The Journal of the Daily Adventures of Indiana-Joe

We are trying to enjoy the last nice days of summer, before we knoe it there will ne snow coming down and the holidays right around the corner. The year 2009 has just been flying by and we want to be sure we are having a dood time on the weekends while finding the latest deals. Good luck with your investing. Believe and Achieve! - Joe

We are trying to enjoy the last nice days of summer, before we knoe it there will ne snow coming down and the holidays right around the corner. The year 2009 has just been flying by and we want to be sure we are having a dood time on the weekends while finding the latest deals. Good luck with your investing. Believe and Achieve! - Joe

Thanks for the comments. My friend Rick finally believes it is possible. He just has yet to get started because of the fear he says. I even tried to talk hom through a few deals and even found him a great duplex to buy because he has the cash to put down on it. At times, he may over analyze and doubt things are possible because of his own fears. I hope he takes action before the market shifts andhe then over pays for a property and has a bad experience. The first deal is usually the most important because it sets the tone for later deals. Good luck with your investing. Believe and Achieve! - Joe

Can you believe it is August already? Where has the year gone. I was able to beat the rain today and mow my lawn and trim back some plants in the yard. I called on a few lisiting I had seen and will look at a duplex and 2 different single family homes later today. The market is our area is getting a little better because I believe there are a few more buyers because some banks are staring to lend more, people are buying homes to get their children in a specific school system and the $8k tax credit. I believe the opporunity for the next dround of deals, at least in my area, will be in the late Fall and winter. Moist other investor tell me the holidays between Thanksgiving and New Year's is the best time tyo pick-up holiday home bargains. Thus, I am gearing up for the holidays. I hope everyone has found a good lead or on their way to the next deal! Believe and Achieve! - Joe

I had an opportunity to look at the various properties I wanted to this weekend and nothing really jumped out as a deal. I took some time and was working on paperwork and the other weekend chores that I need to complete. I will spend some time on the internet looking through the various property listings. I have the "Sunday Back to Work Blues" at I get ready for another work week. I hope the week goes by fast so I can work on my real estate deals. I hope everyone has a great week, finds many leads and even lock-up a few great deals. Believe and Achieve! - Joe

Mondays always seem to take a little longer when you are on your way to work. The week has just begun and sometimes you reflect on the weekend that just past and the week just ahead. I had completed several items that I needed to address, however there are more items to take care of. After work today, I will follow up on a few leads, review the new real estate listings on-line and spend some time learning and participating on the DG website. I hope eveyrone has a great week and finds a great deal. Believe and Achieve! - Joe

Monday evening was a busy evening as we looked at 4 different properties. They were all Bank owned REOs and we decided to make offers on all 4 properties. One property is a single family home that I have had on my radr for a few months. It has went through a few small price reductions by went contingent through a FHA sale. The deal fell through when they realized they could not use the home as a multi family and it was rezoned to a single family unit.

The other properties we looked at were a small commercial office type of building. It is a single family ranch home that was used as an office. It is zoned as a residential / commercial building so there are a few options with this one. The other properties are multi-family properties and should make nice rentals. We offered less than 50% of the asking price and we will see what happens. I hope everyone is finding some great deals out there. Fall is right around the corner so get those rakes out of the garage and start raking up some deals! Believe and Achieve! - Joe

Joe, you offered 50% of asking price not 50% of FMV? Is this the strategy you've been doing all along? Or is this just with bank owned? By the way is corporate owned different than bank owned? Much luck with the new offers, am finalizing my LLC app. And want to offer on 2-3 properties, by next week.

Joe, you see what we talk about when we say inspiration. The fact that you could get 50% off, that's enough for another purchase. Lubertha and I support you 100%. God Bless.

Sandra

Thanks for the comments. Each property and each area we have on our radar is a different strategy for us. We tend to make low offers on homes in certain areas that have many other similar homes on the market. I always go low on bank owned REO homes, usually 50% of asking price or less. If bank owned home is over priced, I often have offered less than 30% of the asking price. It is just based on a case by case basis.

In our area bank owned and corporate owned are 2 diferent things. Some companies buy homes from employees and relocate them and we have a few "corporate" owned homes. In your area it could be the same thing or it could be "bank" owned. A local real estate agent in your area could probably better clarify for you. As a rule of thumb I desire to find properties at 50% or less of the FMV. The more margin for you, the more options you will have. When I make offers, the asking price is not as relevant to me.

I usually have a feel of the market price and I offer based on my belief. My offers vary based on the amount of work to be done as well. In our area there are some bank owned REOs that need a huge amount of work and other that need limited work. Thus, my offers do reflect this. I always believe to start low to feel out the seller and you can go up from there. Patience and time (days on the market)often allows you greater leverage and flexibility on your offers and the flexibility of the sellers. Good luck on all your deals. Believe and Achieve! - Joe

Thanks for the comments. I heard back for the REO bank manager and he stated that they are going to present our offer to the board of the bank at the next meeting in about 2 weeks. Thus, at least they did not reject the offer and they will consider it. We will be flexible on this offer if they work with us with some creative financing. As long as the numbers make sense, I am always willing to consider a win-win counter offer. I believe it is a numbers game and the more offers out there the more deals that should come your way. Good luck on all your future deals. Believe and Achieve! - Joe

Reading through your journal is so inspiring. You are always exploring, learning, offering and moving forward! Thanks for also taking the time to share everything here on the site as well. I hope this new bank deal comes through for you and look forward to following your adventures!

Thanks for the comments, we appreciate it. We really enjoy the DG website, the wonderful members, and all the informative posts. I do not know if we ever told you, but your website with your artwork is very, very nice. You have a gift for painting and should be proud. Thanks for the well wishes on the potential bank deal. We are keeping our fingers crossed on this one. Continued success and good luck on all your future deals. Believe and Achieve! - Joe

I can not believe how the year is flying by and it is already August! Where has the summer went? On the way home from work today I had the Cubs game on the WGN Radio AM 720 and heard a commerical for artificial Christmas Trees! Is it almost that time of year already? I guess it is never to early to start planning.

On the way home I drove by a new listing on the MLS. The condition of the home was in worse shape than the picture that may have been taken a while back. At least I had an opportunity to see the exterior and it will be on my far back line of the radar and only be an interest if it drops significantly in price.

I had the opportunity to watch the bonus DVD from the Edge event and all I can say is WOW! It should be repeated...WOW! I really enjoy listening to Dean because his mind works so much differently than anyone else I know. You can relate to everything he is saying and he makes it so easy to understand his point. The tips I gathered this evening made me very excited and I could not go right to bed. It is almost midnight as I type this, but I am pumped up over the information. I will watch the DVD again tomorrow because I know I missed even more tidbits of information.

I hope everyone had the opportunity to go through Dean's book and Edge program because it truly is a roadmap to success. Good luck on all your deals! Believe and Achieve! - Joe

for the compliments on my paintings - I truly appreciate you taking the time to check them out. Its been on the back burner lately with real estate - but I keep focused that soon I will have the time in the world to do it - and in the most beautiful studio I can imagine I am still anxiously awaiting the arrival of my EDGE dvds......cant wait. keep up the good work! Laura

The great thing about real estate is it will allow all of us to have choices and make time for more things we enjoy in life. I believe a little hard work now will pay dividends for us to have more quality time and more quality moments in life.

Dean's books and programs can be life changing because they give you the knowledge and direction. I believe one day you will be able to pursue your passion of art as much as you desire. What a great day that will be! You may even be able to build a new art studio or travel around the country and painting the sites as you go on your journey. I often think about the day I can be a full time real estate investor. The passion and dream will be a reality.

The Edge Home DVD kit is awesome. The quality of the video and clarity of the DVDs of the event is great. I really enjoyed the DVDs of the VIP session and Dean touched on so many things that my wife, Stacey, and I could relate to. He provided some excellent points on time management, confidence, investing, life in general, etc.

Dean does not hold back on information and I often see that he shares his knowledge about real estate but also about the day to day things we all face in life. I often rewatch, listen or reread Dean's programs because like a great movie you see or hear new things each time. I am so impressed with Dean's mind and how he sees the "big picture". Dean is so amazing because he thinks at a different level than most people you will ever meet in life. I am sure you will love the DVDs when they arrive. Continued success and good luck on all your futrure deals! Believe and Achieve! - Joe

Joe do you do your investing full time now or are you doing it on a part time basis? If so how many hours a week do you work at your full time job? Hope you don't mind my asking. Thanks!

Thanks for the comments. I am still working full time at my regular job. My usually work day is about 12 to 13 hours which includes my commute to the city. My goal is to become a 100% full time real estate investor. I believe if I keep at the current pace that should become an option in the next few years. If I negotiate a few larger deals, it may even be sooner. I try to find as much time as I can for the real estate investing such as early morning, late night or weekends. Real estate is my passion. Good luck on all your real estate deals. Believe and Achieve! - Joe

Joe, I agree with what you said about Dean. He has such passion, even after more than 20 years as an investor. Because of his passion and sincerity he motivates us to, as you say, "believe and achieve".

Thanks for the comments. It is so true that Dean's passion and desire continues to grow each year to help more and more people become real estate investors. Dean is committed to providing us with the best information and in return we can achieve great results because of the information he provides. It feels as if anything is possible, if you believe it! Good luck on all your deals! Believe and Achieve! - Joe

Today was a great day weather wise. The temperature was between 70 to 75 degrees all day and it was sunny. For lunch, I wanted to go take a walk to Lake Michigan to watch the boats go out of Monroe Harbor just off Lake Shore Drive. There is a movie film festival going on in Grant Park and several streets are closed which makes traffic and walking a little more challenging.

In any event, I contacted a few other real estate agents about properties that I found on the MLS late last night. I had a few questions before I decide to either look at them or make an offer.

After work I decided to go to a local steak house with the great steaming hot buttered rolls and peanuts in a shell that you can throw on the floor. It kind of reminds me of the Rustler's Roost in Phoenix, AZ but without the great view and slide in the restaurant! The meal was very good and when we left the restaurnat there was a long wait. I guess the recession may be getting a little better based on the crowd at the restaurant.

On the way home, I took a different way just to look at another neighborhood. It is nice to see what homes are listed and get familiar with other neighborhoods and streets. Sometimes along the way we stop at the For Sale By Owner (FSBO) to get a brochure from the "Take One" tubes. I enjoy looking at FSBO prices and comparing them to the MLS listed homes in the area. Sometimes you may find a FSBO that is very high to the market, however sometimes you may find a "gem of a deal" that is just waiting for your offer!

I hope everyone is having a great week and going to have a great weekend finding a few deals. While the weather is nice drive your areas and see what you may be able to find. There are deals on every corner, you just need to find which corner in your local area has that great deal. Believe and Achieve! - Joe

Rain...Rain...go away come back another day! Today was an overcast day with rain through-out. The temperature is around 73 degrees but the hot and humid air is coming. This weekend is suppose to be between 95 to 100 degrees with 100% humidity (I am sure it may feel like Florida).

The traffic around the Chicago Loop today was another treat to drive in. Traffic was backed-up and delayed for miles because of the Lollapalooza Festival (3 days of music with a huge variety of performers on several different stages)in Grant Park. It looks like fun but when you drvie into the loop, it is nice to know it will only be 3 days.

I have been trying to expand my knowledge around private money lenders and the ability to find these resources. I enjoyed the information presented at the Gain the Edge event and I believe that I can capitalize on even more opportunities if I had some quick cash and can close just as fast.

Dean discussed in the DVD of the VIP session how his friend could have sold his farm land for more than $2 million or even $1 million and how quickly he could have put that money into use in today's market.

When you have an abundance of resources such as available cash, the confidence, the offers and the deals will multiply even faster. I completely understand what Dean indicated and have the desire to expand our buying plans during the next few months.

I believe so many people have a fear right now not to get into the stock market or real estate and they have their money in a bank account, money market and in most cases they are earning around 1% interest. It is my new task of finding the savy investors that want 6% or 8% or maybe even 10% interest on their money. Once you turn a deal or two your resources for available funds should grow. I am trying to learn as much as I can so we can explore this area. Good luck to everyone on your deals. Have a great weekend! Believe and Achieve! -Joe

Rain...Rain...go away come back another day! Today was an overcast day with rain through-out. The temperature is around 73 degrees but the hot and humid air is coming. This weekend is suppose to be between 95 to 100 degrees with 100% humidity (I am sure it may feel like Florida).

The traffic around the Chicago Loop today was another treat to drive in. Traffic was backed-up and delayed for miles because of the Lollapalooza Festival (3 days of music with a huge variety of performers on several different stages)in Grant Park. It looks like fun but when you drvie into the loop, it is nice to know it will only be 3 days.

I have been trying to expand my knowledge around private money lenders and the ability to find these resources. I enjoyed the information presented at the Gain the Edge event and I believe that I can capitalize on even more opportunities if I had some quick cash and can close just as fast.

Dean discussed in the DVD of the VIP session how his friend could have sold his farm land for more than $2 million or even $1 million and how quickly he could have put that money into use in today's market.

When you have an abundance of resources such as available cash, the confidence, the offers and the deals will multiply even faster. I completely understand what Dean indicated and have the desire to expand our buying plans during the next few months.

I believe so many people have a fear right now not to get into the stock market or real estate and they have their money in a bank account, money market and in most cases they are earning around 1% interest. It is my new task of finding the savy investors that want 6% or 8% or maybe even 10% interest on their money. Once you turn a deal or two your resources for available funds should grow. I am trying to learn as much as I can so we can explore this area. Good luck to everyone on your deals. Have a great weekend! Believe and Achieve! -Joe

Well, it is the anniversary of the first night game at Wrigley Field which was held on 08-08-88. Has it really been 21 years or does it seem like 1988 was just yesterday? In any event, time flies when your having fun. The weather was hot and sticky today, mid 90's and so humid you could feel the heat everywhere you went. Tomorrow is forecast to be near 100 with extremely high humidity. This may be a day for the beach or a water park!

We took a drive to a large supplier that only handles, address plates and mail boxes. The selection was fabulous. Sometimes the small things like a new door, light, mailbox or address plate can add that little extra touch. You could order over the phone but I enjoyed going in person to see the exact colors that we were ordering.

After we placed our order we headed back to the inter-state and I saw a "Claim Jumper's Restaurant". The last time we ate at Claim Jumper's we were in Phoenix, AZ at the Gain the EDGE 2009 event. Thus, we had to go. They have terrific fresh made pretzels as an appetizer and a really nice menu selection including huge desserts. Thus, it was a good day getting some real estate items and having a nice dinner.

On the way home, I noticed so many for sale signs including farms that are being sold for housing sub-divisions. I can not believe how the new housing is continuing to expand in areas of farms in Illinois. With the market down, I wonder what that has done to these types of properties on the market? I hope everyone has a great weekend. Good luck on all on your deals! Believe and Achieve! - Joe

They'll eventually be resold to another developer for a higher price or be subdivided and developed as the economy rebounds.

Thanks for the comments. The real estate market and cycles are very interesting and each day I believe I am learnign something new. It is interesting to see how the residential and comemrcial markets currently are. Good luck on all your deals. Believe and Achieve! - Joe

The weather was very hot and humid today, around 98 degrees. What a change from a few days ago when it was 70 degrees and sunny. In any event, it was Sunday and we headed out today for some fun. I enjoy taking long rides and we ended up in Michigan. The lake was 4 shades of blue and there were so many people and boats around the beach it was unreal. I believe everyone has sensed the final few weekends of Summer 2009 and they want to maximize their fun!

I often think about not having the regular day job and being able to have long weekends at times. What a luxury that would be. Anytime I travel to other areas I usually stop at a few grocery stores or gas stations and get the Free Home Books. I enjoy looking at other markets and seeing how the market is affecting other states and counties.

I will probably be on the internet tonight looking through various new MLS listings. I believe the there may be some deals in the next few weeks as kids head back to school and the buying of homes declines for a while. I did see several signs in tlaws today next to for sale signs stating "act fast for the $8,000 credit!" I even saw one real estate agency that had an "A Frame" sign that read "please list you home with us, today!" Thus, everyone is competing in today's market. I hope some of the DG members found some deals this weekend. Good luck on all your deals. Believe and Achieve! - Joe

Monday is sometimes the most difficult day of the week because you have to get the mind set to get back into the daily grind of the work week. The weather was very hot in the mid 90's today and it looked like it could storm sveral times through-out the day. I was able to get my lawn mowed. I had a chance to meet a roofer to get a quote on a homethat I may have an intres tin the roof will run $12,500 for a complete tear-off.

I also met up with a referral of a friend that stated he knew someone that may have an intrest in real estate. I met with the person and he stated he would know other investors that may have an interest in financing some deals but would require a minimum of a 25% interest rate with a minimum of 1 year deals. Or they would want 25% interest plus a piece of the profit if the property was flipped. I know in today's market there are fewer opportunites to earn this type of interest as an investor. It seemed to me that this interest rate and proposed requirements were not a win-win deal. Thus, make sure you are aware of all the terms and conditions with lenders because it seems if you are in need of funds for a great deal, sometimes the investors want to much of the deal. A few weeks ago I even had a friend express an interest about financing deals and asked many questions. Then after he got all the information, then stated "now I better understand this show me how to find a deal rather than earn a good interest rate on a deal". Good luck with REI. Believe and Achieve! - Joe

Hey Joe....

Your last post reminds me of the show "Shark Tank" which I just finally saw for the first time last night. Those guys really go after the action that the people present them with, but sometimes it seems a little outrageous. But I guess if your the guy holding the money, then your the one that tends to rule the kingdom.

Have a great Tuesday and definately check out the show everyone!

Thanks for the comments and the insight. I believe that some people do not want a win-win transaction and go in for the kill. Thus, greed can sometimes prevent a good deal or future deals from happening. So many people think about today rather than what else tomorrow could bring. The funny thing is when I find a large deal that makes sense that can be a win-win, I can just walk away from it rather than feeding the sharks, if the rates or terms do not make good fiscal sense. Good luck with your real estate investing. Believe and Achieve! - Joe