jbtoggs journal

I've been out of the loop a while - but catching up on everything here on DG. Sounds like you've been busy as usual but glad to hear you had a vaca! We all need time to relax for sure. Sorry to hear how your first deal ended with the mad seller. Its always hard to be so misunderstood and thought of badly when really your intent and efforts all along were to help them. if you are both in the same town you may want to clear the air with her so she doesnt think you just strung her along and wasted her time. Unhappy people tend to talk about you alot more than happy people do. Well, good luck with your future deals and thanks for sharing your experiences!

yes i am going to call her and actually show her all the work in trying to assign or buy her property that i did.i wasnt going to but have thought it over and you are right!! i need too!!i did explain everything to her how an assignment worked and the steps and or outcome but you know how things work out.in her shoes she had time that she could not advertise and sell her property and i realize that ,anyway i will call her who knows i may still find a way to make the deal happen?????
how are things going on your end have you any new experiences to share?? hope all is going good for you!!

hello everyone miss being on the site ,been working ot a great deal but have made many calls.i am still trying to get my 4th and 5th deal.as i stated i am in the process of selling the 06 manufactured home that i took in as a down payment on last house i sold.went through a few false buyers in the last few weeks.I am in the process of singning the contract with buyer that has the money now for sure.I dropped the price to 25000 and settled on 23000 offer.10000 down and the balance pd when the title comes back and is signed over to buyer.this will make deal # 4 so i NEED to get 1 more to get refund back.i didnt reach my goal of accomplishing it in 6 months but hopefully 7 !!
i know i could really make things happen if i could do this full time !!!! maybe someday !!!that would be awesome!! I also made a verbal offer on a piece of property with a bld that needs repair next to a duplex i own.the asking price was 15000 and i offered 4ooo cash.the owner said he will get back to me,it was a verbal offer!!. hopefully i will get it for a possible 5 deal!! hope everyone is making progress on their rei investments!!!!

you're closing on the mobile home (Deal #4). Is it located on it's own land or inside a mobile home park?

yes deal 4 and it is all set up in a park now.the owners of the park are buying it .cant wait to close the deal!!!!!!!!!!!!hope everything goes smooth!!

Cool! Did the park owner's pay for it to be moved to the park?

Hello jbtoggs!!

I send you a PM and hope that you will respond.

no the home was in the park already.the people who bought my deal # 3 house gave me the 06 manufactured home as a down payment.they moved out and into the house i had for sale,i pd lot rent and advertised for approx 2 mnths.was asking 38ooo for it including tear down and set up on new owners lot then when i lowered the price to 25000 cash for a quick sale two people went to the bank for the $. both failed then park owner came forward to have contract drawn up as we speak.

recieved your pm .thanks and do not be afraid to ask any questions of me or any dg member as we r all here to help you succeed!! we want you to learn as much as you can so we can learn from you too!!

finally just got down payment on 06 astro double wide
asking price $23000 SOLD for 23000 10000 down and 13000 due as balance when title comes back to me from dmv and is SIGNED over to buyer!!just called dmv to put a RUSH on the title as it is sold. they r backed up and will rush it back as soon as possible.they said it may be a couple weeks but that is okay as i have the down payment to work with to negotiate other properties!!
i have made offers on a couple other properties and one may[MAY ] be promising.i am hoping it is a close to a no money down deal,then i can sublease or sandwich it!! it is a property i have been watching for a while and the people who lease optioned it moved out and left it a mess . it does need work but is on a river and has 2 BIG garages with storage3 overhead.the house needs a few shingles,some cleaning,fixtures,2-toilets,vanities,paint,some trim inside and out,soffitt and fascia repair,chimney pointing and a little deck repair.i have yet to do the comps on it but talked to the owner and he said he wanted 70000 for it and would consider a low down pymnt and 5oo a month.i did go look at it and did a repair list at approx 10000 at most.i called him back to say i MAY consider 50000 with only a 300 per mnth pymnt and he said we could probably work something out as this property is in ny where i live and he is retired and now lives in texas.the prior lease option owner did not take care of it and now the original owner would have to hire someone to clean and do all repairs then have to market it from texas.soooooooooooo i think i can help him get this property off his mind AND get 300 per mnth. hopefully my plan is to get it on contract,clean it up,do a few repairs and quickly SELL,AND OR ASSIGN OR SUB LEASE OPTION FOR A NICE PROFIT. also just like my last deal it has an extra lot next door on the river that just MAYBE i could keep , and seperate to make another deal happen!!!! we,ll see THIS IS EXCITING!!! hope all dgers are making things happen and wish you all well and success!!
jay

duh...of course I've posted in your journal - but never bookmarked it! So now I can keep up with you on a regular basis Enjoy your weekend!

thanks laura for reminding me that i have a journal!!!! its hard to find time to post????? isnt that an excuse we hear alot?? i dont have any time?? working 10-12 hr days 7 days a week for the last mnth and have 1 more week to go!! i get on the site every FREE minute i have to read others success and to stay in the loop on dg.com its addicting!! anyway i have gotten 10,000 down on deal #4 the 06 double wide.13000 balance when the title comes back from dmv and signed over to buyer.i just recieved the title and my check for 125 back in the mail 3 days ago because i sent the title fee of $125 on a STARTER check!!DUH!! now i have to wait for it to be recieved by dmv and mailed back to me[another lesson].also been scoping out fsbo's in newspaperand craigslist.i am still working on the 3 bdrm 2 bth on the river close to my hometown.the owner called me yesterday to say he really wants to unload this and wants to deal.i want to advertise it even before i own it just to see what interest i can generate.i will say 3 bdrm 2 bth property on river that needs just a little tlc for 5000 down 625 per mnth potentially!!.when they call i will tell them truthfully i havent signed all the paperwork yet and am in the process of locking it up and wanted to make a list of eligible buyers.i will not gige them the exact location so as not to steal the deal from me. after speaking to the owner i feel he wants me to own it as i told him i could prob take it off his hands quickly and start cleaning it up.he just came up from texas to see it how the last people left it a mess with repairs to be made and he was VERY discouraged how they trashed it cosmetically.anyway we will see what becomes of it!!

glad to be back and on dg.com.it is amazing that when u r away from this site for a few days all the positive things that have happened.if u miss just a couple days it is alot of great things that have happened when u r gone.congratulations to alex for winning the scholarship!!!i am sure he will take full advantage of it!!. anyway i have finnally recieved the title back on the 06 doublewide i am currently selling.i have the 10000 down pymnt and the balance of 13000 the day i sign over the title which will be any day now we agree on. this will be the completion of deal 4. i am still working on # 5. after recieving the 13000 i will pay off the line of credit on the last house and will then recieve $280 on house and $178 on vacant land for next 7 yrs free and clear!!!!!!!!!!!!!! i love it now i just need to duplicate this over and over!!!

i finally got the title back on 06 dbl wide and called the buyers.WE agreed to finish contract and i will recieve the balance of 13000 next week!! yeeeeesssss!! and now on to deal # 5!!.on an awesome note the owner of the 3 bedroom 2 bath house on the river called me last night to inform me he accepted my offer of 300 per mnth with 1000 down if i would agree to pay the 50000 in full by yr 3. i countered that i would do the deal if he gave me 5 yrs. he said ok!! so next week i will start the process for the contract with an attorney.i already advertised the property at 5000 down and 600 per mnth last week just to get an interest and to bild a list of potential buyers with 5000 down.i have a few interested but now really have to do the figures and figure out the best way to go [sandwich lease or fix and sell for a profit].
on a not so awesome note my dad was just diagnosed with cancer so i am juggling my job,time with my dad ,my familyand attending a 3 day real estate seminar and trying to complete deal # 5!!!!!! i am bring my 20 yr old son with me to the seminar so i am excited to be learning more with him!! thank you dean and all the support we recieve on this site!!!!!keep at it dgers and take action today!!!
jay

I just wanted to let you know that I will keep you, your family & your Dad in my prayers.

Also with REI you are doing great. Looking forward to hearing the details of what you do with deal #5 and real estate seminar.

Lea
SPR Property Solutions, LLC

Just catching up you and everyone on DG.
Firstly, want to say I will keep you and your family in my prayers with your Dads illness.
Secondly - congrats on your deals! I love the sound of your sandwich lease deal. Really awesome. Good for you!
Love reading about your success.
Happy Holidays to you and yours,
Laura

thanks for your kind words.my son and i really learned a great deal over the weekend.knowledge IS power as they say which is the very reason we need to learn for the rest of our lives.as we learn more and more from every thing we read do and listen to it becomes just a bit easier to take that action!! good luck in all your rei actions denny and lea!! will post more on deal 5 as it proceeds!!

first thank you for your prayers also and a big congrats on your success!! i have not signed or locked up the property yet with a contract just got a verbal acceptance sooooo i am brainstorming the best strategy to use on this one deal i think i will ask all the dgers what they would do in this situation to get their brains working at the same time get mine working.thanks for stopping by and the encouraging support laura!!

happy holidays to all dgers !! christmas is over and the new year is just upon us!! looking back at the last 6-8 months things have really changed as far as learning real-estate.from deans books to the think a little different program to all the great people on this site i have learned a tremendous amount of knowledge that i thought i could ever learn in a lifetime .after joining deans success academy my knowledge and confidence boost was greatly enhanced!! thank you for pushing me to succeed!!
I am behind a couple weeks on getting my next deal done but with the holiday and other setbacks i have finally just finished the contract for deal #5.my computer trial for microsoft word had run out and i was making excuses!! soooooooo my son give me a kick in the rear and suggested writing it out to send first thing monday morning.sometimes we need that EXTRA push when we fall into a rut that has ahold of us!! anyway the contract is done and i will send it to be signed by the seller.he lives in texas and i am in new york.
the proposal is for a single family home in moira new york.comps in area are average 66000.
offer-50000
1000 down 300 per mnth 0% interest with a balloon pymnt in 5 yrs.taxes,insurance will be buyers responsability. i have contingencies for me obtaining financing at the end of 5 yrs for the balance! contingent upon clear title /deed
contingent upon buyers/partner approval
buyer has the right to sell or assign/lease/sublease property
hope to lock this up soon!!hope you all had a great holiday and have a successful new year!!
jay

juat waiting on the contract to be returned from seller.I cant wait to get this 5th deal locked up am as excited as the first deal!!! now i have to assemble all the paperwork for each deal to send in to dean to get a full refund !!!!!!this will be awesome when it happens.i knopw now that it is not if but when!!
on another note i called again on a 30*100 empty building next to a property i own and offered 4000 for it.the owner wanted to get 7-10000 he told me.i again said i would give 4000 NOW CASH and he said he will let me know.last time i made offer he said the same thing only now he mentioned maybe we can barter.I will let him think this over a few days and bug him again until he negotiates with me.i know he has been paying taxes on this for some time and it needs work as i explained to him so i will wait it out for a few.also called and dive by 4 other properties and called on them to get more info.one property i have been watching just sold so i was too late itwas a sfh with detached garage and ten acres, it went in the low 20,000,s .what a deal!! if only i could do this full time and have the time to get these deals!!!!
there are many deals in my area if a person just looks and knows what a deal is!!as i learn more every day i am noticing more and more opportunities!!
have a great day everyone and..............TAKE ACTION!!

hey jb
sounds like you are plenty busy

I am not understanding this deal with the 4000 cash what is it that he wants??

later Fred E

the owner wants 7-10000 for the 30@100 garage building and i offered 4000 cash.i offered a few times and he has said he will think about it.last i talked to him he said maybe we can barter or what he means is trade or be creative. i am going to wait some more as i know he has been paying taxes on this for years with no income off it and i believe i am the only one offering .it does need some work as he knows and i .i do know also from the notes i took when i talked to him that he bought it creatively. will keep you informed hope i can land this at some point as it borders a property i own and it would cost 3 times this to build.
jay

I see what you are talking about for the most part but i was wondering what you mean by 30@100 garage Is this building a garage that is 30x100 or approx 3000 sq ft I think I just figured it out

Take care and let me know how it works out

Later FredE

yes 30 foot wide * 100' long and all open it would or could possibly make a good building to make storage units out of!!

Just wanted to stop in and say I hope you had a great holiday and New Years celebration! Wishing you and your family a fabulous 2010, reaching all the goals you set for yourself and more!

THANK YOU LAURA , i wish you well also in the new year and on your real estate goals.great to hear from you and congratulations on your closing!!!!!

just learned a great deal about getting all info before writing a contract and locking up a deal.first i guess i should have known better that i need to do a preliminary title search on property before signing any thing.example i had pre title search done day after i sent the offer to be signed.i guess i could go ahead with it anyway because i have the exit clauses set in place but will need to rewrite or add to the contract.
the example property has a lein against it as a home equity line so i need to have that in contract that this will be pd with the pymnts i am making.also seller can NOT put any further credit or lein on property.
also the pre title search showed a life lease on the property and title comp could not find a death cert for person.
after learning this i called the seller and stated we need to clear all these obstacles before proceeding so here we are solving a few problems!![challenge]
the owner stated the life lease was dropped so i asked if it was recorded? he said it must be as he would not have been able to get a home equity on the property with the life lease on it soooooooo i am now going to call the title company to further check.maybe now we need a full title search??? will learn a few things i am sure in the next few days!!!! this is awesome!!!
will keep all informed,have a great day!!
jay

hello Jay

was reading some of your old post from around summer time

you said you were able to get 80 per cent financing

did you ever figure out how to get the other 20 % Just an idea you could have asked the seller to take back the other 20 in second position with a percent or two higher interest with a one or two year balloon

anyways I see you are starting to generate some more business hope all is going good for you

Take care Fred E

thanks fred for the idea.yes i have been learning a few ways to get around this such as seller concession and what you mentioned.every time i go to the bank for a conventional loan for an investment property they want 20% down.i have not used any of the strategies yet but in due time i am sure i will. thanks for your input fred hope all is well with you and your real estate adventure as well!!
jay

talked to seller about life lease on property,he stated his brother had a life lease but it was dissolved!.TALKED TO title comp again and they did not find any further life lease record of being cleared so back to the seller i called and he is calling his lawyer to find out where this release document is and also he is calling the bank with the lein to see if they had such a document.I guess it is a waiting game for the seller to find out info.he called me right back to state he will promply get the info so that tells me he is still motivated to sell.
note: after the prelim title search i found out the lein [home equity] on this property is 30000 sooooo i called back the owner and offered verbally 35000 on this property OR the 10000 down 300 per mnth and he hesitated for a minute then said the property is worth 50000 so i said ok think about the 35000 cash offer though and told him either way we will get over the hurdles to complete this deal !! boy do i hope he changes his mind and accepts the cash offer!! i am hoping as after i did some research at the court house and got a copy of the deed that his family left this house to him free and clear so he could now pay off the 30000 lein with the cash and pocket 5000!!!! GOT MY FINGERS CROSSED!! well the weekend is coming up and cant wait to enjoy it!! dream of the day EVERY DAY IS THE WEEKEND!!
jay