The Journal of the Daily Adventures of Indiana-Joe

Thanks for stopping by my journal and the nice comments, I appreciate it. Stacey and I have learned so much this past year with real estate investing and we are so happy to pass on our tips, techniques and strategies. This year's Gain the EDGE event will be tremendous and we look forward to speaking at the event. We are so excited that we will be able to share even more of the details for some of the latest tips that we believe will immediately help others with real estate investing.

We are looking forward at viewing the townhome and will probably stop at a few open houses today. I hope to learn a little more about this additional area. One opportunity could hopefully lead to a few other deals. Have a great weekend. Believe and Achieve! - Joe

The day started off with a little sunshine but became overcast as the day went on. I always enjoy reading multiple real estate articles on Sunday morning. I also had to get ahold of a real estate agent to take a closer look at a townhome that I had an interet in. It was going to be a busy Sunday, but if I had time, watching the Super Bowl was going to be on my agenda. I enjoy the hype of the game and the sometimes funny and unique commercials. The one thing you learn on Super Sunday is make sure you get your snacks early because the store shelves get wiped of the chips and other goodies.

We were out and about for most of the late afternoon. I saw the townhome and realized this would make a nice buy and hold gem. The realtor just had to confirm the Home Owner Association (HOA) fees. I requested the realtor forward the paperwork via email and I would complete it, scan it and email back to him. I like to run all my numbers to see each potential deals profit potential. In regards with HOA fees, yiou always have to know what your getting. I have seen some fees as high as $200 just for garbage removal, sand landsaping. Thus, its always good to check. This twonhome would probably rent out for $750 to $850 per month, thus the HOA fees may be key to the deal.

After looking at the townhome I drove the area just to get a pulse and a flow of the neighborhood. All was rather quiet even the stores. I believe the Super Bowl had something to do with it, almost an unofficial (official) pop culture holiday. As I drove home I noticed many restaurants even had empty parking lots. The key to a new market you are learning is always drive the market on different days and at different times of the day to see traffic flow and how it would be if you lived in the community. If you purchase a property for a buy and hold and believe you will rent it to a family with kids, what if the area you’re looking at is primarily an older resident community. What if the property you want to buy has many stairs or is not a good property for seniors. Thus, it helps to know the market and the potential renters you may attract for a given property.

I hope everyone has a super weekend! Make sure you find time for family, fun, food and football! Monday is a million miles away so enjoy the weekend. Once the week begins, be sure to make some calls because that next potential deal is out there just waiting for your call. Are you ready, are you in the game? Believe and Achieve! - Joe

“Every day is a new opportunity. You can build on yesterday's success or put its failures behind and start over again. That's the way life is, with a new game every day, and that's the way baseball is.” ~ Bob Feller

...Monday Madness has begun as we are forecasted to get more than 18 inches of snow starting late Monday night into Tuesday. There also issued a weather advisory for 30 to 40 mile per hour winds which would create a blizzard like condition. Many people were going to fill up their vehicles gas tanks and going to the grocery store to get milk, bread and a few other necessities. I did the same later in the day but also found time to call my realtor to submit an offer on the townhome we viewed on Sunday. We'll see on that one.

I was talking with a friend from Illinois that is an investor and he stated that his town has an ordinance against posting bandit signs. The town can fine someone for each sign they locate. Thus, if you are using bandit signs in your area, make sure you are not violating any code violations. Flyers work almost as well especially if you post them anywhere and everywhere you can think of such as laundromats, convenience stores, gas stations, grocery stores, etc. Are there other places you can think of posting some flyers?

The key with marketing your real estate business is be creative think of other unique ways to help advertise your business. It is true that the best form of advertisement is usually word of mouth, but I am sure you can think of other ways. Try a few out and see if you get any leads or results. The next great deal could be an idea away!

I hope everyone has a great weeke ahead and does not have too bad of whether. It is funny how snow or sunshine could affect you mood for the day! So, hopefully the only ice you encounter this week is in your drink and not on the road or sidewalks! Good luck finding that next deal! Believe and Achieve! - Joe

“I do the very best I know how, the very best I can, and I mean to keep on doing so until the end.” ~ Abraham Lincoln

Snow, snow go away come back another day! It started snowing on Tuesday morning and we had flurries and snow through-out the day. We had a severe weather advisory forecasted for even more snow later over night. The snow plows were out in full force but the snow was coming down faster than they could keep up with. Wednesday may turn out to be a snow day from the day job. It brings back memories from my childhood. I remember being a young child listening to the radio for the school closings in my area every time it snowed.

I called again on a REO multi unit where they dropped the price by $20k. The multi-unit is in a desirable area of town and would make for a nice buy and hold type of property. I believe the bank is becoming a little more motivated but I believe they are still hoping for an all cash offer. This could be a good deal if I can get it for the right price. It is owned by a very large bank, so the realtor explained they would not be inetrested in financing it. I am not sure if this is the realtor opinions or the bank's position.

The last few weeks have been very busy because my employer is going through a massive expansion and growth in revenues. Did you ever notice when you are busy, you tend to get more accomplished? It like the old saying "if you wnt something done, then give it to a busy person." I met another friend for lunch and we talked about business, real estate and just caught up. My friend proclaimed he was far too busy to think about anything beyond his day job. I thought if he was not happy about his situation, and he didn't change anything, then nothing in his life would change. I always believe that people make time for what is important to them and what they truly want to do. Thus, if real estate was important then he could make time for it. Even if it is only 1 hour per day or a few hours per week.

I hope everyone is having a great week. Keep up the good work, chasing your dreams and reaching for the stars! There is no better time for real estate investing. You are on the website, you are learning more each day and you are taking action! Let's make it happen! Believe and Achieve! -Joe

“There is little difference in people, but that little difference makes a big difference. The little difference is attitude. The big difference is whether it is positive or negative.” ~ W. Clement Stone

Good luck on the multi Joe. Eventually the bank will realize if they sell it to you and finance it they will get it off their books. keep putting offers in to them, my guess is one day when they see your 20th offer, they will just say the hell with it,lets get rid of it to this guy and be done with it. Time is on your side
I know what your saying about your friend as I know people like that too. I have a lot of reasons to be successful in REI. One is that In 4 yrs I am eligible to retire but in all reality, I cant financially. I will be way too young to collect anything but my pension. and to live off the crappy pension I would have to live in a box. And I still have youg kids and a huge mortgage to take care of. Thats one reason, dont even need to say any more.
good luck and I hope to meet you at the edge.
Richie.

I have read a lot on your journey and have to say I am impressed and inspired! Good luck with your multi venture, I hope the bank gives you a chance. I understand what you say about the Realtors opinion and am glad that you mention that. Sometimes it can be hard to know the difference and you always should be aware that it might just be their opinion and not the actual case of the matter.

So good luck! I hope to be following some of your tips and suggestions and maybe be able to do my first deal someday soon...

Ellie

Thanks for stopping by my journal. I would ove to be able to add this multi-unit to our buy and hold properties. It has tremendous potential and is in a great rental area. I am going to explore all my options and maybe even look up a few private lenders. In regards to our friends, it can be frustrating when they do not believe in real estate. That is what makes thee DG website so great, having so many like minded real estate investors. I look forward to meeting you at the Edge event in May. I am sure it will be a great time. Believe and Achieve! - Joe

Thanks you for stopping by my daily journal. I am glad the information is helpful. I enjoy sharing what we learn each day. I believe the more knowledge we share together will continue to help others along the way. I know that you can do it to and you are probably close to your first deal. Good luck with real estate investing. Believe and Achieve! - Joe

The day was filled with white puffy cold snow! When it finally ended we had more than 1 foot of snow on the ground. It was then a race in my neighborhood, as I looked both ways down my block and there were snow blowers and shovels going a mile a minute. Once it stopped snowing everyone felt the need to get their sidewalks and driveways clear of the snow.

Due to the amount of snow and ice, I did not go into my day job. So I decided to work from home. It was productive by not having too many interuptions. Technology is awesome, isn't it? The other great thing is it is going to be a short work week. In Illinois, our office is closed on Friday for Abraham Lincoln's Birthday and also on Monday for President's Day. Wow a 4 day weekend in February, how cool is that?

I have not heard anything back from the realtors I have been dealing with. This Friday will probably be a good day to circle back. Plus, I have another property I want to take a look at over the weekend. I have another real estate project to finish as well. I really enjoy the real estate business. I had the pleasure of speaking with some friends last night about real estate. It is always nice to talk with new people that are excited to learn more about real estate investing.

I hope everyone is having a great week. We are all getting closer to our goals and it is great to be able to learn something new each day. Be sure to check out all the great information on the DG website or read some recent articles on real estate. Remember Knowledge is power! Believe and Achieve! - Joe

“Knowledge is power and enthusiasm pulls the switch.” ~ Steve Droke

Indiana-Joe

Hello. Can you share here with us how did you make does deal with REO's?
Im thinking of targeting REO's to get our own home with my family. I dont really have that much for a down payment but I could afford a montly of up to $2,500 comfortably. Also if you could give some advice of how should I approch it so I become a homeowner. Any advice I would greatly appreciate. I could qualify for a first time home buyer too. Let me thank you in advance for the advice. I look forward to hearing from you. Thanks.

Rendel

Congratulations for taking action. A few things that you may want to do is find a realtor that can work with you and understands the home buyer tax credit, REOs and government programs such as FHA. Let me share a few website links that may be helpful for you:

For more information on the IRS First-Time Homebuyer Credit: Answers visit the link:

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

For more information on the FHA programs visit the link:

http://www.hud.gov/offices/hsg/fhahistory.cfm

Freddie Mac also sells homes and currently are offering home waranties and in some cases 3% back for closing costs. The link to these properties are found at:

http://www.homesteps.com/hm01_1findahome.htm

If you are making offers on REOs owned by large banks they will want the offers submitted by a realtor. A mortgage broker can also assist you and determine the mortgage products available. Often even bank REOs may offer 3% back. Based on the credits you may be able to get into a home for no money down.

If there are some small local community banks in your area, try to approach them and if they have an REO home you like, you can probably work out a deal. Banks want to get these REOs off their books and the small local community bank may even offer attractive financing. I previously wrote a forum topic called "Indiana Joe's Guidemap to finding REO Gems...let the adventure begin!". You may want to check-out this link for addtional tips:

http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

I hope this helps. Good luck in locating your home. Let me know if you have any more questions. Good luck. Believe and Achieve! - Joe

First of all, thank you. I really appreciate such a fast response. This definitely would help me a lot. This info clear up a bunch of things that was a blur to me. I will start working and studying this. I will be seeking some more suggestions from you in the near future, Joe. Thank you for giving me luck and a helping hand. You are a good man. Thanks.

Rendel

You very welcome. Feel free to drop back anytime to my journal and ask any additional questions. Anytime we start something new it can be a little overwhelming. We are excited and nervous all rolled into one. The key is finding the right information and being able to know how to use the information. In the past, I would often not know where to look for the information, so I know it can be frustrating. The key to learning is through information and asking a lot of questions. Good luck with your search for a home, I am sure you will be able to find something great for your family. Looking forward to reading about your progress in the future. Believe and Achieve! - Joe

.....The chill was in the air as I ran to my car this morning and tried not to fall on the ice. The defrosters in my car never seemed to clear my back window from the thin layer of thick frost. I headed into work this morning and I have to tell you, the 4 day long weekend must have been calling because many of my co-workers in our office were out and the overall attendance was rather sparce. Many people must have made the 4 day weekend into a 5 day holiday.

TODAY WAS THE DAY FOR REAL ESTATE!

I could not believe the amount of calls I received today about real estate. It was really cool! I received a call today at work from my friend that I have known for many many years. He heard from a mutual friend that we were in real estate and wanted to know if I could help him out to start investing in real estate. He lives on the East Coast and would prefer to start investing in the Midwest where he is originally from. He knows we have several buy and hold properties that we have acquired and have been managing. Let me tell you there are more deals than I can keep up with in my target market area. I spoke to another friend a few days ago in Central Florida and homes that were selling a few years ago for $200k+ are now at $50k or less, can you believe it $50k! The materials to build this home are probably more than $50K! At these prices, I am seriously thinking the time is now to begin investing in Central Florida (Brevard, Lake, Orange, Osceola, Polk, Citrus, Sumter, Hillsborough, Hernando, Pasco and Pinellas Counties.)

I am going to work with my 2 friends to get them started. They have some cash but can't find the deals. Thus, this can be a win-win for everyone. I am excited by the opportunity to help them get started. As I explained to them, keep looking to find where the deals are. If they could not find some in their area or were uncomfortable to take the plunge, then we partner up and work with them in our area or their area. We usually find more deals than we can finance or assign, so this is win-win for everyone.

I also received a call from an Asset Manager in Michigan that I met while on a long weekend this past Summer. He was telling me about 2 properties the bank was taking back as REOs. One was a Commercial Bed and Breakfast in a very touristy area and the other was a newer log cabin home on a lake with more than 80 acres. I always listen to hear what they have available. I will probably not pursue either of these, but I bet more commerical REOs are coming. I was just amazed at the amount of real estate that cruised through my email today. Be sure to network, network network this weekend and make some new friends! Have a great weekend (its almost here). You can do it! Believe and Achieve! - Joe

“Truly great friends are hard to find, difficult to leave, and impossible to forget.” - Author Unknown

I am now keeping up with your journal. Good luck on the multi. I always seem to grab a new concept to looking at real estate when reading your journal. Thanks for sharing. God Bless.

Sandra

Thanks for stopping by my journal. Also, thanks for the well wishes I appreciate it. I am glad I can help others by offering some insight during my adventures. I hope you and Lubertha are doing well in general and with real estate investing. We wish you continued success and good luck on all you future deals. Believe and Achieve! - Joe

Hello. Can you give me some tips and suggestion of where to get the owner's name, bank or trustee names? The full property details. Thanks.

Rendel

Your local county courthouse has a wealth of information. It is always a good idea just to visit and find your way around the information available at different departments. In many areas the information may even be available on-line. You can usually find the name of the owner by inquiring to the County Treasurer. This is who normally sends out the tax bills, so this information is usually updated all the time. The County Assessor may have who name the property is in, but may not be as current as the Treasurer. The County Recorder is another good place to look up information that may have been recorded against a property like liens, etc. I hope this helps. Good luck. Believe and Achieve! - Joe

Really appreciate the info. Thanks so much.

Your very welcome. Good luck with your search. Each day as you learn a little more about real estate it will move you closer to your goals. Believe and Achieve! - Joe

...It was the start of my 4 day weekend! I had Friday off of work for Abraham Lincoln's Birthday (benefit of working in Illinois) and I will have Monday off for President's Day. I know Sunday is Valentine's day so I would say "SWEET" but that might be too much of a cliche'. One of the interesting things about Abraham Lincoln is he was born in Kentucky and lived there around 7 years and then moved to Indiana where he grew up there for the next 14 years and then he moved on to Illinois. Illinois has a picture of Abraham Lincoln on their license plates and is called "the Land of Lincoln". I just wanted to ensure Indiana and Kentucky received their recognition as well. Well, I guess this is enough of a history lesson for today.

This weekend I want to look at a few listings and do some other things that I need to take care of. I always want to ensure I have enough flyers and business cards on hand. An idea to take the business cards a step further is have a business card magnet. People tend to put all kinds of magnets on their refrigerator so why not your business card magnet. You can usually get these for a reasonable price if you buy them in bulk from a mail order vendor or even from a local print shop in your area. Shop around for a good price because they can vary. If you get some great deals or potential leads from this idea, don't forget to come back to my daily journal and thank me. No birddog fee is necessary unless you make a tidy profit. (Like Jiminy Cricket would say, "Always Let Your Conscience Be Your Guide!")

I hope everyone has a great weekend. There is no time like the present to take action with real estate. Don't worry about yesterday, today is a new day and it is still the new year! There is plenty of time to take action. But the key to action if your sitting down is the seat your in. This weekend will you be on the couch in front of the tv, or on a chair learning on the computer like today reading my post (good job). What seat of action will you be in tomorrow? A car seat driving your neighborhood and target market areas may not be as comfortable as a lazy-boy recliner in your living room but it sure can be a lot more profitable! Good luck with real estate investing. You can do it! This weekend will be the start of something BIG! Believe and Achieve! - Joe

Quotes from Abraham Lincoln:

"Always bear in mind that your own resolution to succeed is more important than any other." ~ Abraham Lincoln

"Don't worry when you are not recognized, but strive to be worthy of recognition." ~ Abraham Lincoln

"Everybody likes a compliment." ~ Abraham Lincoln

"Give me six hours to chop down a tree and I will spend the first four sharpening the axe." ~ Abraham Lincoln

"I do not think much of a man who is not wiser today than he was yesterday."
~ Abraham Lincoln

"I do the very best I know how - the very best I can; and I mean to keep on doing so until the end." ~ Abraham Lincoln

"I like to see a man proud of the place in which he lives. I like to see a man live so that his place will be proud of him." ~ Abraham Lincoln

"I never had a policy; I have just tried to do my very best each and every day." ~ Abraham Lincoln

"I walk slowly, but I never walk backward." ~ Abraham Lincoln

"I will prepare and some day my chance will come." ~ Abraham Lincoln

"In the end, it's not the years in your life that count. It's the life in your years." ~ Abraham Lincoln

The Lincoln quotes were awesome! Can't wait to meet you at the EDGE!

Thanks for staippong by my hournal. Good luck fidning the next deal and have a great weekend. I look forward to meeting you at Dean's Live Gain the EDGE event in May. Believe and Achieve! - Joe

You think it's cold where you live, try it in MD where the unexpected was dumped on us the past week.

Anyway, good luck in today's adventures.

I'm checking out neighborhoods today and determining the best time and place to place my marketing pieces. By the way, what are your thoughts on having different business cards for different situations, such as, a professional card for attorneys, etc; another card for buyers, another for sellers?

Would like your opinion

Thanks for stopping by my journal. Yes, it was unbelieveable the amount of snow the East Coast received. I could not even imagine it! That would make for some heavy duty shoveling. Great to hear you will be out and about canvessing areas today. I believe the idea of having different business cards is an awesome idea! You always want to make sure you target and send the right messagae to your audience. A card you give FBOs could even be different based on your investing strategy, say if you are trying to do lease options. Another tip might be to have a different email address as well. Have a great day! Believe and Achieve! - Joe

....Ah! Saturday can you feel the weekend. Have you embraced Saturday and all it has to offer? I tried too, however my day was filled with a full agenda of items and to-do's. I had to run several errands in the morning including getting a haircut in the afternoon. At least this way I can feel a little lighter through-out the day. Its like when you go to get weighed you tend to take everything out of your pockets, not only those heavy keys but also that pack of gum and kleenex tissue.

I have been running a few numbers on a few potential deals. My biggest challange to date is the local community banks are strenthening seasoning requirements for investment properties. Now most banks are looking for 6 to 12 months seasoning in my area. This makes doing as many deals as I would like a little challenging. I saw an article on the net that the best deals are paid through priovate money and private lenders. However, the article did not discuss the best way to attract private lenders. Thus, if there are any ideas about attracting private lenders, please post the information and we all can learn and benefit.

I was driving around the area and I saw a hand painted sign that read 50 "acers" for sale. I did not know if acres was purposely mispeleld but it got my attention. Sometimes a flyer or a bandit sign with a misspelling couldbe an eye catcher. It always helps to look for that little thing that can make a difference to give you the angle you may be looking for.

I hope everyone has a great Saturday and don't forget tomorrow is Valentine's Day! The candy stores and florists will be packed. In our area Fannie May Candies are the best! If I was in California I would head over to See's Candies or Ghirardelli Chocolate Company ("Mmm chocolate." ~ Homer Simpson) If I was in Hawaii, I would head on over to the ABC Store for some of those Mauna Loa Macadamia Nuts (varies varities of course). Good luck locating that next potential deal. Believe and Achieve! - Joe

"My momma always said, Life was like a box of chocolates. You never know what you're gonna get." ~ Forrest Gump

Trying to catch up on your journal. So much good stuff in here always.
I agree with you. private lenders are SOOO important. I didn't realize how much so until I started using them. And they have been as easy to find as tapping into your buyers list. The people with the money come into play in so many ways. The more the better.

Have a great week, and stay warm friend.

Rina

P.S. You definitely made me want to visit California and Hawaii. Mmmmm....

Thanks for stopping by my journal. I am glad to read all is going well for you. Thanks for sharing additional insight with lenders and all your other information you share. I guess the name of the game is network, network, network. Looking forward to the EDGE event and the warmer days ahead. As you can relate to and read, we have had enough of winter weather. As you can tell warm weather is on my mind. Have a great week. Believe and Achieve! - Joe

....They often say that love is in the air, but when the air is cold and frigid it may by a little difficult to take in that deep breath of air. I hope everyone has a great day today. Sometimes in life we have our ups and downs but that is what makes life interesting. That is why there are a lot of turns and curves in a road. If it was always a straight line it might be rather boring.

I know many people that have learned about real estate, have fallen in love with real estate. It may not be real estate but the opprotunity that real estate may be able to provide to them. Is it a freedom from your job or bills that drives you in real estate? The freedom of more time to do what you want with people you want? Everyone has a different "Why" or driving force. Whatever that force keep it driving you forward! Sometimes in life people may truly forget what is important to them and why they are doing what they do. The questions to ask yourself is why are you driven everyday to go to work or to follow your quest for a better life? What is your driving force?

A few years ago I attended a high school reunion. It was fun to see and catch up with many class mates. I exchanged numbers with various other friends and now through email, facebook or other sites it can be easy to stay in contact with each other. The funny thing about friends from high school is many take a variety of paths in life. Some of my friends became doctors, lawyers, architects, or even accountants.

One of my good friends became a lawyer and works for a large law firm. We met for lunch a few weeks back and as we talked about business, I always offer insight and answer questions the best that I can. When I asked my friend a few legal questions I was floored because he stated well "if you desire a legal opinion on that matter contact my office and we can setup an appointment to discuss it". I previously worked for a Big 6 Accounting firm and I fully understood and could appreciate “Billable time”. However, I could not believe me friend here. I felt he “sweezed” every question about real estate out of me and I gladly gave him all the information he wanted. Then when I asked about a few legal items, he immediately went into billable time lawyer mode.

As we further spoke, he stated how he worked hard during the past few years to learn information and he charged a “premium dollar” for legal advice, even close friends. He stated “ I learned in life that when you have information that people need or want, you should charge for it, rather than just give it away.” I then realized the conversation was one sided and I knew this was not a person that I would want to partner on a real estate deal with. He has money and legal knowledge, however I felt he did not value our prior friendship or the desire to help others. The key here, is never forget where you came from. One day you may learn a lot more than others with real estate, in life in general, or in your chosen profession or career. Learn, Share, Teach and Lead by example! Believe and Achieve! - Joe

“You know you're in love when you can't fall asleep because reality is finally better than your dreams.” ~ Dr. Seuss

Your lawyer friend supposedly is not a true friend and I would not want to partner up with him either. You had lunch with him and shared your knowledge willfully with him as you do with so many people on this site, you are truly a good person, this ex-aquaintance showed his true colors, He doesn't seem to understand what friendship is about. If he contscts you in the future about REI maybe you should have him schedule an appointment with you and you csn charge him $250.00 an hour for your knowledge. I have run into people like this before, you are better to cut your ties early and just stay away from them. Please continue being a very good an honest man and helping people on this site. I have read your journal from the beginning to present day, you have helped me along with countless others.

Thank You
Kolby