Lloyd's Journal

What a great and uplifting post tos tart my day! I happen to be headed in to town to talk to a new bank this morning and you have given me a boost of confidence to go forward!!! Thanks my friend and I am so happy for you - its raining properties on ya haha!

Hi there my friend! You don't need no boost of confidence, your professional investor now...haha. I'm so happy for you and all your success! Good luck with your meeting with the banker and go get them! Just got another property today at the sheriff sale and i'm excited about that. Take care my friend and best of luck with everything! Hope you had a great visit with your mother!

Lloyd

Great story. Would love to hear how it goes.

Cathyb

Well, it's been another great day.....I attended the Sheriff Sale this morning about 45 minutes early. Once i arrived there, i was told by Tracy (the lady that handles all the sale) that there will be three (3) properties for sale, and once i discovered all three of them are in the same area, i quickly made a quick get away and went back and looked at the other two. The second property was on the same streed as the first one that i wanted to bid on it. I also found out that the same guy that passed away six months ago also owns this second property. The third property was just the next street over. Having seen these properties, i made a quick phone call to my banker (VP) and asked if i could meet with her real quck, which she gladly accepted my invitation.

I informed her that the two properties on the same streed (James Ave) were the two that i was interested in, and if was ok for me to bid on both properties. Without hesitant she said "Sure Lloyd, we'll be happy to do that" However, i told her that i have a limit of what i wanted to bid on both properties which she understandly agreed, because she knows how i do things.

The first one i told her to set the limit at $45K, and the second one was $35k. She quickly wrote an approval letter for purchase and set me on the way. It should be noted that each property could be appraised from anywhere of $70K-$85K given the comps in the area and of course i know my market. There's also two properties for sale on that same street, one asking for $82,000 and another asking for $71K. I quickly got back to the courthouse just minute before the auction started.

There were about four of us investor and the bank representative. The first property was the one that i really like which located on 515 James Ave, and that went up more than what i wanted to pay for, so the other investor got that property. After talking to him after the auction, he indicated he felt like he paid a little more than what he wanted to, but he should have stopped when the bank pretty much have gotten what they wanted out of it. The second property, which it's on the same street, my bid was accepted @ $600 more than what i wanted to pay for it, but its a great deal. I could have gone up several thousand dollars and still be a great deal, but i've alway stick to my guns...hehe. The third property went back to the bank, but i talked with the bank representative after the auction and informed her that i will be contacting them about working out a deal if they wanted to get negotiate on the price.

I called my banker and informed her that my offered on the second property has been accepted, and she will get the document prepare and get the check over to the Sheriff Office. She also asked me if i wanted any $$ for repairs cost of which i said "Of course if you don't mind and add $4,000 to the price and let get it done" So, its been a great day and i try to live by my motto which is "Faith without work is dead and with faith in what you do, (which in this case is Real Estate) and little work on your part, you can go a long way" Yes baby!

Lloyd

Hi Cathy! Good to hear from you my friend. Hope things are going well for you in your neck of the woods. Yeah, got another property today. It's a good thing! Thanks for stopping by and good luck with your Real Estate Investing!

Lloyd

So Lloyd, how many does that make? I've lost count!

Karen

I called my banker and informed her that my offered on the second property has been accepted, and she will get the document prepare and get the check over to the Sheriff Office. She also asked me if i wanted any $$ for repairs of which i said "Of course if you don't mind and add $4,000 to the price and let get it done" So, its been a great day

Lloyd, your killing me lol. You da man!!

Richie

I've lost count too, but the more the better....lol. Actually i have 13 so far and a few more in Utah....They are all rental properties and cash flowing!

Lloyd

What's up buddy, why am i killing you?...haha.... I've learned in real estate that if you don't take action and make things happen, then nothing will happen! Thanks for stopping by bro and wish you the best!

Lloyd

HAHAHA Your killing because you have the bank of everyones dreams. Ask them if they want to open a bank in NY LOL.

You definately did work on what you have going. Great example of action leading to results.

best wishes my friend.
Richie

Richie, once you have established yourself with the banks and they make their money, then everything is icing on the cake....We have a great working relationship and has become a win/win situation. I just find a nitche of what works for me and then press the padal to the medal.....

This would have never happened if i let FEAR paralize me, but the fact of the matter is that i took action and was braved enough to ask questions. I was always afraid of rejection, but now, i just look at NO as just another hurdle to hear my bank account say.......cha-ching, cha-ching and cha-ching...lol. Good hearing from you buddy and good luck with your probate deal!

Lloyd

I finally met with the bank this morning and signed the loan documents for the house that i purchased last week at sheriff's sale. I was also told that the check has been delivered to the Sheriff's Office. The bank is not only financing 100% of the purchased price, but they also provided an additional $4,000 for repairs costs. I could have asked for $10,000 for repairs costs and Jennifer (bank VP) would still have approved it, but i don't want to be greedy and take advantage of my banker's generosity for granted...haha. I've also discussed with her another property that was not sold at the auction, and informed her that i was interesting, but only if the price is right, then it's definitely a go. The house is also in the same neighborhood, but the house condition is not as good as the two properties that have been sold. The house needs some work, but i don't know how much it would take to make the house marketable and livable until i get an accurate assement of the repairs costs. So, we'll shall see what happen!

The other issue that i've discussed with her was the other house i bought three months ago of which the same bank is also financing 100%. I purchased the house at $39K, and have completed all the repairs and basically bringing in cash flow, but like any real estate deals, i've asked Jennifer if i could re-finance for cash back and she's certainly very open to it. I informed her that i will be heading out to California tomorrow, but i'll be more than happy to re-visti the subject with her when i get back next week. She's very open to it and she'll let me know when i get back next week.

I made a quick stop at the house and discovered the house has three bedroom. I was told by the bank before the auction that the house was a two bedroom and one bath, but after i unlocked the doors and walked through it, i discoverd the house was a three bedroom and one bath. It explained why i lowered my limited bid to $35K because i thought it was a two bedroom. I guess the value of the house is just about the same figures i mentioned above on my previous recording. I called Jennifer and informed her the house was a three bedroom, and she stated the info they have on the property was from a long time ago. It should be noted that i already have tenants in placed. She called me today and wanted to meet with me and sign the rental agreement, but i told her she would have to wait until next week.

Ok folks, that's about it for now, until next time, have a bless day and remember that "Faith without work is dead, and with faith in what you do and little work on your part, you can go a long way"

Lloyd

It's been a long time since i last wrote on my journal, but a lot has happened since then. I've purchased two more additional properties and got one of them under contract. I purchased both properties at sheriff's sale and the bank has not only is financing them at 100%, but they also gave me additional funding for repairs costs. My life has been truly blessed and having the bank financing 100% of all my properties and then having them provided additional funding for repairs was something i could never imagine, but the fact of the matter is, i'm a living proof that anyone can do the same thing if they do their research, take action and don't be afraid to ask questions.

I remember when i first started in real estate investing, i've read so much about 100% financing and a lot of people said that it was impossible given the bank's requirements such such credit score, employment history, down payment or lack thereof, etc, etc. However, once i started established a professional relationship with the banks and bought a few properties which the banks provided finacing. The sooner i paid them off the sooner they gained confidence in me. The sooner they gained confidence in me, the sooner they started pouring money out in my way. It's like having my own financial provider in the palm of my hand. It's like i would find the deals and they put up all the money. The only difference is, they only get to keep what they charge me for the loan fees and the interest rate, but once i sold the house, i get to keep the rest of it, but if i rent the house out, i get to keep it for cash flows. Not bad huh! It's the best strageties out there and i've been blessed enough to have the banks works with me and provided the funding for all my deals.

Having said that, one of property that i bought a little over a month ago, i did all the repairs and i will flip it. It's currently under contract right now and hopefully have this baby closed within weeks. After everything is done and over with, i should be getting $22,000 profit. Not bad huh for only 60 days of work. How many job would provide that kind of profit for you?, none! Anyhow, sorry it's been a while since i last updated my journal, but it's all for good reason. Having said that, remember that "Faith without work is dead, and with faith in what you do and little work on your part, you can go a long way"....And, i've come a long way.. Peace out!

Lloyd

i'm working on my first prop. thx again.

Lloyd my friend, how are you!!! Nice to see your posting again. You have been busy but i already knew you were up to something. Your success is proof that taking action creates results.
God bless
Richie

Lloyd,

I kept cking to see if you had posted yet, so it is good to see you back and even better to hear of your added successes!

Karen

Thanks for stopping by and good luck getting your first property! Once you get your first deal, everything else comes easy. Good luck and keep the faith!

Lloyd

Good to hear from you my friend! Yeah, it's been a while since i last posted, but i have been on a roll lately. Yesterday, i just closed on another deal and now keeping the pedal to the medal....haha. Everything has been going great and i hope it's the same for you. Thanks for stopping by my friend and good luck with everything!

Lloyd

Thanks for stopping by and for checking my posts, but sorry i haven't posted much as i needed to. I thought i would spend more time making deals and purchasing properties and then have something to write about....hahaha.

By the way, i just closed on another deal yesterday and hopefully have another one by next week. I'm meeting with the seller this weekend (Saturday) to check out her property and see if we can make it happen. I've already spoken with the VP of the bank about a potential deal, and she'll be waiting for my phone call if we have one in placed. It's just a matter of checking the property, do my research and see if the property makes business sense. If all goes well, i should have four properties in one month, cool huh! Anyway, thanks again for stopping by and good luck with your real estate endeavors!

Lloyd

Way to go!!

Karen

Well, i didn't meet with the owner of the property today because she called me this morning and informed me that she had a family emergency to attend to, however, she informed me that the handy man who has been doing repair work in the house should be there and that i should stop by there and check it out.

I made several stops at the house today, but the handy man was no where to be found. I didn't want to bother the home owner as she tended to her family emergency, but i am willing to wait until Monday and see if we can re-schedule another visit. I did manage to view and inspected outside of the house, and looks fairly well maintained, but a new paint job would make it looks much nicer. I wanted to look inside the house and determine how much repairs is needed, but i couldn't do that today because the handy man was nowhere to be seen, and plus i don't have his contact number. Since i couldn't get in the house, i'll just have wait until next week to see inside before i could make an offer.

Aside from that, i went back to one of my rental property and continue with the ongoing repairs which it's taking place at the moment. The tenants just moved out last week, and i'm currently doing some upgrading right now, as another young couple will be looking to purchase the house when the repairs is completed. I've also have a few potential tenants in placed (Plan B) if the potential buyers are unable to obtain a loan. I've always have Plan A, Plan B or even Plan C in placed so that everything would go smooth without any delays, or anything that would put me in disadvantages. I alway plan ahead and i like to be on the top of my game...Until next time, peace be with you and peace be with everything you do!

Lloyd

Hi Lloyd,

You must be very busy! haven't seen you here for awhile.

I am imagining many new deals there. Am I correct?

Hope you had a lovely Thanksgiving.

Karen

Sorry I havent been in touch but i have been real busy.
Just wanted to stop by and say have a happy holiday and new year. Hope all is well with the family.
Richie

Merry Christmas and the Happiest of New Years!

Karen

Wow, its been two months since i lasted posted in here. I've been so busy since November that i finally have some time to get back on here. Well, since my last post, i've purchased three more properties, and one of which i flipped for a nice profit of $23,000.00. Not bad huh! I left on a month long vacation to help my family continue rebuild their lives from a tsunami devastation last year in the islands, and when i returned, i found a nice check in the mail. I was supposed to close the deal before i left, but the buyer's bank needed another week to get everything together. Since i've already made plans to visit my family in the island, i've granted a Power of Attorney to my attorney to do the closing for me while i was gone. I tell you what, there's not a better feeling than coming back from a long trip and found a nice check in the mail. It also came in handy as i've spent quite a bit of money on my trip to help my family get their life back in order. Anyway, to make the long story short, i purchased and flipped one house and the other two properties have been put up for lease purchases. So, it's been an amazing journey and it just gets better and better.

I've set my goal for this year that i want to purchase 12 properties. One property every month. So far, i've gotten one under my belt for January, and have another potential deal in place hopefully by the end of the week. If not one, then maybe two...Until next time, it's good to be back and whoever read this post know that there's deals out there, but you have to go out there and make it happen. They will not just fall into your lab, but you have to go out there and get them. Go to the courthouse, or place add in the paper, or sigs as Dean just talked about, and other souce of info. Good luck to all of you and know that "Faith without work is dead, and with faith in what you do and little work on your part, you can go a long way". I've come a long way and it's been an amazing journey so far...Peace Out!

Lloyd

I figured you were probably wheelin' and dealin' since we hadn't heard from you.

You were missed!

Just another post that makes me think maybe I need to get out of So CA... hmmm

Karen

Good to hear from you. Yeah, things have been good on my end and just wheelin and dealin...haha. Hope things are going well for you and that you are wheeln and dealin as well. Good luck and talk to you soon!

Lloyd