Carol Stinson's Journal... From Rags To Riches! Well almost...

Hey Carol,

Welcome to the site! I have no doubt that you're definitely going to succeed with Dean's program.

I'll help you with the site if you need any type of help. I'm a little bit of a HTML monkey, so I know some stuff!

Good luck.

Make it a catchy name like cash4houses.com or wepaycash4houses.com, something like that. It's much easier for people to remember. I have several sites that I link back to my main website that way, the more links the better for you. Also microsoft office business gives you a free website with as many pages as you want, you can also transfer the domain name to something catchy with godaddy. I'm also a bit of a monkey on the web. Ooo Ooo Aaa Aaa!! LOL!

I am so happy for you. You have all the determination you need to make this work. Plus being "blessed an highly favored" seals the deal!

John 8:36
So if the Son sets you free, you will be free indeed. (Good name!)

I'll be watching your journal for the great things God has in store for your family!

God bless,

Rina

I have been riding my neighborhood searching for "ugly" houses. I have found several that appear to be in distress.

1st house- What gave this house away as an "ugly" house is the trees growing out of the swimming pool. The grounds are overgrown. The house appears vacant however after riding by it again I noticed lights on inside. After researching I found the owner's address (same as house location) and phone #. The taxes are currently paid up to date.

2nd house- This house is vacant and partially boarded up. After researching I found out that the homeowner is 2 quarters behind on the taxes. The taxes were being paid by a lien holder but are not any longer. I have located the owner's address but not his phone #. The owner's current address is in North Carolina.

I am not sure how to get the number for the second owner or if I should send him a letter but I will keep researching.

Still have not received my book. I spoke to someone on Wednesday and they said there was a nix up in the shipment and I should get it soon. It's been 4 weeks since I ordered it. I am sure the content will be worth the wait.

I have been learning allot on this site and now every where I go I am instinctively looking for houses. It's like I have been re-programmed to search out houses crying for an investor. If I am going to the store I will now ride the side roads instead of the highway to look for "ugly houses", write down addresses and take pictures. Then go home and research.

I was surprised to find out that some people just like their house "ugly". They don't want to sell, are not behind they just live that way. An example is a house that I found that was suffering pretty bad neglect. There were trees growing out of the swimming pool. However the payments are up to date and the people have no desire to sell. They just don't care that their pool is growing a forest.

I will keep exploring as I wait for my book.

My pool is green right now because I just don't have the time to take care of it. I'm busy working, grocery shopping, paying bills, cooking meals, cleaning, doing laundry, practicing music, working my rei business and participating in the forum that I just don't have time to take care of it right now. So I can understand how people can let their house go for other day-to-day activities. The fact that it's over 100 degrees everyday doesn't help either. I have to plan it just like any other task. But I'll get to it within the next couple of weeks.

You took THAT to heart. lol!!
You are forgiven for having the swamp monster living in your backyard. haha

Carol, good job in doing your homework. I'm sorry your book hasn't arrived yet. If you don't get it in the next few days I'll e-mail you a chapter at a time out of my copy. heehee

Hopefully you'll get it soon. Good luck.

God bless,

Rina

I worked so hard to get that thing sparkling when I got back from vacation and it's green again!!! I was just trying to point out that people get busy with other things and put those things as priorities and not maintain their homes. I contacted a homeowner who had dead weeds for six months and she got offended when I told her I thought her home was vacant because of the weeds. But I'm rambling now, so I'll move on... LOL!

Elena,

Thanks for your honest reply. I too am battling a green pool right now. I just lost my father on August 6th and I am trying to get 7 kids back to school. FACT: If you rode by my house and saw my front yard you would be contacting me inquiring about a sale;).

When I tell you there were trees growing out of this pool they were about 20 feet tall. Tarzan could use this pool for a vacation spot! There were other things that stood out like the weeds that were up to the front window and covered the front steps ( they must use the back entrance) . The house also appeared vacant. I just thought instead of passing up a possible opportunity, it was worth a shot right?

Again I am just learning, please bear with my ignorance. I did not mean to offend anyone.

I'm sorry to hear about your father, my deepest condolenses to you and your family. You have 7 kids??? Wow, how do you find time for real estate? I only have two and between them they take all my time AND energy!! Whoa, trees in the pool, I though you said weeds, man that's pretty bad! LOL! Don't call it ignorance, you were doing exactly what you're supposed to as a trained rei. Maybe they're trying to make it look like no one lives there because they're avoiding creditors or something... Who knows! But you keep up the great work spotting those distressed properties.

If your trying to avoid creditors you change your phone number. I should know! (lol)

Yes, I am crazy enough to have 7 kids( 2 of which are my grandchildren that I am raising) and it's for them that I am doing this. I am tired of not being able to take them on vacation ( my children have never went anywhere), buy them nice things etc... I will be successful at this for them. No matter how many times I stumble I will get back up and do this. I have to! I am willing to do whatever it takes to learn how to do this and do it well.

We walk by faith and not by sight .

Thanks for your support. Everyone here has been wonderful!

You'll do it. My kids were my inspiration to succeed to. Although now that they're older they don't appreciate it, but I guess that's just raging hormones!! LOL! I still want to leave them an empire for their children... That's my dream!

I really admire your commitment to your family. You WILL succeed in your dream for them! And no matter how far you go, they already have the best... You.
God bless you and your efforts. Through Him all things are possible!

your DG sis,

Rina

Rina,

That was a VERY kind offer about copying your book. I still have not received my book as of today???? But they say good things come to those who wait. Good things is just what I am looking for! lol

Today I am working hard on trying to save our own home.

We are trying to REFI however my broker has informed me that I must make up the payments in order for my REFI to work. I am trying to REFI because I cannot make the payments... Go figure?

I have inquired about the new FHA Programs however, because my husband is self employed, with a new company we are having a hard time getting his income accepted by a lender. We currently have 11%ARM that is increasing we are trying to REFI to 7% fixed.

So the real estate mission for today is saving my own home

I need to earn some money and soon. I want to take a step forward with this but I have not received my book and I am not sure what to do. There are MANY houses in my area that are vacant and distressed which presents much opportunity for me, don't know why I am so hesitant.

I am trying to get a grip on all of this through this site but it is a vague teaching on a bigger picture.

I need to come up with $4,000.00 by the 30th in effort to save my home. I know that I will make money in the future through my RI efforts. My dilemma is that I NEED IT NOW! I need to be PATIENT and HURRY UP. which make no sense at all...

I understand your position all too well. I would get all the information on these homes contact the sellers and start building raport with them. Build your list of buyers and all you have to do is connect the two and collect a fee for doing that. It's not difficult, doesn't take money or credit. Just a little confidence that you can do this. How bad do you need that money? You can do ALL things through Christ who strengthens you.

I am going to do this! Thanks for the encouragement!

I'm OFF..........

Whoooooooooooo...I got my book today.

I also found some great properties today. I am going to research them tomorrow and see what I can find out.

I also did more research today on one of the properties that I found last week. I found out that the property was transferred to the owner in 1997 for $1.00. (not sure what that means?) The house is currently vacant and 2 quarters behind in taxes. The owner lives out of state and I could not find a phone # so I mailed him a letter regarding my interest in the property. Hopefully I get a response.

I am determined and motivated to make my first deal SOON. I have 7 properties that are potential assignments One of which looks very promising. I also have 6 investors waiting for me to find them properties.

Glad to hear you got your book and that you're making great strides in your journey. Keep us posted on these possibilities.
God bless,

I found a vacant property, it's a residential/ commercial property on 2.9 acres.
much debris, needs new roof and siding
built in pool/ covered
Don't have exact square footage my husband estimates around 3,600 sq.ft

Research-
zestimate value $309,500.00. Comps range from $230,000.00 to $280,000.00.
Owner paid $75,000.00 in 1981

Determining value:

estimated market value- $300,000.00
Estimated repairs- $ 40,000.00 (I estimated kid of high)
My assignment fee $ 20,000.00
Owner paid $ 75,000.00
_____________
Investment profit $265,000.00

Hopefully this is right.

This property will bring a great profit and I wish I had the funds to invest in this property. However I must pass it on and make what I can right now. I will call the owner today.

There is a property that I cannot get a phone # for the owner. So I decided to "Think a little different" I went to the property today and decided to go talk to one of the neighbors to get info on the property. Well this couple knew everything about everyone on the block. Who was losing their home, who wanted to sell etc...

After talking with them I found out that

1. The house next to them was owned by an elderly lady who owned it outright and was having a hard time paying the taxes and utilities. She took in borders to help with the income but the borders were not paying. She wants to sell NOW! I gave them my card and asked them to have her call me.

2. They gave me info about another house on that block that I was having a hard time finding the #.They told me that the owner lives next door to the property . My husband and I went to talk to him and he is ready to sell CHEAP. Those people told me about the house across the street. They said the owner needed to sell quickly. We went to talk to her and she recently listed the house for $120,000.00 with a Realtor. While I was talking to her she went down $50,000.00 on the price in a matter of 10 minutes. She owes nothing on the mortgage. I am meeting with her Tuesday to finalize the deal. I am confident she will go even lower. the house zestimate is $140,000.00 Area comps around $ 150,000.00 to 200,000.00.

3. That woman told me about her neighbor. The mother recently died and the kids can't keep up the house and need to sell. The house is also paid off. I gave her my card and asked her to give it to them.

Just by "thinking outside the box" I now have 4 potential investment properties. WOW! Where do I start?

Look out mortgage payment here I come!!!

See there? God opens doors, while others seem to be closing. It's not over yet! Keep us posted, you're in our prayers!
God bless,

Today I took some time to check out some more houses. Even with 2 screaming toddlers in the car I managed to get some addresses and find yet another "Ugly house"lol.

I now have 13 possible investment opportunities. I will research a few today to see if I can get owner info.

I will really be able to dig in when the kids all go back to school on Friday! YEY!

I have been reading my book and gaining allot of knowledge about the real estate market. I love the part about changing the way I think about money. Since I have never had any I never gave it much thought but since I am going to soon be "A millionaire" I guess I should start thinking about what I am gonna do with all of that money

My broker is teaching me how to fill out some of the documents. My Realtor has given me a copy of the New Jersey Sales Agreement to use for my purchase agreement.

I seem to eat, sleep and think real estate. I've got the RI fever!!

Thats excellent. I need to get out there and start working. I live in NJ as well, up north, and it seems a lot of what is in Dean's book, my realtor says doesnt exist anymore.

No more 100% financing, which would have been key to me for the fact I have no money down. The lowest I can get is 3% from the government but he also stated I would have to live there, and that if i bought just for invenstment purposes, i couldnt get that 3%.

I wish you the best of luck and since you live in NJ (where abouts?), i will be keeping an eye on your journal.

Magic9669,

If what is in Dean's book didn't exist any more than the hundreds of people that are currently making money from the things that are in Dean's book would not exist either. But they do and they are. WHY? because these things do exist you must just keep looking for ways to make it work. Think outside the box!

Just as Dean says in his book there will be people around you trying to discourage you and keep you down. Maybe you need to find a new Realtor. No offense but if your Realtor is a discouragement, which it seems like they are, maybe it's time to change Realtors.

There are many other ways to consider financing. (Ex. Owner financing). Don't stop trying and don't give up!

I want a change in my life and this is my opportunity. If you want it bad enough you will find ways to make it happen.

Then I would find another Realtor.
God bless,

Today I spent most of the day on the phone with FHA's new HOPE program. A program designed to help struggling homeowners get a lean modification. They have a list of lenders they deal with. I have yet to get help refinancing my 11% ARM.

I found a vacant property about 3 weeks ago and after some research I found out that the owner lived in North Carolina. I had trouble finding a phone # so I decided to write him a letter in regards to the property. To my surprise he called me yesterday and left a message on my phone. I will try to call him back tomorrow and see if we can negotiate a purchase price. The tax office informed me that his taxes were being paid by a lien holder but are currently 2 quarters behind. **Not sure what that means for me I have not learned about tax sales yet.**