Dawn_Dean's Journal

Way to stay in the game!
Hey, I've not tried it yet, but ask the coaches about contacting the bank to make an offer. See if there's still a certain time to work out an agreement with them or the homeowner. What makes me say this is I have a house that was a "listed" short sale that I'll be closing on April 8th. When I went to the sheriff's sale on Tuesday, lo and behold it was one of the properties on the chopping block, but the sale had been cancelled because.. well, they didn't give a reason there but it's because i had it under contract. Now the hearing is the 9th, which is why it MUST close on the 8th. But this confused me a little. Now I believe there is still a redemption period for properties AFTER the sale (if the sale takes place and they go back to the bank.) And BEFORE it can go on the MLS. BTW, the judgement amount was for $68K, plus whatever else was owed for taxes, etc. This is the least a bidder would have had to bid (and is still under FMV). I am getting it for $50K on the short sale, plus they are giving me the keys today to start repairs and marketing, 2 weeks before close. Sorry for making this post so long. I just wanted to give an example of what you might be able to do. Ask the coaches what they think, OK? You might be able to watch those sheriff's sales and then get some good props off the banks' books for a lot less than bidding.

Good luck!!
luv ya!

Rina

So basically you took a page from Dean and went to the bank before the auction date and made a deal. Thus beating all would be bidders to the prize. YES? I remember reading this in my TALD book.
Awsome job Rina.

That IS what happened, but I can't take credit. That would have to go to the listing agent. I actually caught this property, too, from the direct MLS e-mails that come to me automatically. The agent (not sure if the bank hired him or he is just a short-sale specialist) had it listed for $70K and I offered $50K. The seller accepted right away, and it took weeks for the bank to accept, but they did. THEN I had my inspection to make sure there was nothing big. I did decide to take it, but the water heater wasn't vented right or turned on so I could have passed on it after the inspection. Instead I told them yesterday that I will take it, but ONLY if I can get in there NOW to work on it and market it. I'm meeting the agent later today to sign that part of the agreement, which they agreed to (and get the keys. ).

Dawn, are you hearing me?? lol. Play out the time, too. The closer to the deadline a foreclosure gets, the more they are willing to work with you, it would seem. Yahoo!!

I'd better move this to my journal. there's more good news to go with it.

Keep goin' sis!!

Rina

The WI Street house was on MLS for $99,000 he owes $115,000 on it (Countrywide). It just got pulled from the MLS & goes to auction 4/27. My agent has no idea why it was pulled. Everyone says Countrywide is a bear to deal with, but I can call the coaches & see if this can be done. What about financing? Sure, I can get a letter from coastal but would I have enough time to get an end buyer? This is my BIGGEST fear! I have been contacted by lots of people wanting a rent to own or LC which won't help me here,of course.
One other guys wants a cheap rehab he can pay off in 15-20 years and is approved for FHA loan. I could assign it to him but I'll have to get an attorney toot-sweet for the closing. I think I talked about how there is an attorney in town with his own title company...bet he charges enough. I guess I just have to get off my butt and DO IT!!! (I think you should come down here and "mentor" me Rina...we can do lunch!)

Ok, my plan for today is to call the Attorney & see if they can do this before I call the coaches(since they aren't in until 10 am our time). Then email my guy (I have pics already)to see if he is interested.

Hmmmmmm, all of a sudden I'm feeling overwhelmed! (But still determined!)
I'll keep you posted! (And hey, if there are any investors out there wanting a GREAT deal or to partner...call me!) I just had to say that!

Dawn

Well, it's finally Friday! My week has been emotionally draining to say the least. I got a call from my son Monday night about 11:00 telling me my daughter was drinking and took a bunch of pills, she tried to commit suicide.
Imagine trying to convince her to go to the hospital in her state, BY PHONE! I was spastic to say the very least. I finally got her friend to get her to hospital. THANK GOD she was at a friends house just acrosss the street from the emergency room!! Dean & I ran down to Fort and spent much of the night & day Tuesday with her. They wanted to send her away, I wouldn't have it. This would have devistated her to say the least. It was a cry for help and now she has gotten it. Thank God her brother and friends were right there to get her to the hospital! We worked out a plan so Mallory would not be alone and set up an appt with a councelor for 9:30 am. Her son knows nothing about what happened. Mallory came up to have lunch with me Wednesday, SHE didn't want to be alone! Duning this time her car broke down to the tune of $464, the breaks were GONE. The good news is, she still has her job and her boss and co-workers are extremely supportive and are there for her as well. They told her she doesn't work at a factory, she works for "family" and will give her all the help she needs, day or night. (WOW! they are not the typical employers, are they?)One of the girls gave her a ring, they pass it along to anyone that needs it. It's a symbol of God's love and by wearing the ring she will know he and all of them are there to support her. I 'bout cried when she told me that...she DID! It means alot because she isn't one to go to church and hasn't "believed" for years(so she says). God was definetly with her when all this happened, I have NO doubts about that! Wow, I feel much better now! It helps to talk about it.

So aside from all this, I managed to talk to an attorney in town and a Title Company, they are on my team now! I'm hoping the Attorney knows someone with money!!!! I'll let you know if he does!

Looked at an REO that needs about 13,000 in repairs which doesn't include the foundation!($600-5,000?) Is it worth it if there are foundation problems? Asking $76,000 (ha!ha!ha!) My offer would be very low in this case, like around 28,500. If nothing else it's good practice right?

Calling a guy in San Diego today that is selling his properties. (This is the one I told you about Rina). The afore mentioned is why I haven't gotten back to him. I'll keep you posted on those 2 buildings. (5 & 4 units) I'd better get at it!

Love you guys!!

Dawn

Our prayers are with you and your family. Thank God she had so many people around. That support will mean the world. And WE are here for YOU, sister.

That's awesome that you and Dean went together to look at the properties the other day. And, yes, keep us posted on how it all goes. Wishing you all the best!

Rina

Thanks for the call Rina, what a great surprise! I sooooooo appreciate the prayers too! (how was the concert?) Mallory is doing much better, her friends are a great support for her. I talk to her at LEAST 3 times a day to make sure she's ok. Today she gets "assesed" and will be setting up counceling sessions. I'm hoping this will help her regain some self esteem, help her focus on Zak and a new beginning. My heart aches for her (as would any mother's)but I am sure she'll be back to her "old" self soon. She is loved by a lot of people!

Well, I think we'll pass on that REO with the foundation problems so on to the next...3/1 REO, great neighborhood (Winnebago st), ARV around 99,500-89,000, asking 75,000. Appears to have water damage, like it drained down the driveway along the house & into the garage (single car)! Another for sale 2 houses down, 2/1, nice shape, asking $104,900, sure they won't get that. Most of the houses in this area have average assesment of $79,500. We're looking at both I hope in the next 2 days....waiting on the realtor again!

Called to set up viewing of the 2 apartment bldgs, waiting for call back.
I'm going to see what he owes on these and go to the bank to see about a funds letter. Big day...better get at it!

Later.......
Dawn

new to the program..got Deans books 6 wks ago.. read them twice now.. looked at prop's online and in person.. I do have a realtor/friend to help me..I just want to tell you that I read your whole journal this a.m. and I am inspired with the way you have been perserviering with the whole ball of wax. Deals don't always happen quickly or easily, but the outstanding characteristic of successful people is determination to stay at it no matter what they run into. I KNOW that a deal will happen for you soon because you haven't quit yet and your post will help me get motivated to start plugging away at it. The first one is always the hardest. GO FOR IT.

Thanks Steve for stopping in to read my journal and welcome to the DG Family! You're going to love the support you get here, it really helps to be able to find encouragement and answers to your questions, that's what keeps me going!

I WILL succeed and YOU WILL TOO! I'm pulling for you as well! So, what part of the country are you in? You should start your own journal so we can follow your journey too!

I talked with a local investor Saturday, he may want to partner up with us, we're meeting Wednesday to talk it over. I think he's mostly wholesaling right now? He confused me because he said he wants to buy bulk REO's but has no capital... I'll find out exactly what he is looking for and go from there. He was actually looking at the same apt bldg we looked at last week!

We're going to see an SFR tonight that's FSBO...already priced below market value, she's willing to take less as she is paying 2 mortgages! No to mention the renter she has in it isn't even CLOSE to being a neat freak!!

Next Saturday we're looking at the other apartment building, we were going to do that last Saturday but not all the units were available to view due to the Easter weekend. (I hope everyone had a great one!)

My grandson, daughter & a friend of hers all came for Easter, it was great. Sorry to say my son's girlfriend has strep throat so they stayed home. I wouldn't have wanted her to share THAT with all of us anyway!

Back Later.......

Dawn

Hey, it's Steve (how did u find out my name ? ) anyway, i.m from the chain of lakes area in n/w illinois. and i guess that ur not too far from the dells..So I,m gonna hook up my printer and start to print forms and doc's and get them all lined up as if i was buying or making a sale right now. Write up the flyer's for buyers and get them out to start buyers list. Almost seems as if that's the most important part (buyers) . Anyway maybe your new investor just has the ability to get aloan but no cash. It does seem wierd that he has no "capital" so to speak. I think I'll have to see a HML to get my ball rolling. I probably will start my own journal after a while . meantime i will get back here to see when you get your first deal done. BEST WISHES

I looked at your profile by clicking on your name (you can update it too by going to "my account"). I'm in Portage which is about a half hour away from the Dells. I'm looking at HML's as well(possibly Costal). I do have a title company that will do double closings and an attorney to work with. I just have to get MORE offers out there!!!!

It's driving me nuts to see everyone else getting the deals and I haven't but it will happen. As a matter of fact I got a call from a woman that I contacted 3 months ago this morning who wants me to buy her house...hmmmmm!
She'll be calling back around 11:30 today, I'll let you know how it goes.

My grandson has been here since Easter so I've been kind of busy with him. We actually dragged him with to look at the FSBO last night (really nice colonial too!). And she's a MOTIVATED seller!

More later....
Dawn

Congrats.
hmm... dragging your little grandson to look at properties? sounds like someone else I know. lol

Keep it up girl. You are so close to a deal I can taste it! Good luck on the call today. Remember, if she's calling you after 3 months, sounds like a motivated seller. Be confident and expect a great deal, sister! luv ya.

Rina

Seems like forever since I talked to you last!!! What's up with that?
I am hopeful and NERVOUS! She says she is from IL...I really don't remember her or the property, how sad is that? Guess I've looked at like a million properties since then! I can't find any contact info for her anywhere...duh!
What did I do with that? Good thing she's calling back huh?

The woman selling the FSBO (colonial) is extremly motivated as she is paying for both houses with ONE mortgage? Have you ever heard of that?
I think I wrote that 2 yrs ago she listed it at $139,000 but she is willing to take less...the renter is VERY messy (even Zak noticed!)and she wants her out. I have to get comps before I offer...Oh, and a buyer would be nice!

I hope the "new" investor is serious about wanting buy & hold properties. He just started his LLC last August so I think he may be blowing smoke & looking for a money partner like I am! I'll let you know how the meeting goes, wish me luck!

Luv you too!
Dawn

Well, been away for a while. My baby dog Sassy had surgery on a torn ACL in her right rear leg. She's hobbling right along! She'll get the stitches out in another week! Yeah! I have to carry her around the house and my back is killing me!

I looked at a REO Friday and looking at another that just hit the "hot list" this morning. 4/1.5 $57,500 asking price...As soon as my realtor GETS BACK TO ME, I'll go look at it!!!!! I'm second guessing my realtor (AGAIN!) since she refuses to give me comps without signing an agreement. Not sure I want to get "locked up" with one realtor and I KNOW there are realtors out there that will get them without it...just gotta find me one!

I have a tentative meeting with a possible PARTNER on Friday morning.
YES...I said partner!!!! I responded to an ad on CL and he wants to discuss how we can help each other out. YIPEEEEEEEEEEEE!!!!!!!!! Been searching for a long time to find someone who's on the same page as I am. (like for-ev-er!) He has investment partners and access to funds! Sounds like it could be a win-win for both of us! I'm sooooooooooo excited! I sure hope this works out since my ads for partners on CL aren't producing many leads! I'm to the point of begging for one!

All this excitement has pretty much eliminated my depression due to my not being able to attend the "EVENT"!! I hope you ALL had one for me guys! (whoa, feeling a little toasty just thinking about it!)

Dawn

Well, we met with our new partner Jim on Friday. He is definetly on the same page we are. He wants to assign properties and focus on REO's & preforeclosures. We're pooling our resourses & will split 50/50 on assignments. After speaking with him I found out he used to invest, has no properties of his own and just wants to make some quick cash. By pooling our investors we can use them all as his investors want SFR's and mine want multi-family props. Could be a great win/win for us all! We drove around & looked at props that are forclosed but not yet listed on the MLS, it was fun!

I'll be offering on an REO today. It's 1890 SF, 3/2 $57,500. It's has busted pipes but salvagable, they got in and opened windows and ran a fan to help dry it out. I have no idea what to use for an escape clause and will use Costal's POF. I want to try using and or assignee but I probably won't since the banks don't like that. I'll have to market it to the hilt to find a cash buyer. Jim seems to think it won't be a problem so I'm just going to go for it! I have a title company that will double close too. Wish me luck!!!

More later......
Dawn

and Congrats on the new partner!
(missed you)

Rina

I sure hope it works out with him! I wish he was a cash buyer instead but I think this will help us out since he knows the ropes pretty much. We me again on Saturday & he shared contracts and we brainstormed. It was a lot of fun!
Plus I got to have breakfast SERVED to me!

I sooooooo wish we could have gone to the event, it sounds like it was great!
I liked Lena's vido...you made me hungry watching it! I'm hoping we can go next year for sure. I should have my million by then, so no problem!

I have to talk to you, so stay by your phone, ok? I'll be in touch Rina....

Dawn

Just missed a call. I'll go see if that's you.

Rina

P.S. Always make sure people give you a heads up before videoing when you've got chocolate in your mouth! haha

I having second thoughts about offering on the REO. Seems I can't use contingencies to get out of it. There should be something I can use! The coaches gave me a website to look at some but pretty much said the bank will reject my offer if it has any contingencies.I'm afraid I'll get stuck with it! I sent the property to investors and heard back from a couple but maybe it needs too much work. I think it's a pretty good deal with lots of meat on the bone, so to speak. I guess I'm just nervous. I should just do it. I told the realtor I would be offering today so I have until 1:00 before she leaves the office.

I really hate feeling like this, anxious, scared, nervous, thrilled...I'll be back when my nerves have settled!

Dawn

Put an inspection contingency.
Whatever you do, if you know it's a great deal, don't let yourself walk away. Go as far as you can with it. It will bring you that much closer to success. You aren't out anything by trying. And you don't even have to put up any earnest money til it's accepted. Fear is the biggest killer here. Just ignore it, and don't be afraid to get an offer accepted. You're doing great!

luv ya,

Rina

We're Grandparents again! Deanie & Sara (Dean's youngest, yes he's a Jr! ) had a baby boy yesterday afternoon.
His name is Blake Gage, and he is BEAUTIFUL! He was a month early (guess he couldn't wait to see Mom!) so he won't be coming home for a week. You would think the 5th time wouldn't be such a thrill, but it is!

Needless to say I didn't get to the Realtors yesterday, but today is another day! How exactly do I word the contingency Rina? Please help Sis!!!

Dawn

Aww, I'm very happy for you and that everything went well! Give my best to everyone!

Are you using the regular WI purchase agreement? There should be a line for each contingency. If you're not worried about it beind snatched away, just put a few contingencies in, financing, inspection, and if you want anything els (there should be a line for each. your realtor will fill it out with the details for you). If the bank doesn't like it, they'll just counter.
If you just want one, use inspection. The REO banks sort of expect that. Typically I've found that the norm is that you have 7 days AFTER acceptance to have your inspection done. So that gives you a little time. Try putting it in for longer first. If they don't like it, they'll counter. No biggie.
Of course you're going to start low. If it's countered, you're in the game. Don't budge too much each time because they'll probably go back and forth at least 3 times. (but make sure your numbers still work)
If they reject right away, you can always offer again. Any bites on the end buyers?

Good luck, sis!!

Rina

Thanks, I'll give everyone your well wishes and send you a couple pictures...
Of course I went a little nutty, but tried to keep it to a minimum!

I will be using the Remax contract. As far a financing I am using Costal or since I can't get a loan maybe financing contigency would be good and then just use costal? No bites on the end buyer yet, well nobody saying "YES! I'll take it!" Keeping my fingers crossed. Maybe when I can give an asking price it will be different. I'm thinking around 35,000. I'm offering 18,724 to start and hope they counter. Everything needs to be replaced, major rehab.
I figure 30,000-35,000 in repairs and FMV of 115-130,000 depending on what they put in there. Assessed at 157,200 before the pipes burst! How does that sound to you? Costal's fee will be a hair over 3,000 plus they pay closing. I have to get a hold of Eric (which I haven't done yet) to see exactly how this works. I know, jumping the gun!

Nice picture huh? Now everyone can see the 'ol bag!

Luv ya,
Dawn

I called my Realtor yesterday to make an offer on the house only to find out that on the 5th the bank accepted one already. My realtor said she checked it Wednesday at noon & there was no offer. HUH? I thought they got the info right away if there is an offer made. So, I'm pimped out of another one.

I know, CHEER UP!!! There are lots out there. I need to find some that don't have foundation problems and jump on them! Something has got to change soon, maybe a new strategy would help. Kinda feeling lost today. I'm gonna go check the foreclosure list, that always makes me feel better.

In the dumps Dawn

I should be hearing from the bank today (though I'm not going to hold my breath!) on an REO I offered on Friday.

1 1/2 story Bungalow
3 bed, 1 1/2 bath
1344 SF
1 car detached garage
municipal sewer/water

Asking 68,000 dom-21
no current offers but MINE! (21,367)
Needs 15-20,000 in rehab
comps around 80,000

Keep ya posted!
Dawn

The bank countered at $1000 less! HA! I'll resubmit an offer when they fall off their horse! I'll include pictures next time so they can SEE what kind of shape it's in. So that's the poop in the REO!

Later.........

Dawn

I know just how you feel! There is a perfect little 2/1 that would be excellent cash flow thats been empty for 8 months. I put my first offer in after a month on the market, and have been throwing them back in periodically but the bank is holding firm at their price. Unbelievable. (and I'm offering cash at only 10,000 below it!)I would love to attach pics to let them see it, but all REO offers are done electronically and its strictly a plug in the numbers game. Oh well.....next week I'm going to go in even LOWER just for the fun of it. Wouldnt it be amazing if they took it haha. But like you said - move on to the next! It will be great to meet you at the next conference, we missed you

Yeah, those goofy banks. no rhyme or reason.

One thing I would do though is counter back (teeny increases) until they reject. It will probably take 3 times back and forth (so 5 or 6 total). You never know if they'll drop it for some odd reason if you're persistent. Hey, you've already got their attention. Might as well play it out.

But, like Laura said, move on to the next too. I don't know if it gets less irritating, but it does get less emotional! lol

You're doing great!!

Rina

P.S. Laura, I peeked in the house today!

I already told the realtor not to counter & I will put in another offer in a couple weeks. I KNOW the price will come down like all the rest in town have! My offer was the first and it was on the market 21 days...Hmmmmmmm

I posted a topic "how to" with money partners yesterday. Did you see it?
A guy called me yesterday to as how he can invest in RE. I told him all the ways I know but posted asking for some "stories" about using a money partner.
He agreed that "NOW IS THE TIME" to invest! (I really wanted to yell "PICK ME!" I need to know how I can make the best win-win for the both of us. I was so nervous, but I think I sounded like I knew what I was talking about!

Thanks Laura for missing me at the Event. You're so sweet! I wanted to go so badly but couldn't afford it this year. The pictures are great, it made me really jealous of everyone that made it there. There's always next year!

More later.....
Dawn

I got a call from Tom & Debby (AAAAfuturevision)and had a great chat! Ok, a little longer than a chat! It was great to talk to another DG member and share our thoughts & ideas. They are very REAL people, I'll be keeping in touch with these two for sure! Thanks for the introduction Rina!!

Maybe we'll carpool for the event next year!
Dawn