My heart just ached today for several people that have responded to our ad from this week. It took only 2 days to rent out the 3/2 we have ready for rent. I've had several calls from people in desperate situations. I just got off the phone with a woman who's daughter just lost her house due to foreclosure. We talked for like 1/2 hour. I just listened and sympathized. Unfortunately I do not have another house open right now. I asked if she had tried to sell. The mom said "No, because the lender had made it sound like they were going to work with us. They promised if we paid diligently for 6 months, they would rewrite the loan. After we had, they said sorry, we can't do it. So we lost it anyway."
I put 3 people today on a list to call if I hear of ANYTHING available. There are SOME places, but we're talking bad neighborhoods. One mom said she'd rather live in a motel than put her kids in a bad location. (And I don't think there are REALLY bad places here. not like in a big city) And these are people that have jobs and CAN pay rent.
Anyway, I wish there was a way to have unlimited access to funds for buying up these properties. There are houses just sitting, and people WAITING to live in them. Reminds me of refugees waiting for help to come through "red tape".
Rina
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
Oh Rina,
That's so sad! What's worse, is this problem is everywhere and growing rapidly. Perhaps this is our mission, to find the solution for these poor souls! That's one of the main reasons I got into real estate... I know quite a few single moms on welfare or housing assistance who think they will NEVER get along without it, let alone own a home. My goal is to help them buy a house and then learn how to invest themselves and become self-sufficient so they wouldn't need assistance anymore... Pretty big expectation, I know, but God works in mysterious ways and where there's a will there's a way.
OK, this is a more upbeat story. Funny, too.
We will be closing on the house in Brule on July 25th. I get a phone call yesterday from my realtor. She said that the listing agent for the house got a call from someone who wants to rent it from us. So I called and left a message for him. He must have gotten in touch with the family, because the wife called me today and said they want it. They had driven by and it's just what they need, where they need to be (their kids go to that country school and her husband works out there), so I'll be signing a contract with them tomorrow, and they'll start moving in the day we own it.
Purchase price $85,000. I'll fill in closing costs later (FNMA is paying $1200). Paint & carpet cleaning $1,000 max. Taxes $1800 ($150mo). Insurance around $480 ($40mo). Plus the mortgage payment is already wrapped into another house we own. So I'll divvy it and say $300mo.
$850mo rent
____
-$300
-$150
-$40
____no vacancy
$360mo cash flow
PLUS I told them if they're interested in buying at any time during the year they can purchase it for $125,000. $40,000 profit.
Or they can keep renting, and the price I'll get at sale time will just improve (our market is turning as we speak).
Another plus, her husband is an electrician. (mine is not) and she said she does interior design, and would be happy to show the house for us next spring if we decide to sell at that time and they haven't already bought it. Normally, I am pretty strict on references, but they know the listing agent and he is someone I respect very much, so I trust his judgement. (He is also an investor and property manager) Plus I got a good "first impression" talking to her on the phone.
Pretty excited,
Rina
Hip Hip Hooray!
Go Rina, go Rina! I'm sooooo happy for you, I told you things would work out sister! God always provides, no question! I also had the other poor family on my mind. You know if you have the time you can still help them. Since you're so good at finding homes, find one that's a lease option or subject to for them, they can rent or lease it. You're just connecting them. Just wanted to mention that, because I know if you're like me you'll keep thinking about it and let it get you down. Let us know about the other house...
Love ya sister!
Elena
Renters for the Bunny House
Each of our properties, our kids have given them unique names so they can remember them!
Anyways, we ran a short ad for one week in our local paper and had 11 responses the first day. We are not even finished with refurbishing and have three excellent tenants we want to work with. Yes we want to find more homes also! I bet if we had 20 rentals they would be full.
So, is the suspense killing you????? The names of our properties are:
The Bunny House - rabbit nest in backyard
The School House - next to Middle School
The Old house - built in 1901
Regards, Rohn Everson
DeJor Properties, LLC
haha
DeJor, I love it!
That's exactly why we started nicknaming our properties! So the kids could remember where each one was, and know which one we were talking about. lol
You know what else is really fun? From the time they were little, we have always done our "traditional sleepover". Once we get a house all ready to rent out (fixed, cleaned, etc) we (mostly the girls, a couple of their friends, and I) camp out overnight and have a pizza party. (Good way to test the appliances as well). Of course that means cleaning it up all over again, but it's really fun.
It wasn't 'til about a week after we rented out the New York house in May that Angel said, "You know what? We forgot to do our sleepover!" We were so busy and I hadn't had to do anything to that one before we rented it out, I totally forgot. We'll have to do it in the future, between renters.
Lena, you'll appreciate this. We pray over each of our houses, too. We want the Lord's blessing on each thing we do in our lives, and of course on each family we have contact with.
Rohn, you're so right about being able to fill as many houses as a person could pick up! Like I said, I just wish the capital supply was no object. Of course, so far I'm finding ways. Hey, Congratulations on your properties!
Thank you for sharing.
Rina
Great Job!
Excellent job! On your properties Rena, Things do happen for a reason. In my area things are turning. The "rent to buy" options seem to be exploding. We have 3 properties and looking for more. I get phone calls everyday from people wondering if we have any vacancys. Most of these people are great people who have unfortunely subcomed to the factory closures or just the cut backs of thier companies. These people have established themselves in the neighborhoods, where thier children have gone to school and don't want to move far from the houses they had owned. This option has allowed them to stay in that part of the city and even though they may have lost thier home, this gives them a second chance. Iam just trying to help people ( I have been in retail for over 20years) and build long time wealth at the same time.
Indianapolis
nice
you are doing GREAT!!!!
Great to hear everyone!
I love all the stories I read here! Naming the houses is cute, I have silly little dittys for my houses instead of names. My kids get a kick out of that. Rina, I know that's why your blessed, with God's hand on everything, NOTHING can be against you. Awesome job, we're so proud of you. You really don't need capitol to get more rentals, lease options or subject to's work great for this purpose sister and it's an excellent way to help fill the need of the lack of rentals per renters. ;D
Good people.
Thank you, Teresa, D, and Elena. It's nice to know there are so many people out there that really want to help others.
Lena, I will be talking to you about the options you listed.
Rina
Teresa,
Congratulations on your properties and on being an awesome manager!!!
Rina
Anytime Ri!
Anytime Ri, you've got my digits sister! You know I'm ALWAYS available for you... ;D
Drowning in Despair
I was reading through the various comments and I was impressed by what many have achieved through the program training. I am 40 years old and married with two children. A couple of years ago, I had a family tragedy which required me to sell my half of my business. At the time, I was making a very comfortable annual income. Now, I'm struggling making 20% of what I used to. Needless to say, our lifestyle has changed significantly. My primary residence and investment condo are both heading for foreclosure within the next few months, and I'm in deep debt -- not a pretty picture. I have taken numerous courses in the past in real estate investing with no success having spent over $20K in courses and trainng!! I do believe real estate is a great way to achieve financial independence and help people along the way. However given my past real estate investment training experiences, I believe I need to work with a program that can provide me not only a step-by-step approach, but who can personally help me through the process and direct me to the right resources. My biggest fear is what will happen to my family when we have to move out of our home. With the income I currently make, I won't be able to afford to rent a place and pay my bills. This is truly heartbreaking for me having worked so hard. I have gone through my reserves and savings and my credit is in shambles with the late mortgage payments. Is there real hope of success with my situation through Dean's program? I need an honest and upfront response. I can't go through another program with disappointment. This is my last shot.
O
Dear O
I'm so sorry to hear about your situation. I understand your problem completely. I've spent close to that amount on REI courses, bootcamps and mentorships over the past four years too. I just want to tell you that you are not alone, myself and others here will do whatever we can to help you get back on your feet again. Have faith in the Lord, because He has a plan for your that's greater than anything our human minds can conceive.
God bless you and your family,
Elena
Thanks Elena
Thank you for your kind words of encouragement. It's nice to know I'm not alone in my situation and that others in this forum are available for help and support. I am very impressed by the group in reading through the blogs. I am going to order the materials and go through them as fast as I can so that I can turn my situation around as soon as possible. I'll be back in touch with any requests for assistance.
May God continue to bless you.
O
Dear O, don't give up hope.
Like Elena said, keep your faith and know that we will be praying for you and will be here to encourage you along the way.
The tools you get from Dean's program absolutely will give you the opportunity to move forward, and I have no doubt you will find yourself pulling through that mire of despair and reaching hope and success for your family.
God bless,
Rina