3+bdrm/1bath $26,900 CLOSED TODAY! $405mo cash flow!

Great job lady

Great job lady

It was fun "shopping" anyway, even if I don't get to keep it.
Got a good "assistant" fee, though.

Rina

P.S. Check your PM.

That is a fantastic deal! Your investor must be proud. Great equity and awesome cashflow.

Also, don't ruin the post or take away from the great work you have done by saying "not as good as someone elses deal".

You're a good teacher.
I'll take that line out.
(And, yes, he is quite pleased. )

a friend and fan,

Rina

That's fantastic! You find the best deals, no wonder you have investors beating down your door! And another in the works? I'm in awe! Keep up the good work....you'll be a millionaire soon! I am proud to share this great state with you! Keep 'em coming, I love to read about your sucess stories!

Your Sis,
Dawn

Thank you, Dawn, for the compliments.
I am SO looking forward to you posting your first deal! I know you're on the right track. Don't lose momentum, OK?
btw, I love your "I KNOW I CAN, I KNOW I CAN" post. LOL You got that right!!!!

Love ya, sis.

Rina

I can't WAIT either! I'm still going crazy down here! Thanks for keeping me grounded and not bouncing off the walls! I hope you can find some others to join your REI club, it's fun to talk to other investors in the area, well, kinda in the area (Madison). You can ALWAYS come down & tag along with me!

Love you too!

Dawn

Good job Rina...you are kicking some a$$.

Can you please go into detail on the setbacks. What were they and how they were over come. What actions were taken, or not taken in order to get them fixed.

Thanks

Way to go!

Setbacks.
Nothing that either the investor or I could really do anything about except be patient and keep making phonecalls to keep things in motion. Had to do with out-of-town bank owner, screwed-up paperwork in the way it had been foreclosed on, inexperienced people maybe in other offices involved, mis-communication, etc. Sometimes it's just a waiting game for them to get stuff straightened out. (Thank God for title insurance!)

Remember the Brule house that I wanted so bad, but ended up pulling my offer? Same thing there. Title issues that the bank (owner) KNEW hadn't been resolved (and they still put it on the market). I even had several lease/option buyers WAITING for that one. Good thing I hadn't signed a lease with anyone, because the issues are still in limbo, as far as I know.
Funny thing is when they first accepted my offer they shortened the time for closing, and put a pre diem of $100 on ME. Then THEY went over by 3 WEEKS, with no closing in sight! It can be very frustrating, but patience is a virtue when you are certain of the deal.

Anyway, there are so many great deals to be found (or MADE) out there, that a person can move on. BUT don't keep moving on and forget to set your welcome mat SOMEWHERE. Gotta take a risk to make the $$.

Rina

that is so exciting! You are such an inspiration....I'm just wondering - is the rehab now the investors responsibility...with him not being in your area I wondered if you managed the property as well, or are you now completely done and moving on to the next?
Thanks for keeping us all motivated with your great success!
Laura

Congratulation Lorina and way to go girl! I'm very happy for you and another closing. There's nothing more rewarding then getting a house after many errors and trials. Good job and congratulation!

Thank you for all the nice comments.
Lloyd, you're right. Very rewarding. (as you know. )

Laura,
My investor has done a lot of long-distance deals and he could easily handle everything from out there. (He knows how to find good contacts anywhere.)
But I believe we've established a good relationship, and since I (and my husband) have been doing this too for awhile, we're going to try it with me being his legs here and lining up/doing the rehab. I won't be "managing" per say, but helping him out. There are benefits for both of us in the deal. Monetary and experience-wise. It has been quite a nice learning experience for me (and will continue to be).

Rina

Awesome!!!!
Many more deals will follow!

Zeek

Hi, by the way my name is brian and im kind of new to the dg family and i've been fliping through the site and everything for sometime and i think what you or others are doing here is great and very motivating im not sure if that was you on the conference call but if so it was very helpful and by the way congrats on this deal im looking forward to doing my first deal soon hopefuly im trying to do the assignments right now so i been using all the info on the site as a coach but anyhow congrats and have a nice day Rina

You are going to be the global investor advisor!! There is nothing like learning from experience and you have so much of it! Thanks as always for sharing and teaching us all!
xo
Laura

Great job.

for $100 on you ??? What does that mean? is this why you didnt get that house?

also: (Thank God for title insurance!)You were not yet closed and waiting, so who had the tilte ins? and how do you get title ins, and why? Just never heard of tile ins before? who gets it, who pays for it, who bennifts from it...

Thanks

Per diem, is Latin for "per day" or "for each day". It usually refers to the daily rate of any kind of payment.
The seller (Fannie Mae) included an addendum saying that if I (or my lender) held up the closing, I would have to pay them an extra $100 per day (up to so many days) that it took to actually close the deal. Then THEY went past the date! I gave them 3 extra weeks of my time, and finally pulled my offer. You know why? Even though it would have been a really good deal, we found out the title issue that was holding it up was one they had been working on for 5 MONTHS! and they never disclosed this to anyone. They never should have had that place on the market! (Who knows WHEN it will be cleared up.)
In the meantime, I was already being charged interest on the loan I had taken to buy the property and the money was just sitting in the bank, waiting. They actually ended up COSTING me money. So I moved on to the next deal.

The title insurance, in Wisconsin, is paid for by the seller. It is insurance for the buyer saying that the title is clear (and shows any easements, etc.)up to the date of purchase. And if for some reason there is a previous lien discovered later, the insurance would pay for it (that is my understanding). It is because a title company was doing a complete search, to issue this policy, that the issues were found and being addressed.
This was also true for the property in my post above.

If anyone wants to add to this, go ahead. (Google it, too, for more info.)

Hope that helps. (But, D, you probably already knew all this.)

Rina

And Brian, if I haven't before, let me say welcome to the DG family, and I wish you much success in your REI! I, too, use this site as my biggest source of support. It's an awesome place to be!!

God bless,

Rina

From the inner circle, I give you 5 huge thumbs up. Would love to hear more in a PM if you get the chance Ms. Superstar!!!!!....Jan

P.S. I don't know where I got the 5 thumbs deal, but you earned it...LOL

Huge thumbs. Sounds like some inexperienced carpenters! lol
Thanks, I appreciate the comment (and the creativity. heehee).

I'll PM you.

Rina

ALL the way around, what more could you ask for?, An excellent rental w/ excellent CASH FLOW, oh AND INSTANT equity, SWEET, RE, SULLY

CONGRATULATIONS! I'm sooooooooooo excited for you. I LOVE when you share.

kellie

I am so happy for you Rina! You are doing great! Do you find a lot of deals for one investor in particular? My investor list is growing weekly.
I have had high blood pressure for over 2 weeks and this has slowed me down considerably. You better slow down so I can catch up with ya! LOL! Keep up the momentum!

Hey Rina
I was asking my title company if I can go in a purchase REO's using the funding...he said absoultly I can. They have the new BLAST program that helps those of us who are assingning. They do it in such a way that it is not like assigning but you ar able to buy (with funding) and close (with an end buyer)on the same day. I am going to have to learn more about it so I can buy and sell some of those REO's.
Sissy

good work Rina.you make us proud.you are one more example for us to keep going..AGAIN "BIG HAND TO YOU", AND ALL PRAISE TO HIM.

grandpa

Rina!! You are totally awesome up there in the great state of Wisconsin! Keep up the great work! You are really doing a great job. Congratulations!

I recently told you that I have been blown out (feeling good) but some day I hope to be blown out as much as you are.

(Hey, I was up there in that state once and all I did was eat ice cream. Great ice cream.)

And I love your family picture.
____________________________________________________

Michael B

Thanks for your encouraging words. Isn't it fun to be a part of a cool REI family where we all enjoy hearing each other's successes? I love it!!!!

Sissy, I don't have a long list of investors yet (I haven't wanted to for now, while I'm still learning). Just a few that have expressed interest from the site, but only one that I'm choosing to work with right now. I wanted to make a little note that the investor I'm working with I admire so much and his wife is the sweetest thing. They have made this a wonderful experience for me so far (and have been very generous), and I hope when it's all said and done they will be more than pleased with the job I'm doing for them. A person can learn so much from each new experience if they're just willing to take a chance and try something new!

In the next few months here, I'm going to work more on the assigning. I think as we move into winter, there will be more incentive for the banks to be creative with the REOs. (I'm hoping. )

your DG sis,

Rina

P.S. Sissy, I'll be praying for your health. And grandpa, yes, all praise to Him. God is good!
P.S.S Michael, glad you enjoyed the ice cream. lol