Lea's Journal

Thanks for the happy new year greeting and the weight loss too I know that 2011 will be a great REI year and that next year at this time I will be at my goal weight

Lea

As usual I continue to work on probates. I received a call this week from a sibling of the PR. Coincidently I have him (her brother the PR on my list of people to call this week.) Apparently there is some bad blood among the siblings. The 2 living locally are angry with the 2 out of state and she said her brother (the PR) disowned her 10 years ago and has cut her out of the will. Since we have been through the probate process (when Denny's Dad passed) this is not unknown territory to us. This helps me to feel more comfortable speaking with these folks. I am so happy that our family became closer during that time instead of dividing!

I called a PR yesterday, got their voice mail and didn't leave a message. I would rather speak to them when they answer the phone in person so I'll be calling again today. Hopefully I'll reach them this time. Otherwise I'll leave a message and continue sending letters unless they call back.

I spoke with a few cash buyers this week and left messages for others. I have more to call. Denny has gotten their info from C/L ads. One I spoke with purchases properties south of us, another is selling his properties and no longer investing n this area but S. Carolina instead. The other one I spoke with is a short sale invstor and rehabber. He works with his partner/REA and he is presented as the buyer, his REA negotiates with the banks and he double closes. His partner also purchases properties and holds while he (the one I spoke with) flips. He said he'll buy any property anywhere in FL as long as it is a good deal. He said he does any kind of rehab including roofing and Chinese drywall (there seems to be an increase from a year ago in the numbers of rehabbers who will get involved with Chinese drywall. That's a good thing because there are a lot of properties from the boom, remodeling during the boom and properties that were repaired after the hurricanes in 04 & 05.) He also asked if people call us about doing short sales on their property. I told him we are not marketing to people facing foreclosure but like everyone else don't have to look far to see them all around. Friends and family have 'told us' about thes people and I've said they can have their friends call us. He asked if I would send short sale leads his way, sent some e-mails about what he does and would like to meet us briefly. He also said during our converation that him and his partner had an 80-90 percent success rate with short sales a year ago and that number is down to 50% today. He believes part of that is that people know they can stay in their homes for a year or 2 and then just let the bank foreclose.

Another one of our (out of state) buyers just hired a new property manager because he was extremely unhappy with the one he had. He has known this new property manager for a year and is happy with what he has done so far. He gave me his name and contact info. The property manager left a voice mail and I'll call him back this week. Richie, if you happen to read this I got this info with you in mind and also other out of state investors.

I need to get new business cards but in the mean time made some up in word using avery labels. These will work in the mean time while we are finding another company to order business cards from. Thanks Linda for the suggestion and thanks Richie for the info on the place you use for your cards. A friend's grandson designs business cards and has them printed up and shipped. If his prices and quality are comparable I would be happy to do business with him.

Richie got a tenant for his duplex!!! YIPPEE!! Denny met with the a/c guy and window guy yesterday and their work is done.

Even though I don't post in my DG journal every day I do in my personal REI journal and then update later on this site. A few months back on one of Dean's weekly blogs he talked about keeping a daily calendar to track what you are doing and where your time is gong. Since then I've been making a conscious effort to do this. This along with a daily journal makes a big difference to see more clearly what I'm doing and how the dots connect. This also helps me to stay focused. Try it if you haven't already.

This week I'll be going to the Alzheimer's Association Memory Walk meeting. I used to be on the committee and was their top fundraising 'individual' as opposed to a 'business.' I left a few years ago but have always had a Memory Walk team. They have been asking me to come back for a few years now. So this week I'll be attending the meeting as an observer. I have not decided if I will join the committee or not. I must put my business first and I don't know if they will understand that I'm not able to volunteer for ALL of their events like I did way back when. I've explained this to them but am not convinced they fully understand. I think they may still see me as the one whose hand will go up for every single fundraiser they do. Because of my commitment to REI and our business I simply can't do that. Of course this isn't to say I can't be involved on a smaller level - if this will serve them well is another question. I believe strongly in supporting and giving back to my community. There is a saying that if the plan is going down put the oxygen mask on yourself first in order to help the others around you.

Lea

Hi Lea.

It's great to see what's going on in your world. I see alot! It's nice that you shared your info from your conversations and such. And so important to network and talk to people.

Wishing you all the best with your business'

Blessings,

Cathy L

Hi Lea! It's great to catch up with all that you are doing! Wow!

Awesome on the probate front, and that you can relate well to those you talk to in that arena. I love that this is such a "people" business.

Congrats to Richie on the tenant for his duplex....that is great news!

Good for you on the Alzheimer meeting and your involvement. It is so hard to say "no" sometimes, so I commend you for knowing your boundaries, and knowing that you can just be involved in a smaller way right now. As Dean says, "if you're saying yes to something, it means you are saying "no" to something else"...great that you are able to see this objectively, and know that saying "yes" to every event, will mean that you have to step away from your business some, so I think it is great that you are recognizing this. (This is an area that is my weakness as well, as I used to be a "yes" girl to more volunteer "needs" than I could handle...in the past couple years, I finally realized in order for me to grow to a new level, I had to start saying "yes" to myself more often!)

I love all that you are doing. Thanks for sharing with us!
Louisa

Thanks for stopping in. Yes, this is definitely a people business! I enjoy talking with investors (and people in general) and learning about them and ways we can work together and help each other. Everyone is unique.

You are moving along in your REI world and have good things in the works!

Lea

You are right, like I just said to Cathy this is definitely a people business.

Thanks for sharing your insight about volunteering for the Alzheimer's Association (it's taken me years to learn to say no!!) As we grow our REI business we will absolutely be able to help in a bigger and better way!!

Lea

I have so enjoyed catching up on your journal. I guess I didn't realize that you were in to Probates...that is an area that I have not ever looked into, I hear alot about it though.

Good luck on your projects. I always hear good things about you when I talk to Linda, so I thought I would stop by and see how things were going.

Much success. Results in 2011!

Thanks for stopping by my journal it's great to hear from you. Probates make sense to me for a lot of reasons one being that they are motivated sellers.

Linda has said very nice things about you too She is so knowledgeable, helpful and has a fantastic sense of humor! But don't tell her I said that it might go to her head LOL!!

Lea

We met with the investor that I mentioned in a recent post. He's one that I called from a C/L ad he ran. When we first spoke we had a nice conversation. He did say during our conversation that he isn't fond of working with wholesalers. I asked why and he said there are 2 reasons. 1) They don't bring him good deals and 2) They get too greedy.

We met at his home (a short sale he bought and his selling.) It's a beautiful pool home on 2 acres with an airplane hangar on the property. We talked for 1 1/2 hours. During the conversation he asked 'what can I do for you?' Honestly, I was shocked and unprepared for that question. I asked him if his partner/REA/HML would be able to send us expired listings. He asked what we would do with them and I told him we would market them. I told him we would pay his partner for the leads that close. He said they were more interested in getting the property than the money. So I told him we would contact him first with these properties and if they didn't want them we'd contact our other buyers. He also offered POF.

His partner called the next day and sent us the expired listings. There are 163 of them including short sales and other proerties that don't meet our criteria. After we remove the short sales and other properties that don't meet our criteria I'll have a better idea of how many we'll end up with. Next time he will exclude the short sales, etc. He told me to let him know if I need anything else. He asked how I would market them and I told him we'd send a letter and follow up with a phone call. He said there are 3 REA's in our area marketing to expired listings too. He also reminded me to be cautious about the do not call registry because they do fine people 10K or 11K for calling people on the list if someone enters a complaint. He said it's easy to find the numbers on the registry but time consuming.

This was a roundabout way to find an REA but it works for me

As always I'm working on probates. Not much new lately but I've followed up with some phone calls and left voice mail messages.

Lea

I came across a bank owned property that caught my attention and left a message for the listing agent. I think our new buyer would be interested. When the agent called back the first thing I asked him is if he works with investors. There was a pause and he said 'Why wouldn't I.' I told him I didn't know but wanted to find out before our conversation went any further. He said he works with investors and doesn't know why other REA's don't, except that putting in low offers doesn't sit well with some. We talked for a little while and he asked if he could show us 4 properties on Monday. So we'll be looking at them on Monday. All this time I've been challenged to find an REA and we find 2 in 1 week while we weren't looking.

He also said he would like to send some friends of his our way who are upside down on a property. He is not interested in listing this property and doesn't want to split with his broker.

When he called he appologized for calling a day later. He said he was covering the phones while another REA was out of the office taking care of his sick wife. He said she has a brain injury and requires around the clock care. I told him about a friend who works for a non-profit and that she may be able to offer help to him but I didn't want to get his friends hopes up just in case. So his friend might be calling to get more info about this. Seems I don't go far in my travels to find caregivers.

Anyway, Denny & I had already looked at the above mentioned property. It appears to have structural damage (It looks like a car might have drove into it) and the usual broken windows, broken door, a/c needs to be replaced, the clapboard is rotten 2 boards up on at least 1/2 of the house and the list goes on. There is an in ground pool and fireplace in the back yard. The pool water is green but it is filled with water (a good sign.) We weren't too far from Richie's duplex so we stopped by to check on it - all is well

I sent out some letters to expired listings and also some follow-up probate letters. The PR's I wanted to call are on the do not call list so I didn't call them - just sent some follow-up letters.

Lea

Just catching up with your journal and I love the creativity you had when meeting that other investor about expired listings and getting his REA to get those to you....awesome!

It is funny that when you least expect it, some of these things start happening. Great that you got that referral from an REA. That is how it starts, right!

Good for you on all the action, letters, continued marketing, etc...

I've got to get some more letters out there. You inspire me!

Congrats on all your action lately!
Keep us posted. Always love hearing what you and Denny are up to!!

Cheers!
Louisa

You are so right about things happening when you least expect it. We all work so diligently in REI and sometimes our results come in sloooow motion. Then out of the blue or through 1 little action you get a chain reaction of new and exciting opportunities.

I love what you are doing in your REI world and am so happy for you that your husband is involved too!!

Lea

....It was a pleasure meeting you for dinner in sunny Florida. The weather was just perfect and we really enjoyed talking real estate. There seems to be some really good deals in your area and I know you two will be very successful as you continue to make offers. The key is the more offers you make, the more deals you may get. We look forward to reading about all your future deals. Good luck, you can do it! Believe and Achieve! - Joe

Denny & I had a fun time meeting with you & Stacy while you were visiting the sunshine state! You are both a wealth of knowledge and we appreciate you sharing that with us. Thanks for all you do. Stay warm and give Stacy our sunny & warm regards.

The property that Stacy & I talked about is in an area that wouldn't sell as well as other areas with the improvements I had in mind. Stacy had some GREAT ideas and helped me to see this ugly house in a new light! After talking with our REA he confirmed my thoughts on this property. We kind of just ran across this property so will fcus on properties in higher end areas than this one.

Lea

just stopping in to say hi and i'm so glad you are posting. hope you are enjoying the warmer weather in FL. i might be ready for a trip there, but i said no more traveling until May!!!

Our door is always open should you decide to stop by. What fun we would have.

Lea

p.s. Denny said he could show you the correct way to clean ceiling fans LOL

It was great seeing you the other day. I enjoyed talking real estate with you. I am so glad that you now see that property in a different light. Glad I could help.
Good luck with your property and keep us posted.
Carpe Diem :0) Stacey

Denny & I had such a fun time meeting you & Joe and talking REI. I appreciate you sharing your experience, knowledge and thoughts on this property! When you & Joe get down this way we'd love to meet up with you again. Depending on when you get here maybe we could catch a Mets spring training game

Lea

p.s. Sorry I spelled your name wrong before.

Whats going on here? Don't threaten Joe and Stacey with the smets, they will never come back hahaa.
I just figured you havent posted all the gains you two have made lately although I know of them first hand and am really in awe of the contacts you have made i think you should post to show others that hard work and persistance does pay off. jmo
really proud of you guys and thankful to have 2 great friends helping me get my deal done Now I dont want your head to swell too much denny although you will not be able to use it as an excuse not to walk, like the foot
I will talk to ya soon. hoping my invisible PM got the job done yesterday. as usual i didnt hear anything.
Never EVER give up!!
Richie

LOL, you are too funny! We'd have to go to Tampa for a NY Yankees spring training game. We are up for it if you, Joe & Stacey are

Thank you for your kind and motivating words. You of all people know about persistence. "Never Ever Give Up!! ~Richie~" Denny & I are so blessed to have your friendship and to have you to bounce our thoughts and ideas off of. A big thanks to Dean for giving us a platform to build relationships, learn and share our experiences with each other. Who would have thought? Please keep us posted on the invisible PM. Do you remember the show Seinfeld? Remember the episode "Serenity Now! Serenity Now! It's going through my head regarding your PM. Thanks for keeping us posted. Someday we'll do a deal together!

LITTLE UPDATE - We've been looking at more properties and learning how to accurately determine the rehab costs involved. Another investor showed us a property he flipped to another investor so we'd have a better understanding of the properties he likes and why. He wants to do a few deals with us or we could assign them to him if we'd rather - the option is ours. We also looked at the ugly property with him (at his request and a great opportunity for us.) I try to be realistic and open minded about properties and see beyond the ugliness - but frankly someone hit this house with an ugly stick and the rehab costs are too high for the neighborhood.

Our REA is getting comps together on a property we looked at. The property is in a nice neighborhood and the layout of the house is nice. It has a pool that appears to be in good condition (filled with clear water.) There is a wooden fence for privacy. There is a room that was added on that used to be a garage. This same room has floor to ceiling windows and a door going out to the pool. From a rehab perspective changing them to sliders could add more appeal but the door next to the windows might look off kilter. I'm learning how to better 'see' these things. There are water stains in some areas on the ceiling. A new roof was put on after one of the hurricanes in 04 so I'm not sure if it's a quick fix or if mold is involved. Because there is no garage it has less appeal to some homeowners.

A friend of ours sent us a lead on a probate property. The heir was willed this property and Denny knows him. He lives 3 hours away from the property and said he doesn't really need the money now and doesn't want to sell in a down market. Maybe he'll rent it instead. He seems to be flip flopping on this. He wants more for the property than it is worth to us (we are happy to refer our REA to him if he wants full price and already referred a property manager that came recommended from one of our investors.)

As always we continue to research probate properties and send letters.

Lea

so glad to see you posting and i agree with Richie - you have a lot to share. sounds like things are moving right along for you and that deal is on it's way to you and Denny.

talk about a house being hit with an ugly stick - i saw about 20 of them on Sunday. they are numerous here!

i'd like to hear about that invisible PM too.

I peeked on your journal and am happy to hear about what a great weekend you had. I could hear the excitement. Glad it went so well for you!

Did any of the ugly house you looked at show promise?

It is wonderful to see one of these 'uglies' transform from an ugly duckling into a beautiful swan. I've always been impressed by folks that do this well. Louisa did a beautiful job on the property she rehabbed. When we lived up north a friend went and bought a house that literally looked like a haunted house. He didn't pay much for it. Even the trees were overgrown & creepy. It was his home not investment and he brought that property back to life again.

Denny & I are working it like you and everyone else - one day at a time

About the invisible PM I don't know - only Richie can see them

Lea

we're making offers on everything we saw and some we didn't have time to see. hopefully we'll get a couple deals off those offers. this is being done with the small group i took the class with.

yes, you are working it and there is a deal right around the corner for you.

I can't wait to hear more about these offers! You KNOW I'll be checking in on your journal.

The heir of the probate property called this a.m. and talked with Denny. He is in the process of going through his cousin's belongings and wants to meet with us at the property the weekend after next. He was close to his cousin and when he called today he told Denny stories about her life. She worked for every President from FDR to Jimmy Carter and was 97 when she passed. Denny & I checked out the property this week just walking around the outside. It appears to be in pretty good shape. She was the original owner and had the house built in 1973.

Lea