Rina's DAILY JOURNAL: Chapter One - The Beginning

if you are online, call me .... i have a crazy story to tell you.

btw I just signed on those props in Alabama. I have the papers ready to go back to their attorneys this morning

I'll call ya.
Hey, congrats on bama props! Yeah!!

Rina. I'm a newby from tx and having trouble getting my buyers list started. Placed ads in craigs list (several places) but not getting any replies. Went on line with a foreclosure listing today, and pulled up about twenty listings, scattered all over the place. Without buyers lined up do I dare to call and try to make deals? I do know a couple realtors and several construction people. Need info fast. HELP.
thanks erh

P.S. I tried to email anita but could not get it to go through (probably just computer iliterate, just learning at 50)

Sounds like you had a busy week and thats great ! Let us know how you made out. Trying to get some of my REI projects done as well.

Warm regards,

Paul T. La Moy

I will delve back into quickbooks when I can find the time! Perhaps your couple may be interested in the John Ave house haha. It has a garage! If I dont get it rented by end of the month I might be happy to sell it. As of the last time i spoke with Steve there was one possible tenant interested, but nothing solid yet. I still have faith though - its a great house. I reposted the pics of it, along with my Jersey house in my journal. I believe the new links will work.
Its cool you got to hang with Vaughn. I really enjoyed meeting him at the EDGE and am actually quite jealous of his young start in real estate haha.
Good luck tracking down the owners of that property - hopefully you can go around the bank and get your hands on it!
Talk soon,
Love ya & miss ya

Work on both at the same time. Do you have an REI Club in your area to start some networking and finding buyers? Start running ghost ads with the criteria of the properties you're finding to see what people are looking for. If you have Profit From Real Estate Right Now! start following the steps outlined by Dean and Matt.

At the same time, start looking at properties and making offers. It can only help you get more excited and motivated to make this work, and experience is always a plus. Just get out there and do it. And have fun!!

Hope that helps.

Rina

P.S. What sort of ads did you run on Craigslist?

Hey, friend. It's been a nice week so far, Thank you. Hope all is going well for you. Counting down with you until the big day!

All the best,
Rina

I thought they had someone lined up for the 15th?! That's one thing we are definitely NOT short on around here is renters. What's up with that? I'll call that couple today. Hope Steve doesn't mind me showing the house myself. I don't think it's acceptable that you don't have a renter yet. The house is ready, right?
Anyway, if you decide to sell, give me first dibs. I would love to have that place. Just thought I'd tell you, though. The Murphy Oil Refinery expansion is finally going through. Superior has been waiting on this for a LONG time. So much red tape, you know. NOW it's finally going ahead, meaning thousands of jobs. Property values will be going up, so you might want to hold that until at least next spring (or sooner, depending on the market).

Loved the pics, btw. Except for the one of me in the mask that you promised not to show! LOL. Now I have to post the one of you getting out of the car! JK. Love ya, sis.

Sheriff's sale prop:
I looked online for the phone number of sheriff's sale property owners. Called, but it had been disconnected. Then I looked up what could be relatives in the phone book and called the two in town. Didn't reach anyone directly, and didn't want to leave a voicemail on the one with an answering machine. Too impersonal. I'll try a couple other routes today.
I also did some research on the property. Looks like there is a bigger second mortgage out on it than the first that was represented at the sale. I'll have to look into that some more, and maybe try calling the bank or the attorney that represented in the case. Sort of the boring part, but hey, it all goes together.

Talk to you soon,

Rina

A pic of you behind a mask is alot different than my backside hanging out climbing out of your car over the carpeting!!!
Yes - the house is ready - whoever Steve is talking to is being VERY picky and demanding about things....feel free to contact him to let him know you are going to show it if you have anyone and to make sure he doesnt have a signed lease - but I would hope if he did I would have heard!
I'm excited for you and the new developments out there - makes it an even better investment area than ever! I might have to come back again and get another house or two!
As far as foreclosure house - I thought 2nd mtgs loose out under those circumstances. But on the other hand - I remember reading many stories about really good deals happening because they are ready to take pennies on the dollar just not to end up with nothing - so good luck with that. With your determination I'm sure you'll find out how to make it work!

Good luck on the sheriffs sale Rina, I see your still motoring along as usual.
Sounds like you may have a hot spot there now, Better scout the area for some good deals before they start employing people.

Your friend
Richie

Yes, you're right! I've got to be watching now and picking up what I can!

Hope all is going well for you. What is happening in your corner of the country? I'll run over and check out your journal to catch up!

your WI friend,

Rina

I'm gonna put that picture in your journal. Not the blackmail one, lol, the other one, to show how 2 determined females make things happen.

Yeah, I have to look into the mortgage thing. I haven't used landshark all that much, and I'm not REAL clear at what I'm looking at. But it sure smells like a deal. just gotta do my due diligence.

And yes, you SHOULD get another house or two. Give you all the more reason to come back and visit me!
Hey, I was gonna say, picky renters are good to a certain extent. Means they'll take good care of your place usually. BUT, if they're TOO picky, that can be a pain in the butt. Hopefully you got the good kind. I love the ones that want the place to start out just so, but then take care of everything themselves, view it as their home, and never bother you except to say thank you for the Christmas card.

Rina

I seem to remember reading once about a situation with one of Deans buys in the past to this idea or somthing similar...There is a house in the small town just up the road that has been for sell for over two years. It was his mother-inlaws place. They have totally gone through it. They are wanting more than the place is worth, but I am going to get in touch with them and make them an offer for an owner finance, no money down. Plus, since it has been on the market for so long, I shall ask for terms of no interest for 5 years are so and I will pay for insurance, taxes,& maintainance, with a ballon at the end of the term. But all of the payments that have accrued shall be placed towards the principal amount of the original note. That way, In 5 or so years, the amount for the property will be well below market price and it should make this a very marketable property. They get full asking price and I get a good rental property for no money down and no interest for some time...Plus the property has a two story garage apt that goes with it, so it could be rented also making the income posibilites greater.
Sorry for the book, but.
erh

Try offering a little lower first (without offending them) and work from there. If you can cash-flow it, sounds like a great deal to get your foot in the door. Good luck! Keep us posted!

Rina

They say no news is good news. Well I have not heard anything yet on the property, but a rep said it would take 60 to 90 days or less. I will keep you informed. Good luck on your Sheriff Sale.

Sandra

From your lips to Gods ears on good renters
My place is still open - so if you have any leads that would be awesome!
I am going to list it on Craigs list again since the other people didnt pan out and will send any leads to Steve.
Talk soon!
xoxoxo

You have anything new to share with us and havent heard from you in a few days and I guess you had a busy real estate weekend showing properties. Always looking forward to your daily journals.

Warm regards,

Paul T. La Moy

Sandra, good luck on the news (is this Yours? or one you're looking at? sorry for being out of the loop a little)

Laura, what happened to the other prospect? (call or e-mail me) I replied to a couple more and took some pics for you yesterday.

Paul, thank you. Yes, I've been busy. Have the rentals filled now. Went through the rigors of paperwork/inspections for a new Section-8 tenant for one of our new properties. She's really sweet, has muscular dystrophy so we had to do a couple little extras for her. It's a nice match, though.
I took a turn doing overnights for my sister's mother-in-law who has ALS and needs 24-hour care. Might start doing that on a weekly basis to help out. She has gone downhill fast. It's a pleasure to spend time with her. She's a great woman of God. Still has her mind and her sense of humor. Body is just shutting down around her. We're still praying for a miracle. But of course, this earthly body isn't made to last forever. good thing our spirits get free of that.

Had a great weekend. Went swimming, BBQing at the park. It was so fun (I put pics on Facebook)
I've been sick the last couple days. 102 fever, aches, etc. About all I could do yesterday is run into town for the contracts I HAD to sign and then get right back home and flop into bed. Hopefully I'll be done being sick today. I have too much to do. LOL.

How are things going in your REI??

Rina

Sorry to hear your under the weather Rina. feel better soon.
I will update you on my progress soon.
best wishes
Richie.

Thank you for sending your wishes (to the whiner. lol). That was really sweet. Yes, I try to keep up with your journal (sorry i haven't posted), and it sounds like you've got a lot going on! Any day now I know you're gonna have a deal in your back pocket. Then it's "Watch out RE world!"

Hope you and your family are doing well.

your friend,

Rina

Hey that is a really nice area where you were with the waterfalls and lake.
Good to see your up and about, your a great inspiration to alot of people here.I get tired just reading about your daily travels and RE dealings lol.
speak to ya soon.
Richie.

Do you know how we get a copy of this?

Bob Ross

Yesterday it was dead at work but had to be there till 5pm. So I pulled up ForclosureRadar.com. I had signed up for the 30 day trial offer and hadn't done too much with it. WARNING IT IS A THREE (3) DAY TRIAL OFFER! (sigh) Kissed that $49 goodbye and dug in.

I looked for preforeclosures with equity. (well that's what it says.) I used their program and made mailing lables for about 100 letters to go out next week. I printed their report then actually went to Trulia and pulled up the same property and printed their comp report on the back of the first report. This took me like 5 hours.

Then said "It's time to stop working and have some fun!" So my sweetheart and I had a lovely picnic dinner at a local park where they were having a summer concert. They made an announcement that it was NOT ALLOWED for anyone to pass out flyers for any reason. My partner and I just smiled at each other as that is exactly what we had done at the fireworks display. (FYI: 200 flyers with a list of local FREE concerts and a little about us on the sidebar with our toll free number. NOT ONE CALL. We will be discontinuing that avenue and let the number go away)

Today I looked at two houses and am trying to find a hard money lender that will work for a rehab project for one of them. I found one that will do a double closing no problem but need one for a project that will take me more than a day.

Wendy

This is your favorite stalker!!. We got our first offer accepted. It looks like it is going to be a real winner. I am so excited. I want to do more, more more more more more......

I just got off the phone call with Dean, and what I would not give to get the home study course, but evan though We, (Wife and Myself) own our home, free and clear. We have no income. Today we received in the mail a notice for tax foreclosure. Even though I know that I will find a way to stop the proceedings, it is very-very depressing to get that in the mail. There is no way that with our bills and now this added burden on top of my wifes medicals, that we can get the money together for the HSC. O-Well, We will have to do this the old fasioned way, I'll have to make it with hard work and payers. God Bless and keep on striving for the clouds. No one has my permission to stop me, especially ME.

Richie, thanks, it is a beautiful spot. And you are funny. You probably have more going on than I do. Good to hear from you.

Bob, I should probably know the answer to that but I don’t off the top of my head. Hope you found it already. (If someone else has a link, feel free to pop it in here)

Wendy! Congratulations on the progress!! Good luck on all your deals!!! (Thanks for the flyer FYI, and I enjoyed the concert/fireworks story. )

Rina

I really love your last line, and that you are determined to make this work for you. I am so sorry to hear of your situation, but you are right! All things are possible through Him, and if you keep that positive attitude (BELIEVE that things will be) and set your mind and hand to the task, you WILL succeed! While the home study course is a wonderful, wonderful tool, you CAN do this with the books and the DG family for support, just like so many of us have done thanks to Dean.
Are you ready to dive into REI to get yourself to financial freedom? You have leverage with a property owned free and clear. Use it to your advantage if you need to. Create a plan and carry it out.
I wish you all the blessings you deserve, and please be sure to stick around here. You will find much-needed relief from the DG family when you need it. We are all here for each other!!

God bless you,

Rina

Woohoo! I want to hear more more more more!!!

Rina

Well, we visited the kids in Tulsa all last week. It was a wonderful time. Feels so good to be able to take a week off when we want to. Looked at just one property down there that I had my daughter do the preliminary work on the week before with the listing agent. It was a great "boomerang" REO (as Indiana Joe would call it) that a local bank would carry the financing on, but decided it needed a little too much work and neighborhood looked so-so, so we passed.

I am refinancing another rental property this week through a great little home-town bank. They have a wonderful program for investors. I had heard already heard good things about them from several local investors. AND my WA investor had been quite impressed with them when he refinanced of one of his places here. They will lend based on the LTV, actual FMV instead of the purchase price,
no seasoning,
payments based on 30-yr mortgage,
at 5.5%
with a 3-year balloon.
This gives a person 3 years to decide what they want to do with a property (keep holding/renting, or sell) depending on the market, and have a terrific rate in the meantime. I think they are my new best friends! lol

Have been getting more and more calls from friends and acquaintances of people looking to buy a home or needing to rent. Unfortunately all ten of our rentals are currently filled, and I have been spending more time with family, so I may have to start using bird-dogs for myself. hillvalley, if you are reading this, I have you in mind. Call me for specifics.
Oh and btw, thanks for the info call the other day. Way to keep your eyes and ears open!!

Also have 3 local ladies now who have bought Dean's programs and have asked for a little help. While I've encouraged them to sign up for coaching, it will be fun to do some REI together. We're going to attend the sheriff's sale on Tuesday together. I have realized that I am a teacher by example, not necessarily by teaching. There are some that are SOOO good at that, like Dean and Matt. But I will do the part that I am good at and enjoy! (and that includes being here. )

I started to write an update on the short-sale/loan mod situation on my friend's house, but decided the details would give away who the friend was, so let's just say it's in limbo, but hoping it will work out for him to keep his home.

Got a call from my realtor today saying she missed my voice (lol) and that she had someone looking for a place to rent. I've been busy working on the house we have for sale, getting my new Section-8 renter in, and refinancing, so I've been moving a LITtle slower lately. Looked at a mobile home today. Also in on the beginnings of a $11,000,000.00 project which is sort of secret (and includes many investors) so that's all I can say. But that is exciting, too, because it has to do with ministry. It will probably be at least 6 months before I can add any details.

Well, I guess that's it for today. Gotta get up at 4:30am to go fishing with my honey, so I'd better go to bed. Gonna catch me a big bass and a little sun.

God bless all,

Rina

You are such an inspiration to us. You are not only my mentor, but you have been a teacher to us all. Your journal provides not only theoretical, but practical means by which to select and tie up deals. We are so appreciative of your encouragement and support of us all. God Bless.

Sandra