Avoiding the path of the broke broker - Posted by DanM(OR)

Real Estate Investing
1

Posted by DanM(OR) on May 09, 1999 at 11:56:24:

  1. Team

I have established relations with

  • a couple of Realtors.
  • several mortgage brokers, title companies,
  • I have a friend who owns a reputable appraising company they do most of the residential and some commercial
  • still have yet to find a Creative RE Attorney (may not exist).
  • relations with a couple of accountants
  1. Finding - The Marketing Plan (Here’s where I am stuck)
  • Targets for notes: RE Agents, referrals (in the future), Title Companies, Networking Competition (they are very reluctant old timers that are pretty rigid in their conventional ways), motivated note sellers (have not spent much time here).
  1. Financing - I have developed first contact relations with the following:
  • Metropolitan
  • FNANC
  • Wall Street Note Brokers
  • Several Local to Oregon Master Brokers
  • My own funds-
  • Have $15k Cash I borrowed at 12.9%
  • I can Borrow a few thousand from 401k at 7%

It really seems that you can find the money if you find the deals. Finding money doesn’t seem to be too much of a problem.

  1. Your business plan - this wasn’t part of your list but belongs in here somewhere
  • I have formed a corporation and established bank accounts
  • Bought a fax machine and filing cabinet for the business
  • Have a dedicated phone line installed
  • Develop a marketing plan Need help in this area
  • Business cards
  • Flyers
  • Postcards

There wasn’t really anything to address here except areas that you think I may be weak or need to spend more time on. I appreciate any and all feedback from my CRE friends. I will continue my next post with relevant questions.

Thank you !

Your friend and student in Oregon,

Dan Matejsek

2

Avoiding the path of the broke broker - Posted by DanM(OR)

Posted by DanM(OR) on May 09, 1999 at 11:55:18:

John,

Thanks to the reply to my below post. I really appreciate your help and will try to de-personalize things as best I can and hope that my posts generate useful material for others. First I will give a little background to help fill you in on where I am. Sorry to take up board space, but I am sure that several people are at least in a SIMILAR situation. Here we go:

At the end of your 5-day bootcamp you list the following for a plan of action and I will tell you where I am at on each level.

  1. Study - this is a continuing process

I have gone through all of your material except Mortgage Magic and am currently reading the following:

  • The Paper Game (I don’t think you ever finish reading and re-reading this one)
  • Think and Grow Rich by Napoleon Hill (excellent book)
  • The Cashflow Quadrant (Rich, Dad, Poor Dad part II only a few pages left)
  • The Paper Source Newsletter (a really well put together newsletter mainly aimed at brokers)
  • I also plan to go through the advanced video training when you release it.
  • I will attend one of your 5-day bootcamps (the next one). I have a conflict with the one in July.
  1. Goals

I have established my long term and short term goals. Without going into to too much detail the following sum things up:

  • start out brokering notes until I can replace/satisfy the following goal. I will strive to avoid the path of the broke broker.
  • bring in at least $1800/ month from note brokering and investing within 6-12 months. One or two deals per month should suffice.
  • work full-time with note investing and brokering within 2 years.

To Be Continued

Dan Matejsek