. He said great! We set up a conference call. I called Johnathon and told him what was going on. He was shocked that I did all this. Johnathon was quite pleased.
We spent an hour on the phone so Johnathon could learn about his company and he could learn about us. He said he was going to run our credit reports and would call us back in about 30 minutes. And he did! He told us we were pre-qualified for $300,000-$400,000. Great!
On Thursday, the Realtor called me and told me the bank accepted our offer – I was shocked. I didn't even say anything. She said ‘Are you there, did you hear me?’ Oh yeah I heard her! That was all I said. ‘Well, are you ok?’ I asked again if the bank said yes to make sure. Then I started talking. I was just so shocked. I called Johnathon then got on Facebook to tell Cliff.
Debbie Taylor’s and Jonathon George's contact information:
Email: georgeinvestments at hotmail.com
Phone: 315-921-7876
Facebook Account
(To protect Debbie’s email from auto spam, we used “at” instead of the @ symbol, simply substitute “at” with “@” when emailing her)
Here is Debbie’s message sent to Cliff Gager on Facebook on June 10:
Hi Cliff, I was in your mentor class in Boston with my brother Johnathon George. I wanted to share with you I got my first investment property offer accepted! I used your spread sheet to check the numbers. The house market value is $150,000 and we are buying it for $86,000. Yesterday we got pre-qualified with a hard money lender and today I got a call saying our offer was accepted! The house needs some rehab work, but it is not too bad. I am excited and wanted to share this with you. Johnathon will be going there today to give the deposit money and the hard money lender is supposed to be calling us back today or tomorrow before lunch for the specific loan we need.
Here is Cliff’s response the same day:
Hurray! Make sure to check the value with an appraiser and condition with a contractor or home inspector! Good luck and keep me posted! I'm probably more excited then you are! Woo hoo! Happy dance!
This is their story told from Debbie:
I started looking on the Mentordvd.Foreclosure.com site for foreclosures in Rhode Island. I started in the Providence County because that is where my brother lives. We thought for our first couple of investments we'd find properties local to him. And I just started going down the list. I called many places. A lot of the properties were all ready sold and were under contract or in negations. I had some Realtors say they'd call me back, but they didn't.
One of the properties I called about was located on Mineral Spring Avenue in Pawtucket, RI. This property was listed for $99,000. I looked at Realquest.com and Zillow and came back with a value of $150,000. Ok, so my starting offer should have been $75,000. Why was it listed so low? Well, I saw it was as an "As Is" sale. What is wrong with it? There must be something major I thought.
Well, I called about it anyway. I talked to the listing agent and I told him I was an investor and he stopped me there. He said, "Well there have all ready been offers on this house in the mid-50s and the bank wouldn’t even consider them." I am thinking ok, then there must be something very wrong with it, but I am going to see where this goes. I offered $69,000 cash. He said he'd talk to the bank and get back to me in a couple of days. In the mean time I was still calling on other properties and getting nowhere.
Two days later, a female called me about the Mineral Spring house. I talked with her and she told me to send her a proof of funds and my offer. I looked up sample offer sheets on line and came up with the best one I could.
I asked the Realtor if she’d be my buyer’s agent. She said yes and that she was all ready my buyer's agent. The property was actually listed with someone else. That must have been the male that I first talked to. So I started talking with her more. Before this conversation, our interactions were very limited. She told me that I had to offer at least $86,000 and I needed a sooner closing date because there were three others putting offers in on it. I didn't believe her. I thought she was just saying this. She told me I was in a good position because I was offering cash but I needed a sooner closing date because it doesn't take 45 days when you are doing cash. I put 45 days because I thought I needed 15 days for inspections and 30 days for closing. I asked if I could have someone look at the place because $86,000 was more then I was thinking. After I had a contact look at the place and he was able to take photos and send them to me, I said ok – $86,000 and 20 days for closing. I guess I could have done less, but this was my first time.
Now I need to find the money! So I went online and started looking for hard money lenders. There were so many! I just picked one and called them. But they were asking questions about me and my situation and not telling me about their business. The conversation didn't go too well. I called another – same thing. I wanted someone who was going to be open about their business so I could know they were real. Then they could ask about me.
So calling random places just wasn't working for me. Then I found a website. The website said there were no lenders listed on this site and I just clicked on some link at the bottom of the page, I couldn't even tell you which one. I filled in my name, email, phone number and what I was looking for.
On Wednesday, someone called me from Real Estate Investing Solutions. I liked talking to him. He told me all about his company and told me they were accredited with the BBB. He even sent me the link to see for myself. He gave me all kinds of information before he asked one single question about me. I liked that! I talked with him for awhile and explained to him that I was really looking for someone on behalf of my brother who was in RI. He said great! We set up a conference call. I called Johnathon and told him what was going on. He was shocked that I did all this. Johnathon was quite pleased.
We spent an hour on the phone so Johnathon could learn about his company and he could learn about us. He said he was going to run our credit reports and would call us back in about 30 minutes. And he did! He told us we were pre-qualified for $300,000-$400,000. Great!
On Thursday, the Realtor called me and told me the bank accepted our offer – I was shocked. I didn't even say anything. She said ‘Are you there, did you hear me?’ Oh yeah I heard her! That was all I said. ‘Well, are you ok?’ I asked again if the bank said yes to make sure. Then I started talking. I was just so shocked. I called Johnathon then got on Facebook to tell Cliff.
Debbie Taylor’s and Jonathon George's contact information:
Email: georgeinvestments at hotmail.com
Phone: 315-921-7876
Facebook Account
(To protect Debbie’s email from auto spam, we used “at” instead of the @ symbol, simply substitute “at” with “@” when emailing her)
--
The house is still for sale. They will either sell the house for a quick profit or repair it for a higher profit margin. Check back for more updates!
Tuesday, June 8, 2010
Ray's and Wanye's Rehab Project
Mentorlynx is excited to blog about Ray and Wayne! Mentorlynx CEO Cliff Gager recently taught the pair at a 3-day mentoring real estate investment class in early April of this year. Within one month they started a rehab project in Hemet, California. This is their story.
We commend Ray and Wayne for sharing their experience. We hope that their story serves as a case study and learning tool for those who follow it. Their adventure into real estate investing also highlights the benefits of taking one of Cliff’s mentoring classes.
We can tell you how excellent Cliff is at teaching real estate investment strategies but we’ll let you decide for yourself. This is a true story by two students that Cliff taught. We plan to follow their rehab project from start to finish and update everyone via blogger and YouTube.
Ray Woll: steele823 at aol.com Cell: 909-534-98644
Wayne Hlebasko: whlebasko at aol.com Cell: 626-485-6811
(To protect their emails from auto spam, we used “at” instead of the @ symbol, simply substitute “at” for “@” when emailing either Ray or Wayne)
Here is the beginning of their story. We encourage you to follow and become a part of the adventure.
--
Mentorlynx’s Interview with Ray Woll
JT: Describe your guys’ background.
Ray: We are new to rehab projects. I say new, but that is just in investing and rehabbing. Wayne is a licensed Contractor and I am a licensed Real Estate Broker.
We both have extensive backgrounds in construction; Wayne in residential and Ray in commercial.
JT: Describe your relationship with Wayne.
Ray: My second son Ryan married Wayne’s oldest daughter Ann. We have been pretty close since we met. Wayne worked on some of my projects in commercial construction and Ryan and I did some cabinetry work on some of Wayne’s projects. We both got laid off due to the decline in construction. We talked about the possibility of starting our own company and went ahead with the idea. We started in March of this year.
JT: When did you and Wayne attend a real estate investing mentoring class with Cliff Gager as the instructor?
Ray: Wayne and I attended Cliff’s class the end of March, first of April.
JT: Which part of the class did you enjoy the most and why?
Ray: Wayne and I feel the tour of houses was most beneficial. We saw what was there and heard what Cliff would do. We also feel the spreadsheet that Cliff gave us is very valuable. The notebook with the parts and fixtures listed is a great tool as well.
JT: How did you go about finding this specific property?
Ray: Cliff told us about foreclosure.com. We started using this every day. We used the analyzer and started submitting offers at 50% after repair value. This was not going well as Fannie Mae had become very partial to first time home buyers. While using the site, we became aware of REDC and an auction they were going to hold on May 8th in Ontario, California. Wayne and I decided on a list of 12 properties out of the 62 that would be up for auction. We ran them on Cliff’s spreadsheet and went to the properties. By the time we went to the auction, we had a list of 6 properties we were interested in.
JT: How did the auction go?
Ray: The Hemet property was first up and it went for $82,500 real fast. That was our primary target. We sat waiting for another one of our target properties to come up. About two-thirds of the way through the properties, the Hemet property came back up. We had a ceiling of $70,000 based on our analyzer sheet. We won the bid at $70,000. We had found the value to be between $140,000 and $150,000. Thus, a maximum bid of $70,000.
JT: What are your plans for the rehab project?
Ray: We will be removing all fixtures, cabinets, doors, carpet, and tile. We will retexture the walls and ceilings; replace all doors, cabinets, restroom fixtures, and kitchen fixtures. The inside and outside will be repainted, and new carpet and tile installed. We will also replace the landscape with grass, trees, and shrubs. The fencing will be repaired.
JT: Any obstacles yet?
Ray: We purchased the property on a two week escrow, but Fannie Mae is not so quick in signing documents. We are still waiting for escrow instructions to be returned to escrow. We are anxious to get going. We have another property under contract, but we are pushing it back, as we can only do one at a time.
JT: Any other information for those following your guys’ rehab project?
Ray: We have elected to do the work ourselves on these first properties for the sake of firsthand experience and to build up the bank account.
JT: Did Cliff’s real estate investment training help you?
Ray: Wayne and I were not sure we could make this happen, but after attending Cliff’s 3-day seminar, we were certain that we could do it if we worked hard. Having Cliff come and look at the Hemet house was very important to us, as we then realized that we had made the right plans for the work to be done. Thank you.
JT: No thank you Ray!
Here’s the first update on YouTube. Stay tuned for more blogs and videos on Ray and Wayne’s’ rehab project.
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
951-699-9300
We commend Ray and Wayne for sharing their experience. We hope that their story serves as a case study and learning tool for those who follow it. Their adventure into real estate investing also highlights the benefits of taking one of Cliff’s mentoring classes.
We can tell you how excellent Cliff is at teaching real estate investment strategies but we’ll let you decide for yourself. This is a true story by two students that Cliff taught. We plan to follow their rehab project from start to finish and update everyone via blogger and YouTube.
Ray Woll: steele823 at aol.com Cell: 909-534-98644
Wayne Hlebasko: whlebasko at aol.com Cell: 626-485-6811
(To protect their emails from auto spam, we used “at” instead of the @ symbol, simply substitute “at” for “@” when emailing either Ray or Wayne)
Here is the beginning of their story. We encourage you to follow and become a part of the adventure.
--
Mentorlynx’s Interview with Ray Woll
JT: Describe your guys’ background.
Ray: We are new to rehab projects. I say new, but that is just in investing and rehabbing. Wayne is a licensed Contractor and I am a licensed Real Estate Broker.
We both have extensive backgrounds in construction; Wayne in residential and Ray in commercial.
JT: Describe your relationship with Wayne.
Ray: My second son Ryan married Wayne’s oldest daughter Ann. We have been pretty close since we met. Wayne worked on some of my projects in commercial construction and Ryan and I did some cabinetry work on some of Wayne’s projects. We both got laid off due to the decline in construction. We talked about the possibility of starting our own company and went ahead with the idea. We started in March of this year.
JT: When did you and Wayne attend a real estate investing mentoring class with Cliff Gager as the instructor?
Ray: Wayne and I attended Cliff’s class the end of March, first of April.
JT: Which part of the class did you enjoy the most and why?
Ray: Wayne and I feel the tour of houses was most beneficial. We saw what was there and heard what Cliff would do. We also feel the spreadsheet that Cliff gave us is very valuable. The notebook with the parts and fixtures listed is a great tool as well.
JT: How did you go about finding this specific property?
Ray: Cliff told us about foreclosure.com. We started using this every day. We used the analyzer and started submitting offers at 50% after repair value. This was not going well as Fannie Mae had become very partial to first time home buyers. While using the site, we became aware of REDC and an auction they were going to hold on May 8th in Ontario, California. Wayne and I decided on a list of 12 properties out of the 62 that would be up for auction. We ran them on Cliff’s spreadsheet and went to the properties. By the time we went to the auction, we had a list of 6 properties we were interested in.
JT: How did the auction go?
Ray: The Hemet property was first up and it went for $82,500 real fast. That was our primary target. We sat waiting for another one of our target properties to come up. About two-thirds of the way through the properties, the Hemet property came back up. We had a ceiling of $70,000 based on our analyzer sheet. We won the bid at $70,000. We had found the value to be between $140,000 and $150,000. Thus, a maximum bid of $70,000.
JT: What are your plans for the rehab project?
Ray: We will be removing all fixtures, cabinets, doors, carpet, and tile. We will retexture the walls and ceilings; replace all doors, cabinets, restroom fixtures, and kitchen fixtures. The inside and outside will be repainted, and new carpet and tile installed. We will also replace the landscape with grass, trees, and shrubs. The fencing will be repaired.
JT: Any obstacles yet?
Ray: We purchased the property on a two week escrow, but Fannie Mae is not so quick in signing documents. We are still waiting for escrow instructions to be returned to escrow. We are anxious to get going. We have another property under contract, but we are pushing it back, as we can only do one at a time.
JT: Any other information for those following your guys’ rehab project?
Ray: We have elected to do the work ourselves on these first properties for the sake of firsthand experience and to build up the bank account.
JT: Did Cliff’s real estate investment training help you?
Ray: Wayne and I were not sure we could make this happen, but after attending Cliff’s 3-day seminar, we were certain that we could do it if we worked hard. Having Cliff come and look at the Hemet house was very important to us, as we then realized that we had made the right plans for the work to be done. Thank you.
JT: No thank you Ray!
Here’s the first update on YouTube. Stay tuned for more blogs and videos on Ray and Wayne’s’ rehab project.
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Mentorlynx
Customer Support
customersupport@mentorlynx.com
951-699-9300
So do you have any rehab project stories you'd like to share for everyone?
Tuesday, June 1, 2010
Mentorlynx Analyzes Special Code Enforcement Teams Created to Combat the Aftermath Created by Foreclosed Properties
It’s no surprise that foreclosed properties can wreak havoc on property values. More often than not, foreclosed properties are not kept up to par. The neglected properties also create a ripe environment for unwelcome guests. Some counties and cities have created new or revamped previous legislation to remedy the negative effects created by the housing crisis.
Riverside County formed a special code enforcement team in 2008 to combat the sharp increase of foreclosures. County officials also revamped city codes in 2007 when reports came in that foreclosures had increased 350% from 2006. Press-Enterprise Reporter Alicia Robinson stated that new codes changed the definition of property management to include vacant properties as well. In extreme cases, owners may be fined $1,000 per day. The special unit handles roughly 110-150 open cases at a time with weekly or biweekly visits to the abandoned properties. Full Article
What does this information mean for investors?
The first thing that comes to mind is the $7 million that has been billed to owners by the county. If a seller is not accepting my offer because they think it is too low, I will bring up the fact that the longer they wait the more it will cost them. Not only will the vacant property become less valuable over time due to neglect, but the county will start imposing fines which will cost even more. If the seller is paying to upkeep the property, then these expenses will only eat up any additional money they may receive on any future offers higher than mine. Secondly, if I am an investor that has not looked at Riverside County before, I should now.
- Mentorlynx Mentor and Trainer Eric Von Heal
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Have you had any experience with fines being imposed on a foreclosed property? If so, we’d love for you to share your experience.
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Mentorlynx
Customer Support
customersupport@mentorlynx.com
Riverside County formed a special code enforcement team in 2008 to combat the sharp increase of foreclosures. County officials also revamped city codes in 2007 when reports came in that foreclosures had increased 350% from 2006. Press-Enterprise Reporter Alicia Robinson stated that new codes changed the definition of property management to include vacant properties as well. In extreme cases, owners may be fined $1,000 per day. The special unit handles roughly 110-150 open cases at a time with weekly or biweekly visits to the abandoned properties. Full Article
What does this information mean for investors?
The first thing that comes to mind is the $7 million that has been billed to owners by the county. If a seller is not accepting my offer because they think it is too low, I will bring up the fact that the longer they wait the more it will cost them. Not only will the vacant property become less valuable over time due to neglect, but the county will start imposing fines which will cost even more. If the seller is paying to upkeep the property, then these expenses will only eat up any additional money they may receive on any future offers higher than mine. Secondly, if I am an investor that has not looked at Riverside County before, I should now.
- Mentorlynx Mentor and Trainer Eric Von Heal
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Have you had any experience with fines being imposed on a foreclosed property? If so, we’d love for you to share your experience.
--
Mentorlynx
Customer Support
customersupport@mentorlynx.com
Friday, May 21, 2010
Mentorlynx Comments on Aweber for Contest on YouTube
Hello Mentorlynx Elitists!
We use Aweber for our weekly newsletters. Aweber recently had a contest for their users to upload videos to YouTube and express their love and support. Well, we love Aweber. The program enables Mentorlynx to send out weekly newsletters containing highly valuable information with tips and strategies from Mentorlynx CEO Clifford Gager.
http://www.youtube.com/watch?v=ecHBNLF4ckE
We also wanted to take this opportunity to tell you about our Mentorlynx YouTube account. We’re going to be uploading content in the future covering more tips, strategies, and we’ll be covering students and their real estate adventures that Cliff has previously mentored.
Mentorlynx Customer Support
customersupport@mentorlynx.com
We use Aweber for our weekly newsletters. Aweber recently had a contest for their users to upload videos to YouTube and express their love and support. Well, we love Aweber. The program enables Mentorlynx to send out weekly newsletters containing highly valuable information with tips and strategies from Mentorlynx CEO Clifford Gager.
http://www.youtube.com/watch?v=ecHBNLF4ckE
We also wanted to take this opportunity to tell you about our Mentorlynx YouTube account. We’re going to be uploading content in the future covering more tips, strategies, and we’ll be covering students and their real estate adventures that Cliff has previously mentored.
Mentorlynx Customer Support
customersupport@mentorlynx.com
Wednesday, May 19, 2010
Retail Price of Homes Affects On Surrounding Market
Hello fellow Mentorlynx elitists!
One of Cliff Gager’s recent students initiated the following discussion:
“I was wondering what a foreclosure sale does to the price of a neighborhood and how long it takes before the values listed on the website would reflect a wholesale deal on property. For example, if a property was originally thought to retail at $400,000 and we pick it up for $200,000 or so, will that make all the prices adjust downward into the $200,000 price range on RealQuest as soon as the sale is recorded or is there something that keeps the other prices up closer to $400,000?”
Cliff responded below:
You have what they call a qualified sale and a non-qualified sale. A sale from one owner to another with normal conditions is a qualified sale. When you buy a house drastically under market due to the condition of title, e.g., foreclosure, damaged property, etc., the appraiser can adjust for that. Recently, we are seeing houses sell to end-users at a fair marketable price and those will support your value at the higher range; although, the unqualified sales will average the overall value down for the houses in the area. You need 3-4 full sales to compare to support your sales price when you sell.
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Don’t forget to sign up for Mentorlynx’s weekly newsletter.
One of Cliff Gager’s recent students initiated the following discussion:
“I was wondering what a foreclosure sale does to the price of a neighborhood and how long it takes before the values listed on the website would reflect a wholesale deal on property. For example, if a property was originally thought to retail at $400,000 and we pick it up for $200,000 or so, will that make all the prices adjust downward into the $200,000 price range on RealQuest as soon as the sale is recorded or is there something that keeps the other prices up closer to $400,000?”
Cliff responded below:
You have what they call a qualified sale and a non-qualified sale. A sale from one owner to another with normal conditions is a qualified sale. When you buy a house drastically under market due to the condition of title, e.g., foreclosure, damaged property, etc., the appraiser can adjust for that. Recently, we are seeing houses sell to end-users at a fair marketable price and those will support your value at the higher range; although, the unqualified sales will average the overall value down for the houses in the area. You need 3-4 full sales to compare to support your sales price when you sell.
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Don’t forget to sign up for Mentorlynx’s weekly newsletter.
Monday, May 17, 2010
Cliff Hosts Successful 3-Day Class!
Hello everyone! We hope you all had a successful weekend!
The Congressional Budget Office says that Fannie and Freddie losses will cost tax payers $370 billion by 2020. They should give that money to Cliff Gager so he could teach them how to make a profit in real estate investing!
Cliff had a great class in L.A. this weekend. After three days of highly involved real estate investment training, education, and mentoring, he produced eight new eager investors ready to hit the streets and reap the benefits of the real estate market. He looks forward to hearing about their successful deals they will be doing soon!
Also, don’t forget sign up for Mentorlynx’s weekly newsletter. The Mentorlynx weekly newsletter will cover current real estate industry topics and include valuable insider tips regarding investing, mortgages, legal issues, and other relevant aspects.
Click here to sign up for Mentorlyxn's weekly newsletter.
“Let me show you how to use real estate as a vehicle to drive you into financial prosperity. I look forward to hearing from you soon.” – Mentorlynx CEO Cliff Gager
The Congressional Budget Office says that Fannie and Freddie losses will cost tax payers $370 billion by 2020. They should give that money to Cliff Gager so he could teach them how to make a profit in real estate investing!
Cliff had a great class in L.A. this weekend. After three days of highly involved real estate investment training, education, and mentoring, he produced eight new eager investors ready to hit the streets and reap the benefits of the real estate market. He looks forward to hearing about their successful deals they will be doing soon!
Also, don’t forget sign up for Mentorlynx’s weekly newsletter. The Mentorlynx weekly newsletter will cover current real estate industry topics and include valuable insider tips regarding investing, mortgages, legal issues, and other relevant aspects.
Click here to sign up for Mentorlyxn's weekly newsletter.
“Let me show you how to use real estate as a vehicle to drive you into financial prosperity. I look forward to hearing from you soon.” – Mentorlynx CEO Cliff Gager
Friday, May 14, 2010
Mentorlynx's First Blog
Hello Bloggers and Mentorlynx Elitists!
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This is truly an exciting week for everyone at Mentorlynx. We have moved into a new office in the beautiful Temecula Business Park nestled up against the Temecula Valley foothills.
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What is also exciting is all of the real estate investment opportunities through the U.S. right now. Foreclosures and the current economy have created a perfect storm for real estate investors. Mentorlynx is dedicated and devoted to enabling our students to obtain life-long goals through real estate investing.
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Blogging is a new adventure for us. We’re going to try and post several times a week so don’t forget to check back. In the meantime, please join us on Twitter, Facebook, and we highly encourage you to sing up for our weekly newsletter filled with hot topics and insider tips from our elite mentor training team. Not to mention, Mentorlynx CEO Clifford Gager will include his advice and tips for free in the weekly newsletter.
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We hope to hear from you soon!
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Sincerely,
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Mentorlynx Customer Support
customersupport@mentorlynx.com
951-699-9300
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