BCRELLC NEW JOURNAL

This is so exciting! Whether you ever planned it or not you are a long distance investor! Go Richie! Talk to you soon.

Lea
SPR Property Solutions, LLC

Things took a different turn since I last posted. The seller now doesnt want to do the rehab to make the home rent ready, no problem I actually like it this way now that i had time to think about it. I think the work can be done for less.You have to be able to adjust to anything that comes along. I like the challenge of having to think my way around walls that pop up.
So I spoke to my partner and we decided to go with a home equity loan in order to buy it cash or maybe a personal loan. He is visiting banks to see what they will do as far as a loan. I like the home equity and personal loan because they dont care what you do with it. So there is no worry about an inspection. Once we own it we will refi when ever we can and move it into the LLC name.
lots of work to do tomorrow, I have to get the seller on the phone to see what he's doing with the P/A. Once I have it locked up I will feel better.

Never EVER give up.
Richie.

Things took a different turn since I last posted. The seller now doesnt want to do the rehab to make the home rent ready, no problem I actually like it this way now that i had time to think about it. I think the work can be done for less.You have to be able to adjust to anything that comes along. I like the challenge of having to think my way around walls that pop up.
So I spoke to my partner and we decided to go with a home equity loan in order to buy it cash or maybe a personal loan. He is visiting banks to see what they will do as far as a loan. I like the home equity and personal loan because they dont care what you do with it. So there is no worry about an inspection. Once we own it we will refi when ever we can and move it into the LLC name.
lots of work to do tomorrow, I have to get the seller on the phone to see what he's doing with the P/A. Once I have it locked up I will feel better.

Never EVER give up.
Richie.

I came home with much more confidence and knowledge as well as more connections to network with.
I have just resent a new P/A for the FL home with my addedums in it and am in the process of putting an offer in on a property in Minnesota.
So with those out there and the SS i have going I hope to close atleast one thing soon and hopefully all by the summers end.

Never EVER give up.
Richie.

Ok,spent last night printing out about 150 e-mails I sent myself with all types of info. buyers all over the country, HML title co...and other connections. I still have another 180 to go. But I have to first get the ones printed into my new Exel sheets and organize them by State.
Well, this is the 3rd time I am submitting my P/A for the Duplex in FL.Hopefully 3rd times a charm My partner is looking into the loan on Monday. He has one thing on his credit report that he didnt know about and the bank wants it taken care of before giving him the loan. We are going with a home equity loan so that we can pay cash for the property. Printed out the forms to make my LLC legal in FL. That will be mailed out Monday or Tuesday.
Things are falling into place on that one. The SS properties are not coming along as I would like them to but thats ok. My deal in Minnesota looks like a flop, but we will see. I have an idea on that one that I will try.
If you know me you know I hate the word can't.I always feel there is a way around everything.
I am still running everything I learned from the EDGE through my head, but havent even touched the surface on it all. But right now my focus is on the FL deal getting done.
Never EVER give up!!

You can have anything you want in life, as long as your willing to work for it.

Richie.

Wow, I didnt realize I had so many buyers.still too many to get in my exel sheet in one day.
Well I looked over the p/a for the FL home. Good thing i did because my partner signed in the sellers side, a little premature
I decided to put it in the LLC name since we will be doing cash, so I dont need him to sign it again.
I am getting kind of excited and just want to get this locked up already so I know the seller cant sell it from under me. I don't know if he would do that but you never know.
A home i had wanted a while back came back on the market. it is a hud owned 2 family. I want to try and submit an offer to the bank asking them to fund it 100% at their asking price with fix up money also.( thanks 4 the idea Lloyd )
I have to get an agent that will do that for me.If they will play ball then I am in business If they say no then I will say thanks but keep me in mind if you decide to do it after thinking about it.
never EVER give up
Richie.

to your journal, weeeeeee, this is awesome what a trip, I am out of breath trying to keep up. Thanks for the your contribution to the site and my journal, many good suggestions loooks like your rolling along the success trail. Just wanted to say hi and talk to you soon...we are just a hop skip and one jump away from each other. Maybe we can meet up again at a REI meetup. Talk to you soon.

FL property is locked up, Title company has the P/A and dp money is being wired tomorrow to make it an official contract. closing date set for July 25th!! ye haaa.I cant tell you how so many people had a hand in making this happen. I have been networking with all DGers to make this happen!
I spoke to the property management co and they are a go. Now I have to get the house listed with sec 8 site. I have a little time to get that done but will do it asap. also have to send my paperwork to become a legal foreign company in the State of FL, I had trouble understanding something in the paperwork but Laura explained it to me as she went through the same thing. I will post the whole thing later down the road.
To boot, I just got a call from a fellow DG guy who is an agent and we are going to hook up and work together hopefully after we sit and talk. He sounds aggressive and positive ( which is what I have been searching for) and ready to make it happen. what a day!!
p.s. John if your read this, a co worker forwarded your add to me or I would have never known about it. what luck
lets make it happen!

Never EVER give up!
Richie.

smooth sailing from here dont rock the boat! sooo happy for you. I am hearing FL is popping right now. keep it up.

Synergy among the DGers and your motto NEVER give up! That will do it

Thats great news about the REA!

Lea
SPR Property Solutions, LLC

Where in FL is your property? I have a good property manager in Jacksonville.

AWESOME MAN !!!! way to make it happen !! you are REALLY rolling pal!! am super happy that things are HAPPENING for you you deserve it !!
jaY

Way to go Ritchie! So happy for you and getting this deal done (almost)is so exciting. Keep the momentum.

Wishing you the best.

Thanks Jay for the great comments and support! You are a good friend even though we only met once j/k I knew you were a good guy from the beginning,and crazy Karen is awsome too (dont tell her i said that).

Cathy Thank you for the nice words, It was so good meeting you and others at the EDGE. Keep going with that house the bank some how refused the offer on. They will come back to you eventually. Time is on your side.

Richie.

I never doubted you my friend! Look out RE world now that you've broken through that first deal and all the fears and obstacles that came along with it! Closing day on your long distance property will mean a long distance over the phone toast for sure! I'll keep a cold frosty one handy Next best thing - getting your first income check from your management company! Be warned - making deals is addicting lol

You got it ,I am going to keep a frosty in the back of the fridge also.
That is one addiction I welcome with open arms
I am already thinking about refinancing and getting another deal
looking forward to a better future. I cant wait to do another one.
Spoke to my partner and he's on board with recycling the money after each refi. I want to take out a little more on each one in order to build more capital each time.
Not to mention the money we will be getting from the rents.

Thanks my friend
Richie

Congratulation on your deal bro! Wow, closing on July 25th, cool man! It was also great talking to you a few days ago and looks like things are starting to pay off, awesome man! Keep the fire buring and keep it going! Good luck and i'll be watching your progress!

Lloyd

Richie,
I found your new journal and read through the whole thing. Wow!! Since I am in Florida, where is the property (just curiosity). I hope all the hurtles you've gone through is finished and it's all down hill from here. Congratulations. I haven't dared trying for a long distance offer since I haven't closed any deals since 2005. After I do a couple here in Polk County I will give it a try, better say I will DO it then and not just try. I was really pleased to see you at the EDGE you thug .

Hey Tim, thanks.
The property is in Fort Pierce.
good luck on your future deals. keep plugging at it.
Richie.

OK,Just recieved my papers from the title co. We should know about our loan soon, the broker said it looks great and there should be no problems.
With that said I have to start setting up a time frame for the work to be done after closing so I can list it. Property management co is waiting on me to tell them when its ready.
Now another duplex in the same area is on radar thanks to my friends Lea and Denny who now have a folder just for me I am so flattered!
I am trying to locate PM to buy that one too. I spoke to a guy today but i dont think hes sure about it. I gave him a great offer but he seems nervouse about doing it. I wil try again later in the week with him. Still waiting for my papers to make my LLC legal in FL. I am hoping by the end of the week. called a bank in FL today to try to make a connection for no season refi. i left a message and then missed the return call. I didnt see it until 6pm tonight. I will follow up tomorrow. I am going to ask her for her e-mail so i can send a proposal for her to look over and think about. I think that will be better so she is not up against the wall to answer me asap. I have a great idea on how to word it to her.
Never EVER give up!!
Richie.

You can have anything you want in life, as long as your willing to work for it.

Congratulation Richie! Looks like things are coming along great. Here's another thing you could ask the seller. Once the loan is approved and everything looks great, then you might want to ask the seller if you can start with the repairs process. Some homeowners would not mind and they may give you the green light to get a head start, but some may want you to wait until closing. It just a thought, but it won't hurt to ask. I've done a few deals like that where the homeowners said it was ok, but you would never know unless you ask. Good luck bro and keep the fire burning!

Lloyd

Thanks Lloyd, I was mulling doing that, but I am afraid it will be vandalized before I get it rented. I have to think a little more about that.

talk to ya soon.
Richie.

You are doing great, and a long distance deal no less!

Today I called the bank back and again had to leave a message. This time I never got a call back. I told her in my message that I want to send her a proposal via e-mail so she can think it over but told her she can call me also so we can speak. I will follow up tomorrow.
Called the agent I had found, I asked him why he didnt call me back Sat like planned and he said he sent me a few text messages. I told him I cant get text messages, but I spoke to the guy that handles my co phone plan and he is going to enable it for me .
Spoke to my pal Laura today and heard a faint voice in the back round say hi, It was our friend Rina .
Them two ladys are always on the move and i am so proud of what they have accomplished together as well as individually.
Also spoke to my partner today, they appraised his house today and things are looking good.
Tommorow I will re-call the bank and i have to place a call to the title co to get some questions answered about the closing.
I picked out 8 properties to put offers in on with my new agent I dont think he knows how much money i plan to make him and i
I have to give Lea and Denny a call tomorrow just to get my fix because i havent spoke to them in a few days lol.
Things are looking good, If I get this bank to work with me I will be turning deals left and right.

Never EVER give up!!

Richie.

We only create a folder for the best of the best

I like Lloyd's good idea on getting the rehab work started sooner. If it would be helpful to you we would be happy to talk to the seller about this unless of course you would prefer to talk to him yourself. Just say the word and we're on it.

The owner has established a nice relationship with some of the folks in the neighborhood. I would be happy to talk to him to learn more about the neighbors and how they are helping or could help look over the property. Let me know your thoughts on this.

You have my curiousity about the lady at the bank and we are looking forward to hearing more about this down the line. I like your approach on this. Your wheels NEVER stop turning.

Your friend & DG Sister,

Lea
SPR Property Solutions, LLC

Today I made all the calls I planned to. Spoke to the Title company to straighten out my closing which they said is no problem doing it long distance, spoke to Lea and Denny as well, the bank contacted my by e-mail before i called.So they set it up just the way i wanted to. Tonight I sent a proposal to them. I will post it below. Let me know what you think

Subj: Hello Mrs xxx.

Thank you for getting back to me. The reason I was trying to get in touch with you is , about a month ago I was calling banks in Florida trying to establish a good business relationship with.
I spoke to Kevin at First Peoples and he suggested I call you.
I think you were interested in working with us but under the condition that I had to be based in FL so it would work for you.
I came up with an idea that I wanted to put out there to you.
What we are looking for is a bank that can set up a program for our company. We are looking for one that can set up a no seasoning program so we can refi and cash out at 75% of FMV on the homes we buy, after we fix them and they are rented.
Better explanation, we are buying houses ( mostly duplexes,triplexes and fourplexes) in Florida well below Market value, like 50% below. We fix them and get them rented, have a professional property management company in place to handle the homes for us. What we are looking for is to buy them cash, fix and rent them and refi/cash out and reinvest in another home.
Benefits to your bank: We are willing to open a bank acct with your bank and flow our money through your bank. Including rent checks as well as the refi cash out money. So You will have our checking/savings acct and will hold the mortgages on them as well.
The way I look at it is your in the business to make loans and money and we are in the business to take out loans and make money. Over the next couple of years our Florida properties are going to grow which means we will be pushing a lot of money through your bank if we can work out a program.
We are renting mostly section 8 so our rents are guaranteed. We have a great system in place as you can see with benefits to the bank as well as us.
Think it over and when you have time and please get back to me.
Thank you for your time and have a nice day.

Hopefully we can do business together and build a great relationship along the way.
Richie

This is fun, I like hearing the silence when you stump them with a question or when they say hold on a minute I have to check with someone lol. I am hoping to get a free lunch from Rina if I get a bank with no seasoning refi
Thats if the offer still stands lol.
Never EVER give up!
Richie.

Great letter! I am looking forward to hearing about her response. I like that you've mentioned your guaranteed rent from section 8 and the 50% below market value and the management co. Please keep us posted.

When you gave Denny your script to call banks a while back he had fun working with it. You even knew when they were going to pause and how to handle the pause

Here's to a free lunch in your near future

Lea
SPR Property Solutions, LLC

Thanks Lea, It is actually a little rough because I rushed it and didnt proof read it and make my usual changes, but i wanted to get a response back to the bank asap. Oh well I will see what their response is and make changes after that if need be.
Today I am going to call the hud office again to see when I can start listing the property on line as well as with my management co. I will contact the management company as well. every day I try to get something done like Dean says, I have a list of things to do each day.
Looking forward to a break out yr before it ends!!
Richie.

Today was a good day, I recieved a call from my partner telling me that they are going to set up a closing date for the loan we are waiting on. awsome!!
As I was just getting ready to go out to lunch I recieved a call from the realtor I had found. He was going to be in my area and wanted to meet. I told the guys I was going to eat with to go without me because this was more important to me. So I finally met with him and he is a great guy with a lot of drive to get things done, I think I will call him Bill O Rafferty JR
He has a management co license, brokers lic, working on his home inspection lic now. He is just what i wanted in a realtor!!!What luck Tomorrow I am going to send him 8 properties to put bids on, he doesnt care what prices i want to bid and even said he will do what he has to to get them. again,awsome!! The best is he has Deans books and is aware of the strategies we use. So i plan on making him and me a lot of money going forward.

Thats all for today.

Richie.

:)You are on a roll Richie. Wonderful about the closing date and loan!

Glad to hear about the REA agent and 8 properties bids Yippee! And he understands Dean's stragegies. Go Richie!

Lea