The Great Asset Search Begins

Walking through the door of our first open house today, Amber and I stop to talk to the real estate agent.  We pick up a pro forma and start our way through the house.  It is a quaint single family residence with 4 bedrooms and 2 bathrooms.  It has a two car garage and a nice big, fenced in back yard.  My favorite part of the house was that on the second floor, they had what I can only describe as an upstairs deck.  It was glassed in, and there were no exits, but it is an extension of an upstairs room and just feels like a deck.

This was the first of three open houses we went to today, and we were able to find relevant information in “Info Tubes” for three other houses.  Which means that we made our goal of acquiring the financial data of at least five houses.

Today we began the next phase in our real estate investing lives.  Today we started to look at houses.  We are following Robert Kiyosaki’s plan from 6 Steps to Becoming a Successful Real Estate Investor. That plan is 100-10-3-1.  We look at 100 houses, place offers on 10 of them.  3 get accepted and then we buy 1.  So we are 6 deep, and that only means 94 to go. : )

We learned a couple of good lessons today.  One was that prices truly are just pulled out of people’s nether regions.  Of the three houses that we got to inspect, based off of my own opinion only, I would say that the least desirable house was the most expensive, and the most desirable house was the least expensive.  It is good to see how subjective house pricing is.  I think that having that idea in my head will make bargaining and negotiating easier in the future.  A house is only worth what someone is willing to pay for it and what someone else will accept in payment.

The other lesson was about open houses.  Amber and I had mapped out a certain area that we were going to peruse this afternoon.  There were close to 30 homes for sale in this area.  But as we drove through it, only three actually had open houses this weekend.  So when we got home we found which lists many open houses in our area.  There are also open houses listing pages in realty websites.  So for next weekend, we are going to map out which open houses there are and aim for actually getting inside more houses in the same time period.

I am very happy that Amber and I have started the next step.  I will continue to report as we make our way through 100 houses on what we learn along the way.  If anyone reading this is interested in going down this road with us, please let me know.  The more people we get moving in the same direction; the more we will all be pushed to go further, faster.

~Ryan Lynch