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)
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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!
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