OfflineI found a house that was FSBO. He originally wanted to do only conventional financial but I came correct. I outright told him that I had no money but I really wanted his property.
You see prior to me telling him that I called about the property and after a little small talk I found out that he was a retired school principal and he and his wife started investing in 1973 so they could retire early. Now he had no kids at home they all live down south out Florida way. He really wanted to get close to them but felt locked down to California because of all the property he owned. He was pretty set with money and selling the home way under value just to get rid of them.
So now I knew what his buttons were. He just wanted to go. So I found out how many properties he had here and asked how much for each. All of the properties were paid for 100%. This is what he told me.
$229K for 4/2 1574 VACANT (appraised 4/2/08 295K
$290K for 4/2 2204 OCCUPIED (rent 1800 appraised 355K)
$310K for 4/3 2303 OCCUPIED rent 1950 appr. $386K)
I knew there was no was I could get any sort of financing at all let alone on three houses, so I THOUGHT A LITTLE DIFFERENT. I made him this offer.
202K for the $229 house with 5000K down - 1300 month with 500.00 going toward down payment monthly (can rent for 1600-1800) and complete owner carry at end of one year for 191K (included him paying escrow fees of 2K for me upfront and including them back purchase price). This would give him 11K as down payment total after one year or approx. 5%. After that 100% of payment toward purchase price and OWNER FINANCE!
225K for the $290K house with 5K down - tenant already in home on 2 yr lease paying 1800 monthly. 1200 of that going toward monthly payment and 600.00 month CASH FLOW for ME! Price includes escrow fees. OWNER FINANCE!
265K for the 310K house with nothing down. 1000K of monthly rent going toward purchase price and 950.00 CASH FLOW for me. Price included escrow, OWNER FINANCE!
Now you may be wondering how I did that AND got him to finance and everything else. Here is the story. since I knew all properties were owned free and clear and he was set with money and just want to get rid of them and leave I made this offer. Owner finance all of the properties for me and I will make monthly payments to him in a nice amount for each. He no longer had to worry about managing them or the responsibility. He signs them over to me and I in turn give a promissory note with the term. He did not want to deal with any realtor's so this went old school. Where you word is bond.
Now he has a monthly check coming to him and his wife (they are in their 70's) for 2800.00 every month for the next 30 years and they dont even have to work for it. Yes, there were getting more but this owner told me this. He had to start somewhere when he started and so do I. This gentleman gave him a chance and let him buy his first house in 1963 owner finance. He called me after midnight last night and asked me if I really wanted then all, I said yes he said meet him at the escrow office at 11am today. He and his wife are now planning on moving in 2 weeks! He told me he was giving me MY chance, just dont mess it up.
GOD IS GOOD and so is DEAN! Thank you Dean for giving me the courage to step up, find the buttons that make people work. I now own 3 beautiful houses and have made a really good friend (the owner) in the process.
p.s. did I mention he would take no interest on the financing. The 10K I am using to put down came from the line of credit I still had open with bank from my business.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
YOU
CAN
DO
IT!!!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
It just kept reposting itself
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita. Your always step ahead of everyone. Your successful story inspire us and motivate us all. Thank you for sharing your story with us and congratulation on all your success. That was amazing!
Lloydsap
Lloydsap
Exaclty. The Anitas of the world are eating the lunch of people like me and many others.
Do you know why??
Because she is NOT comfortable. She is not satisfied and that makes her aggressive and fearless.
Mark you know what. I have to be. I have to be aggressive and un-intimidated because as I told you before, where others have lots of choices let on what to do with their lives, I dont. I have many health issues that I fight with everyday and this is all I have left. I have to make this work so I set my goals and laid my path now I am just doing due diligence to follow it. Come run with me
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
running, man, i'm way too out of shape for running, but i'll walk with ya, lol, SULLY.
YOUR HERO, SULLY
I don't know if i can keep up Anita, but your setting the tone for us all. You just make me even more determine to get in the race,lol, thank your inviting us to run with you, lol.
Lloydsap
Anita,
You are amazing and I hope that I can find the deals and then the nerve to handle them as well as you did.
Great work!
Deb
Let me explain--I live in the grand Canyon. The nearest town is 76 miles away. I can't really travel the neighborhood,so I have to do my traveling through the classifieds and the internet. I haven,t finished the book yet and I am reading as fast as I can to comprehend. I think these posts are great! Any suggestions are appreciated. JDL
I would start by moving 76 miles closer and get to know that area
Mr.Bill
someone to be there hands on would be awesome....like Rina mentioned "A BOOTCAMP"!
Don't Wish the Past, Create the Future! - DH
of instructors physically come to the new investors area and they do deals hands on. That would be something incredible.
Don't Wish the Past, Create the Future! - DH
Sorry I just saw your post but let me give you a suggestion.
If for some reason you cannot move closer to the area you want to buy in, and that is not a requirement - then familiarize yourself with the market by using resources like craigs list and a local realtor in that area. Just start having them email you listing for say properties under 100K and ask them lots of questions. Let them know you want to put your money in that area but you need a good pair of eyes and ears on that end. Ask more question, look at more listings, talk to more people and just do it
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Ok guys somewhere in here I told you about the 8 offers I put in earlier this week well 2 have been accepted so far. I requested the 90 day escrow and got it, neither offer was countered and the offers I gave were pretty low:
Asked Offered FMV (now) ARV
----------- ------------- ------------ ----------------
89,900 54,800 74,600 175,000
154,000 99,000 120,000 225,000
There were all REO's and comps support ARV. Now that I have them locked up I am looking to assign them for 30K over what I offered on each, that would still bring both in under value and give new owner a heck of a lot to work with. All are located in Southern California
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita,
You truly are a blessing to us all! I've done two successful real estate deals over two years ago. When a family member saw how well I was doing he coaxed me into moving to another city to become partners with him and his significant other. Within months things fell apart and I lost all the money I had made and had to get a j.o.b. The most important thing I lost was my confidence. I've tried over and over to get back into it but haven't done it yet. I keep replaying how great it felt after doing those two deals and how easy it was, and how I made more money than I have at any j.o.b. but I'm still not moving ahead. My j.o.b. is barely paying my bills and my credit is shot now. But deep down I know I can do it without credit or money out of pocket, I believe what I really need is a support system to keep me motivated. Any ideas would be greatly appreciated! I believe everything happens for a reason in life... Hearing your story was definitely meant for my ears. Thank you for sharing it and continue to enjoy your blessings, you truly deserve them!
Sincerely,
Elena M.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thank you Anitarny for sharing your story. You have defnitely inspired everyone to know that this is possible and it could happen to anyone. That is why this site is like a second home to me because whatever you share we can all learn from.
Thank you for the job well done. I assure you that I will be sharing a similar story in not the too distant future.
YOU HAVE INSPIRED ME BIG TIME'''''''''.
I really appreciate all of the positive input I have received on here and especially since the conference call. Thank you all and know that I may not be 20 years into the game - but I AM IN THE GAME and I will continue to grow and help you all grow with me.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hey Anita you mentioned that you put offer for RIO and got some accepted did you re-assained them to the investor? And I just read all the posts you go girl that was awesom. I looked trough the prices you mentioned for the first 3 houses is that your average price range in Cali.?
I just wanted to repost this in hopes that it may inspire some of the newbies out their gain a little more courage and JUST DO IT!
Merry Christmas
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I am reposting this because since Deans new book came out I have gotten a lot of messages asking how and when I got started. Here is my first story as a REI - and I hope it inspires some of you newbies as well as old hands to just jump in there an DO IT!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you for reposting this! It's hard to find the time to sit down and read all of the great posts on this site, and nearly impossible to read the older stuff!! I'm so glad that I got to read about your first deal. That was AMAZING!
Do you still own those 3 houses? I can't believe how much success you have had in such a short time. However, when I read about how you accomplished your deals it is perfectly clear that you are an OUTSIDE-OF-THE-BOX THINKER and you are not only creative but WILLING to put the thoughts into action! I know I've said it before, but you really are inspiring to me. Thank you for all of the great advice and wisdom that are willing to share with us. It is appreciated. I can't wait until I can create a thread about our first deal!! 
Hopefully soon!
I look forward top reading your thread on your first SALE!!!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
The story is truly inspiring. I look forward to my opportunity.
Honesty is still the best Policy
Thank you for your kind words and I look forward to reading about your sucess.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Great deal anita! I believe life always over-rides...A dollar. Just in my
life, I have learned what is important. I believe the gentleman at seventy
something saw the true meaning. In retro he made a great opportunity for
the next class of...Dreamers...Dreaming a better future for us and our familys!Still you did see(Magic buttons)the opportunity.Thanks DG!
Great info Big "A"!!!
Randy 2for1 Rose
life, I have learned what is important. I believe the gentleman at seventy
something saw the true meaning. In retro he made a great opportunity for
the next class of...Dreamers...Dreaming a better future for us and our familys!Still you did see(Magic buttons)the opportunity.Thanks DG!
Great info Big "A"!!!
Randy 2for1 Rose
Hi Randy
Thanks for the kind words. It goes a long way finding out what motivates the person to sell and I think Dean did a great job covering that sugject in BARM. I used what he wrote to accomplish this and when you think about it - thats all that any of us really want - someone to listen to us and care about why we are doing what we do.
Have a wonderful day.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hi Anita,
Reading your story is truely inspiring. Thank you for the post and the words of encouragement. My hat goes off to you for stepping out of the comfort zone and chasing your dreams.
I have yet to get my first deal done, but I feel like its time to reach my real estate goals. Dean is the man for providing all the tools available to get started. As for you Anita, you are just too cool! Thank you for everything you contribute to this forum. I learned a lot reading just from your posts alone.
Regards,
Lenny
What the mind can conceive and believe, it can achieve...
Lenny
LFLProperties@****
321-506-1303
I just got back to my computer so please forgive the delaY IN RESPONDING. I want to say thank you for the kind words and pleaselet us know if we can be of assistance.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I love to read accounts like this --- of people becoming successful......
Glad things worked out and that you were able to acquire , not just one home but THREE !!!! lol !!
Family comes first and there are so many like the retired school principal that just want out from under or away from the property as it were.
Good luck to everyone !!
Keep active !!
As always you are never scared of a great leap. Job well done. Congrats.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.