The New Deal FINALLY CLOSED IT!!

The power of attorney was filed and we are good to go. We will be signing a purchase agreement tomorrow and then heading to the bank to get them moving on the loan and making sure there are no liens on the property and set up the closing. We are hoping to close it next week because we are going on a cruise the following week and would like to get it done before. But if not, we'll be ready when we get back.

Woohoooooooooooo, onto deal number 2! The bank is working on financing the sale with an additional line of credit, and setting up the title check and closing. They are trying to get it done by the end of next week, this would make the seller and assigner very happy, but I am ok with either. Truth is, I convince the owner to call his insurance company and put a claim in on his roof, he has hail damage from a storm in April and never got it fixed. I have a couple buddies that do roofing, I am hoping to get a new roof for free. If so, I plan on hooking the owner up with a nice $ present for this. He called me about 30 minutes ago and told me the adjuster will call and schedule an appointment out at the house with my roofer in the next day or so. SOOOOO, if that happens, mama and I can bust out the one wall in the kitchen and put in french doors leading to a new deck and not spend anymore money but have another sweet selling point. We went by the house again today and there is so much junk in there, tons of record albums, reel to reel movies, clothes, furniture, etc... We plan on getting a rollback at the house one weekend and paying 4 people to help clear out the house. We'll go through everything and if it looks like it can sell on craigslist or ebay or a garage sale, we are keeping it. There is some china in there also, not a full set, but who knows what anything is worth. We are kidding around that its like the show storage wars, open up the door, make a bid, if you win you get whats in there, cool thing is, we got to check it all out and see what all is in there first. Now if we could just get this other flip sold!

Jack,

congratulations on your deal #2!
You'll have to post it on the 'Deals' forum so that admin will notice and put a well deserved 'diamond' on your profile!

Weren't you going on a trip during the closing on your first deal also? I think you like the rei stress!

Wishing you great success,

Valerie

Good job Jack

HA HA I guess I need to put in more offers and also take more vacations huh?! NOPE! Can't afford to do more of either right now. We are excited about this new one, its going to be great to really dig in and learn since this is a total rehab, down to wiring and plumbing, one that Jim might even be a little impressed about once its done. Only if Iad the handy skills Jim has, it would be fun to know how to do all that he does.

Got your work cut out for you on this one. I'll be watching the progress reports. Much success to you...Jan

Appreciate it! I would post the pics of it on FB but my mom would see them and YES, at 43 my mother still wants to lecture me about how I spend money and take chances. HA HA So until the other sells, she won't know about this one. She does know I found one I am interested in, but I have left it at that.

That's great! Way to go! YOU DID IT! Knew you would!

Almost sounds like the one that Jim just finished with all the junk inside! Yuck! But maybe you will find additional treasure besides just this deal.

Like Valerie, I started reading this and when you mentioned the trip, I thought this was the old thread. I had to double check on the dates.

This will be exciting! Can't wait for play by plays.

Sounds very exciting! Looks like you got the ball rolling in the right direction. I can't wait until I can put my 1st deal details. Just got enrolled into the Success Academy. These updates inspire me so much to know that I can do it, because I see people on here doing it everyday. Keep up the good work Jack, and keep us posted.

way to go!! looks like you'll do well on this one.

Is the other son still in the house??? he sounds like a mad man and needs to be put in a rubber room

BTW- some of the 'junk' may be worth some $$$$

Thanks for helping another DG member- nice payday for them also

keep us posted

good job Jack. Keep up the good work.

Semper Fi
Steve

Before you clean out that house I just saw an add on Graigs list for people who live for that Kind of STUFF you mentioned!!!! It could be more MONEY involved, its worth looking into;)

Thanks everyone for your encouragement. I am feeling a little overwhelmed right now. Vacation next week, flip house still for sale, contract on this new one and the owner wants to know when we can close, owner is also working with insurance company about a new roof since this one has hail damage and we are getting it replaced before closing, roofers are after me about getting up with insurance so they can schedule the roof job before we close, bank is working on loan and getting closing set up with lawyer as well as title checked, assigner is calling to find out whats going on since he is due his few, and all while I work the regular 9-5 job. WOOHOOOOOOOOOO! I need the excitement!

Mike, no one lives in the house now. Its a disaster area! The one son was sent to jail for wrecking the house and then admitted for treatment, not sure if he is still in or not. And YES, we are hoping to find some gems in the house. There are old records, china, books, and other things, so we'll see once we close.

Glasshomes, send me any info you have as far as cleaning out houses and all.

thats awesome! looking forward to my first deal

Great job!!!! looking forward to my first,just join pmi success academy looking to do my first deal in the future,keep op the good work.

Great job!!!! looking forward to my first,just join pmi success academy looking to do my first deal in the future,keep op the good work.

Hi Jack,
I just wanted to say that I admire your drive to keep things going. You sound like a real go getter and someone who likes a challenge. Bravo! Good luck with this house!

Thanks for the encouragement and all I can say is network network network. Get in the local REIA, be involved here at DG, facebook with people from here and local folks. Today I met another REI from the local area that I met through another site at the property. He is 24ish, has 63 rentals, has 2 flips for sale, plus a huge renovation he is working on, along with some other things. I contacted him to ask for some time to ask him some questions, when I told him about this place he said we could meet out there so I could ask him anything I wanted. What a humble kid, he didn't want to step on any of our thoughts about the house, but when we asked he was open with what he would do and not do. So much food for thought. He gave us more scoop on self directed IRA's, buy and holds, and a ton of other things. He spent about an hour with us at our soon to be project house and told us to get back with him when we get back from the trip. He offered his team of workers that work on his places if we needed some help for a day or two, he offered to introduce us to his subs, and was just cool as heck. One neighbor saw us outside and she came over and asked about the house and was happy to hear we were buying it and she said the neighbors are going to be so happy. OH, and on the way to the house we got a call from our realtor about an offer on our flip, some details to iron out, but this could be the offer we need. I can't stress it enough, get out and meet people in the business, everyone I have talked to about anything has always mentioned about partnering up with different folks for different projects, so you just never know what you might get yourself into. The kid today was saying how he hasn't found a good wholesaler yet, has only had one deal he used from them, so there is plenty of room here to get a rep for being good at wholesaling. Anyway, its quitting time, later.

One mans Junk is another ones Treasure, Do you have an account on Ebay, You never know list it and sell it and forget about it, maybe make some of that 60k needed for rehab, you never know... just an idea.....congrads on the Deal...

Thats the plan! Sell whatever we can and see if we can recup some $, at least enough to pay for some dumpsters. The kid who came out last night to check it out looked at me like I had 2 heads when I told him what I wanted to do. He rather pay a couple people to go clean it and have it done in 1 day and not worry. I just see some old albums, some china, old vintage clothes, some furniture, and some other odds and ends that I think we can pull a few bucks out with. We'll see. I'll let you all know!

Great words of motivation for those individuals who did not have the resources to participate in the EDGE, INNER-CIRCLE, or the ROCK-BOTTOM PROGRAMS. Remember, many of the Superstars (like Matt etc.) did start with only Dean's first two books and then maybe the fantastic SUCCESS ACADEMY; look where they are now. Our drive, focus, and consistent persistent efforts will lead to massive success. I myself, am following the same path and words. Thank you Dean and DG.com!! (-:

We close on this one this coming Wed, as long as the loan paperwork, title work, and all gets done in time. Already have it scheduled with a buddies law firm at 2pm on Wed. His firm is also doing the sale of our flip in Sept. Incredible things are happening, in fact, there is a roof being installed on the house we are buying on Wed right now! The seller didn't get it fixed after a hail storm in April so he called the insurance company and they ok'd it. Have some buddies who own a roofing company so I called them and they are getting the deal done before the closing. Got a text from the local investor that came to see the house the other day and he offered to give me the info on his plumber and electrician and said he wanted to see this work out for us and he will help us anyway he can. HA HA not a bad deal having a successful investor taking you under his wing like this. Went to our REIA meeting last night and ended up staying 2 hours later with 3 other local investors that are really cranking out the buy and holds. I can't say enough good things about the people we have met, not afraid to help us out and answer our questions and really stress their input. If you are not a member of your local REIA yet, get it done now, click off this blog and go to the national REIA site and get started. Do searches right here on DG for your home state or where you want to invest and start networking. Network, network, network!

OK, I didn't know I would get as stressed out by doing REI as I am. This deal has been nuts. Getting financing for the purchase but then get back from vacation and the appraisal wasn't done, get that done and the appraiser takes his time getting it to the bank. Bank says it looks good last Tues so we think we are good to go. Last Fri the bank says it does not have the official paperwork from the appraiser, I call the lawyers office and they say the closing more then likely won't happen on time. I tell them we'll do a cash buy instead and ask if it can be done. Had to fax some paperwork over so they would get the title work done and all and then I started working on a 401K loan as the backup. Mon rolls in and the bank has the official paperwork and we look good, waiting on loan department ok. I see 401k has approved my loan and sent the check via inner office at work. I go into work yesterday and at 2:30pm I still have no 401k check and the banks loan department hasn't approved the loan yet, so now we may not be able to do it either way. I go down to the inner office mail group(building of 10,000 people) and they start looking, no check but they say they will bring it to my cube today if it comes in, and they also told me where they dump the mail near my cube normally. I go to that area and there is my $50k check just sitting there on a table. Can't believe it but at least its there, I deposited it and know we are a go for the closing today but hoping the bank comes on time with the loan so I can use my 401k for repairs until my other flip closes on Sept 16th, then I can use my money form there. I did not want to use my 401k loan doing these unless it was the last resort. Last night the bank has still not approved, she said they denied it because the appraiser put in his notes that the house is so trashed and not liveable, so even though in its condition its worth plenty more then we are borrowing, they said no but our bank contact put it back in another way and hopes to have something this morning for us. If the bank comes through I am going to call the lawyer and let them know to change the paperwork from cash to bank if they can. We are using the same law firm for our Sept 16th closing plus I played softball with the owner of the law firm years ago and have used him in the past, so I think they'll work with whatever I need. Sleepless nights in Charlotte! OH, and the crazy son that destroyed the house to begin with( that we thought he was in jail or gone)now wants his things out of the house(our price is including all contents). And he wants to come out and get it. He terrorized the neighbors for years and they told us they hope to never see him again and were warning us about him. They told us all about him assaulting police and county workers when they came around for different complaints. I am sitting here laughing at the drama this house has been for us so far. I called the other son I am buying it from and told him his brother is not welcomed out there and I would bag up any mens clothing and bring it to him to give to his brother, but that I was not going to play any games with his brother. We were hoping this crazy brother was gone and not going to be anywhere around, now I worry that he might do something dumb once we own it.

Hopefully at 2pm we'll be the proud new parents of a house! Can't wait for Sat, the start of a 3 day weekend and a 3 day clean out this house party so we can start the real work to take this house from being an eye sore in the neighborhood to the diamond it needs to be.

LOL Who would think I would be the first to respond to this post today !! lol I never knew when I brought you this deal , there would be soooo much drama.We all know this is a great deal for you guys, and we will have something to talk about for years.Let me know later today how it goes after closing. I actually have a few more deals you might want to look at . Alot less drama though . ha ha Take care Man, I may be able to stop by over the weekend and see how its going.Take care, talk with you soon.

Curtis Fillers
(Charlotte,NC)

Jack you are a real go getter I see. I wish you guys much success and keep it up. You've got me pumped up about my couple of deals that are brewing.

Hey,
I know this is Jacks thread , but thanks for your comment, I actually found Jack here on DG , and seen where we both live in Charlotte, NC .and I found a deal, and now I hope to bring him more deals.He is good at what he does , he ReHabs, I Wholesale (for now)I just wanted to put my 2 cents worth in lol.

Take care

Curtis Fillers
(Charlotte,NC)

Ha, yeah come on by bro, I'll have some gloves, mask, and goggles waiting on you. We should have a crew out there early Sat morning to clean out the house. We will separate the trash from what we can sell or donate. Hope to get through the whole house but not sure thats possible, you have been in it as well as I and there is not an open spot on the floor, and tons of broken glass, sheetrock, and other stuff. I sure hope this turns into that great deal we think it will! I was brought a deal the other day in Skybrook, not sure if you know about the neighborhood, the house sold for $615k a couple years back, think we can get it for $275k and it needs about $50k in repairs, and FMV is around $450k. Need to find a big investor to even think about that one, all money is tied up in the flip that is supposed to close in 16 days and this one. Give me a shout this weekend and come out and see what progress we make and pick up your check!

You da Man !!! Send me the address of the home in Skybrook area, I can pull alot of great inf up on this software I have. Looks like great weather this weekend, I believe I will stop by and check it all out. Look forward to seeing you all this weekend . 4 1/2 hours , and you are a new Father ha ha
Take care and talk to you maybe this afternoon.

Curtis Fillers
(Charlotte,NC)

The day started out with the bank denying the loan even though the house appraised at higher then we needed. The home inspector put in her paperwork that the house was uninhabitable, so they decided not to go through with it. So the plan about using the 401K for repairs along with the sale of our other house is out, had to use the 401k to buy the house. Then I talk to my realtor about the flip we are supposed to be closing on the 16th, the buyers inspector pointed out cracks in the slab(which my inspector also found and told us it was nothing to be alarmed about) and they want me to pay for a engineer to check into it. Not going to happen, my inspector said it was good, my flooring guy checked it out also and said it was fine before he installed the hardwoods, so who knows what we do now. THEN, we go to the closing, well we signed all the paperwork but until the lawyer confirms with the title company about the title insurance we are on hold. It turns out that name on the deed is not exactly as the name on this guys power of attorney for his mother. The lawyer did some checking and is satisfied with what she found out but said the title company has to also feel good about it. Sometimes his mother went by her middle name, other times not and when he got power of attorney, it was the not the one on the deed. So hopefully that will get ironed out in the morning and they will record the deed after that, if not then we'll have to get his mother(not all there due to old age) to come and sign sales papers but he is not sure how she will react to selling it. She is very old and in and out of it and he has her living with him and taking care of her. SOOOOOOO, tomorrow is another day and we'll see what God has planned for us. Patience grasshopper! Perseverance!