OfflineHi all, I'm new to DG and REI. The following is a copy/paste from my blog....I'm hoping to get many replies as I'm trying to learn from the best and brightest on this site.
I've been thinking about REI for quite some time now, mostly a couple years ago when I was in a position to lose my job (due to no fault of mine)and here recently due to the government shutdown. I was placed in furlough status. But thanks to God, it didn't last too long and we were paid. Being in these positions makes me realize that I cannot truly depend on one source of income. BTW, I'm married with 4 children (9 yrs old and younger). My wife home schools because we cannot afford child care and actually she does a GREAT JOB at it. We are considering full time home schooling until our kids reach high school. Although I've had this interest for quite some time, I never really got off the couch. One, my wife insisted we purchase OUR home first. Two, no money to invest.
So, here I am again. My 35th birthday was yesterday and I've committed to myself that I'm wasting no more time because it is too valuable. I'm taking the advise of Rina as she offerred to someone else having the same struggle of getting off the couch. Post two action entries a day.
Action One: My first post to DG website
Action Two: blow the dust off "Profit from Real Estate RIGHT NOW! and re-read Matt Larson story Part 1.
Wow, I just noticed on page 29, there she is Ms. Lorina feature in Success Story #1. Wow. This is a sign to move forward and accomplish greatness.
Trimaine
Good for you for getting off the couch!
Just work on REI a little bit each day, and you will get there!
Keep moving forward!!
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Another copy/paste and additional action steps from today.
Action 1: Posted several ads on craigslist and backpage to start building buyers/seller lists. Dont' have much excess money to invest right now on 'bandit' signs and other marketing. Word of mouth will do.
Action 2: Sent emails to two friends and first cousin who are real estate agents. Renewing my interest to pursue real estate investing and an offer to 'work together'. Will await reply. I have helped my agent friend who sold me my residence sell another home to a buyer. So I'm already ahead in the game and he knows that I can attract potential buyers.
Action 3: Reviewing MLS listings. Have already found some interested properties and vacant land.
Homework: Review HELOC. I have about 20k equity in my home. Considering this as investment line of credit. But right now only interested in finder fees, birddogging, wholesaling to increase my 'real' money. The first deal will definitely propel me to stay motivated.
Update: It is now 9pm EST.
I think I had a successful day. After work, intuition told me to just drive around one of the adjacent neighborhoods to my home to just 'look' around. Sure enough I spotted 2 homes with for sale signs, and 1vacant property with a "home preservation" sticker on the window and a lock box on the door knob. Hmm..this one looks pretty promising. Of the two 'for sale' homes, I grabbed the realtor flyers and began to drive off. Something told me (actually it was Dean's voice in my head...."Don't be afraid to knock on the door and ask"). So, for one of the properties I did just that. Interestingly enough the homeowner is looking to "downsize" due to the death of her husband. The home is a 3bd/2ba 2100+ sq ft w/ wrapped around deck on the back, nicely landscaped, with a fishers pond in the back, also a nice screened in gazeboo. Very attactive property in a well desired neighborhood. Yearly HOA is only $60 She has two daughters. One is moving out to her own place and the younger is staying with her. She took me for a nice walk around the home and was anxious to get me inside the home, but needed 30 minutes to 'tidy up'. I politely declined and said that I'll give her a call tomorrow and schedule a walk thru. This should buy me some time to think of a strategy, then I will have a nice sit down discussion over some 'tea'. I was really upfront with her. I told her that my wife and I just purchased a home and was looking to maybe down size as well or relocate to get closer to my job. I also stated that I'm a REI and would consider either investing in her property or for a personal purchase.
I just got off the phone of one of my realtor friends and we began probing for additional questions to ask. BTW, the seller has a agent agreement. Here are some of the questions I will ask tomorrow just to find her "magic buttons".
1. Somehow I will politely ask is there a note on the home? Did insurance pay off the home
2. Profit margin seller is looking to gain? Quick cash sell to purchase another property?
3. If a note exists on the home, would the seller consider owner financing? Maybe I could lock it up on contract, assign as a lease purchase/option, with earnest money coming from potential buyer. No money out of my pocket.
4. If free and clear, would she be interested in monthly payments (first payment within 90-120 days just to lock up on contract). Agent friend is already looking at potential buyers and potential 'down sized' property that may be of interest to seller
5. How long agent agreement is in place for? Home has only been on market for 3 weeks. Would she consider a cash purchase and settle with agent his/her 6% commission if I can assign the property within x days.
I'm just brainstorming here guys. PLEASE chime in with other strategies that I maybe overlooking or missing. I'm new to this but I'm comitted to being a successful REI.
Thanks TeresaJo for the positive feedback. There's nothing like a good cheering and pep squad to keep us all motivated. I will succeed. I know there are ups and downs, obstacles, and hills to climb. However, that's just what they are and they have a purpose...for us to get over and around.
I will thrive.
Interesting fact on home #1
Built in 1984
Last sold Dec 2012 for $80,000
Zestimate $147,000
Seller asking $159,000
OK, so I went for a personal tour of this property. Owner seems pretty motivated to sell and really wants an offer. I have done some homework to find out the 'bottom' and 'median' for this pocket area market. Seems to be a few foreclosures in the neighborhood and a few for sale asking FMV. I've been busy with some work travel so I should have my comp's put together real nicely, with the help of my agent and making an 'offer' by Friday. Wish me luch DG family.