Rina's DAILY JOURNAL: Chapter One - The Beginning

What did you say in the message?

Rina

Way to go! You are so busy learning and doing!! This is very inspiring! Thanks for sharing all of the lessons you are learning - it will help all of us learn and grow too !

Welcome to the DG family!

First let me say CONGRATULATIONS on starting your REI! That's awesome that you are already in the running!

Now as far as your question: what kind of cash-flow could you get with the properties, and what are your long-term/short-term goals? I guess it all depends on what you'd like to be doing, and how much profit you could get from each strategy. Do you want to run some numbers by us?
You may already have in mind what answer you're looking for.

Again, good job! Let me know what you come up with.

God bless,

Rina

dar4him wrote:

Way to go! You are so busy learning and doing!! This is very inspiring! Thanks for sharing all of the lessons you are learning - it will help all of us learn and grow too !

Thank you! It is a privilege to share with others what so many have shared with me. That's what it's all about. Giving back.

Welcome to the DG family! It's nice to have you here.
Hope to hear good things from you as you jump into REI!

blessings,

Rina

I pretty much followed Dean's preforclosure outline. I let her know that I was an investor and it came to my attention that she may be in jeopardy of losing her home tue to overdue taxes... I told her if her situation was dire and she was in fact not able to get current on her balance,that I may be able to help. I also gave her food for thought in terms of losing her property outright or being able to walk away with cash....

Now that I'm typing it, it seems that I may have said too much. What do you think?

Hi Everyone - In one of these threads, I asked Jason (I think!) to list the banks' REO websites and I can't seem to find it any more.

I know this is a bit of a nuisance, but if any one runs across that post, can you point me in the right direction.

Thanks.

I wonder if it works the same when you are calling them compared to when THEY call YOU. If they are the caller (in response to some of your marketing), you know they already are at least somewhat motivated. I'm not really sure what to tell you. I haven't tried it yet myself. But I would guess one would have to be VERY sensitive to the homeowner's position (or how they perceive it) when cold-calling like that. Try it a few times and see what response you get. If it's all negative, change something. Try reading through that part of the book again to see if there's something more/different you could be doing.
But, hey, CONGRATS on doing it!! At least you are not just sitting there THINKING about doing it!

Rina

P.S. Not sure where the REO list is. sorry.

I went down to Maryland and viewed about 7 properties!!!

I REALLY like the prospects of 4 of them. I want to put in an offer for one IMMEDIATELY, but am having trouble "reading" the land trust agreement that I'd like to present the offer with.

Can anybody (including KimmyJ) help me with understanding this contract. I put in a call to an attorney that I spoke with some weeks ago, but haven't heard anything yet. This is my first deal, so without knowing exactly what I'm doing, I really want/need the assistance on this one.

I KNOW this is a GREAT deal!!! Asking 75K for a $180K condo. Needs some upgrading/needs inspection and assurance that the brand new carpet isn't just a cover-up job for a prior neighbor's flood next door, but other than that, I'll still be in the black if I do have to put 20K into it.

PLEASE someone help me steal this condo???

can you post the land trust agreement on here for people to give feedback on? How's it going with this prop? Still in the works??

How am I ever gonna catch up in here?

Let's see. What has happened since my last real entry.

-assignment with Laura

-$12,000 flip

-$5,000 double-close for my niece (within a couple weeks now. paperwork is all together at title company)

-Dean's EDGE event - met almost all my DG pals and heroes, learned from Dean and other great speakers, spoke, had DINNER WITH DEAN, brainstorming session with Dean, Matt & other greats, got to tour the studio, enjoyed a luxury resort, unbelieveable event/trip of a lifetime.

If anyone would have told me a year ago what would have come to pass since starting this journal, I probably would have laughed in their face. Now I know ANYTHING is possible. I believe each of these things happened because there was a vision. Someone envisioned each event and then did their part to make them come to pass. The mind is a powerful thing.

Dreaming even bigger things for 2009. It's quite a rush. Not too many things that compare.

Rina

I met so many awesome people at the EDGE event! If any new people have come onto the site after attending, make sure you post in Anita's EDGE thread (I'll leave a link). When you do and say you were there you will get your EDGE badge. Hope to hear from lots of you!!

http://www.deangraziosi.com/real-estate-forums/everything-else/19702/edg...

Glad to have you here!!

Rina

http://www.deangraziosi.com/ufiles/TRUST%20AGREEMENT.doc

Welcome back Rina!! I missed you! It seems like everybody was at the EDGE. It seemed like there was no action on this site all weekend.

Well - I THINK the condo is still available. I am trying to find a HML and refi after closing to recap the lenders investment. Oz recommended one to me, but they haven't gotten back to me. I'm "sick" thinking that I'm going to miss out on this one. Anybody want to earn 10K on 75k? (I think I may be able to get the bank to accept 50-60K+rehab/upgrade) If anybody is on board, I'll put in the offer and go directly to the bank in the morning to a heads up on the refi. With the equity that will be in the condo and DEFINITE cash flow, I'm sure it'll be no problem.

Anybody up for it?

Congrats on your successes!! Way cool and very inspiring.

I have a few questions based on your post.

What does assigning with Laura mean?

The 12k flip, did that happen over a year ago or just recently?

What's a 5k double close?

Thanks for posting your successes!!

Actually, all three of those deals are current. Here's a link to the assignment with Laura. She is just waiting to close on the property (already paid me the $2,000 assignment fee).
http://www.deangraziosi.com/real-estate-forums/everything-else/16902/fir...

The $12K flip is in this thread. Closing on that one (resale) this month.
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

I haven't posted much about the double-close yet because it's still a little sketchy as far as timing, and might turn into a flip instead of a true double-close (which technically should happen the same day). I just got word yesterday that the short sale bank (which is the seller) wants to close the end of this week or early next. I don't think my niece's loan will be ready by then (she and her husband are the end buyer), but we've got til the 15th according to the purchase agreement I have as the first buyer.
Boy, that sounded confusing even to me. Should I re-word that or did you understand what I meant??

Anyway, for more info on any of these strategies, you can do a search thru the site. There are LOTS of questions/discussions on the subject (many of them from ME when I first came on here last year and didn't know what the heck I was doing yet! lol)

Hey, congrats on your achievements so far!!

wishing you MUCH success,

Rina

Hey. Thanks for the welcome back, and for holding down the fort. lol. we missed you at the event too.

And thanks for posting the land trust agreement.

Did you get any bites on the condo? Can you post what the market rents are and some of the other numbers? (or did you do that somewhere else?)
Maybe you should get it locked up and then advertise it like crazy. Start running a ghost ad for it roght now on Craigslist if you haven't already. Just don't put the address. List all the other info and see what response you get.

Wish you well!

Rina

Do what Rina suggests as far as the ad. I posted one on CL this morning and have already been contacted by 2 buyers and a third retail buyer looking for a house on 40 acres! Thanks Rina! You really are the "Queen"! Now I have to get down to the realtors and get that offer IN!!!!

Luv ya Sis!

Dawn

PS, keep us posted on the double close! I'll be doing the same and as usual, I'll be learning from YOU!

So was I demanding enough when I said DO IT NOW! LOL (nah, I hope I was polite. It was great talking with you. )
Congrats on the ad and the response! Do you want to share what you wrote? Must have been pretty good.

Now just connect your new buyers with some great deals, and you're on your way!!! Hope to hear good news.

Rina

ATTENTION REHABBERS!

4 Beds, 2 Bath Bungalow
1890 square feet
Full Basement
Attached 1 car Garage
Municipal water/sewer
30 minutes to Madison
Nice neighborhood
Needs Rehab, has great potential!

Please respond to this ad or call 608.566.3469 for more details.
CASH buyer prefered as this will go CHEAP!

Thank you for your interest!
___________________________________

So what do you think? Killer ad huh?

Dawn

You make me proud! (got a tear in my eye)
That's EXACTLY it. A ghost ad with details! They know you're for real, and you don't even have to have it locked up yet (but do that quickly!). Depending on how much response you get, you know how many buyers are looking for each tier. Run another one in a different price tier when you're ready. Of course base it on something realistic, but go for it!

your sis,

Rina

Wow!!!

I just read both of those links. It's kind of funny with the first one how timid you read, but the second one it was like you could write your own book.

You were beaming!!! with confidence kiddo!

I'm so jazzed for you. It was a bit intimidating on the second one, I must admit. Like I felt like I was with you on the first link, but on the second one I don't think I could have done that with as much confidence as you did!

Congrats !! (although it's over a month old)

Can I have your autograph?

I just needed that kick in the butt you gave me! I'm happy you're proud, after all you've brought me a long way! I couldn't have done it without your support (and other here too!)and friendship. You are GREATLY APPRECIATED!

Soon I'll be posting MY FIRST DEAL!!! (I hope I didn't jinx it now)
Locking it up tomorrow, I'm sooooooo excited!!!!!

Your sis,
Dawn

It's all about keeping each other going. luv ya.
(Told ya this site'll do that to you!! lol)

prrrroud to be your sis,

Rina

Rina - I contacted the development and they haven't had 2bd/2bths on the market for quite some time. Their last recorded rates were 1400/mo. My contact in the development said that I can get more like 1600/mo - EASY. (which would bring about 500/mo in positive cash flow.

$500 mo cash flow. That's some decent return on a prop under $100K! Are you running a Craigslist ad? I think you should get that thing locked up! thanks for keeping us up-to-date. (If I didn't have so much going on here right now I might be calling you myself!)

Rina

Given the financial status of most of us newbies, are there any HML Programs that don't require upfront fees and monthly fees just to use there services?

Given my not so good credit, do you think a bank will refi on the merits of how much equity will be in the unit? (even if i do opt for one of these paid programs, I'll still come out on top if I use them and refi with a bank)

What do you think?

you never know until you ask. I've not used an HML yet, but I've started talking to them. Just start checking out the different HMLs and banks. oh, and you might get better response if you post your question out in the forums too. I know there are others here that can give great advice on this.

Rina

Hi Rina,

I am trying to catch up on the threads I had bookmarked..plus all the great new ones...whew! I read the ones you mentioned to me on and WOW..how inspiring. You are like CBR--a warrior--in a yoga kind of way (not sure if you knew I was an instructor). You emanate total mental strength to forge ahead to spread good things and peace to others. Very cool!! I really hope we can work together on some deals in Florida as I think we share the same values and goals.

Thank you for referring John. I spoke with him yesterday and he seems like someone I could work well with. I think I may even be able to help him meet his goals by investing in my home area. If there are others you know who cannot find deals in their area, feel free to refer them to me as there are some specific areas and price ranges I know very well around here that present great opportunities and then of course, Florida is a whole different world with a variety of opportunities depending on the goal.

Wishing you lots of love, peace and prosperity!

Kate

Yesterday I posted a question on creonline.com regarding funding in WI.
Try that, I got a response right away (I have to read it this morning). They send you an email when you get a response!

Hope this helps!

Dawn

Thank you for the kind words. I look forward to exploring possibilities with you. I may have my aunt contact you if I come across anything. Maybe they'll be my "boots on the ground" to work with you down there. I've sort of been in touch with Angie, too. Although she is still investing long-distance. She gave me some wise words about the FL market, as well. It's a privilege to have connections with great people cross the country.

Dawn, love the new pic! And congrats again! (gonna post some pics of little Blake?? )

Rina