Kristin's RI Journal

I will check some of them out and see if I can get something happening, but if they are a HML they will also require some money to get the loan, which is what the $10k is for. Ugh! Frustrating, but still working on it and moving forward.

Kristin

Met tonight with a person I first made contact with through this site, and he has plenty of knowledge and experience to share. All I can say is that my head is still spinning. Met at 6:00 and left at 8:30 and felt like we had been chatting for just a few minutes...Whew!

He definitely thinks outside the box and gave me a whole new perspective on many things in my life, and not just real estate related. I am so glad we got together and he may be an excellent partner in the near future.

Thanks!

Kristin

I didn't want to ruin it for you, isn't he awesome! Kind of like an angel sent down to help. Yeah, I couldn't believe how quickly time went by.

I am definitely feeling a bit bogged down right now since nothing is moving. The P&S was signed on Saturday, presented this past Monday and the deposit check cashed. But the agent has not heard back from anyone. Is this normal? Would they cash the check if they weren't going to move ahead with the deal with me?

I still do not have the funds to close this puppy, and will give myself to the weekend to get the money. If not then I will try to move to another cash buyer for approximately $3-5000 more than I paid to make some money on the deal. I hated explaining this to my daughter (who will be 23 tomorrow and never lived in our own home) but she understands that if I cannot get the required $10k then it is better to make a few thousand than lose all the time and effort I put into this, not to mention my $1000 deposit.

I know I could have structured this better, more in my favor, but I have learned so much and still continue to do so. Going to contact the lender to see exactly how much I need to bring this baby home (or make it a home) and then call the agent so I can get back in, call an inspector to set up an appt, visit some sites in search of angel investors, and speak with my father again about getting a loan. I did discuss it a bit with him yesterday and he stated outright that if he had the available cash he would loan it to me. So now to explore a personal loan with the bank or credit card cash advances.

Kristin

Kirsten,

I forgot about this. A while ago, I opened a credit union checking account with $500 and asked for a line of credit. They gave me $10K line (surprise, surprise) and I transferred most of it to my checking account and used to pay off bills. I'm now paying them back just like I would a credit card. So, do you have such an animal? It only took the afternoon to set up the credit union account. Maybe you could check into this as another source of funds.

Is this a credit union near your home, or one you applied to online? I will certainly check with the local credit unions in my area to see if anything like this is possible. Thank you for the suggestion.

I am not sure my credit score is that great yet since I am working on it with Roberts Credit Group and this may prevent something like this from going through, but I will check. I am receiving that money from the 401k hopefully tomorrow and will then have $500 or so available to put in there to possibly make it happen. Will keep you posted!

Kristin

Now there is another document to review and sign (12 pages long) that the bank sent back for my signature. They want more earnest money down and set forth other stipulations that I will need to review before signing. I do believe if I decide at this point not to progress then they will need to refund the $1000 I have already sent them. I will print out the copy my agent sent me and read it carefully. If I do not understand anything then I will bring it to my sister's boyfriend the RE attorney for clarification. Decisions, decisions...should I continue and search for the funds or ditch now and run??? I am scared that I will wait too long and something will fall through with the deal, or I will not be able to find a buyer at the price I need to make a few bucks, but am giving myself until tomorrow to make a solid decision on how to proceed.

Kristin

Hey try Pawtucket Credit Union, they recently started loaning to investors. Check their website.

They require a minimum score of 675 and I am not there yet, sorry to say. But thanks for the suggestion. I did check out the site. I may visit 2 credit unions tomorrow, Greenwood in Warwick where I have my car note and Coastway here in Lincoln. If neither one of them pan out and I cannot get my father to agree to get a personal loan (which I will also try) then I am doomed. Need to make a decision by tomorrow.

Kristin

I must be doing something right. I have a whole new bunch of pretty little icons under my name. Now I just have to make sure I keep going and prove I deserve them.

Off to local credit unions and on the phone with the mortgage broker. And that darn check from the 401k made it to the UPS Center in Warwick but not my post office. May need to ride out there too.

Kristin

I would love their info. Appreciate any help I can get. Visited the credit unions and they were also a "are you kidding? You want us to loan YOU money???" Ok, maybe not that bad, but it's how it felt to me. I know this can be done no money down, and with the responses I have been getting that may be the only way I can get enough funds to get started, because MONEY definitely talks the loudest.

Kristin

How did you get that Diamond???

Let me know how the meeting went tonight, looks like I missed a good one.

It's a shiny diamond and stands for a deal maker, so I would definitely ask about getting one! I just signed in yesterday and all the icons were there, and I like it!!!

Although my deal is now a non-deal. No funds for the closing so I have to let the agent know tomorrow I am not signing the bank's P&S to close the deal. I may ask the mortgage lender to get me set up with a 203k mortgage and I will make sure the next one I want for myself is offered for with financing.

I am of course extremely disappointed that I couldn't close this one, but it has only spurred me on to make some real estate magic happen with another deal. They are out there and I will find another one.

And of course I need to show my family that I can do it without their help. I'm stubborn like that!

Wonder if they will take my shiny diamond back???

Kristin

i know you will get your first deal and make things happen. you are keeping your spirits up and moving onto the NEXT one. way to go!

Hey girl ... I"m so sorry this deal didn't work out for you. You definitely deserve the diamond for all your hard work and dedication. I've got a couple of those unworkable deals in my hip pocket, but they just serve to keep me motivated. There's more out there. Just makes me even more dedicated to find that $$$ to pull it off.

The bank rejected my lowball offer on their REO - they didn't even respond. But that's ok. Offering a higher amount would negate the profitability. So, on to other things. I may partner with a guy on buying an owner occupied HUD house. Gonna go see it this afternoon. And, I'm gonna talk to another realtor this afternoon who's more into investor mode ... I hope he's a good one. My current RE is pretty new and directed by her retail co-workers.

I'm anxious to get my own place. Me and the cat are getting crazy.

think of that deal as a slice of Costco's pizza that you couldn't get the last of because they ran out; once they get some more, you'll get your slice

I use that as an analogy whether or not it makes sense only because after thisopen house, i'm headed their and best believe I will tearing into them

Kristin

When a deal you are working on falls through there is a 4 letter word to help you - no not that one

The word is NEXT!

Quote: It's not just the speed, it's the direction.

You know how to find me if you need help.

Peace,
michael

I would keep looking you will come up with something. Have you thought about a multi-family?

So I decided to get the mortgage broker working on a 203k loan and the agent is resubmitting the offer on Monday for a financed deal. The worst that can happen is that they say NO. If I get the deal then fantastic, and if not, as Michael says, NEXT!!!

I do have a bead on 2 multi-family properties and will still be looking into structuring one of these deals for cash flow. It's all about the flow. I want the cash flow to help with the darn liability of the house I am trying to get.

Thanks for everyone's comments and good wishes - this wouldn't have even made it to an offer without the DG family, and my budding Team of my agent and mortgage broker, Oscar and Paul. Thanks everyone!!!

Kristin

Just remember TEAM - Together Everyone Achieves More

I need to call your mortgage broker as a possibility for a backup. Got some many deals coming in, not sure I can rely on one person to help fund all of these deals!

Haven't been on in over a week, but been bogged down with a bunch of family stuff that needed getting through. Now back to the business of real estate!

The 203k loan is progressing, even though I had to switch mortgage brokers since the first one didn't move quickly enough when "time was of the essence." So my agent suggested one he knew and this guy is fantastic so far. We have a lot in common, from same town and graduated from the same school, so talking to him is enjoyable and he knows the area where this house is located.

The counter came back today at $115k with $3k earnest money deposit and nothing for closing costs. They already have $1k of my money in escrow and I do not mind another $2k for deposit, but I countered at $115k total with $5k back to help with closing costs. If this doesn't fly then I will get my deposit back and keep looking for another one. I have gotten a much better grip on dealing with emotions concerning this property. I would like to have it as a home and potential investment with the equity I will have at closing, which will increase substantially after the repairs are done. But if not then I am not desperate. I have a place to live and will continue searching for another property to make my home, and continue looking for investment properties as well. And if I end up finding a multi that I would also like to live in, then even better.

With the holiday weekend upon us I do not expect to hear anything until some time next week, but will post once I have more info.

Happy Fourth of July everyone!!!

Kristin

Welcome back! Hope that you and your family have a happy 4th!

Same to you and your family. Going to combine a little good ole relaxing and working this weekend to get my house in order to begin my journey to my first million! Hope to see you at this month's REI meeting. Is it scheduled for the 15th?

Kristin

glad to see things are moving along for you. you are doing such a great job!

Hi ... glad to see you're back, posting again. I hope all turns out well for you. I"m still pluging away. Take care.