Teresa Jo's journal

I submitted some offers to my realtor today via email. question: she wants to know what amount to put for earnest money...she suggested $500 so I said ok. Should I have told her something different?

Teresa,

Great going. These actions WILL bare fruit. I think $500 earnest money (EM) is fine. However,wou if you need a higher amount you can build that in your assignment contract and have your buyer "assume" that cost. Your option would be to negotiate with your buyer and adjust your assignment fee accordingly. Your call.

Good luck, I hope this helps.

To you and ALL the mothers out there HAPPY MOTHER'S DAY!!!

Thanks!! I also spoke with Karen G. about this and she has been very helpful.

Happy Mother's Day to everyone!

Thanks, Teresa. You are very inspirational. Stay involved and focused. The aby steps are getting longer and stronger. Well done.

With appreciation

Patrick

Thanks Patrick for your kind words. I'm determined to succeed.

Got a call off my bandit sign today...the guy told me he needs to sell his townhome, so I collect a little info. and then we discover we know each other! LOL! His partner is my nephew on my ex's side of the family. Anyway, they are in the process of updating their townhome and decided to call my number instead of a realtor's number. Not sure about this because a realtor has already told them what they could get for it, which is close to the appraisal amount. On the other hand, they are moving to Austin for school and I'm thinking they need to get rid of it before they move.

Also, I made 4 offers on distressed houses today, and one has come back with a counter offer. They countered $10k below their asking price. So I ask my realtor to check with their realtor to see what the motivational factors are. She tells me that the owner wants to move to a different school district so her kids can go to a better school. AND this house has minor electrical problems and foundation problems. I had only looked at the pics of the house and it looked ok from what I could tell. I told my realtor to counter with $50k but that is as high as I would go since it has a foundation problem. Of course, I had already run my numbers but didn't account for the foundation problems. If they accept my offer I'll offer it to my buyers but may have to back out since I didn't allow for foundation repair.

I have been putting this off for awhile but I have been following most all of your posts on your journal and with other DGers in DG.com...needless to say I am impressed with how you have hung in there and kept making offers.You truely inspire me and You offer a wide variety experiences in you adventures. I am a reluctant beginner myself down here in Central Florida on the Space Coast. I have been following Dean for over a year now as you can see by my Bio and my few postings which I have not been as diligent on...
Last year I spent mostly recovering from a bad fall off a ladder and from love. I am almost recovered now and fully ambulatory (walking again)... and... I have got to say with the situation both have left me financially down there and I am raring to get up off my rearend and get started....from Dead Last... I am really at the bottom financially (thousands of Dollars in debt and barely working part-time). But, I have one thing working for me. I was a licensed Real estate Agent in Florida so I know the business fairly well and I know what to expect of the Agent I choose. In fact, I have a few friends in the business rooting for me. Most are brokers who have invested themselves both in residential and commercial Real Estate. All of them are successful but I do not think they know too much about Dean... I intend to show them just who he is and who I am as well... I have high expectations as my needs are great... to start with as quickly as possible I need to raise $50,000 to $70,000 with in the next year" Free and clear "... That will be to get me back to a Family status. After that I have my Mother to care for and some other large goals in mind. This will be my retirement I am building and I intend to build it well as I have alot of living ahead of me. I am going to get my own Journal out in the forum as often as I see yours and a few others I intend to contact. I wannt to get to know this DG community alot better ... they have so much to offer ... For that I know I will need to post often and in the right places. I have no questions or requests at this time just encouragement from you and others will be appriciated.
At the present time I have finished reading four of Deans books and have followed this web site daily avidly I wish I could have gotten to gone to or have at least seen the last Edge event. From all the comments I have seen it was truely fantastic, as the previous ones have been. I am going to commit to get to the next Edge in 2014 and to attend one other event in2013. I have contacted 4 other Real estate agents (2 brokers and 2 agents) but I have not decided which one to work with as "My Agent". I try to get out in my community and keep track on residetial properties at least twice a week...but no offers yet. I do the math and crunch figures on the properties that are FSBO,Listed and deserted. (I learned to do this as an agent before ). I need to get a pass to the MLS and see how trends have changed in my area due to some drastic changes in the past year. I can understand how universities have an effect in your area and how you can easily base your decisions on them. All we `have here is a community college. But, being a former engineer I tend to base most of my decisions on what is happeneing at Kennedy Space Center and whats going on in that industry. A big Shift here has been to the Cruise industry and how it has changed whos here and what they want. Any and all advice you can offer will be deeply appriciated... but as I said before any more more specific questions may be forthcoming. Keep up what you are doing and I will be watching ready to lend a hand if ever needed.

Good for you for committing to real estate investing. I want to stress that yes, you can do it with little or no money! I'm currently down to just 4 bandit signs but I still get calls just from 4 signs. I don't have the money to go the Edge event every year either. But I feel like I'm really just beginning. I just put in 4 offers the other day and now we are countering back & forth. I hope to have 2 put under contract tomorrow.

You already have a good advantage because you used to be a real estate agent and know all the terminology. I knew nothing about real estate when I got started. I bought my own house, but that was it. But I'm old enough now that I'm not afraid to ask questions...even if it makes me look dumb. What have I got to lose? Nothing! I just keep thinking that I don't want to be on my deathbed and be thinking "man, I wish I had done more with my life" or "man, I wish I would have kept pursuing my goals", etc. So here I am at 53 yrs. old chasing after my dreams! And it's not easy after going to work all day and then coming home and working some more.

Definitely keep coming back to the DG site and we will all motivate and inspire you to keep pushing forward. And read, read, read and read some more.

I've finally got my own realtor and I swear, sometimes I think she's going to quit on me but she hasn't yet...LOL! I think she needs the money worse than I do!

Keep pursuing your dream and one day you will be living in Hawaii, like you stated in your bio.

Thank you sooo much for the read and all the encouragement... as for your Realtor Being Broke .. I know ... I been there and it is not easy ... I am Reading everyday ... DG.com ... and rereading Deans books and a few others ... I am a voracious Reader... I wuld especially like to thankyou for reading my Bio... I have two questions .... 1st How and where wuld be a good place to start my own Journal ... Like yours here... I think with the daily discipline of writting each day ... I will get more into it and get more from it ... next ... I have experimented with the idea of using Cardboard signs (since Walmart is an endless supply of cardboard) or do you have a good online source of Yellow plastic signs.. They are not illeagle around here and Bandit signs are plentiful... any help with this wuld be most appriciated ... thanks again for the personal response to my post ... When I do get to Hawaii I will stop by in Texas to give you a personal invite ...

Fred--go to "Member Journals" on the left side of DG.com's home page and then click on "Post a New Forum". I think that's how I started my journal. Then just name your journal and just start writing. Believe me, it MAKES you do the work because it somehow mentally makes you accountable to yourself.

I ordered my bandit signs from SignWarehouse.com. I got my signs and stakes from them. I think the total order came to @$80...but not sure about that without checking. But you can use anything as long as they are readable and use big letters. I wouldn't use brown or anything dark...it needs to be white or yellow with black lettering. Buy a Sharpie "magnum" marker from WalMart...they work best.

I had to come home from work today because I have a bad eye infection in my right eye...have a dr.'s appt. this afternoon...but it won't stop me from taking action in REI. I'm still waiting to hear from my realtor about 2 wholesale deals we are working on and then I've got to take quick action and get on the phone with my cash buyers to assign it. Hope this works out, but if it doesn't, there's always more houses! LOL!

Also, I've started working with another DG'er on lease options and I'm excited about that!

Hope I've answered all your questions. There are plenty of people on this site that are very helpful. I hope one day I can pay it forward. That is one of my goals...to help as many people as I can in life.

Have a great day!
P.S. yes, stop by Texas on your way to Hawaii!!

has been stressful to say the least. I got 1 property under contract and then another 2 that were about to be under contract. When I offered the first prop. to my first 3 buyers, they all said that the spread was too thin. Then after consulting with another DG'er I realized I had not run the numbers correctly. So I had to back out of all three. It was a good learning experience and does not deter me in the least bit. Plenty of other houses out there! In the midst of all of this, I contracted a nasty eye infection and am still dealing with that. Have prescription eye drops and I keep moving forward anyway.

On the positive side, tomorrow I'll be going to look at a townhome that I'm going to try & lease option with the help of another DG'er. Very excited about that possibility.

Did not put out bandit signs tonight because of above-mentioned eye infection, but will post some CL ads tomorrow.

Moving forward...

Teresa,
This is just a hick-up, you'll get past this. I know given ALL of my "challenges" and I'm still standing (as I listen to Sir Elton John's "I'm still standing" song) by sheaar coincidencs. As I said before you'll make it. I believe in you!!

Fred,
This is an OUTSTANDING site. As you like to read you'll find LOTS of information here. And as Teresa said you have the mindset of a realtor giving you an edge (should you use it). BTW, feel free to read my journal as I have a unique position. I too am excited about REI.

Good luck to you both. And EVERYONE happy investing.

Thanks Rick. My little eye infection is nothing compared to what you go through on a daily basis. We can decide to let life's challenges hinder us, or we can move forward despite all the bumps in the road.

Today I'm going to put flyers in washaterias, or wherever I can find a bulletin board. I'm also going to work in my home office and get some paperwork filed, etc.

Waiting to hear from my nephew as to whether they want to do the lease option. Praying that they decide to use me instead of a realtor.

Moving forward...J

Sorry but I have spent the past few days sorting out issues with my day job and going over The Edge Replay. I see what you mean about "Post a New Forum". You should see that post in a day or two. I just finished my initial reading of "30 Days to Real Estate Cash" and I am making up a personal checklist now. I want to get 25 bandit signs out there right away but other necessary expenses out-wiegh the costs for your refernce for SignWarehouse.com, but it is the best refernce I have gotten so far. Sooo I hit up the Cardboard bin at Walmart bought a can of yellow paint and a Sharpie "Magnum" marker. We will see how it all works out on my days off as I make them up (25 of them).
I feel for you about that eye infection. My coworker at walmart caught something similar recently and was almost 4 days out. Unfortunatly she could not use drugs to relieve her symptoms due to a recent pregnancy (part of those issues I mentioned). After working out some issues with my employer, I should get enough hours to be able to do this and still get paid enough to get by. Whats that they say...Dont quit your "Day-job" till..... ( I saw that other post in the forum).
Oh ,And Thanks FLARE I will and I will... post on your Journal as soon as I catch up with my own journal and take in yours.. I do follow many who post on TJ's journal and I admire so any of the DG'ers here at DG.com it has got to be the best source of real REI information I have seen so far on the web maybe even better than "Active Rain". And it is the best source of Mentors like Matt, Carol Jen and SOO many others not to mention Dean (A Real Investor). As a former agent I have found that many Real Eatate agents and Brokers become investors but so many of them play the game close to their Breast and are not so generous with investment tips. I see so many things my former broker does that I did not know why he did them. Since finding Dean on the net Now I know why he did them. Who knows he could be reading this now as I post it?

Hoping to do a co-wholesale deal with Kathy from El Paso.

Called a FSBO today and will go look at it this Friday night.

I realize I'm not doing as much as I should be doing and that's my own fault.
So glad that there's a 3-day weekend coming up...hoping to get a lot done.

Teresa,
Yes, I'm still here. How do I say this in a kind way? Okey here goes. You posted "I realize I'm not doing as much as I should be doing and that's my own fault." STOP IT!!! Bury your self doubt in the garbage and realize that you are doing more than average. Be the hare and not the tortoise. If anything you're learning your market and building relationships. You'll be a property onwer before you know it. Keep up the good work.

LOL...I know--I'm really hard on myself. OK,OK, positive thoughts from here on out!! Yes, I AM doing more than the average person does. Working a full-time job from 8-5:00 and then devoting the rest of my spare time to REI. My mom even texted me yesterday and wanted me to come swimming with her out at the lake this weekend. Had to tell her that A) I have no gas money to go to the lake, and B) I was working on REI. I'm sure she thinks I'm totally nuts...LOL. But I know all my work will pay off EVENTUALLY!

Take care!

Tomorrow I'm going to look at a FSBO. The seller called me back today and I asked some questions. The house is close to the A&M campus...can I get an "AMEN"?! LOL! He said he was just tired of renting it and wants to sell.

Had to call another FSBO back today and reschedule my appt. w/her because my eye infection came back and now I'm on a stronger eye drop. Good thing is, she told me where the house key is and I can go look at the house on my own. This is good because I still feel somewhat anxious while looking at houses and having the owner follow me around.

Moving forward...

A girl called me yesterday and said she and her family need a house here in my town rather quickly. Her credit score is only 599 so she can't really qualify for a mortgage. I called her tonight and said I could help her and we discussed rent to own options. I explained that I would need a $500 finder's fee and she agreed to that. Just want to know how do I find rent to own houses? I googled it and there are plenty of websites but they all want you to pay money to access their info. I searched Craigslist and didn't find any. Is there a better way to find rent to own houses?

She said she could only afford an $800/mo. payment but that she could put down $10k for a house.

Any suggestions??

When you look at the CL For Rents most of them will not say RTO. You call them on the rental and ASK if they would be willing to rent with the option to buy it in a couple of years.

Often, they tried to sell and were unable to and that is why they are renting in the first place. Then, you get the L/O contract with them and will L/O it in turn to the woman. And THEN you get the OPTION FEE which will be much larger than a finder's fee.

Karen

UGH! OK, now I know. I'll probably be calling you tomorrow...LOL!

When I was an RE agent here in Fla I did alot of Rental contracts due to the fact that alot of the market here in Fla is Rentals... and it was easy money ... my Broker was a big one on vacation rentals and was easier than most on credit BUT he did insist on 2 things : first a criminal/Background c check and a personal face to face interview. Credit was not a big issue to him ... but he did call former Rental owners (whoever they put down as where they lived before) and he checked on where ever they paid utilities before. On these two things and how he felt about their interview He usually approved /disapproved them based on these results. Based on my previous experienxe as an Agent before this is how I would apprach the L/O first. Then I would go into the Finding of a good rental as Kareng suggested... her advice is "Spot on" ... Rentals are a good source of easy money. The main difference between now and then was I only got $100 a shot and your $500 finders fee... that sounds so much better

Teresa,
I second the previous comments by Kareng and Fread. It's an additional source of income besides wholesaling alone. L/Os are another win-win for everyone. Good luck.

So I get a call from a lady that wants to sell her house. She says there's 2 lots and the house is on one of them. Anyway, I went and looked at the house and it's on a corner and it does have a large vacant lot next to it. I do all my research and realize it's just one large lot. I called the Success Academy, and then call her and leave her message. Never heard from her, so I call her tonight and she said she only heard half my call. Anyway, now she tells me she just wants to sell the house and NOT the land. What?! Can this be done?? The house is pretty much unlivable and I'm not sure what to do next. What questions should I ask her? The property was listed with an agent but is now an expired listing. She sounds like an older lady and maybe she has dementia...I don't know.

Help!

Teresa,
Do your due diligence. You may uncover the reason why it expired. As to sellimg the house seperate from the land, yes you can. I've heard cases like this. It's a way to be creative. And it may help in negotiations. I think I saw one of Dean's videos that did that. But continue asking around. Good luck.

the Brazos County Appraisal office and they said there are 2 lots and if she wants to just sell the house and keep the other lot, then she would have to have it divided. They advised me to check with the title company or the city.

I think the reason it expired is because she was asking waaaayyyyy too much and so it eventually expired. But I'm going to talk with her tomorrow and do some negotiation. All she can say is no.

As I was driving around town running errands today, I noticed that one of my bandit signs that had gone missing after I placed it in front of a hotel, actually REAPPEARED across the street from where I placed it! LOL! Someone had found it and put it in the ground in front of the Red Lobster restaurant.

Called the FSBO lady again today. Now she tells me she just wants to sell it all, the house and the land. Yay! Called and left her a message that I want to meet her at the house tomorrow so I can see the inside. Just my intuition but I think if she meets me in person I'll have a better chance of her wanting to sell to me.

Moving forward...

That is so cool about your sign! Your guardian angels are watching out for you.

Sounds like a good thing is happening with the lady. You are right about when she meets you in person. People like to work w people they like. She will like you. You are very likable.

Karen

Yes, the guardian angels are looking out for me...LOL!

This morning I get a call from a lady that says her sister wants her to show me the house. So I think that I know who she is. Turns out this was a different house that I had inquired about about a week ago. So I'm at one housee waiting for her to show up and she's at another house waiting for me to show up. Finally, we connect and I go through that house, but it wasn't the one I was planning on seeing. LOL. Note to self: get the address and make sure you know who you are talking to!! I called the owner, who lives in another city, and she tells me she's having some contractors look at it tomorrow. Why do I have the feeling these contractors are going to get it?

Then tonight the owner of the house that I originally was going to see calls me and tells me she finally found the key to the house (I didn't know the key was missing...LOL) and so we will meet at that house tomorrow. Whew, what a day.

In the meantime, my realtor wants to know if I'm going to do a bid today because she's about to go on vacation, so I've got that to work on tonight. I bought her a gift card to a restaurant since she's done so much work for me and we haven't closed a deal yet. I thought that was the least I could do for her.

I learned this week is that if a deal is not going to work out, then move on! Don't dwell on it or try to "fix" the problem. There are plenty of other houses.

I received a new shipment of yellow signs and am working on them so I can get them out tomorrow night. This time, I'm putting out 25 signs if it kills me! More signs = more calls. And I definitely need to start getting more calls.