OfflineWow, well I have alot to say and so much to catch up on. But I will post my adventure here. If anyone wants to follow me then that would be awesome!
To bring everyone up to speed who reads about me, who will read about me, or see's me in a video coming sometime soon I hope, or maybe in an interview with Dean this coming year, I just want to tell everyone about what point I was at in life when I started this REI journey so that everyone knows what a rags - to -wherever story really looks like. To inspire others with yet another story of someone who made it work.
I had been in school for the last 2 years before I came home from graduate school in October of 2008. I was getting a second bachelor's degree in Exercise Science at Wichita State University in Wichita Kansas. I was a poor college kid working almost full time hours at a grocery store meat department because it was the only job I could find that would work with my school schedule. I made about $600/month and used student loans to cover other expenses.
Needless to say I racked up quite a loan debt while I was in school. I was accepted to a private graduate program in Seattle Washington for the fall class of 2008 to study occupational therapy. The whole thing was a mess. Loved Seattle and the school, problems began before I even left Kansas for Washington. I went to move and had to leave half my belongings due to a mistake on the estimate for space that I got from a moving company. My refrigerator was full of dog hair when I walked into it in Seattle. The kitchen was so small you couldn't even fit the utencil tray in the drawer. My first months rent check bounced because of banking issues. I didn't have all my books for class because I didn't have the student loan money yet to buy them.
In any event I fell behind really fast because I got off to a really rough start. Had so many problems with all the little things in life that make life happen. I came home, I was depressed because I spent the last two years working for this day and night litteraly.
I had trouble finding a job so I was unemployed for a few months. I was so confused about what to do. Where to turn. Bills started to pile up, my cell phone was shut off. Collectors began calling. I already had a little bit of a credit problem because it had been decreasing over the time I was in school struggling to make enough money the last 2 years. Well things were geting worse it seemed almost by the minute.
I did some odd jobs for a while, spent alot of time hunting last fall and winter. I was still depressed. I should mention that my family lives in a rural area so it's a farming community pretty much. Not a ton of jobs around in the first place. And while I am going through this "thing" in my life, the economy is falling apart at the very same time. Great, right!
In January of 2009 I was looking around for a house for a friend of mine. He has a business and I thought if I could get him in on a deal then he could make more money in his business. during that time I saw a ranch home in a small town near here. It was listed at $30,000 and I thought ohhhhhh this is a good deal. At this time I didn't even know who Dean Graziosi was. Never heard of him before. Well that good deal was gone a few days later and I thought no no no, that was such an opportunity! That house was probably worth about $100,000, it was in baddddd shape though, but still a great deal.
I went through some of the previous months and the next months hearing all the news about the housing crisis and the companies that would clean out a foreclosure after people walked away. I thought, there is money in that business. So I stayed in tune with the real estate stuff and followed the news. Meanwhile, creditors were calling, credit cards got cancelled, lost the cell phone as I said (that meant a loss of social network and that is a bad thing when you are depressed already). I became more broke as every day went by.
I did get a little job helping a farmer friend of mine. And guess what he does in the winter time?
I'm excited to read your journal as I have already been impressed with the information you have shared in your posts! Thank you!
Welcome to journal-land! I hope you enjoy it as much as I do and most importantly, have a resource to report your action and stay accountable!
Glad you are here!
Have a great weekend!
Louisa
Current Journal on Dean's site: The Second Chapter: http://tinyurl.com/p986al3
First Journal on Dean's Site: From the Beginning: http://bit.ly/ocv10
Dear Louisa,
Thank you so much for your post! I love to read what other people post on things I posted. I'm never sure what I am going to read before I get through the post entirely but I always hope it is inspiring and that it will make me smile!
Hope you get your deal put together soon!
Thanks again for the compliments!
FOMAC
Failure to plan is planning to fail.....
FOMAC Welcome!!
Guess what? I'm in Wichita, well, just outside of Wichita. Your the only other Kansan I've met on here, not to mention the same town. I just started going to a REI networking group last month. It's the only one I've found so far. Maybe you would like to join me at the next meeting? PM me and we can talk. Glad your here your going to LOVE it and it will truly change your life.
Can't wait to hear about your successes.
Barbara
Owen Properties, LLC
So, back to my farmer friend. He has a hired hand full time and as you can imagine there is sometimes little to do with farming in the dead of winter. So he will buy a house and fix it up to sell it, or fix it to hold it and rent it out. Just as a means to keep his man around all year. Well I got in on some of this work last spring when I started helping him in February.
The rental market where I live is so strong that he had his house rented before the last coat of paint was even dry! That is the honest NO BULL truth! And as a matter of fact the woman that rented the house did so with a "LEASE OPTION"!!! The paint wasn't even dry people!!!!! So I am thinking, there must be something really good to all this. I had studied RE and REI as a side interest over the years by just trying to pay attention to little pieces I could pick up here and there, because certainly no one was going to tell you all about it. Or were they???
I had a conversation with my farmer boss about how easy or not it was for him to rent the house out. He said that they had 15 calls on it the first day it ran in the paper, but didn't end up using any of them because they rented the house to a woman he and his wife knew personally. I almost fell over when I heard that. Aside from the fact that people would drive up in the drive way to ask if it was for rent!
So I continued to think about how he makes good choices in his business practices and I had always thought that about him over the years. He is a man I respect and admire alot.
I continued to work for him on mostly a part time basis through the summer. Now this is where things really got interesting for me!
I had done alot of research over the winter and spring months about the housing crisis mostly because I wanted to understand what was happening and was concerned about the diretion the country was headed. I had also been quietly gathering information about my area. I did most of this because I just tend to have a curious personality by nature.
THEN!!!! I was up late one particular night (as usual these days because I can't really sleep at all due to stress and money issues) and I saw Dean on one of his "infomercials". He really was just sharing knowledge. I don't know Dean, but I thought he was the most genuine person I had ever seen on TV doing a presentation. He wasn't selling anything. He could have been pushing his academy or other products really hard but he wasn't. All he asked for was for people to read his book. Not even to buy it neccessarily, but just to read it. He promised it would make a difference.
I thought to myself, "well I certainly don't have near enough to order a course from this guy, but I can read, and I do have $28 (that is what the book cost with tax). So a week later I was near a book store and I made it a point to go buy Dean's book. Needless to say, I was so excited to read it. SOOOOOOOO, I went home and started reading about 9 or 10 pm that night. I was so amazed and excited about what I was reading and that this man was filling in all the gaps that I had desired to fill for so many years. I read the book straight through that night and finished about 6 am the next morning.
I new I had found something great! I knew this because I had payed attention and studied this type of thing for a long time. How does a person get to be wealthy or financially stable??? That was my question. Well the answer to that question is to develop what is called assets. Assets are things that are not just worth something, but that also actually pay you back over time.
Dean was teaching us how to develop portfolio's of assets. That is what creates wealth. No one can earn dollar for dollar enough to save and become rich. That is just a plain fact with very few exceptions. Well Dean is not a selfish man at all. I can tell you that with certainty because he would not take the time to share with others how to build and sustain wealth if he did not care beyond himself!
The book was amazing! That was "be a real estate millionaire". That is the only book, course, teaching, council, experience or what have you that I ever purchased, read or viewed. I personally knew enough about RE in general to know that what he was talking about was very possible. Dean just helped in such a great way to fill in the information gaps.
So I set out to learn more about how to do this. I really believed that if I put my mind to it that I could make 1 million dollars my first year in REI.
I got out a pad of paper and began a second trip through the book, taking notes and disecting it all. With a pencil, pen, highlighter and the works. It was taking a long time and I was understanding enough to go put it into practice so I stopped that course of action and just focused on DOING!!!
Hey I had been looking for another person in Kansas for a while. Even posted the question and had nobody reply! Good to know there is another in town. I had even looked for an REI club and had not found one in the Wichita area, so that would be great to go check it out.
Let me know the details please!
Thanks,
FOMAC
Failure to plan is planning to fail......
So there has been so much that has happened with this REI thing in the last four months. But Seriously I spend about 4 hours a day working on this stuff. In the begining it was mostly alot of excitement and I was focused or so I though. I was specific, I had written out goals and plans and reasons why. I listed the top seven reasons for doing this like Dean promotes in some of the additional materials on this site. I listened to the audio asignments that he posted. I listened and watched all the success stories more than once.
I have done sooo many things. I have visited probably up into the 50's of properties. I look back at a few of my earlier posts when I first signed up and I kinda laugh at myself now because I can see the maturation through this process. I still get just as excited, like tonight I can't sleep because I am overly excited about a deal that I saw and am making plans to execute this week I hope. I see new people posting things and I think to myself, ohhh man you just have to dig and learn and apply yourself and you will get there. It's like you have a feeling that if you ask the right question that all this REI stuff will fall into place. But in reality, it takes a process of learning and application, hours of work and dedication. But the neat thing is that you can see it all unfolding right infront of your eyes every day!
In July a couple weeks after reading the book, I went to see a property in town. It was a foreclosure! I made an offer on it, I didn't have the money available but I had an idea of where to find it though. My offer was not accepted. I continued to watch the property for a while and then later was told by the main agent that I was working with that it had sold. I offered Fanny Mae 70,000 on a 140,000 dollar house. It sold for 69,000. Now how about that. I was actually kind of upset about it for a day or two, but used it as motivation to get to that first deal faster. I have seen several deals slip away. Leaving me wishing so badly that I was ready to go at that moment.
I have built spreadsheets in excel using the cash flow analysis that Dean gives in the book and I have modified it to suit what I want to do and had to taylor it to some specific deals that have come my way.
Now I have a book that I keep all appointments in and I log my miles that I drive every time I do anything associated with REI so I can deduct it from my taxes. You will get so much per mile driven at the end of the year to take against your tax amount.
I have set up my team and have all that in place. I have yet to set up the corporation name but will get that shortly. I did discover one little secret to building wealth from my accountant, that is that all profits that you produce in any given quarter you can reinvest prior to the end of that quarter and as long as the money is not sitting in the account at that time you will not pay taxes on it. That even accelerates your leverage ability!
All this is so wild and crazy, but oh so fun at the same time. I'm just now really getting in the game after 4 months of hard work, but I can't wait to be set free. I pretty much treat this as my job and it's really begining to pay off for me.
I will tell you that I pretty much got my start as a property manager for a couple who needed some help. And now, it's all looking up!
Hello & welcome. I've enjoyed reading about you and your journey in REI. Thank you for sharing your ups, downs and details of how you got to where you are. I look forward to hearing more about your progress and wish you much success in REI.
Lea
SPR Property Solutions, LLC
I just posted under your thread 'gearing up', and now see you have your journal under way! Great job. When I go back and read my posts from the beginning of my new found career - its absolutely amazing to see how I've learned and how I've grown! So good job starting your journal and wishing you all the best in your pursuit of your dreams!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I was working with one agent in my small town and I looked at several properties with him over the summer. He was really good about showing me property and talking with me about what could be done, what I could do, and how to do it.
I would go through ups and downs as far as a lead on a property and then evaluating it and trying ot make some kind of financing work out. I was nt able to line up a purchase for some months but after many dealings with this agent he called me one day and told me of a couple who was needing to move out of state and wanted some one to do some property management for them. He gave them my number because he knew I was trying to get into the REI business. So after a couple months went by they finaly contacted me and we were able to get together and work out an agreement.
I have been working to get the rural property rented out for about 5 or 6 weeks now and as of last Friday finally found a tenant. But through the process of talking with people who were interested I was able to make a buyers/tenant list of my own. And I now have a handful of leads to go on for my own properties! That was an unexpected benefit of doing the rental management for that couple which was not exactly where I wanted to start my REI career but it will pay off for me as I go. You never know where an opportunity will come from. I say be ready at all times!
(that throws me back to an old Boy Scout bit of knowledge. The Boy Scout motto is "be prepared". When someone asked the founder of The Boy Scouts of America what "be prepared" meant, to "be prepared" for what? He said "for any old thing". I am seeing that in this REI and being creative that an investor needs to be prepared for "any old thing" to really capitalize on opportunities that come up)
To step back into the summer a ways, I was really not excited about telling my dad what I was interested in doing. I am not sure why exactly but I figured he would not be supportive about REI. Well we were in Colorado on a trip together riding ATV's up in the mountains and during that time I leaked some information about the REI direction that I wanted to go. To my surprise he was actually very supportive toward doing this. He seemed to be almost propelled out of his chair when we actually sat down to talk about it. As you may remember from my earlier entries, my credit was damaged over the lst couple years in college and a bad year since Oct 2008. So my dad was so supportive that he said he would get behind me on the first few deals so that I could finance some things and have some time to repair my credit. I was so happy and shocked at the same time!
So needless to say that was in August and we spent the months of September and most of October getting ready to do this. Now we are in the game! We have a loan request in with a HML and tonight before dinner and oh a couple hours before I am writing this very post we emailed an offer to another agent that I have been working with this past week to put in an offer on an owner carry property that will very likely accept the offer this week. I will go to auction this weekend to bid an a very very productive property, a new house that is bank owned that I can refi thousands of dollars out of to fund other deals. There is a second owner carry property that I will pit in an offer on in the next week or two and a third property that will likely be an owner carry that I will make an offer on in a month or so. I also have my eyes set on a trashy little house that I can pick up under 10,000 and gut and rehab for rent mainly but possibly a sale. I have another prospective property that has a little little for sale sign in the window. I can get this property for little to nothing as well and divide it up to make apartments which should bring in a great cash flow every month. I also have my eye on two foreclosures at the moment and plan to make an offer on one this week and research the second to make an offer on it before the end of the year.
As you can see, there is an awful lot going on in my little town and I am on my way to making some huge waves. I have enough property in my little 7-8,000 population town to keep me busy for at least a year if I just wanted to keep my focus here. However I do have interests in property in three different states and two cities in my own state
I may not have written the clearest of accounts of everything in this post but there is just so much to tell to get caught up to date since my journey began in July.
Through my chasing of other property out of state I ended up running across an opportunity to buy a laundry mat in my litte town. I made a cold call on another laundry mat and the man I was speakign with was the owner of the mats we have in town. I just walked in and got his number off his business door and called him to ask questions. Before I was done asking him about this out of state laundry mat he asked me if I was interested in buying his! I was like, "what"????. It was so funny. Because the more I try and more effort I put into this, the more opportunites I have that just seem to pop up or fall into my lap! I am loving this so far and am just trying really hard at this point to not trip over all the opportunities that are flooding my way. At this point in my investment career I am litteraly having a hard time keeping up with all the chances I have to make money.
It's getting harder to keep up with all the emails, phone calls, property visits, document creation, funding and so on. But that is job security though right!!!!
Well I will let you all know what happens this week as I stand to put my first two deals (possibly a third) on the map in the next seven days! And as I begin to add property at a blazing pace through the end of the year and into the early spring.
The consistant key to all of this to be successful is to get educated about what you are doing, focus in on the types of deals that you want to work with, read read read, and above everything please please please take action!!!!!!!!!!!!!! And you WILL suceed!
In my next entry I will explain what has helped me to not have any fear about starting this. everyone will have to find their own way to overcome fear but YOU HAVE TO overcome that problem!
Congratulations for taking action with real estate investing and starting your journal on the DG site. Your journal is a great idea to hold you accountable, track your progress and share some of your new found knowledge and experience with other DG Members. It sounds like you are really working your action plan each day. The key is to continue to do as much as you can each day to move you closer to your goals. Good luck with real estate investing and continued success on all your future deals. Believe and Achieve!
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA
TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA
In my last post I said I would talk about the issue of fear and how to overcome that emotion.
Well I was fortunate enough to have served in the U.S. military for a period of time. A soldier who is quick to experience fear is of little use in combat. He is a danger to himself and a liability to others in his unit. The military is good at pushing the emotion of fear deeper inside a person, well they do that with virtually all emotions, so that personal safety is of less concern to a soldier and safety of others and the unit is top priority - self comes last. A soldier is able to perform under extream amounts of stress and anxiety because he is not focused on himself or failure but only executing the mission at hand and winning. Failure is not an option!
So for me personally I do feel fearful of things at times, like today for example I was finishing the final touches on a property contract it made me nervous and it would certainly be easier to keep the life that I have at the moment, but I want more. I know I can rent the property and make money, it is all very simple, yet I did hesitate for a second.
What makes the biggest difference for me, like being a soldier, is what I focus on. I have a mission in REI. That mission is to be the best, most savy and successful investor I can be and to "kill" on deals. I have a target and I plan not to fail but to execute a well planned strategy to acheive a goal. It is not enough to stop at the first deal or phase one of the mission. I have to complete all phases of the mission.
So when fear pops up, I don't let it distract me. Fear is like a nagging mosquito and needs to be batted away and keep the focus on what is actually happening around me.
For those in the civilian population that have never had the pleasure of experiencing the military, the gift of depressing the emotion of fear may seem harder to deal with. But here is a fact, the next week, month or year is going to pass you by no matter what you are doing. You will spend that time of your life on something. And at the end of that week, month or year you will be somewhere in life. The saddest thing is if a person has done nothing with that time. A person has to ask himself, do I want more out of life??? Do I want to succeed??? Gather facts, are other people doing this??? (yes they are by the way) Can I really make money in REI??? (yes you can actually)
Whatever you focus on is what you will get! I used to have a problem in my early twenties with self confidence. I had a hard time being confident enough to talk to people I didn't know very well, a hard time asserting myself, a hard time asking for a date, and a hard time believing that I could acheive things and that I was worth it and able. I had to intentionally make myself face my fears and walk head on into what I was so afraid of and prove to myself that I could do it! GUESS WHAT - after a few years of being intentional I was a new man! I over came those very things that I was afraid of. And now those fears have no hold over me! I am free and I can acheive whatever I want to in life. The only thing I have to do is put my mind to it!
That is what I say:
1)Focus on the mission, complete the task at hand. (nothing can stop you)
2)Remember what the facts are and what is important. (people are out there every day doing this and you can too)
3)Believe in yourself and face your fears, they will go away!
4)Life is precious, yours is too, and you're worth living a good one!
Four quotes:
1)For men: "Reach down grab some balls and be a man" - U.S. Air Force
2)"The unexamined life is not worth living" - philosopher
3)"Chaos brings opportunity" - China
4)"Every man is entitled to life, liberty
and the pursuit of happiness" - Our Forefathers
YOU CAN! So go out there and get em!
Good luck to all DG investors!
FOMAC
Failure to plan is planning to fail........
Wow. When I need some motivation I coming to your journal. Thanks for sharing so much. I suddenly feel the need to read through the night. Anyway, congratulations on your actions and especially for the support from your dad. I'm pretty shy about sharing with my family because they don't get what I'm working toward. You, on the other hand, have received a wonderful gift. Continued good luck.
Katie
katie taplin
Hey Katie,
Thanks for the post! I always love reading people's responses. You can do anything you put your mind to just remember that! Keep me up to speed on your deals - and yes, read allllll night so you can be armed with the knowledge tomorrow to find and notice all those deals sitting all around you!
FOMAC
Failure to plan is planning to fail......
Well this week was a bad week as far as lenders are concerned. I was ready to move in on a few different deals and make some things happen. I was making some final calls to set up financing and come to find out that what I thought I had going with one lender after sorting through several lenders fell through.
What seems to be the case in our country right now is that it's hard for anyone to get a loan to buy a house and if you're an investor well you will need 20% down and there is no refi for 12 months from closing. Now how is an investor suppposed to put 20% down and not be able to refi for equity to rehab for a 12 month period and make anything happen with a conventional lender???? In my estimation you can't. They won't even refi a loan made from a hard money lender even if you got the property and then rehabed it with hard money, they won't refi a hard money loan.
If anyone is using a lender that will make loans to investors to use equity for rehab and then hold the property as a rental or make the loan and then flip the property I would appreciate hearing about that lender.
It seems to me that we are one year later and BILLIONS more in the hole thanks to our government and the BANKING system is STILL as BROKEN as it was one year ago. What good did they do any of us if we still can't get access to credit as average Americans?????
I have just about had it with all politicians period no matter what party they come from. They got us here and now a major part of our country and life as citizens is still compromised and we are footing the bill for it.
I am going to call the DG people on Monday to ask some questions and get some ideas for moving forward but in many ways options are limited through banks it seems. I know there are other methods and I will use them for sure, but now I have to redesign my entire plan and schedule of property accumulation based on no loans from banks these days.
Sad times for our people and our country. Pray for better days ahead and hold people accountable for their actions!!!
Sad week for FOMAC.
FOMAC
Failure to plan is planning to fail......
Amen to your last sentence.
Wish I had more knowledge to share with you about refi but the coaches will be able to help you on Monday.
I understand what you are saying about the banks. It doesn't make sense to me either.
Remember it is darkest before the dawn.
Take care,
Lea
SPR Property Solutions, LLC
Thank you!
FOMAC
I made the comment on a different post about the banks. Why should they lend to us, they are getting to borrow money at 0% interest and then they can take that money and buy treasury bonds that earn them 1% on their money with NO RISK! The system is broken, and we are all suffering for it.
Cathy
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Yes I did see your post in the last couple of days. You made an excellent point! I wish that all the American people would just wake up to the robbery that is going on by big business and our leaders. It makes me so angry at times like this.
Way to go on paying attention and doing your research! And thanks for taking the time to make that post!
FOMAC
I always enjoy when I have the time to read through your posts! They are always inciteful, inspirational and thought provoking. I am having the same problem with the banks - even with the few 'small town' banks in my area. Rina has had fabulous success with hers if you read her journal. She really found the golden egg so to speak! I will be anxious to read if you get any advice from the coaches that might help guide all of us struggling with these darn banks!
Wishing you and everyone a blessed Thanksgiving too!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Lol, yeah thanks. I will share any info on these ...... banks if I can come up with something. One guy on here had mentioned establishing a good relationship with the VP of small local banks until a person found a bank that would work with him on a line of credit due to small banks having less restrictions placed on them.
Thanks for the compliments, though it's a tough, down time for me, after the thick brick wall I just ran into at a pretty high rate of speed. Gonna take a few days to heal the bruises on that one.
I will let you know if I find out anything at DG headquarters tomorrow!
FOMAC
Well it's been 10 months since I picked up the first words from Dean Graziosi and it's been very fun and exciting, sometimes frustrating but an overall great experience so far! I am looking to take my REI as far as my potential will allow me to, and I have no end in sight.
Today after months of research, education, driving, 100's of phone calls and having made several offers on over a dozen properties this is where I stand:
1) I manage a rental property for a couple who moved out of state and neeed a manager - got the job through a real estate agent as a contact to the owners. This pays me $65/mo to keep an eye on the place and follow up with tenants.
2) Today I closed on a triplex in my hometown which will cash flow around $600/mo. This is a lease option, I borrowed 5000 to put down (to be taken seriously) and make only the mortgage payment for the couple on a 2 year option. And as it worked out I actually got $700 back at the closing table today!!! **Multi-units are the way to go if you ask me**
3) I have two other projects that I am working on at the moment, both are in different states (Colorado and Wyoming), so that would be a total of three states (Colorado, Wyoming and Kansas) I would be doing business in by the end of the summer! Not too bad I don't think.
4) I have teamed up with another investor who recently moved to my area from the great state of Arizona and we are planning several projects over the summer as well.
Bottom line is that I am excited and my company has been for months making me money and today my cash flow just got a good jump start with the closing on the triplex. I will be cash flowing about $700/mo for my corporation at the end of the monthly cycle. This is great and I love it! A big thanks to Dean and staff who have filled in the missing pieces for me and made this my future! Couldn't have done this without you.
Thank you all,
FOMAC Properties
Jeff McCaskey
DG people,
This is a little bit a belated journal entry but I figured I would catch up a little this evening since I was online and reading the site tonight.
I had actually closed deal number 2 and hadn't posted it in my journal but I closed deal 2 in July.
Today is November 15th 2010 and I closed deal 3 in early October and deal 4 in late October. There has been some talk about commercial RE lately in some of the posts and I guess maybe I skipped a few steps due to the fact that the first 2 properties I bought were multi-unit dwellings. The first was a tri-plex and the second a 5 apartment home. Multi-units are definitely a cash cow and I plan on doing alot more of them in the future.
Deal 3 was a SFR and a 10 year abandon property. I am almost done with the rehab after 4 months, and I have done 90% of it alone and myself. Almost everything in this house is brand new, I seriously did not change the windows, the roof or the cabinets in the kitchen, but otherwise everything else in the house is new, plumbing, electrical, heat and air, flooring, walls, ceilings, paint (interior and exterior), doors, insulation, locks, gutters, etc. And I did everything myself except the pluming and central HVAC.
*The one kicker here is that I got a 20yr owner carry with no money down at 4.75%, owner paid for some repairs as a loan and will let me pay them back over a period of time, AND the property came with *** 5 *** additional lots inside the city limits. So that is just future development potential (and I will develop it with a multi-unit property at some point in the future)
Deal 4 was another house which had been left alone for a few years. Only a $5000 price tag with it. The deal came with 2 lots, a 1 bedroom house, and a 2 car detached garage. The lots and the garage are worth the money alone even if the house was no good. I did have to call the plumber and ran all new pipes and a new hot water heater in the house. Brings total expense to about $7000, stil not bad though, will pay off in a years time and cash money after that.
Well that is where I have been so far. Working on deals 5 through 9 right now. I will report back when I close another property.
Thanks to Dean and everyone,
FOMAC