Bimal's Journal

Bimal's Journal

Hi All,

I am in the process of making Real Estate Investing my primary source of income.

Currently Self Employed.

Reason to get into Real Estate Is to have savings for retirement and Real Estate is that vehicle through which I can achieve that.

Regards,
Bimal
Budd Lake, New Jersey

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Wish Everybody a great success in their Real Estate Business


Day 19

Another uneventful day, but this is making me impatient to take action.
Matter of days something positive is sure to happen.

The realtor was suppose to call hasn't called us yet. Weill call him tomorrow.

Deals by EOY 2013.

Bimal

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Wish Everybody a great success in their Real Estate Business


Need Help

REO: 99K, Starter Home, 3BR/2BTH, I am going to see the property.
I want to get this property under contract, I do not have money, I cannot refi even after I purchase by using PM.

May need very minor rehab.

Any suggestion for putting this property under contract, and look for money, I want to buy and hold,

Rent will be around $1200/- to $1500/-

Except couple of guys nobody has ever responded, may be my journal has not generated interest.

Thanks to whoever reads my journal.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 21

Going to look at the REO and make any offer of $49,750/-

__________________

Wish Everybody a great success in their Real Estate Business


HELLO BIMAL

HEY BIMAL, I've often been curious as to what makes some journals more popular than others ?? perhaps it's because people like to see a bio filled in. Where are you from. Tell us about you. Have you done any deals ?? Which of Deans books do you have ?? Are you in the Success Academy ?? Best of luck to you, keep posting and people will start following your sucesses.

WALT


Thanks Walt

Thank You so much for a quick response.
I get your point.
I am in NJ and trying to get into REI, this my second stint, I started REI in 2009 and got side-tracked as I tried to get into a residential painting business and failed badly as could not find time to do estimates and supervise the painting projects with full time consulting job.
No Deals so far, still struggling. I have read Deans PFRERN and rereading now.

Visited few properties in past few weeks and will be visiting a REO on Saturday.

Will keep posting.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 22

Read about 25:1 today on my way to work.
Tomorrow going to see the REO.
Calling a realtor for a house on sale since 4 months.
This property had 3 price drop so far.

Good Night.
Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Leaving now for the Property

Leaving now for the Property visit.

__________________

Wish Everybody a great success in their Real Estate Business


I will be making an offer.

Firstly, people get excite when they make a deal, I am excited even to make an offer. of course I am way behind in REI.

Now here is what happened today.

1). visited the REO , took Dean,s Due Diligence list with me.(www.deangraziosi.com/duediligence).
2) requires about $3000+ in renovation (Paint 3 BR, fix the attic ladder, new refrigerator, water heater, cooking range, 4 new light fixture, washer, dryer, deck pressure wash., polish wood floor polish, bleach wash basement walls and paint, clean up yard).
3) It has 3br/2bht, semi finished basement.
4) If I finish the basement it will cost then cost me $20k.
5) Asking 99K, ARV( with finished basement): $240K in an up market.
6) it will cost me (my offer + 20k+3% agents commission+closing cost) ( my max offer will be 85k, I am still working on the figure)
7) I want to make this a 2 unit rental. one unit will have 3 BR, the basement unit will be 1BR.

Now if I go with full asking price, I will need money to raise to pay the bank and do not know how, but will be calling few of my friends. I cannot refinance because last year I was on social security for 3 months as I was out of job. This year I am self employed buT haven't filed returns yet to show bank my repayability.

I will post updates regularly. I know this is a great deal even after rehabbed on full price.

now I am going to visit an Estate Sale, it is a commercial property. No idea how to go about this, but I going there anyways, I may learn a thing or two.

Bimal.

At least 1 deal by EoY 2013.

__________________

Wish Everybody a great success in their Real Estate Business


Day 24

Still working on the offer I haveto make. In a dilemma as it is not possible for me to get a conventional loan.
While working on numbers, I figured that if I rent it out my ROI will be 10%.

Rent: $1350/-
Less: P.Tax : $521/-
Mtg. : $557 Based on $110k for 30 years@4.5%
Ins. : $067/-
Maint. :$135/-(10% of monthly rental)

Good Night.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


HEY BIMAL

Hows it going man ? Im reading 30 days fast and furious. It's a great book. I can't wait for the first one. good luck and keep on pushing forward....

ALL THE BEST,
WALT


Thanks Walt

Well, Thannks for stopping by.
I am pondering what offer to put for the property I looked at. It is extremely a grwat deal. But my concern is funding. I have been calling mortgage broker and they suggested that for me to a get conventional financing is not possible. So I am thinking of private money and doign some calculations. And the outcome is not very promising becuase if I sue private money and pay them 1% per month, I will be under even if I rent the property at 1350/-, with $1500/- I can break.

But I am thinking to put some courage together and offer 75K to 80K.

I post updates.

Regards,
Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 26

I joined an REI group and will be attending a meeting on Tuesday.

Regarding the offer, I am still holding back. Still thinking about the numbers and funding.

Reading some journals on DG.com, very interesting way people have started and now doing deals.

More next time.

Goal: At least one deal by year 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 30 : - I have asked the realtor to provide COMPS

I have asked realtor to provide COMPS for the REO I am considering.
Also prusuing for ideas on how to raise money.
Yesterday I went to a REI meeting and learnt new things on how to raise money and the laws surrounding raising money from people other than friends and family. Learnt about 504,505 and 506 reg_d.

During the netwroking hour I tried to connect with people and got introduced to rehabber, Private money lender, Mortgage lender and couple of investors.

Again tonight I am going for a meeting on Rehabbing and wholesaling.
So while the progress is slow but gaining more knowledge in the process.

At least 1 deal by EOY 2013.

__________________

Wish Everybody a great success in their Real Estate Business


Did not make the offer

I found that the house I was interested to make an offer is in Flood Zone area. Now search for houses to wholesale will continue.

__________________

Wish Everybody a great success in their Real Estate Business


BIMAL I'M HAPPY FOR YOU MAN KEEP MOVING FORWARD !!

glad to see your taking action.


Thanks Walt

Hi Walt,

Honestly your visits to my blog is keeping me motivated. But this week I have attended two REI meets and both were very informative. I was able to connect with couple of cash buyers, now I will be email them so as not to lose contact.

Also in October I will be taking a bus Tour where the organizers takes to a house and demonstrate various aspects in how wholesaling is done.

There were many young investors there but successful and they also gave me valuable advise. We also discussed a deal a guy brought to the table and I learnt what is a cash on cash deal and what ROR should we expect and whether it s a good offer.

I want to get Atleast one deal under the belt and working towards it.

Walt if you get a chance please visit this site www.peakpropertiesllc.com , this guy buys houses from you but to present your deal their is a questionnaire you fill out so he can examine and determine if he will buy from you.

More next time.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Formula to derive offer Amount for assignment deal

Offer Amount = ARV - (35% of ARV + assignment fee + repair cost)

Eg. ARV = $100000 then offer amount will be

1). $100000 - ($35000 + $5000 + $10000)
2). $100000 - $50000
3). 0ffer Amount = $50000

Hope this helps anybody who is reading my blog.

Now I am in pursuit of finding houses so I can make an offer and meet my goal of Atleast 1 deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Formula for Cash ON Cash returns on rentals

Here is another formua that I learned on derivng a cash returns on cah investment for rental properties.

The rule of thumb is you must at least expect 10% returns(NOI, Net operating income) on your cash investment:

so for example on 4 unit apratment with monthly rental 0f $4000/pm.(Always count rental income for 10 month ot 12 months).

1) Your yearly income will be $40,000
2) Less yearly cost of Tax, Insurance, Vacancy Insurance, water etc
Let us say that amounts to $5000/-
3) Your Net Operating Income = $40,000 - $5000 = $35,000
4) So your offer price will be $35,000 multiply by 10 = $350,000 less any
repair cost.

Hope this helps.

__________________

Wish Everybody a great success in their Real Estate Business


Day 37

Haven't seen any properties lately. But if my strategy is wholesaling then I need to start going around looking for distressed properties and keep the momentum.

Goal Atleast 1 deal by EOY 2013.

__________________

Wish Everybody a great success in their Real Estate Business


Day 39

With each passage of the day the time to achieve my goal of at least 1 deal by EOY 2013 is narrowing. Now one good thing is there is not a single that I go without doing something related to RE be it reading or visitng properties etc. and I have reached a stage where if I go without doing a single thing related to RE I get nervous, which I think is good.

39 days have gone by and now I to real take a serious look at my Goal nag go full throttle of achieving it. so the need to the hour is to regroup my thought process, get organized and follow a strict routine to make this happen, as Joe Jurek always says Believe and Achieve.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


KEEP IT UP BIMAL

I love your journal. I'm rooting for you. You got this:)

______________________
TC
Miami, FL

"If you’re going to do anything great in life there WILL BE opposition, setbacks, delays, and critics" -Joel Osteen

Follow my daily journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

__________________

TC
Miami Florida

"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi

"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek

Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i


Thanks TC

Thanks so much for reading my journal.

I have to keep up the momentum otherwise it will again become an uphill task.

Even someone looking at my journal and telling me that is motivating enough for me to get going.

Regards,
Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 40

Went to a REI. Meeting, and learnt about how to flip houses in NJ. Learnt a new way of doing assignments if not under your own name but as an LLC. And then sell the LLC to the buyer.

Also learnt about prepaid phone to receives cals after your place bandit signs.
That bandit signs are $1 a piece and there deals out there on the Internet all the time.

My goal Atleast one deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 41

Attended a seminar on Tax liens and tax deeds this is another way to earn good rate of return on your investment
Also reading a chapter on how to find a motivated seller. In the next couple of days I will plan to visit properties over the weekend that fits my strategy to wholesale.
Also ordered the Green Vibrance powder as dead suggested, so if not this week, I will try to do Atleast 3 of te 4 things dean suggested in his weekly blog.

Goal Atleast one deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 42

I am watching Matt's presentation at Edge 2013,
Action plan for next two days , identify areas to visit over the weekend to look for ugly houses and read or listen some more on REI.

Atleast one Deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 43

Today I further read about ways to find motivated sellers.

Also listened to Anthony Robbins for some motivation.

It is already 43 days and I need up the ante because time will fly and before I know it will be 2014.

Between tonight and tomorrow I will have to identify properties or locations to visit and soon start making offers.

I have to be patient and understand that success comes one small success step at a time. I have to dream and live success in REI for something to come to fruition.

Commitment: By next Friday I will make one offer, what ever the outcome.

If I do not take definitive steps nothing will happen and I will just be talking big.

Atleast One deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


What is HUD Home

I am sharing this definition from a webinar I attended couple of days back.
By John CoChran.
>>> Every time a homeowner gets an FHA loan(A loan from the Government) and
that homeowner defaults on that loan. The government forecloses on the
house and resells it back to the public.

>>> A HUD Home is a home that the government had to foreclose on and now they
have put it back up for sale for the market to buy.

__________________

Wish Everybody a great success in their Real Estate Business


Day 43 and 44

I have identified one property that I have asked the realtor to arrange a vist and have also sent a list of questions that I Ned her to answer. It is 3/2 house and the asking is price is 115k.

Attend Deans live seminar, but primarily it is one way to market their. Training. It is pretty inexpensive and also if you make a deal in 100 days you get all the money back, there was no arm twisting to take the class. Everything is as genuine as Dean.

By next Thursday I want to make one offer, to achieve my goal of 1 deal by EOY 2013, I will have to start making Atleast 50 offers which means I will have to starti indentifying more and more properties to make offers.

My goal. 1 deal by EOY 2013.

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 45

I started on GREEN VIBRANCE the powder Dean suggested and also the flax seed oil. Since I use to drink bitter gourd juice the taste of this powder is nectar to me.

I again emailed my realtor and asked to fix an appointment to look at the property, awaiting the reply. If I look at the property I will immediately put an offer. My goal is to place one offer by this Friday.

I will be focusing on IOS only (Instant Offer System to IEE). Also tomorrow night I again going for a real estate meet, the subject of the meet is inline with my focus area.

Hope I am able to share my success before EOY 2013. Let me be honest also this thing has yet really sunk in so there is still some hesitation giving rise it lethargy and lack of enthusiasm.

My Goal One Deal By EOY 2013

Bimal

__________________

Wish Everybody a great success in their Real Estate Business


Day 45 -- (91 Days to make a deal)

Yesterday I went again for REI meet and came back again with a wealth of information around Wholesaling.

My realtor responded and we will meet tomorrow, Thursday. I asked her to provide me with basic information about the property, like comps, taxes, water bill etc. She will provide me those details today."Hopefully".

So lets see what happens.

I am on my third day taking the powder Dean suggested and it feels good, ofcourse still there are no visible effects but it will happens soon.

I want to do a deal by EOY 2013. (91 days to make a deal).

__________________

Wish Everybody a great success in their Real Estate Business


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