OfflineWell, after returning from "Gain the EDGE" conference, i've finally decided that i starts my journal. I'm not much of a writer, but i feel, in order for me to move on and make some progress in my real estate investing, i need to hold myself accountable for my time and what i do every day. So, starting today, i was up at 5AM. Went to the gym from 5:30 AM to 7:00 AM. I went work from 8:00 AM to 5:00 PM. However, at 10:00 AM this morning, i left my office and went to the courthouse for a Tax Sales. I am the boss in the office, so fortunately, i was able to get away from the office for few hours and ran down to the courthouse for Tax Sales.
There were about 30 plus people there all ready to bid on each property. There was approximately 89 properties. I've highlighted the ones that i wanted to bid on, but I didn't get all of them, instead, i've bought two. I wanted to purchase more, but with my budget getting tight up on other renovtions projects, i don't want to overspend and put myself in debt, but the two properties i purchased today are in the great conditions and ready for move in. The only problem i have is i don't own them outright, but i'll poke around and see what can i do to speed up the process instead of waiting for three years.
The properties are being vacant, but i will track down the owners and see if i can offer to purchase their properties for 40%-50% off the appraised values and buy them outright. The tax sales that was held today are for property's taxes that have not been paid. There's a three years redemption, and the owner can redeem their property within three years. However, after three years and the property taxes have not being paid, then the property will be mine and the deed will be under my name or my LLC.
I came back to the office about 2:00 PM and my employees were sitting around doing nothing. They acted like they didn't see me when i puleed in the shop. It's about 4:00 PM now and i want to get this journal started. I'll be closed down in an hour and then from here, i will go over to one of my house being renovating and meet with the plumber for estimates for all the plumbing needs. Until next time, have a great day.
Now go out there and close another deal!
Lloyd
Thanks for stopping by bro! Yeah, i've been out of the game for a while due to the devastation my family and my people have gone through, but i'm back in the game again and more determine than ever. I hate the fact that i will be out of the country for a month or two, but i have to be there to distribute the container to the people of Samoa and help my dad rebuild his house.
As for my realtor, i wish he was aggressive as i am, but there's not to many realtors to choose from here in my little neck of the woods, and he was the best one that i could find. However, he may not be my agent anymore when i get back, but i'll just use him for the time being since i've already signed the contract with him. By no means i don't disrespect any realtors or real estate agents because i do, but i'm only speaking from my own personal experiences and dealing with my real estate agent, and i don't think he has what it takes to be a great one. We've had our meetings and conversation of what i expect from him, but it seems like that he doesn't get it or that he's not motivated at all. If i don't call him, i would have never talked to him. Not once he called me and say this or that, but all the conversation that i've had with him, i've had to initiate them. I must add that all the people that i've shown the house to, were the folks that have seen my ad in the paper.
Speaking of the ads and flyers, i was going to do that, but the house is listed with him and it's his responsibility to make sure that house is fully advertise and market it the way as it should be. Since i will be leaving in two weeks, i'll just live it for now, but make no mistake about it, when i get back and still no activities on the property, then his ass is canned...hehe. That' it for now bro and good luck with your real estates deal.
Lloyd
I hear ya on that, Its funny, my agent is the same way, If i dont call him I dont hear back from him. He wasted my time twice this week.
If your just excusive, not exclusive to sell with him, you can sell it too if im not mistaken. If you sell it he gets nothing.
That may be worth looking into when you get back.
Geez, maybe we should get a RE lic, I know we would be on top of everything and very active. that would blow away 90% of agents ive come across.
Good luck on everthing Lloyd.
Richie.
Well guess what? My real estate agent finally called me this morning for the first since i listed my house with him to inform me that he hasn't had any activities in the last three months, like i don't know that already. He then proceeded to ask me if i want to lower the price again. I basically informed him just to live the price the way it is until the holidays is over. Is not like he was going to sell it even if i lowered the price.
As far as me selling the house, yeah i can do that too. The fact that i had the house listed with him for 90 days and that 90 days is up. He wanted to do a six months, but i wanted to keep at 90 days, and i don't need him to help me sell it. In fact, once i get back, i will have him take the house out of his listing. I could have done a much better job marketing the house than what he has brought to the table. He's one of those agents that put a "For Sale" sign on the front yard and hope someone will call him. Well, i will not have that anymore, and i don't have to lower the price of my house again just for the sake of doing so, and plus the price has dropped $20k since the house was listed with him. It should be noted that the house is being rented out and cash flowing, so i'm very happy about that.
Take care bro and good luck with your real estate deals!
Lloyd
Just back on line after being off site for a while. You are busy as always and especially with your family.
Sounds like you have made the best decision about your realtor - let it ride for now and then handle it yourself. Hope you can find a better one in the future. Like you say - thank goodness its rented and cash flowing!
Safe travels to your homeland and hope you have internet there to keep us posted on how things are going!
xoxoxoxo
Laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Thanks for stopping by. Yeah, i've decided that i will live things the way they are and i will deal with my real estate agent when i get back. I haven't done much of the real estate investing ever since my little country was stuck by the tsunami two months ago. It's not that i haven't try it, but my heart was not completely there. However, i'm looking ahead to my trip to the island and looking forward to make 2010 the best year in my real estate investing. I will be leaving this weekend to provide relief to the family of victims of tsunami and help my dad rebuild his home. I will provide an update of my journey if time and technology is permitted back home. I wish you Laura and all of Dean's family a Merry Christmas and a Happy New Year!
Lloyd
Well, it's been a while since i posted on my journal. I've been out of the country for over a month for a tsunami relief effort, and now i'm back. I'll provide an update of what's been going on with my real estate stuff or the lack thereof..hehe.
Lloyd
Been thinking about you alot....hope all went well with your family and that your homeland is well on the way to recovery! Look forward to hearing more of your experiences - both there and in real estate....much love,laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Been thinking about you alot....hope all went well with your family and that your homeland is well on the way to recovery! Look forward to hearing more of your experiences - both there and in real estate....much love,laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Just returned from the island over the weekend for a tsunami relief effort. First of all, after seeing the devastation of what happened in Haiti, i've learned to appreciate life and family more than ever. What happened in the island probably doesn't compare the devastation in Haiti, but i've been blessed and my famly's life have been blessed and i'm greatful for that. I've also learned that i or (we) might be in the bad situation, but there's someone or someplace out there in the world that are much more worse situation than we are. Having said that, i'm greatful for the gift of life and for my family and friends who have supported me since my little country was hit with earthquake and tsunami.
I must report that the trip in the island was such a great experience. The 40 footer container of goods that i've sent home for a relief effort has helped more than 150 families in my family district, (Falealili District). It was an amazing experience seen the look on the little children faces when they got a pair of shoes, clothes, toys, or box of food. A lot of families still living under tents and tarp, and a long way from recovery, but i think they are much better situation than what we have seen in Haiti. It's been an amazing trip, but now i'm back and it's time to get back to work and do my real estate stuff that i have been neglected for about four months. Have a great day and i'll talk to you soon!
Lloyd
Well, it's been a while since i've written anything about my real estate deals. After been out of the country for over a month, and now i came home and done a closing yesterday. Yes, i finally sold one of my properties. The thing is, i've had this particular property listed with my agent for over 90 days, and haven't had no activities whatsoever. The only people that have looked at it were the people that had called my ad in the newspaper. I met with my agent prior to my trip to the island and informed him that if i don't have any leads or activities when i get back, i would have to sell the property myself. Well, i guess i must have pushed his motivational button because shortly after i arrived in the island, i received an email from him stating that someone had offered $93,500 for it.
It should be noted that i reduced the price of the house with the intention of making a quick sell. The house is worth $125K and i listed at $99K. After two months of no luck and the lack of activities, i reduced the price again at $95K. The accepted offer was $93,500 and now finally closed. It should be noted that the seller's representative scheduled a cloing for Thursday (Jan 28, 2010) at 9:00 this morning. I was not awared of this until Tuesday, two days prior to closing. I was not happy with it because i thought my agent had scheduled the closing with my real estate attorney. He's always been the one who does all my closing. I informed my agent that if i don't do the closing with my attorney, then the deal is off.
Well, he got on the phone and informed the seller's agent and their attorney of my demands, and they in turned email all the documents and the deed to my attorney. I met with my attorney and my agent yesterday (Jan 27, 2010) and signed all the documents and closed the deal. My agent and the buyer's representative and their attorney will meet today at 9:00 AM and do their closing. I will get a check of $46,000 and after all the expenses and repairs, i will have a profit of over $22,000, cool huh!
It should also be noted that the buyer and his representative couldn't wait to get this thing close. I guess they know they got themselve a great deal and they didn't want to pass up. I just came back from the island last weekend, and i was shocked when i was told that they wanted to close today, (January 28, 2010). I was reluctant because i have a tenant in the house, but my agent took the initiative to find another home for him, and thus we proceed with the closing. He has until January 31, 2010 to get everything out of the house with the new owner's approval. That's it folks and remember, "Faith without work is dead, and with little work on your part and faith in what you do, you can go a long way"
Lloyd
Happy for your success on this! I know its been a long time coming...you made a great profit, the buyers got a great deal, and even the tenant was treated with respect. thats a win/win all the way around! Congrats to ya, and may it be the first of many in 2010!!!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Yeah, it was a great deal. I got a real nice profit, the new owner got a lot of equity in placed and my tenant got another place to live. It was a win/win situation for all of us, and that's the beauty about real estate, everybody wins. I could get more profit out of the house, but i'm not greedy. I'm very happy with the results and now moving on to the next deal.
Speaking of deals, i met with my agent again this morning and made an offer on another property. It's a two bed rooms, one bath with 900 sq ft. It need some work and the owner is asking for $28K. The house is appraised at $35K. It could have been appraised a lot more, but the location of the property could have hurt the house's real value. I'm looking to purchase it and turn into rental property. I made an offer of $15K cash and take it "AS IS" I should have a response with in the next few days. I have a feeling that the owner will counter, but i'm ready to counter as well, but only to my advantage.
I also called my other bank and talked to Jennifer (Vice President) and asked about their REO's. I say other bank becuase i've been doing business with three different banks. Jennifer informed me that she only has one property in my area and she has made arrangement with the listing agent for me to look at it today at 5:00 PM. She also submitted a request for other properties listing for me in surrounding areas and i should have that list by tomorrow or Wednesday, cool huh!
Having said that, things are looking good and i'm more motivated now than ever. I've neglected my real estate for four months due to my family and country devastation of the tsunami, but i'm back at it full swing and hopefully have a property close in a matter of weeks or less than 30 days. Well, i'm not doing real estate yet full time, but full swing means an attempt to do some sort of real estate stuff everyday, whether phone calls, drive around or talking to real estate agents. I'm excited for 2010 and looking forward to make it an even better year. That's it for now folks and remember that "Faith without work is dead. With faith in what you do and little work on your part, you can go a long way."
Lloyd
The property i mentioned above was listed at $28,000, then the seller reduced the price to $26,000. I made an offer for $15,000 cash and take it as is. Well, the seller countered offer at $20,000. I then countered offer at $16,500.00 and informed the seller through my agent with congtigency upon inspection. The seller wanted to know if i was going to counter, but i told my agent that i would wait out for a few days and think it over. Well, i played the silence game for a couple of days, and played as though that i was no longer interested at their property. Well, little i know, my agent called me yesterday and indicated that the seller has accepted my offer of $16,500, cool huh!
Given those information, i went to my bank and met with the bank VP and informed him of my intention. I've aked to do a financing for $24,000, which $7,500 would goes toward repair costs and some for closing costs. This deal is NO MONEY OUT OF POCKET, and 100% FINANCING. I've been very successful doing these type of deals and the more i do it, the more i'm good at it. I should make a note that i have several properties with same lending institution (No Money Out of Pocket) and has been a positive working relationship thus far. I will turn this house into a rental property for a year or two and then sell it for more profit. After the upgrades and repairs, the property valued would increase and more money to be made, cool huh! That's all folks, and remember "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
Lloyd you are da man
Its awesome you have developed a relationship with your banker so they know you and can make deals that happen! You are proof that its not just a theory my friend...great work! Man I'm going to miss everyone at the Live Event! I've written down a future goal of traveling around to visit some of my most awesome DG family and YOU are most definitely at the top of the list!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I'm so happy for you my friend. It's only going to get better from here. 2010 is our year! Keep up the great work brotha... Much love to ya.... Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
After seen what i've witnessed back in the island, i'm more determined now more than ever to make it happen so that i may be able to help my family and people back home.
As far as the bank is concern, yes, i've developed a great working relationship with them and it's a win/win situation for both of us. They make their money through interest rate and i make my money on cash flow, and above all, i get the bulk of it when the property is sold. That's the beauty of it and the more i get positive results with properties they financed, the more they keep lending me the money.
As for the Edge, i probably will miss it too, but i will go ahead and reserve my seat anyway just in case things changes. I thought the Edge is going to be in April as it was last year. I made plans to go back to the island in May and help finish the rebuilding of my dad's home. I just found out a week ago when i came back the Edge is scheduled on May 22nd & 23rd, sucks aye! Oh well, come visit when you can if not, i'll wait to see you next year.
Lloyd
It's great hearing from you my friend. I was wondering what you're up to. Hope things are going well for you and making tons of money in real estate investing. Yes, i'm looking forward to make 2010 the best year and i hope the same for you.
I informed Laura about my situation for the Edge this year. I'm trying to make it, but i've also promised my dad to be back in the island in May to finish up the rebuilding of his home. It's been a tough year last year and looking forward to make 2010 the best year. Next month (March) will mark two years since i joined Dean's family and has been a great experience thus far. This year started out with the bang having one of my property being sold, have one under contract, and one more under way. Great hearing from you my friend and wishing you the best.
Lloyd
Congrats on your closing Lloyd!! Its nice to see you post again. I was wondering how you were doing back home with helping your Dad with his home.
I hope things go well for you and thanks for the detailed posts. I believe it helps people realize that it can really be done.
Richie.
Welcome back. Congratulations on selling your property and the great win/win for everyone involved. Also congratulations on your offer being accepted!
Yes that is very cool.
Lea
SPR Property Solutions, LLC
I came back and got right back into the swing of things. It's been a while since i made things happened, but it's way overdue. Thanks for asking about my family, but they are doing well and working in getting their life back together. It's been an amazing and awesome experience helping other families as well are much less fortunate than we are, and seen the look on their faces makes everything worth while.
Lloyd
Thanks for the welcome back and thanks for stopping by. Yeah, this is what real estate is all about, it's about making money and everybody wins. It was a good deal and looking forward of making more deals like this.
Lloyd
Ok, i scheduled a home inspection today and hopefully it will go through. It's been snowing here which is very unusual, but i'm just happy to finally seen snow after moving here from Utah four year ago. I got the house under contract with contigency of inspection. I will pay $300.00 for inspection and i rather do that than spend $6,000 of unnecessary repairs. The down fall is i'll lose $300.00 if i back out of the contract, but the positive site of it is, i can always re-negotiate the price of the house if the inspections fails. The house definitely needs some TLC and if i do get it, i will turn it into a rental property for year and then sell it. The other option i can do is a least purchase as i have done with my other properties. Ok folks, that's about it for now until next time, remember "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
Just checking in to say hi and make sure you are keeping busy lol
Its funny your post is about home inspection and the ways to look at the cost. You're right - either way it will be money well spent. If you ever find a great deal and want to do an assignment give me a shout! Have a great weekend!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Sounds like you had one heck of a day Lloyd. I think we can all take something away from your post here, be it the idea for a journal to manage our time(I certainly will) or your "Go get it done" attitude. That's somethign we all hope for and wish we had. Good for you.
(I apologize for this but on a side note, Anitarny did you get my PM?)
If only I could remember I put a post up on the forums.
Thanks for stopping by my friend. Hope things are going well for you which i'm sure they are. I haven't done any assignment since i joined Dean's program as all the deals i've done have been bought, fix them up, and rent them out or flip them. However, i would really like to do an assignment, and maybe i'll do my first one with you...haha. Ok, my friend, you take care and have a great week.
Lloyd
Thanks for visiting my journal. I must say that this is what journal is all about and especially in this format where we can all share ideas and methods of finding deals, getting financing, etc, etc. We can all learn from one another and this is the beauty about Dean program and its students. We all help each others to succeed and i hope you are on your way in making profit from real estate as well. Good luck to you and thanks for stopping by.
Lloyd
Well, i scheduled a home inspection on Friday, but we had a big snow storm and the inspector failed to show up nor he failed to call me to re-schedule the inspection. I know, we haven't had any snow here in almost twenty years and it's very rare when it snow, so actually we had to close the school down for it...lol. For me, i was excited to finally have seen a snow for the first time since i moved here from Utah four years ago.
Well, since the inspector failed to show up, instead of having to pay $300.00 out of pocket for inspections, i've decided to do my own inspections. I think i've paid enough money to inspectors for me to know what to look for in terms of repairs. I had everything turned on that morning (Friday 2/12/2010) such as the electricity, water and gas. Well, by the time i arrived in the house for inspection, there was leaking coming from the line in the shower and the whole bathroom and the bedroom next to it was flooded. I called the listing agent and informed him of the situation. He came and looked at it, and he called the sellers and informed them of the leaking pipe and the flooded areas. I should note that the sellers are out of town. Given what happened, i went on and proceed with the inspection anyway and provided all the necessary information to the agent and what would be my next move.
The house is old and there's no doubt about that, but in order for the house to be in any living conditions, the house needed a new roof, the plumbing obviously since it was leaking which now flooed the house. The house doesn't have a A/C unit, which i added in my list. The house needs new windows as the old windows are unoperational. The walls in the living room needs to be replaced as they are rotten. It will need a new water heater. It also needs a new electricity box and probably re-wiring as well, and not to mention the whole house definitely needs a new paint job both insdie and out. Given these conditions, i informed the agent that the cost of these repairs to make the house in living condition would cost me $12,000-$14,000. I also informed him that given these figures i would like to re-negotiate the price of the house. He indicated that he will pass the information on to the sellers and now await for a response. Wish me luck!...lol. That's all for now folks, but remember, "Faith without work is dead, and will faith in what you do and little work on your part, you can go a long way"
Lloyd
So the rare snow just saved you $300.00 - cool! I agree that you are fully qualified to do your own home inpsections Lloyd! I did my own on my second flip house as well...and it was kind of like yours...gut it hahahaha...so it wasnt too hard
I wish the best of luck to get the deal! So what is the final price you offered them?
Hope you enjoyed the snow! Here's a little snow fact I learned...in the past week or so every state had snow on the ground somewhere except Hawaii!!! Thats amazing!
Be well and cant wait to hear about their reply.
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Oh yes, i guess he was afraid that he might melt in the snow, but his lost and my gain, lol. He should have called me and re-schedule it, but i guess he didn't want a $300.00 from me..haha. I did my own inspection and i saved my self $300.00 bucks. Thank you for the best wishes! Take care my friend and good luck with selling your house and the move to Wisconsin.
Lloyd
Well, after the inspeciton last week, i've discovered some problems with the house, but nothing that i can't fix. I've tried to re-negotiate the price with the owner, but they will not going any lower than what i got the house for it. The wanted $28,000 and i ended up getting the house for $16,500, so i can't complain, but i thought it was worth a try. The worse i got out it was "NO" as i was expecting it, but now were moving forward with the purchase.
I've also asked to do some repairs prior to closing, but the sellers have also denied my request. They had some very bad experiences in the past and they don't want to go through that again. I wasn't offended by any means and i completely understand. I probably would have done the same thing. The sellers got burned not once but twice, when buyers did some work on their properties, and then back out of the deals. I thought maybe it would be their advantage for me to do some improvement on the house, even if i back out of the deal, which i would not have done, but i can completely understand. They were just doing what they thoughts was best for them, and i don't blame them for that.
Since the house will turn into a rental property, i've found me a renter and he's willing to move in and do some work himself once it's closed. I will provide the materials, but he and a friend will do all the work. Any work is out of his skills level, i will hire a handy man to do it. The best thing about this deal is the fact that i will not use any of my own money. This is completely 100% FINANCING and the bank will also finance the repairs. Any money that is left over from repairs costs will go to my pocket, cool huh! Ok folks, that it for now, but remember "Faith without work is dead, and with faith in what you do and with little work on your part, you can go a long way"
Lloyd