Mark's Journal

and I wish you lots of success!

Lea
SPR Property Solutions, LLC

I signed up for the Foreclosure Alert last night. There is a lot of information there. I hope someone will help explain how to use it to identify good deals.

I have started reading "Be a Real Estate Millionaire". I am starting with the chapter on Foreclosures and Pre-Foreclosures because I am itching to learn more about those.

My wife is totally against me doing this. She believes it is another scam that will end up wasting our money. I wish she were behind me. It would be so much easier, even if she did not want to do it, but if I could just feel free to talk to her about it, that would make a lot of difference. But, as it is, she refuses to listen to anything I have to say about it. Kinda sad, because I'm learning things that could potentially turn our lives around for the better.

Congratulations on starting your journal and reading Dean's books. They are packed with a tremendous amount of information, tips, strategies and techniques. You can do it, so be sure to keep the faith and keep working your action plan. Through your determination, your wife may come around. Just try to do the best you can and when the time is right, explain to her your "WHY" for wanting to do this. Dean always says if you know your "why", then nothing else will get in your way. Once your wife understands the "why" she may feel different. Sometimes people do not want to get their hopes up if things do not materialize because they can fall farther from where they are currently at. Don't forget you have the support of all the Members on the DG website family. We believe in a brighter tomorrow! Good luck with real estate investing. Believe and Achieve! - Joe

Change can be scary. The day to day grind of a job for most of us may or may not be gratifying or rewarding and sometimes barely enough money to make ends meet. However it is what people know and feel 'comfortable' with.

I agree with Joe think about your 'WHY' for doing this. And come to your DG family members for support.

Lea
SPR Property Solutions, LLC

For all your support.

Today, I read the chapters on Pre-forclosures, REO's, and short sales. I started reading about Tax Sales as well.

Looking forward to the call tomorrow night.

Thanks everyone. This is a very supportive group.

Mark

I wish you much success! By the way, dosen't "Armando" from HGTV flip houses in San Antonio/TX? Have your wife watch the show, she'll come around! He has a "program" too (I got a postcard) but I'll stick with DG! This site is one of the best ever with tons of support and really great people willing to help with questions and motivation!
Keep us posted,

Dawn

I looked online and gathered some information from the San Antonio papers online version. I found four potential investors I can put on my buyer's list. They had ads like, "I buy houses, any condition" etc. I need to sit down and call them tomorrow.

I already know what I'll say. I want them to allow me to bird dog for them. I want to focus on Assignments or IEE right now. That will allow me to build some capital to start buying my own homes with.

I'll tell them that I can find houses 30% - 50% below FMV through a very unique method I learned. I will then say, I want to make at least $10,000 on each deal, so what I will be looking for is at least $30,000 in instant equity, I'll take 10 and sell to you with 20k in instant equity. It may take 25 - 30 lowball offers to get each house, but if they are willing to buy at substantial savings, I will put them on an email list and then when I have a killer deal, the first buyer to reply gets the house.

To really do this, I may need some help in the specifics of finding those killer deals. Is there a forum here that I can join that walks through the process, or should I just reread those sections in the book?

Also, I caught the last 20 minutes of Dean's call tonight. I forgot about it. I got home late, had to send a quick fax to get my new cell phone turned on, ate dinner, called my brother to wish him a happy birthday, and then I started looking at my emails. The first one I came upon was Dean's reminder email. Well, at least I caught the last part. I know the rest will be posted soon.

I guess that's it for tonight. I will call the four investors I found tomorrow in response to Dean's challenge.

Mark,

Congrats on starting your journal and getting started!!

I'm catching up on the call right now and listening to the recording as I was working tonight. Love it! Don't you love Dean's enthusiasm?

Keep on this site as so many are in your shoes with negativity around them. Hopefully your wife will come around...she will be thanking you if you keep at it!

Oh, just one word of warning about bird-dogging in Texas (and please don't let this lose your enthusiasm at all)...I believe Texas is one of the states where getting a finders fee is illegal. Search the Dean site on it as there are a few comments on it. You can still do assignments. And maybe consult an attorney to be sure on the bird dogging. Still so many ways to get started and make money, but just wanted to go ahead and get that out there since I know you are in Texas!

I'm originally from Dallas, and you're of course in a GREAT state!

Keep us posted and keep up your enthusiasm!! I look forward to following a fellow Texan!
Louisa

I wish you great success! I do wish your wife supported you and she may in time. I was not very excited in real estate when my husband started this, I used to say he drug me down this road. But know I would have to say I am more aggressive about real estate than he is. I live it 24/7 and I have difficulty turning it off. So, my point is do not give up she may surprise you someday.
either way real estate is a great way to secure your future. You will find a lot of support here.

Donna

Don't tell me I can't, tell me how I can.

Today I called three buyers in my area. I left a voice mail for one of them, and spoke to the other two. They both said I could bird dog for them.

I need to check on Louisa's comment about Texas not allowing a finder's fee for bird dogging. Has anyone else heard of this before? Do you know what the law says about it? How could I find out? Would a real estate attorney know?

If I concentrate on assignments, this information will be pivotal. Thanks Louisa, for the heads up. I'll have to check that out.

I also read about Tax Sales today in Dean's book. Sounds interesting. That may be an approach to start small and build a nest egg too.

If there are any investors in the Texas area that want me to bird dog for you, send me a PM with your name and email address. I'm creating my buyer's list now.

Thanks,

Mark

Created two goals on my master goal list.

Reading more in Dean's book today about doing no money down deals and about lease options.

I really need to understand how to use the ForeclosureAlert.com site to find great deals. I called asking for help, but all they do is provide the data feed. It is up to the investor to make sense of the data. That is the part I need help with.

So I will go back to reading the books to try to make sense of everything.

I found a great REI club to join, but it costs $150.00 a year. I can come to individual meetings for $25 each. There is a meeting tomorrow. I have not decided whether or not to go.

It seems that my interest in real estate is not healthy for my marriage. Looks like I'll have to be very careful about my activities. I may not be able to attend that REI Club this Tuesday. Too bad, because a real estate attorney will be the speaker. I wanted to ask some questions.

I also wanted to see about finding more people to put on my buyer's list.

Mark double check with the club, the first meeting is usually free, so maybe you can go after all! Good luck!

Cathy

Today I attended my first REI Club. It was not the one I had intended to visit, but a second choice. It was quite good, and even has my first choice as one of the guest speakers next month.

It was great to mingle with like-minded people that are in your same market.

This was a good experience for me.

Today I contacted the REI Club I visited last night. Told them I would join in about a month, as soon as I was able to raise the funds.

It is a really good group of down-to-earth millionaires mentoring me on REI.

Trying to raise the money to join this great group. They are all local and all are doing their own deals while being a mentor to newcomers. I don't think I could have stumbled into anything better than this.

Thanks,

Mark

I need to continue working on my buyer's list. I made a list of a series of names of LLC companies that I can call on to ask about becoming my buyers. I should start calling them to see if I can get more than the two buyers I have already contacted.

I'm still reading Dean's books. It is interesting about national and local trends and how they can create opportunities.

Hi Mark, good to have you on board I too face the same obsticles with my family. MY Wife, my Sons all think I can't do this and be succesful at IT. I LOVE them all very much, but won't get any help or support from them I believe ALL THINGS ARE POSSIBLE WITH GOD and the support and help of my new found DG family. Check out this site from Destrie on HOW I FOUND ALL OF MY INVESTORS George41

Yes, I read that posting. Very impressive. I started making a list like she did. I have it here somewhere...

I've been reading more about buying tax liens recently. That subject sparked my interest in Dean's books because you could realistically get started with very little money.

Here in Texas, it is not called a tax lien, but instead, we call it a tax deed sale. Texas gives the best interest rate of all the states at 25% the first six months to a year and up to 50% the second year.

In my research, looking at different blogs and county websites, I have learned that Texas has two categories of properties for tax deed sales purposes. The first is a two year time period where the original owner can reclaim their property, but at 25% interest to you. If it goes into the second year, they owe you an additional 50%. So, if you invested $1000, the first year they owe you that $1000 plus all fees you have put up, plus any additional taxes you paid on their behalf, all added up and then they owe you 25% of the total. So, at a minimum, you are looking at over $250 profit. If it goes into the second year, you get an additional $500 profit, or $750 profit over two years investment. Not bad. This was true for all properties until 1993 when the law changed. Now, this scenario is true for agricultural use land and homesteads only. Everything else falls under a six month rule at 25% interest.

If you can see how this can be an advantage to you, you could put down $1000 and get $250 back in the first six months, then you could lease that same money out again (plus your interest) and buy even more tax deed(s) for an additional $250 in the same year. Thereby, your effective interest rate is more like 50% on your money for the year. Really not bad.

And the best part is that, if they do not pay you back within the allotted time frame, the land becomes yours.

As far as encumbrances are concerned, I am still a bit confused. I read that you may still have liens on the title. Another place I read that once the time period expired, either six months or two years, the you have an incontestable title called an absolute title that overrides any other title.

If anyone knows more about this, I would love to hear about it.

Thanks,