RELady's Journal

Wow, you have been BUSY!!! Great job!
Welcome to the DG family. It's great to have another REI sister in here.
I'm looking forward to checking in on your posts and seeing yet another success story come alive.

Thanks for starting your journal to share your experiences with us, and yes, it's a great way to look back and see how far you've come!

God bless,

Rina

You sure jjmped in. Way to go!!! Sounds like you got a plan it's just a matter of time now. Keep us posted, I know it won't be long...
Continued blessings and success,

WOW, you guys visited my journal!! I feel like a RE sis already.
I have been so encouraged by your posts, it really does give me hope that I can do this, and in a really BIG way.
After I get back for 2 weeks of trips, I will knuckle down to lining up some financing options, gathering some more buyers and making my fist deal.
Can't wait!

Jan

Just got back in town from my "Rah Rah" weekend. It was great fun.
Drove around looking at some lakefront properties.
My friends horse farm is on the market if there's anyone out there in that market. GEORGEOUS home on 21 acres east of Atlanta. 1.1 million takes it!

Boy, there sure were a lot of properties for sale up there. Signs, signs everywhere.

Logging off, too much food and cards, need some sleep.

Jan

Welcome back, sounds like a great trip! Cards and food? Count me in on the next one... LOL! Can't wait to hear about what you've got lined up for your next journal entry.

Sounds like you had a great weekend. AND you got some REI in, too? Perfect combination.

Fill us in when you catch up on your sleep. lol

Rina

NOW I'm back from another trip. It was nice to get away but frustrating because I feel like I lost some momentum with RE. So, I'm digging back in.

I got back online with my courses and assignments. Gotta stay on track.

Talked to my DG Coach and set some new goals for getting on track again.

Someone I sent a card and letter to for bird-dogging contacted us yesterday and said his son was looking for a starter house. After talking with him he may be interested in one of our own properties that is currently rented. We've been thinking about selling one for the equity so we can have more cash available for re-investing.
One of our previous neighbors ran into my husband and mentioned they were wanting to sell their rental properties. Will contact her for more info, maybe we can pick up some good deals.
Good news on the house in Macon, someone may help us get it rented soon. That will be a blessing!!
Still frustrated with not having a big buyers list. This scares me and keeps me from moving forward with offers and contracts. I really want to do assigns and flips and feel immobilized by not having anyone end buyers lined up.

Oh well, will keep moving ahead, putting D's strategies in place and see what happens. I know it just a matter of time when things will start rolling and I'll have more deals than I can handle.

Later,
Jan

Today was busy in the RE world. Now new deals but I'm trying to lay some good groundwork.

Checked out P.O. Box for LLc

Met with banker about Heloc (looks good for about $50,000)

Applied for Credit Card in LLC name

Reviewed MLS Flash report (oh fudge! 2 good ones got away!) I'm moving a little slow, I guess.

Handed bus. card to potential Bird Dog (while having lunch with hubby)

Emailed contact on property that was in paper stating bank would take a loss and sell below debt. Interesting.

Checking out newspaper ads

Getting sleepy.....zzzzzzzzz

Oh, hey there. Where was I?

Gotta go, tomorrow is a another great day!

Jan

...Jan. Gotta say, you make me chuckle. Good luck and I look forward to your next post.

Thanks for the encouragement about "the chuckle". I try to throw in a little humor when I can. I like to laugh and I know others do, too.

Thanks for reading my post and good luck on your real estate career.

Jan

Not many chuckles today, but good news. Saw my urologist and got a clean bill of health and released from his care. That after about 6 years of tests, CT scans, etc. etc. Problem has apparently disappeared, Praise God!
Was that more info than you guys wanted to know? Sorry, wait until next week when I'm scheduled for my colonoscopy!! You're in for a treat!!

Sorry, couldn't help it!

Back to RE.
Still working on refi and rentals on a challenging property we own.

Called and drove by a potential prop. Not sure if I can get it low enough to risk it.

Visited the County Clerks ofc. to learn how to see if there are mtgs. and liens on properties. Learned that the initial loan is recorded but just have to guess on the balance based on number of years since. I don't guess lenders will divulge that info (privacy act?). Anyway, glad to know how.

Church tonight, then home to DG while watching a little TV.

Well, enough for today.

Nodding off....

Congratulations on your clean bill of health! God is good!

And congrats on the property prospect.
Keep us up-to-date on that and also your refi. That seems to be the biggest issue for most of us these days, the financing. Hope you are blessed in that area.

God bless,
Rina

Just got home from "Bunco" night with the girls. I had never played before but was a fill in. Fun, but exhausting (plus I lost $8)

I contacted yesterdays seller lead to see if she was interested in owner financing. They say it may be a possibility with a substantial down payment. Also, it doesn't sound like she's too negotiable on price.

I didn't get much else done on properties today.

I did get a great email from the advertising editor for our local newspaper and they want to feature me and my image consulting business in a special edition for business women in October. I'll get to write my own article plus they will interview me and write one about me (including photos of my work). That's all good news and great advertising for my business. I'm excited and I can use the cash it may generate from leads. Anybody out there need color and image consulting?? Just kidding, you all look great!!

Just trying to keep up in the journal so I feel like I'm still in the game.

Night, night

Sounds like a fun bunch of girls you got there... LOL! Congrats on the special edition, let us know when it comes out. I'd like to read it! I could use an image make-over... LOL! Thanks for making your journal such interesting reading.
Good night,

We do have some fun ladies. It's good to take a break and just have fun and laugh.

I'm looking forward to the newspaper special edition. I hope the editor doesn't change her mind and get someone else. There is always that possiblilty.

I am spending a lot of time and energy studying wholesaling properties. That's something I want to try first. My biggest challenge is getting my marketing together and building that buyer's list. I guess because I am afraid I will get something under contract, and even if I have the backout clauses, I will "feel bad" not going through with it in the event I can't get an end buyer. We live in a small town and I am a pastor's wife, and I don't want to get a reputation for "backing out of deals". I shouldn't be so paranoid, but after 35 yrs. in the ministry, it just goes with the territory.

Any suggestions on how to help the seller understand what you are doing, with out making them feel uneasy about signing the contract with you. I guess I'm asking how you prepare them for any disappointment if you can't close the deal for them. How often does that happen anyway?

Thanks for all of your help and experience, it is appreciated.

Jan

Congratulations on being chosen for the article! You must have a very good reputation in your area. THAT is something a person definitely EARNS. So you can be very proud! You'll have to share the write-up with us when it's done.

I know how you feel about the "back-out clauses". No matter how much I hear "It's just a business", I can't help but consider the feelings of the people on all sides of a transaction. But it's a great feeling to know you're helping someone when you are doing a deal, WHILE making money for yourself.

I think that if you're just up-front with both your buyers and sellers, and show your excitement about trying to help them find/sell their house, that there shouldn't be any hard feelings. And coming from a small town (I do, too) where everybody knows everyone else, you'll get the reputation for being the person who makes the connections for the people who don't know how. I get calls all the time from friends/family/acquaintances who come across people who need a place to rent. We get calls, too, from pastors who know of people who need help. And now I'm looking for places they may want to BUY.

SO, you will be in a position to use your REI skills to minister and better your community while making a good living for yourself. You know why? Because of the reputation you've ALREADY built! People trust you!! So God bless you, Jan, and remember that YOU DESERVE all that He has in store for you as His child!

Your DG sis,

Rina

Rina's right. Because of your 'status' people will trust you and believe in what you're doing for them. That's the reason you do your homework thoroughly and make sure all the numbers work going in, to take out the risk of having to back out. The and/or assigns is the closest thing to a guarantee that you can give them that you won't back out, you will assign it to someone who WILL close on the deal if you can't. That's how I felt when I assigned my house, I was relieved that I didn't have to back out, after not qualifying for a decent loan, so I still helped the owner, the buyer was happy and I kept my reputation in tact! Explain everything to the seller, so they understand that and/or assigns works in their behalf as well as yours. Always conduct your business with integrity, honesty and dignity, not just because you're a minister's wife but because you represent God in everything that you do.

God bless you,

I really appreciate your encouragement. That is a GIFT!

I fully intend to explain everything to them about the and/or assigns, so I guess if they are okay with it then I shouldn't feel bad if I can't close for them. I would feel better if I am doing these deals with FSBO's and directly with the sellers, instead of with realtors. Have you found them (the realtors) to be okay with any of that? I would guess they would'nt like it too much.

I went to Macon (2 1/2 hr. drive oney way) to show our little "problem" house to a potential renter. There I found mildew all around the ceiling in the hallway near the attic access. I just spent a small fortune having a leak fixed around the chimney which had ruined the drywall in the dining room. Also, had to have a HUGE tree cut up and hauled away after a storm took it down. All that on top of the fact that it hasn't been rented for a year! Now I have to refinance the temp loan.

I have been very discouraged about this property and have allowed it to hold me back from moving forward with any new deals.

I decided to stop calling it a "problem" property and to speak life and blessing on it. I am just going to have to move forward with my REI in spite of it, it's the only way.

Sooo, BOO HOO! BOO HOO!! Just kidding. God is in control.

We are getting ready to put our personal home on the market. We built it 2 years ago to sell, so we are going to try and stick to our plan in spite of the property values. Our town hasn't suffered as badly as some, but they are down a little. We own (mortgaged) 3 building lots in an upscale new development. We hope to pay those off with our equity and build on one of them, then sell again in 2 years and do it again. It's a plan, so we'll see.

In the meantime, I want to wholesale and flip as many properties as I can. Also, would love to have at least 20 paid for rentals by the time we retire. Whew!! I'm tired just thinking about it. AND, we're are 60 years old already!

That's enought for tonight, you'll know my life story before too long.

Got the young adults coming over tonight, so I gotta go and make popcorn.

Jan

Jan,
You look amazing for your age! I couldn't believe that you're 60??? You certainly don't look it and I never would have guessed it. But back to business, some realtors do and some don't. So if your realtor has a problem with you meeting the seller, then get a new realtor. You need to work with a realtor that understands what you're doing and works with you not against you. Remember, they work for you, not the opposite, so YOU'RE THE BOSS. My realtor had NO problem with me meeting the seller of my home, it was the best move I could've made because we negotiated on so many extras that it made a huge difference. I wouldn't have gotten that without meeting them and becoming friends. So that's a very very important step to do. Always meet the seller personally, don't leave it up to the realtor to represent you, or speak for you. That's my opinion, based on my experience.

Good luck and God bless,

Thanks for the compliment about the age (and that is a recent photo). My husband and I try to take good care of ourselves (although I am 30 pounds overweight). Part of my business is teaching people to not "date" themselves. So, we try to act and look younger than we are. The only problem with that is sometimes my body rebels!! (lke this morning). My mother is almost 96 years old and doing pretty well. I am believing God for her long life genes!

That's good advice on working with a realtor that will let me talk directly with the seller. I have a friend that I want to work with. She isn't as experienced as some, but at the same time, she knows a little bit of what I am tring to accomplish. I'll give it a try with her.

Gotta go, came home between services to eat something.
Jan

Well, God bless you AND your young mother!! I only hope to look as good as you do. Keep up the great work! Having a new realtor is actually a good thing because she's willing to try to understand what you're doing and work towards the same goal. I think it might be a good match for you. Good luck and God bless! Keep us posted...

I've been speaking life over this property of ours in Macon, and we have a renter (this coming Friday lease will be signed). Not only do we have a renter, but a friend of ours happened to know someone in Macon who owns a lot of properties and we asked him about managing it for us. He met me there and he actually inquired about buying it. YOu could have knocked me over with a feather! We are into this house for about 12,500 more than it is worth right now. He said he wouldn't pay what we need for it in cash, but would we do a wrap and he could take over payments. Well, I guess! So, he is going over the information I sent him, and we will talk soon. We are really praying this will work out. What a blessing it would be.

Things are looking up,

Jan

That's great news! I will stand in agreement with you!!
Keep us posted on what happens...

God bless you,

Well, since that last post, I have lost that renter, found another renter, lost that one, and yesterday I FINALLY, got a deposit on the house! We will sign the lease Friday. This has been a comedy of horrors.
In addition to all of that we discovered that ALL of the electrical wiring under the house had been stripped and stolen. So, we are having to replace all of that new wiring.
I am so thankful to have a renter in there and I pray that they stay a while, take care of the place and pay on time! Amen!

Our realtor called about 10 days ago and said one of his associates had a client coming to town who was looking for a house very much like ours and would we be open to showing it. So, we have spent the last 10 days putting the house is "show" condition. He thinks, based on what is available, ours will be at the top of the list. That would be great! Then we could use the equity and move ahead in the REI. They saw it today, so I hope we know something soon.

I went to the foreclosure and tax sales at the courthouse today. I couldn't stay long, but a friend of mine picked up a house worth about $100,000 ARV for $52,000 (about 15,000 in estimated repairs). I'm enjoying watching and learning for the day when I will pick up a good one!

I'm going to get busy building my buyers list and looking for more financing. Those are the only 2 things that I lack in order to move ahead in confidence.

More later,

That's wonderful news, God is faithful and God is righteous! I stand in agreement with you that they are good tenants and pay you on time. Amen! Keep us posted, and thanks for sharing your news with us.

God bless,

I went to another local bank today, and they are happy to lend us money on some investment properties. They can only lend 90% of the purchase price, but will do a 2nd lien on some equity in one of our other properties to make it 100% financing. The only downside is they don't lend on the ARV so I can't get rehab money. I'll try another bank for that scenario.

I previewed 3 houses today and found 1 potential for an offer. It had already been rehabbed so that fits my criteria with this bank.

2 bedrm/ 1 bath, CHA, move-in condition.

It sold in March of 2008 for $74,000. The owner died and the estate is asking $59,900. I'm going to offer $45,000. I figure the rental market on it is about $575.00/mo, $600 tops.

But, this is wierd. While we were looking at the property, a young woman came to the door and asked to speak to my r.e. agent in private. She told her that she wanted the house, but she owned a new house, free and clear, in a nearby town. She just wants to trade even!! Her house is supposed to be worth about $70-$75,000. She's desparate to get back to our area with family and is willing to take the loss on her house.
My r.e. agent and I went and looked at her house. It's a nice house, 3bdrm/2bath, well kept. Neighborhood seems nice. I don't know too much about this area, but I'll do the research and find out if it is worth the trade, also, check out the deed, liens, etc.

Anyway, I'm excited to be back in the hunt!

I went to another local bank today, and they are happy to lend us money on some investment properties. They can only lend 90% of the purchase price, but will do a 2nd lien on some equity in one of our other properties to make it 100% financing. The only downside is they don't lend on the ARV so I can't get rehab money. I'll try another bank for that scenario.

I previewed 3 houses today and found 1 potential for an offer. It had already been rehabbed so that fits my criteria with this bank.

2 bedrm/ 1 bath, CHA, move-in condition.

It sold in March of 2008 for $74,000. The owner died and the estate is asking $59,900. I'm going to offer $45,000. I figure the rental market on it is about $575.00/mo, $600 tops.

But, this is wierd. While we were looking at the property, a young woman came to the door and asked to speak to my r.e. agent in private. She told her that she wanted the house, but she owned a new house, free and clear, in a nearby town. She just wants to trade even!! Her house is supposed to be worth about $70-$75,000. She's desparate to get back to our area with family and is willing to take the loss on her house.
My r.e. agent and I went and looked at her house. It's a nice house, 3bdrm/2bath, well kept. Neighborhood seems nice. I don't know too much about this area, but I'll do the research and find out if it is worth the trade, also, check out the deed, liens, etc.

Anyway, I'm excited to be back in the hunt!

That was such great news you had to post it twice... LOL! Just kidding!!
Thank you for sharing that with us!

Yeah, I guess I got carried away on the buttons. We'll call it literary stuttering.

I can't figure out how to delete one of them. Oh, well!

Submitted the offer today, will hear back tomorrow.
Looked at another property and may submit an offer on it
.
As long as my bank will loan me the money and I can end up with good equity and positive cash flow, I'll keep trying to find 'em.

Now's the time to buy, esecially if I can find ones that don't need a lot of rehab since the rehab money is tight.

The offer I made on the house mentioned above was not enough. The listing realtor said we needed to come up a bit. Along with that I found out that it is a short sale and Wells Fargo was holding things up a bit. But, they want to make a decision by Thurs. so I will get my bank's pre-qualification letter (assuming I actually qualify) and make my final offer.
I won't go more than $50,100. With that I could still trade for the house in Camilla if I wanted to.

We'll see how it all works out.