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

The best way is to assign those contracts to another buyer to make the cashola. When you hold the contract YOU are in control! Post an ad on craigslist or backpage in other areas. Call the investors that have posted in those areas too. Hope that helps!

I am still trying to find help with my current mortgage situation. I am currently 3 months behind and my 11% ARM keeps climbing. I have applied for ALL of the programs that the government has put into place to help struggling homeowners "Homeowner preservation programs" with to avail. The last response that I got was the best one yet "because of my current 60 day lateness my credit score dropped making me NOT eligible" Isn't that why people apply for help? How can you get help with you past due mortgage and prevent foreclosure if your past due mortgage makes you ineligible? What a joke!

Anyway, I am getting closer to closing my first deal. i have also put an add in craigslist (as Sully suggested) and have gotten a GREAT response from investors. I now have a rather larger buyers list.

I went to help my Realtor stage a house that she has for sale. The owner is just about to enter foreclosure and the house needs to go short sale. My Realtor discussed the possibility of her purchasing the home and me renting it from her until My husband and I could rebuild our credit well enough to purchase it from her ( about a year). So we decided to lower the price of my home to get it sold and prevent me from going into foreclosure. We have lowered the price of my home $50,000.00 just so we can get out NOW.

If all goes well and my house sells we will take the rental for a year while we try to repair our credit and build our RI capital and then purchase the home from her. The home is going short for $180,000.00 and the owner purchased it in 2006 for $235,000.00. We can always sell it in a year or 2 and make a small profit. We don't have much of a choice at this time.

Has anyone done short sales? What does it take for a bank to accept an offer? My Realtor is going to offer $180,000.00 for this house but not sure if bank will take it.

Sheila (Bailey Meadows) had done over 40 short sales in the past six months or so. She'd be the lady to talk to. What are the comps in the area? You need a hardship letter, repair estimate, letter of authorization, possibly 2 yrs tax returns & bank statements, proof of funds letter, a purchase agreement contract, I think that's it... She'll know what you'll need. I'm tired and may have missed something. Good luck and God bless!

I have been driving neighborhoods, sending flyers and contacting owners for a few weeks now and it's all getting ready to pay off.

My husband and I have met with several owners and looked at several investment properties. We have estimated repair costs, locked in deals and are ready to present to investors as assignments. My goal... $ 50,000.00 in 30 days.

My focus has been on assignments since my current mortgage lateness has decreased my already fragile credit score by 100+ points. I plan on fixing that once I settle on my pending deals.

I can not believe that I have went from not knowing anything about RI 30 days ago to getting ready to close on deals that will bring me in enough capital to fix my current financial situation and more. The strategies in Dean's book really work. It's up to each individual to put it into action and make it work.

I love reading back through your journal. It really is awesome how far you've come in this short time! I am excited for you, and to hear of what lies ahead for you and your family. You have been putting in your time, and I know it will be very much worth it all for you!
Thank you for sharing with the rest of us.

God bless,

Rina

I just finished reading all your journal and I can feel the energy on you. I just started to listen to Think a Little Different audios and I can't wait to start this new career. I haven't received the book yet, it's almost 3 weeks, I guess I have to be a little bit patient. Since I am brand new and you have more experience than me, could you please guide me as far as sending letters to owners, do you have a sample letter? During my walking exercise on the weekend I saw a lot a disitressed homes, no signs for sale. How do you approach to those owners, how do you get their names? Any help will be greatly appreciated.
Thanks,
Anilu

I got some good news this weekend. My mortgage co. agreed to modify my 11% ARM to a 6.5% for 5 years. They are putting all of my arrears to the back of my loan to clear up the payment that I owe them. Finally... I can breathe again!

I also found some new investment properties on my Bird dogging missions this week. I started my research and will begin making phone calls tomorrow.

One of the houses that I found about 3 weeks ago has decided to hire my husband's co to fix up the house instead of selling it.

I am meeting with the owner's of my most recent find next week to lock in their property for $50,000.00. The house comps for $202,000.00. I plan on assigning it for $120,000.00.

I have not closed any deals yet but have built up a nice buyer's list and made offers on several properties.

Dean has given me the tools to build my financial future... shame on me if I don't use them to my full potential!

Thank you to everyone who has helped me get this far.

O.k. Today marks 2 months since I ordered Dean's book. Here's where we are:

1. Read the book
2. Put "Bird Dogging" into action and found over 30 properties.
3. Have researched and contacted owners.
4. Built a buyer's list of 15 investors
5. Built many relationships with owners and agents.
6. Built my network ( broker, real estate agent, investors and my husband is my contractor)
7. I have put in 5 offers that are still pending.
8. Our Company has grown since we have built relationships with investors.
9. Gained allllootttt of knowledge about the real estate market and RI.
10. I have had 2 deals fall through (Learning experience)

Most of all... I can see my future again!

Not bad for 2 months huh

Thanks to the advice that I have received from all of you on this site I was able to get my home loan modified from an 11% to a 6.5% interest rate. Thank you!!!

Today I decided to call about rental properties listed in my local newspaper. The first add I called I asked about the owner to tell me about the property. He said he bought it a year ago and was going to rehab it but did not have the time. After he explained the rent etc... I said " If I could pay you cash and close quickly how much would you take for the property?" By the end of the conversation he offered me the rental property and 2 separately titled building lots next to the house for $150,000.00. Great deal considering this is an 8 bedroom 3 bath lake front property.

But wait it gets better....
He then said he had a multiplex, tenant occupied, $3,500.00 a month income he would sell me for $249,000.00. All 5 units have tenants some that have been there for 5-8 years.

I am meeting him Saturday to finalize the deals.

I WILL be calling the rest of the rental adds tomorrow. I encourage others to do the same. You never know what the owners situation is and they just might be willing to rid themselves of a burden.

I cut and pasted your entire comment to a personal file for future reference for when I want to start my own REI web site. I edit my church web site, but I didn't start it from scratch. Someone else did that.

Read this entire entry and found it so interesting, from trees growing out of the pool to scripture quotation. This site is so good to learn from people actually doing the work.

My wife and I just drove through the neighborhood we lived in from 1986 - 1992. It was our first house, only a year old, a year after we got married. It was a ranch house on a 1/4 acre dirt lot. In 6 yrs we added a pool & so much more people said it looked like a beautiful park. Now it looks unkept, though our trees have grown to maturity. Unfortunately the entire neighborhood of about 1600 homes looks the same generally speaking. People have just let it run down, and like living that way. We had considered moving back there, but no more. The property value could be so much higher if the people took better care of their homes.

I am so new to this, I would like to hear more detail on connecting buyers to sellers. What is the paperwork involved, and besides building a rapport with the seller how do you get it started. Is there a name for that paperwork, or a special form that one uses? Can you give me an imaginary or real example of this being done: Price of house, sold to buyer, and what the person that brings the buyer & seller together makes? Thanks. Pas. Greg

First I would like to welcome you to the community. It is pleasure having a Shepherd join us.

For more info on buyers and sellers

Click on forums in the top left corner
Click on buying REO, Foreclosures etc...
Click on assigning a deal

or go to http://www.deangraziosi.com/forum/32.

If you have any questions once you visit the forum you can PM me and I will answer what I can.

Hope this helps and God Bless.

I has been a while since my last journal entry. I have been busy wheelin and dealin.

Here's where I am in my RI Journey...

I have locked up 3 deals.
Assigned 1 to an investor and made $10,000.00
This same investor has set a goal to purchase 25 properties in my area. the one that I have just assigned him is #9 and he want's me to find him 16 more properties. I will be pretty busy (By the way I found this investor on craigslist.)
I have to look at an interesting deal tonight. Which I have already run by my new investor and he is already interested and waiting to hear back from me.

I have been very busy over the past week in my new RI career. I am still learning as I go along and I am very grateful to my DG family for all of their help.

I will update soon.

$10,000.00 who would have thought!

You're not gonna let that $10,000 assignment deal slip in here THAT QUIETLY!
You need to start a new thread that can get the attention it deserves!

I am SO proud of you!
I'll be watching for your post under "my deals", OK? I don't think you realize what an accomplishment that was!
If you're waiting for it to close, then I'll be patient. But I just wanted you to know how proud and happy for you I am! At least give us the details up 'til now.

your DG sis,

Rina

o.k I will shout it out!! as soon as I close. I need to have that check in my hands before it's real. Then I will shout it on the mountain top!!!

I could not have done it without the help of my DG family, thanks!

Carol, we are extremely proud of you and your accomplishment(s). You set the stage for others to follow. Keep up the good work and God Bless.

Sandra

I have not been keeping up with my journal as i should so here goes.

I am still learning and studying all that I can about RI. I have recently become a loan officer for a local mortgage co. figured that I should jump on the loan modification band wagon while it was hot. With all of the ARMs going up people are flocking for loan mods.

I am searching for properties to assign every day either by birdogging, craigslist or calling rental ads. I currently have 4 properties locked up and am negotiating a few deals. I have recently completed my first assignment and made $10,000.00. I am just waiting for that to close so I can get paid.

I have entered Dean's 'Stories of Success' Video Contest! and am awaiting my video package. I would love a chance to meet Dean and thank him in person for his dedication to helping others be successful.

I am actually considering my first investment property. It is an owner financing deal so my credit is not so much an issue and the money down will actually be an assignment fee that I will make on the property. One of those "think a little different" deals.

That is where I am thus far. I am truly dedicated to this new found addiction of RI and hope to continue to learn and grow and oh yea... MAKE MONEY!!

I do love this game!!!

I am so glad to see you doing well. Hearing of your success and excitement does me good. How fortunate for you to have that investor working with you on so many deals.
You are an inspiration. Thanks for sharing what has been happening. Pas. Greg

Today is Thanksgiving so i finally got some time to update my journal. Things have been really hoppin in the wholesale world. I have recently partnered with another wholesaler in my area. He has an amazing bird doggin machine and has about 250 bird dogs giving him leads. he has created a website and a system for getting bird dogs that has given him hundreds of leads a week. Since I have created a lengthy buyers list I have been able to help him move some properties. We currently have 16 properties in Philadelphia city that my investors are interested in. It's a package deal and if the investor decides to purchase ( I will find out Saturday) I will make $16,000.00 on the deal. NOT BAD!

I am still wholesaling since it is a way to get quick cash. I have been focusing on Philadelphia rehabs since investors seem to be wanting these properties. There are hundreds of them vacant and I am researching one at a time to find the owner with hopes to assign.

I have been reading books and learning alot on RI and hope to soon purchase my own investment properties. I really like wholesaling. I don't use any of my own money and don't have to deal with the property. Just move it along and get paid. I think I will stick with this for a while. I have built a substantial buyers list and now with my new partner I have plenty of properties to keep them fed.

I feel like I have to catch my breath after reading what you've been up to! LOL
Thank you for posting. It's very inspiring (and invigorating)to hear how fast you're moving ahead! You are a go-getter and things are just gonna keep getting better.

God bless,

Rina

P.S. Don't forget to post when you've got that first awesome check in your hand! Heck, throw us a picture!! All the more incentive!

Wow I am so excited and inspired to get up and get moving after reading ever single post in your journal. I still have some many questions. Are stories are so much a like I too right now am working on saving my own property, I need cashola right now fast.

Are you a student in Dean's Success Academy?

What is step one and can you give me a sample of your posting on CL or BP to gain investors and build buyers list. That is where I am right there I need to get moving.

It has been a while since my last post. There has been so much going on in my new life that I have not had time to visit the DG family.

Wholesaling has become my fedish. I have become partners with a wholesaling company in the Philadelphia/ South Jersey area http://infiniterealestatesolutions.com and we have recently launched a new web site http://www.phillypropertypicker.com. We have a bird dogging program (AKA Team Work Program) that recruits new bird dogs and gives them free online training to help them find great deals for us http://mdunlap.teamworkprogram.com We currently have over 200 bird dogs on out team so I no longer have to drive neighborhoods to find properties.

Though I do want to invest in real estate myself in the future I am working on fixing my credit and establishing a financial foundation. I am doing this with the "cash now" that wholesaling is providing me. I want to eventually work on my "cash later" by investing in Real Estate Properties myself.

I am increasing in my RI knowledge daily and learning as much as I can about investing, financing etc...

I am excited that my first deal is mentioned in Dean's new book. I hope it inspires many people to take that first step. All of my new found success would not have been possible without all of you. Thank you all for your mentoring and guidance!

I have just bought Dean's new book and cant wait to read it!

Well that's it, thats my journal update.

It has been a long time since I have updated my journal. I have been going through some rough times but I have been holding on and pressing through with my new found love of Real Estate. I have lost my step father and my mother over the past year and it has been really rough for me. However I am still reading all of Dean's books and puting all of his teachings into practice.

I am averaging at least 1 wholesale (assignment) a month and almost ready to take the dive into investing myself. I have recently been implementing Matt's 25-1 formula and have had much success in getting offers accepted. I must say that Dean's newest book "profit from real estate right now" never leaves my side. It has gotten me through every step of the way.

I get emails and PMs almost every day from people wanting me to share what I have learned. I have created a blog http://www.realwholesaling.blogspot.com that helps provide education through posts and free resources to all who visit. Many of the posts are from the knowledge that I gained through reading Dean's books so if any of it looks familiar to any of you... it is.

I cannot even begin to share with you the path that my life has taken since I purchased my first book a year ago " Be a Real Estate Millionaire". I have been able to pay off dept and purchase things for my children that I could never purchase before. This year they are going back to school with school clothes from the mall instead of from the thrift store like last year.

I just want to tell all of the new people that have joined Dean's family to keep going and never quit. You will get there just keep reading!!!

Hello Everyone,

Hope everyone is happy and RICH by now! I am currently learning how to wholesale REO properties. I cannot believe how easy it is. I learned the IEE process in Dean's last book and have implemented it into the world of REOs. They are by far the best deals that I have come across in the MLS.

I am still wholesaling since that has become my nitch. I am now a full fledged Bird Dog. Everywhere I go I notice the vacant properties. Even when I am not trying to look. Like an actual Bird Dog my pointers go out and I have a natural instinct to write down an address. I have sticky notes all over my car...lol This is how I get my best deals to this day.

I enjoy sharing what I know and helping others be successful which is why I created the blog. I guess there is a little bit of Dean in all of us.

I am loving my new life!

Carol, I am so inspired by your journal, you have come so far in your REI journey. Do you even believe it yourself? Have you bought any of your own properties yet or are you strictly wholesaleing? On the bird dog deals that you've locked up in the past, are you offering the banks asking price or above or below that? Since you have done so many, have you been working with the banks directly? Keep it up, I love reading about what is happening with you and REI

Cathy

Cathy,

I have not bought any of my own properties yet though I have had many opportunities. I guess I would rather have the "cash now" since I have been struggling with poverty for so long that it feels good to actually have money in the bank now. I also have allot of dept to catch up on that the cash now is helping me get my finances in order. I am sure I will invest in my own in the future for "cash later".

As far as my bird dog deals I have yet to have to get one from the bank. I have been lucky in negotiating all of my deals directly with the owner.

Cathy,

I have not bought any of my own properties yet though I have had many opportunities. I guess I would rather have the "cash now" since I have been struggling with poverty for so long that it feels good to actually have money in the bank now. I also have allot of dept to catch up on that the cash now is helping me get my finances in order. I am sure I will invest in my own in the future for "cash later".

As far as my bird dog deals I have yet to have to get one from the bank. I have been lucky in negotiating all of my deals directly with the owner.

Cathy,

I have not bought any of my own properties yet though I have had many opportunities. I guess I would rather have the "cash now" since I have been struggling with poverty for so long that it feels good to actually have money in the bank now. I also have allot of dept to catch up on that the cash now is helping me get my finances in order. I am sure I will invest in my own in the future for "cash later".

As far as my bird dog deals I have yet to have to get one from the bank. I have been lucky in negotiating all of my deals directly with the owner.