OfflineJanuary 2, 2009
Okay, so the holidays are over as well as 2008. A little depressing. I looked over my 2008 New Year's Resolutions and realized I didn't do a darn thing on that list. Still the same old goals... lose weight, get involved with real estate, pay off bills, move some where else...blah...blah...blah! Totally meaningless. Something has to change because I'm sick of my job and the stagnant lifestyle I have created. For goodness sake, I'm only 35 and I find myself saying, "Is this it?" Well, it's not! I just finished reading Dean's Totally Fulfilled book and let me say "The buck stops here!" No more empty resolutions, only action! So here is what I have done so far...
1. Depressed the heck out of myself because I put together my debt vs. assets sheet and a spending plan. What the heck did I buy in 2008? Cried for a few minutes because I realized that between my $70k in student loans and my credit card debt of $27k (this includes my spouses cc debt) I owe $97k!!!! Not a great start to making yourself feel like 2009 is going to be your year!
2. Kept my date night with my honey and decided to cheer myself up with a movie. We decided it would be our last hurrah since we would be on a strict budget for 2009. Like an idiot I said, "Let's see the cute dog movie, it looks funny." I ended up crying the last 1/2 hour of the movie. Don't let the trailers fool you; Marley and Me is not all that funny! If you own a dog you can guess what happens at the end.
3. Went to bed depressed and swollen eyes and a headache.
January 3, 2009
Vowed I would not have a bad attitude after my horrible financial discovery. I kept my appointment with my friend who is a realtor. We had coffee and I told her I wanted to wholesale houses. I explained how it works, what I needed her to do and how we could both benefit. I was so scared talking to her I thougth I was going to pass out. She loved the idea. Yeehaw, I'm on my way...
Went home, did a happy dance and then signed up for one of Dean's mentoring coaches to call me. I can use all the help I can get.
My friend sent me a list of homes in the areas I am looking to wholesale. I'm looking at REO and short sale properties.
January 4, 2009
Recieved a 30 page list of Notice of Defaults for my area from my friend the realtor. God is awesome. Who new my friend and I would be workig together. We are so excited to get this ball rolling. Next step, send out letters to NOD's listed. And then look at some of the properties off the list she emailed me. 2009 is going to be my year, no more meaningless goals, it's just going to be action! action! action! from a mad real estate investor.
Go KimmyJ,I an anxious to hear of your SUCCESS. Way to go.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
How did you come up with your offer price? didn't you say your were offering 60% of FMV less repairs or am I confused?
(doesn't take much these days!) 
thanks,
Niki
Hi KJ! Is that the actual offer you submitted? I'm trying to figure out how an offer should look like before you send it. Any help would be appreciated.
Many Thanks,
V. V
The house was listed for $174900 which is approximately 72% of the FMV price on $240k. By me offering 15% below the listed price, I would be purchasing the house around 58% of the FMV. When I wholesale the deal, the end buyer will have approx. $50k+ in equity, $300 positive cash flow and would have purchased the house at a 25-28% discount.
I have 7 offers left, waiting in "limbo land." In the last couple of days I have had several offers denied. I was just perusing the MLS and right there on the MLS is 2 of my denied offers "back on the market!" I called my agent and she already knew. She told me she had been steaming about them all afternoon and had calls into the listing agents. Both of us are ticked because both listing agents told us they had ALL CASH offers and they were much higher. I bumped my offers up on both properties, but was told my offers didn't even come close to what was on the table. So, my agent and I moved on. We cannot believe that both listing agents didn't even bother to call us and tell us that we still have a chance. How lazy can you be? One of the listing agents told us that the bank will only come down $3k to $114k. Now the house has a price reduction of $3k! My suggestion is to make sure you have your agent check back on the listings that were denied. My offers were denied 3 days ago, but are already back on the market. Needless to say, I am pursuing these listings like a Mad Real Estate Investor.
KimmyJ
OK, so I just stumbled upon your journal!! I don't know how I always missed it before.
It's funny that you were talking about old offers. Our realtor won't give us ANY updates on the offers we have out. She said that she has received quite a few "angry callbacks" regarding our offers, but not which ones. We told her that we need to know about EVERYTHING that happens involving our offers, and she said OK, but still nothing!!!! I'm getting really sick of dealing with realtors. This one seemed great for the first 2 weeks, and now I have been waiting 5 days for her to get me the comps on the 20 offers we are signing TODAY!! I'm sorry that you were having trouble with your realtor, too, but it is comforting to know that we're not alone in the Realtor Lottery. How can I get her to inform us about the offers?? Just asking her again and again and again hasn't worked. I have no idea what's going on with any of them! And we have about 30 out there through her.
Have you heard back on the offer you submitted using your new strategy? Our fingers are crossed for you! I know that I tend to be optimistic at times, but I just have a FEELING that good things are going to start happening for us, you and Jason SOON!! It seems like we are all at about the same place in this REI!! We could ALL use some good news!
Remember that the listing agent's real motivation is not just selling the property, but selling the property and making the most money they can on the deal. It sometimes makes you wonder if the listing agent is really presenting the offer to the seller or not (even though it would seem very unethical not to).
Just like any other field/profession, there are people who do what they do only thinking about what is best for themself and not what is best for others as well.
KimmyJ If we do not run the numbers, How are we going to get a deal! And if you think i mean 1 plus 1 = two...Not those numbers! You are doing excellent.
Rand
Well, Happy Mother's Day to all my fellow investors. I took my mom out to brunch and then went back to her house to swim. One hundred four degrees today! I am an only child and I think it's harder for only children to get along with mothers. There are more expectations put on you and you don't have any siblings to spread the wealth of responsibilities. I tried talking to my mom about real estate and she just doesn't get it. It is extremely frustrating because I know this works, but she doesn't think it will come to fruition. Bad market, no money, blah, blah, blah. To keep me focused on my plan, I have been reading and listening to "Positive Power Thinkers." I am still waiting to make that first deal, but my head is positive, focused and I continue to take action. It is amazing when you are in the zone and your friends and family have negative voodoo. The words they choose, their outlook on life and their futures... it's all so unproductive and status quo. They hate their lives, but don't want to take action to change them. Even my mom is stuck in a rut. Well, not me! I will succeed and change my life for the better! I am a Mad Real Estate Investor!
KimmyJ
I don't want be brought down by the negative voodoo, so I just signed paperwork for 2 more offers on REOs. I'm faxing it to my realtor as I type. Staying focused, taking action... being a Mad Real Estate Investor!
KimmyJ
That's the way to go, defy the odds and push on. Success will come soon as will other friends and family. Keep on pushing on. God Luck and God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Kim, I know how it feels trying to involve family and just get pushed down.
You will get there and so will I. Question is--are you going to be that small percent to make. I very much think so.
I really think we need to take multiple avenues instead of trying to assign REOs. I called a couple of FSBOs yesterday and I dreaded every minute, but I got through the call. I found out right away how motivated they where and just played dumb and didn't even go into the low ball cash offer question.
Keep me posted.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
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Hey K, I think your calculations are not quite on target: (.58) X ($240K) = $139,200... (.15) X ($174,900) = ($26,235) - (174,900) = ($148,665)..... I think what you were attempting to calculate was: (15% - 72% = 57%).... But, this is not how the process actually works out!!! So, the actual calcuations should be: ($148,665) divided by ($240K) = 62% of the FMV, instead of 58%....
I hope this helps...