OfflineHey everyone. I'm new to the site and new to the investment business. This site is so full of information that I have been a little overwhelmed! Hope I'm doing this right - I decided to start a journal. I'll start with a little about myself.
I grew up on a farm in South Carolina, where we lived in a trailer. My parents toiled away their entire life and have JUST THIS YEAR been able to afford a house. I graduated from Clemson University in '99, where I met my husband. I picked him up in a bar 
where he was performing with his group, The Tams. We've been together ever since then. We now live in Jonesboro, just a few minutes south of Atlanta. I have three children and one very small, very annoying dog. I worked at IBM in customer service and then in sales for a while before quitting a few years ago to stay home with our children. Quite honestly, I'm looking to make money, tons of money. Sounds greedy, I know, but my motives aren't that greedy. I want to be able to help my parents FURNISH the house they've waited their entire lives on, not to mention be able to pay it off, as well as our house. These are only a couple of goals I have in mind. As far as my business goes...
I have organized my business as an LLC, ECC Investments. I have a close friend who is a realtor. We found a great house and I got it for $70K. It needed a good deal of work, so I scraped and scrounged to come up with the down payment, etc. and rehab money. It's a 5 bedroom (with two masters) and a huge bonus room with a built in wet bar. It sits on an acre cul-de-sac lot. Pretty much everything has been replaced/upgraded/rehabbed. In the end, I will probably have put about $30K in the house, adding about $1000 for every month I have to hold it. Mostly because it was supposed to have been completed in the first week of June, and this is the middle of August! I'm looking at being finished Friday in time for Open House on Sunday. So, I've had mortgage and loan payments for 3, almost 4 months now. I have it listed for $149,900. I'm hoping to get enough out of it to be able to get at least one rental, if not more. I need a monthly cash flow to fund my investing . Wow, I know this is so long! Sorry for that. I have just been having some challenges (NOT problems). The guy that's been doing the work is as slow as molasses in January! He's gone way past schedule and I'm getting frustrated. Also, my husband is not being supportive, but not really being negative or discouraging either. He's just sitting back and letting me "do what I do". I think once I succeed, then he will be more "into" it. Once I have cash hand over fist, he'll have no choice but to realize that I CAN BE successful in RE investing, even in this market.
There are a few things that I would like some advice on. Right now I feel like I cannot do anything, or move forward until I close on this house and get that check. Yet, I am constantly researching properties and have found some really great ones (for instance, a quadruplex for $15,900). There are also some apartments that I would SO love to get (four buildings, approximately 12 2 bed apts. in each building). But what can I do? Even though I am almost through reading BARM, I am still discouraged by today's market. My mortgage broker doesn't seem very optimistic about the lenders she works with (about 15). As it was with this house, I had to put down 20%!!! My main obstacle may be that I need to go stated income. I know that when I started this whole process, my credit was around 680 and at one point jumped to 704. Now, I'm sure I suffered many dings during the search, so it may not be so hot now. If anyone has any ideas on any of the above, let me know. Also, I need to be productive in my time waiting for offer(s) (and they WILL come!) on my current flip. I must keep my mind busy to keep it from going crazy! Sorry for rambling, hope someone can offer me some insight. I'm at least glad to be in such an informative, supportive environment! Thanks for listening,
Emily
Emily
ECC Investments, LLC
It's really great to have you with us!
Thanks for starting a journal. You really put some detail in. Feels like we know you well already.
Congratulations on your first purchase and your upcoming flip!
As far as your broker not being optimistic, has she TRIED to get you help to move ahead? Man, with prices like that quad, you can hardly afford to wait around! Do you maybe need a different broker? Or you could look for a private lender or a partner. Just a thought.
Anyway, thanks for sharing and good luck to you.
God bless,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thanks for the welcome! I have a tendency to be very detailed, as is evidence in this flip! It's the eleventh hour and I've decided it's necessary to change out two vanities! Anyway, I can definitely look into shopping a few brokers. How would a private lender work? Also, wouldn't I have to pay flat out cash for the $15K? I've heard that if it's less than 30K it's next to impossible to get a mortgage for. In which case, I would definitely have to wait for some cold hard cash. Wonder how long I could tie it up and put off closing (while waiting for my flip to sell?) OH, let me know if ever I'm posting in the wrong place. Sometimes I forget myself.
Emily
ECC Investments, LLC
Could you buy a couple places at a time with your business credit?
Elena and Anita have some really great info on the subject that I (shame on me) have not followed through on yet. But that might be an option.
Sounds like you've got some great leads to work from. I love those low numbers. Makes it easier to make higher percentages of profit with less risk (that's my opinion anyway.
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Well, good luck, Emily. Keep us posted.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I see Rina already gave you the warm welcome so I will get right to business... LOL! A private lender is an individual who has money to invest but maybe doesn't know where or how. The loan would have the quad as collateral in case of default. They can earn a good interest rate on the loan, much better than keeping it in a bank. You can use a hard money lender too, they charge high interest rates but the idea is to flip it quickly and pay them back. Well, that's such a good deal to let it pass you by. Maybe you can get a couple of people to go in partners with? Think about it, you might come up with a great idea. Could you at least lock up the contract for it? Then you might be able to find a buyer to assign it to. There are alot of possibilities here. Is it listed with a realtor, for sale by owner or reo?
Let us know if you need any more help, ideas or suggestions.
God bless,
As for you Rina, you need to practice what you preach... LOL! Have you applied for your business credit yet by the way????
I love you anyway... Hee Hee!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Rina and Elana. Thank you both for the replies. I need some more info. on business credit though. The problem I'm running into is that it is a newly established LLC. (I incorporated one of my businesses in '07 as a 'parent company', and since it was in Delaware, ECC Investments was done then as well in a series LLC. That is not recognized in GA, so I have only been organized since the beginning of 2008 in GA. What are my options with business credit with an LLC only 7 months old? I have a phone number, Staples card and Lowes card in the biz name, but of course had to personally gaurantee those. Can you direct me further with this? Thanks!
Emily
ECC Investments, LLC
Do you have your d&b number yet?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I would like to add pictures of my property (pre- and post- rehab) and was wondering how do to do so. Also, still wondering about that business credit and D&B# that ya'll touched on. And I am also curious to know - are ya'll superstitious? I know sometimes realtors (at least MINE) can be. So it makes me nervous to share good news! Hahaha.
Emily
ECC Investments, LLC
You have to put your pictures up as file attachments. The dunn and bradstreet number can be done via their website it's their name .com. This is to build your paydex score (business' type of fico). Now I'm NOT superstitious at all, because I know He's in charge... Oh, don't be nervous to share any good news here, we all welcome it.
Looking forward to seeing your pics!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
OK, I can't wait to tell anyone any longer, so I hope my (superstitious) RE doesn't check out this post! I was supposed to have Open House on my prop. this past Sunday and was bummed because I had to put it off yet another week. (We were replacing a vanity, and of course the floor busted up, so we had to replace it). Anyway, as I was calling RE to let her know we needed to postpone, she said - we may not have to worry about it anyway because you have an offer! I was so excited! And they even offered almost $4000 more than the asking price!! So we got the contracts signed and even better, the buyer wants to close on Sept. 5. Man, it can't get here fast enough for me!!!!! OK - I also wanted to put a few pics up, so I'll start with some before pics.
Emily
ECC Investments, LLC
That is so awesome!! Now THAT'S the way I wish ALL deals worked.
Good job on all the hard work. Thank you for ALL your contributions to the site! It is wonderful to have great success stories like this to keep everyone motivated.
Thanks again and God bless,
Rina
P.S. btw, you have a BEAUTIFUL family.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I really wanted to show the pics, as it was somewhat of a DUMP (ok, diamond in the rough) and has been transformed. I have such a feeling of accomplishment, seeing how it was, knowing how I wanted it and then seeing the finished product come together into that vision. But, the pics "ain't" happenin'! I've yet to figure it out on this site, they're too big or something. If I get them up on another site (I'm going to be creating one), then I'll post the link on here. Everyone pray that things hold up and I close on the 5th! My REI career is somewhat in limbo until I get my hands on some CASH!
Emily
ECC Investments, LLC
Emily,
That is fantastic news, congratulations sister! We're so excited for you, take a picture of your check so it will remind you that YOU DID IT!!! Great work, we will hold you up in prayer!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."