Laura J's Journal

Laura J's Journal

Hi all - I havent posted in a while- (I've fallen off the top user list, boo hoo!) Bu finally have some new info to post! Closing my first flip on monday, the 29th. There was a little delay when at the last minute the buyers title company wanted info on my LLC - but its all good to go. And amazingly - for those of you who read my story in other posts - this house sold in ONE week! There is another on the street 4 doors down that has been for sale for months. And now I have found a bank repo/short sale right next door to that - 3 doors down from my flip! Its in awful shape, and I am preparing a detailed proposal backing my low offer with pictures, repair estimates, low comps - and best of all - the fact that I am 'experienced' from just buying/fixing/selling one on same street. The one I just sold I paid 225,00 for, and it was in better shape than this one that the bank is asking 269,000! So I figure if they dont take my offer I'll tell them to hold on to it and call me when they're ready. Oh - I'm offering 150,500, figuring on countering back and forth a little. So we'll see....I just cant wait to get my hand on my next rehab! I will be submitting the offer by end of the week, and will share this experience as it goes along.
Best to everyone,
Laura


Richie

You are too funny....but I'll tell you what. If that buidling becomes even a remote possibility I will make the trip east to do a walkthrough with you! That would be so interesting...ooooh the possibilities haha.
Cant wait to hear about your contact with the auction home. Are you finding this on-line? I had been into that heavy in Jersey, but it never led anywhere. But of course now I'm much more confident and understand better how things work, so I think I'll start checking them out again. Thanks for the reminder Smiling
So hows the rehab going? Underway I hope...and with all you're doing before you know it - you will be looking back just like me in amazement of all you've done!!!


Cathy

Always good to see you in my journal when I get to come on Smiling The DG fam is such a great place to come and feel so much support and encouragement isnt it?! Without this site and all of you wonderful people I wouldnt be where I am today, or have kept the drive and motivation when times got tough. So a big thanks to all Smiling


Hi Donna

Thanks so much for stopping by my journal to leave a note! Really appreciate it Smiling You and your husband are doing awesome with real estate - 36 units!! Wow!! I'm not even close....but will now aspire to be like you Smiling Is Kelso anywhere near Spokane? Thats where my son is stationed with the Air Force. So I must ask - with all the real estate you guys own - you obviously are doing it full time, right? What are your continuing goals? I can only dream right now of having that many income properties!!


Hey Laura The auction homes

Hey Laura
The auction homes I find in the Friday paper here. They post then every Friday religously. I look at the amount owed that they post it is an aprox judgement amount but should be fairly acurate. Alot of them I wouldnt touch because they are so upside down it doesnt pay to work on unless you try to do a ss.
And yes, If I do get anywhere with that building , I will beg you to come and partner with me on it lol. It would be a great learning experience for both of us and i am sure plenty of money can be made on it, i am figuring in the 200k range on a flip double close. Those kind of places are in demand by big investors. I will keep you up to date on it when I get somewhere.
Rehab is going well, financing not so well. But I will figure it out some how because i have to lol.
talk to you soon and congrats on those properties being ready to market. I am crossing my fingers you sell fast.
Richie


Almost

Laura,

I am well on my way, but still very tender and the pain is bearable now. I cannot start my walking routine for a while yet. BUT.... I am starting to get my ambition back since the pain has subsided as much as it has. I want to get this thing rolling and I do not want to be left behind. Thank you for your encouragement. I am trying to follow you!

Tim

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Tim
Keep on Keeping On !!! Expect it, God has already given it to you. You just need to get out there and grab it!
If you want to follow my journal:
http://www.deangraziosi.com/real-estate-forums/investing-journals/33874

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10


Hi Laura

And thanks for reading my journal too!Smiling
to answer your question Kelso is west of Spokane. It is about a 6 hour drive.We live on the west side of the cascade mountains.Your son is based in the hot part of the state, beautiful but hot this time of year.
My husband does our business full time. I do still work 2 days a week as a nurse and the rest of my time I focus on real estate investing. We now have 40 units that are owned by our company.Our goal is 100 units. we have 2 business partners that we have been partners with for 5 years. But they really aren't investors.
I recently obtained my realtor license so that we could start managing other peoples properties. Our plan is that this will be passive income when we are ready. But the investing is my desire and I love it. Our goal as a company is to own 100 units within the next 12 months. But we are focusing on a type of quick cash strategy, fix and flip assignments. But I won't turn any deal down. Hahahaha!! I really like doing lease options the best so far.
My most immediate goal is to get out of debt ASAP.
Oh boy I am windy today.
Anyway, any advice you have to offer I would real appreciate.

__________________

"Don't tell me I can't, Tell me how I can."


Richie

Great talking with you as always! Cant wait to hear what progress you make finding out the possibilities of a sale on the childrens hospital place. Good detective work going on Smiling Anything more on the Florida deal for your co-worker? Just keep me posted on the other Fla. prop sale. Kinda of good for both of us right now that it wont be next week. Gee -Its actually getting hard to keep up on all you have going! Amazing Smiling


Tim

So glad you are on the mend and that your pain level is easing. I've had a few experiences with debilitating pain and it just makes everything else stop. Its always good to hear from you - you are always in my thoughts.


Donna

Congrats on getting your realtor license! Does that affect your ability to make offers though, or can you still throw them out there like anyone else?
I wish you all the best on your goal of 100 units! Love it Smiling I just did my first lease/option - long distance on a prop in Florida. They have been my goal as well, and that is the strategy I plan to use on future deals. How can you beat getting money up front, rent during the term of the lease, and then knowing your profit at the end? Smiling


Lease Option

Hi Laura!

That's what I'm trying with my first property. I'm having a hard time getting it filled though. I've been trying CraigsList but keep getting flagged off. I tried the classified but too expensive. Bandit signs don't last long. How are you doing it and how long is it taking to fill them?

Barb

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Owen Properties, LLC


Good Day

Well today has been one of good news so far!

First, Randy got to KC and the house the rehabbers did the ultimate shoddy work on has been redone and it looks excellent! Yeeha! Then he called me back and said the daughter of the neighbor behind it possibly wants to rent, possibly even purchase. So yay again! If she rents it we will then sell it as originally planned as a cash flow property. So all is going well there.

Second - I reduced the price on my Minnesota flip again. Second time in three weeks - boy do I look like a motivated seller haha but guess what - I AM :)Truth is, I am now at the price I originally wanted to list, but when my realtor said the higher price I of course saw dollar signs and went for it. But it wasnt getting showings. Now at new price its getting action and one agent said they are preparing an offer as of this morning! Hoorah! Plus, I will still make a tidy profit...so lesson learned for me. Flipping is about FAST!

Well, gotta pack - off for a week to visit my Mom. Keep moving forward everyone!


Hey Laura,

Glad to hear the good news about the rehabbers work now being excellent! Smiling I'm happy to hear the great news about the daughter interested in renting or possibly purchasing too Smiling

Happy news too that your Minnesota flip is getting action and you are looking at a tidy profit Smiling Go Laura!

Have a wonderful visit with your Mom!!

Lea


Hi Barb!

Dont know how I missed your post before - sorry Smiling I got really lucky with my first lease/option in Florida. The tenant was already in place when I bought it! But my plan when I need to find a tenant would be to do all the things you have done - craigs list, bandit signs, flyers, word of mouth. Have you spoken or mailed anything to the neighbors? Its a strong possibility that they may have a friend or family member who wants to move in the area. Randy always puts a sign out that says "Rent to Own. No Credit Check. No Bank Approval". His phone rings off the hook. Have your read his journal? There is a ton of information in there. I will keep you posted on how my next one works out. Good luck with yours too!


Lea

Thanks for stopping by for a visit hehe Smiling Always nice to hear your encouraging words! I should be sleeping - leave for airport at 4am...guess I'll shut down and go shut my eyes anyway! Sherri (Grazi2Graziosi) gave me great courthouse info on searching probate props - so I intend to put it into action while I'm at my Moms. Who knows - maybe I'll buy a house while I'm gone haha!


Laura,

Hope you got some sleep in before your flight. Well if not maybe you slept on the plane? (which I've never been able to do.)

I would not be surprised one bit if you picked up a property while oyu were in town visiting your Mom! Smiling Now you've got my curiousity about Sherri's great courthouse info. I'll have to ask her about it Smiling

Lea


Hi ~ Enjoy The Quality Time With Your Mom !

Hi Laura ~

Thanks for the plug (LOL) and I "really really" hope you snag a PROBATE DEAL

while out of town !!! Smiling Wouldn't that be peachy ?????

~S


Enjoy your visit with Mom,

Enjoy your visit with Mom, Laura.
I will talk to ya in a week Smiling
Richie.

p.s. You will have to tell me about the probate secret. lol Eye-wink


Lea, Sherri, Richie!

Hello my friends - well of course I cant stop doing RE and getting on DG site no matter where I am - totally addicted LOL! I dont sleep on planes either - so I'm a bit tired today but will catch up Smiling Sherri - I may have opened a can of worms for you - you may be flooded with pms lol. Perhaps I should cut and paste your great instructions in your probate thread?! Let me know Smiling
Thanks for your well wishes for a great trip - I always treasure any time I can get with family and friends!


OH YEAH!!!!

Since reading Bill ORaffertys daily advice column and his market predictions and advice that if your flipping to SELL SELL SELL....I got nervous having 4 current flips....and I think I mentioned that I lowered the price on my Minn. prop again - (actually to the price I originally wanted to start at but got dazzled by the dollar signs with the number my realtor threw out)and guess what!?!?! Hope not to jinx things (I am sometimes superstitious haha) but I got a FULL PRICE offer in my email this morning! Just not too happy with the lender they chose and a few of the terms...but in negotiations. So how cool is that?!?!?! Smiling Will keep you posted.


Jinxed It? ha

Glitch in working out above offer. We agreed to terms, but they wont change from internet lender to local lender. Checked them out on Tx. BBB which they claim to be a member of on their stationary, but are not. D+ rating with complaints unresolved due to not being able to locate company. Yikes! So I countered that if they want to keep that company they will have to put down 10k NON REFUNDABLE, and I will continue to take back up offers if deal falls through (thanks Randy Smiling) So waiting to hear back if they accept or not. To be continued.........


flipping prices

Laura I am not the expert but I have found the with the fix and flip houses if you put it on the market at about 20% under FMV it will go quickly. I know some people might think that is too much meat on the bone, (thank you Greg Murphy)but as I see it the quicker I can get my cash back out the sooner I can do another deal. So far this stategy has worked for me.
Way to go Laura!!!! I like the 10k non refundable idea

__________________

"Don't tell me I can't, Tell me how I can."


Hey Laura,

Thanks for keeping us posted on this. You KNOW we are all rooting for you on this! Smiling

Lea


Hopefully they will change

Hopefully they will change their minds and close the deal.
Laura, on the refi front , I made some progress. I recieved 2 responses,one from a linkedin connection and one from a mortgage connection. The mortgage one was more specific in answering my request. She said she can do a cash out in 6 months, thats the best I have found up til now, but she left the window open by asking me what I am really looking for. I told her ultimately no seasoning but would settle for 3 months. SO as soon as i have solid answers I will let you know, maybe you will be able to pull cash out in the middle and the end now on the FL deal.Smiling
keep rolling my friend and thank you for everything you do for me Eye-wink

Richie


Donna

Hi! Thanks for stopping by with your encouragement and ideas. I've actually successfully flipped a number of houses.....just admit I got a little excited when my realtor threw out the higher price and thought I'd go for the "big one" lol. But I knew where I should have been from the start and now I"m there. So if this current deal does go through I will move it soon!


Lea

Hey Sista Smiling As always - its so great to pop on here and have all you guys rooting for me and I love every single one of you for it Smiling


Richie!

Awesome news on the refi front my friend! I sure appreciate all the legwork you are doing that I may benefit from Smiling I will def go with a 3-6 month seasonsing.....in the middle is better than none at all! I never did hear back from the DG connection....he never came back with his florida contacts or any response at all. Hmmmm......
Well gotta run - my Moms up from her nap Smiling


Probate Info

One more post lol....for those interested in the great info I received from Sherri on probate searches - I am putting it here and in her probate thread...which you should all participate in! I will post a link to that a bit later....but please....use the thread and forums instead of PMs to ask further questions! That way they can be answered more quickly, and everyone will be able to benefit from the interactions!!!!

Call first ... and ask where the REGISTRAR OF WILLS office is within the courthouse.

While on the phone, double-check if their database is automated online now (many are) !!!

Go there, and ask to browse the public records that deal with estates in probates.

They will want to know if you have a specific case number you're checking for (get a handful, in advance, if you can ... from the LEGAL NOTICES IN THE LOCAL NEWSPAPER)

Look them up - and just get familiar with the vast amount of information that is not private!!! Yikes!!!

In particular, I have learned to "cut to the chase" and go straight to find the form called SCHEDULE A
(but it might be called something different in each state)...

Here -- the "SCHEDULE A" tells you the dollar value of the real property at stake in the probate. (I have the AUDACITY to smirk at some of them !!! LOL)

But -- the truth is that there are just SO MANY that investors can pick and choose -- so why choose the least expensive ones? (There, I justified that rather nicely, didn't I?)

You can also learn what other debt the deceased had (that the court wants paid off) ... and in three of the ones I found today, the total was ZERO !!!

Houses owned free and clear. (This is not unusual since many folks who die are elderly, and their debts have not been exorbitant or foolishly ignored.)

So there it is - Probate 101 haha.....run with it! Smiling

Hopefully this link will work to the probate thread:

http://www.deangraziosi.com/real-estate-forums/everything-else/55567/pro...


Hey Laura, Just stopping by

Hey Laura,

Just stopping by to say g'day - received my 'Edge dvds' in the mail yesterday and my head is boggling right now watching Rina's story and your cameo! Can't wait to watch the rest. I'm looking at potential buy and holds out of state for the first one so I'll keep you posted! Smiling


Hi Chris!

Just about to sign off and saw your post! Thanks so much for stopping by my journal! What state is the buy and hold you are looking at? How are you working it - do you know people first hand in the area that are helping you find it? I love deal details Smiling Australia is on my 'bucket list' of places to visit in this lifetime Smiling Amost moved there when I was 10, and I was SOOOO excited...then my Dads job transfer fell through so I've always felt cheated haha. By the way - buy and holds or buy and lease/option is THE way to go right now!


Australia's a beautiful place!

It's a small town in Pennsylvania about a 4 hour drive from New York so I'm planning on taking a road trip in the coming weeks and stay a night or two and look at as many properties as I can to get a feel for it. I was looking at getting financing from a bank with 10% down or asking friends and family to chip to get started. I have to admit I had some information overload with the finer points in Rina's presentation but I can watch it over for more clarity. The deals I'm looking at are listed on the MLS and have appraised value listed. I'm only working with agents right now but may try to get others involved closer to the area. One day I hope you get to Australia as it really is a beautiful place - just a long way away! Now I'm getting homesick! Eye-wink