BCRELLC NEW JOURNAL

Nice job Richie, you should be very proud of yourself.

A little late on the posting for me...but its been great following this process with you and experiencing everything over the phone as it went along. You have held strong through all your obstacles, lost deals, and bumps in the road - and it has all paid off! Your first deal now closed and ready to be rehabbed and rented! YAY!!! You are a really powerful example of persistence leading to success Richie...I couldnt be happier for you

Hey Laura, always great to hear from you. It is pretty exciting to get that deal done and to have so many other possible deals in the works. It definately wasnt a smooth ride but that is expected in anything in life. Anything worth while will never come easy in my opinion, or else everone would do it. Like you said persistence is the key to success.
Thank again my friend.

Richie.

Well I posted my second deal in the my deals forum. It is the house next door that i mentioned above. According to the wording of the contract we should be closing in 15 days. awsome!! I had a great deal thrown at me by the agent I was dealing with, but I could not do it, So I was more than happy to mention it to Laura, She is looking at it and may take it. another house i had bid on I told Laura about also. Since my offer was accepted on this one I knew I couldnt do both on top of the duplex. So maybe Laura and I will be going down there to check out our properties soon I have to get some kind of a whole sale deal done now in order to get some rehab money together. So that is on my to do list for the week after next because I have a weeks vacation coming up then. Today I took my wife to the fruit store and I decided to stop and check out an empty building that use to be for children with handy caps. I know this because I use to do Motorcycle charity run every yr for them to bring christmas presents to the kids there. That was always special ,especially to see the smile on their faces when we rode in. It was brutal at times with the weather in the 20s but worth the pain:)( sorry off topic)
any way I had my wife jump out with a pen and paper to take down the number on a sign. The sign had a number to call for leasing the building. I will call to see if they want to sell it instead. I will offer to take care of the weeds growing and the trees, which my cousin agreed to cut for free if i get it locked up and i will pay him after sale. I did look it up and it is owned by a bigger place. This could be a killer deal if I get my way.
thats all for now.
good luck and Never EVER give up.
Richie.

Aint no stoppin you now my friend !!
I am really excited for things rolling along for you so well!
Thanks for the referral on those other deals....I am pursuing the one with renter/end buyer in place...looks like its going to be a highest and best offer situation. So we'll see. As far as the online bidding one - not so sure those numbers will work out. Your Fla. realtor told me it will only get 350-400 month rent....not such good cash flow after expenses. But I'm watching the bid process and it will depend on if i get the other one. Sorry- kinda took over your journal here with my stuff haha.
Love the idea of going to fla. with you to check out props though. And I know Lea and Denny would roll out the red carpet for us lol.
Congrats on Deals #1 & #2 back to back!!!!!!

Ok,the rehab on the duplex will start by the end of this week. I settled on a guy that seems like a good person and is hungry for work. Denny and Lea have been a big part of this process because I am not there. That said I had to decide on a stratedgy to do the repairs because finances are tight and I cant do it all at once. So I decided to have the rehabber do side B first as that was the one that needed the least amount of work, once that is done I will have my property manager get it rented asap. Then I will use the rent from that one to pay for some of the work on the second unit. Then its on to rehab the single home from there,after we close. I might have found two different mortgage people that may give me a mortgage on the duplex so I can pull my money out and put it towards the other house and repairs. Then I will do the same with that one. One guy I got by posing a question to the realtor selling me the SFR. I said to her, You must know some mortgage people since your in this business, and she said why. I said I am looking for someone to give me a mortgage on the houses I bought out right so I can pull my money back out and buy another house. ( I figured that would push her buttons of maybe making more sales with me if she can help )SO she e-mailed me a coversation she had with a connection within minutes. The guy said yes and wanted to know how many houses I had. So now I have to follow up tomorrow with him. The second guy I got from asking my property manager if HE knew anyone. That guy called me but I never heard the phone. SO I have to call him too. hopefully 1 of the 2 will be a hit. I will try to work with them to see if I can set this up to refi after each closing ALA Rina
Busy day tomorrow, hopefully I can make enough time to get all my calls in.
Never EVER give up!!
Richie.

you are doing such an amazing job! who better to work with than Lea, Denny and Laura. you are very fortunate. i just heard that the Feds are keeping the interest rates low, so now is your time. hope all goes well with your refi's.

Thank you Linda, Its always nice to hear from you.
good luck on your REI deals.
Richie

Rehab on the duplex is starting Friday hopefully we can get the one side rented in a 2-3 week period.
Today I spoke to one of the two bank guys, he said 6 months to a yr to refi but had sugested asking for a line of credit.
The second guy I sent this letter below to via e-mail, I didnt want to put him on the spot ,I wanted to give him time to think about his answer giving me more of a chance of hearing what I want . Hopefully I will hear back from him soon.

Hi Paul
xxxx xxxx had e-mailed you about me. I am looking for bank that will work with us on getting a mortgage for our investment properties with no or little seasoning.
Let me give you a description of what we do. We are buying properties all cash, below FMV. We then fix them up and are renting section 8 and have a property manager in place to handle them for us.
We are looking for a bank that either has a program or is interested in creating a program in order to work with us. In turn we will open a checking and savings acct with that bank and flow our money through that institution.
Benefits to the bank: The bank gets the mortgages and our funds that we collect from rents and sales will flow through that bank.
You guys make loans in order to make money and we take out loans to make money. I would like to create a win/win for both of us if possible.
Please get back to me at your convenience.
If you have REO'S I am willing to help you with getting them off your books and makinig you money instead of costing.
Looking forward to hearing from you.

Richard xxxxxxx
cell# xxx-xxx-xxxx
email: xxxxxxxxxxx

I like the way you set up the email. Your sure to get a response from him and maybe build an incredible relationship. Always mention what they would be doing for you and also how they would be benefiting from you as well!! AWESOME tactic!!!

Keep us posted

Hey Gorgeous, thanks for stopping by. I am hoping that he atleast calls so I can talk to him. I wish I could use Rina's stratedgy and go in person but it is kind of far for that
BTW you are really amazin, I really want to get into your arena and wholesale some deals to make some cash to invest. I did some work this weekend on that and hope to get some calls. I have a guy calling me for properties and I dont have any ready for him!!
good luck and I hope to meet you soon.
Richie.

Richard:

Thanks for contacting us. The mortgage department of the bank acts only as a correspondent lender. We close in our own name and sell everything at the table. Consequently, we process and underwrite to the guidelines of the lender predetermined to purchase the loan.

With that said we have two obstacles. One, of course, which apparently you have experienced, is the seasoning issue. Two, most places refinance on the purchase price not appraised value within 12 months of purchase.

We are looking at some new lenders and I believe one does not have a seasoning guideline. I will find out.

The bank does have some REO’s. I will get you a list.

As far as the bank implementing a plan for your venture I will inquire to the right people at the bank.

For your own information, Fannie Mae guidelines limit mortgages to 10 properties. Most places are originating mortgages to sell to Fannie Mae or Freddie Mac.

In your search I would contact XXXXXX Bank. Despite or because of the troubles they are having they are taking some aggressive positions in the mortgage market place. They may develop a program for you and portfolio the loans.

We may too and I will find out.

I will contact you soon.

Well as you can see This response is uplifting. The door is open still and that is a positive thing.

update on the duplex: Yesterday I paid to have the electric turned on today, this morning I recieved a call from the county utilities telling me they dont want to turn on the electric until I have the city inspect it because they felt it was off too long. Another obsticle :0 Ok, I caled the City to set up an inspection, of course no one answered the extesion I needed. Then around 5pm I get a call from the guy. He tells me joe blow is the guy That I need to talk to and that I have to come down to fill out the paperwork and pay whatever it is. I explained to him I am in NY and asked if I can just do it over the phone or by fax. So he said to call Joe Blow on Monday to get it set up. I think I found every wall there is to run into lol.But its ok, I like a challenge I definately dont like paying out anymore than planned but know that happens in this business. I am just focusing on the end result when all is done and that is I will have a nice cash flowing property. The SFR next door that I bought is not closing as of yet ,which is fine with me because I want to get atleast one side of the duplex rented first.

No one ever said its going to be easy, but I kow its worth it in the end.

Never EVER give up!!
Richie

Thanks for sharing the response from the bank. You are making progress I'm sure when you get to talk to Joe Blow on Monday he'll get you set up over the phone or fax. You have hit plenty of road blocks on this one but you NEVER EVER give up. (This has been a learning experience for me also.) In the end once it's rehabbed and the tenants are in it will be a day of celebration!

Enjoy your weekend!

Lea

Thanks Lea, I spent tonight sending follow up letters to the REO managers that I was put into contact with. I told one that has sent me a list of properties he has that I can work with him if he is interested in putting a package deal together at an agressive price. He has a few high end props in the 1 mill range. Waiting to see his reply.

The other guy gave me a bank that he said is being agressive with mortgages because of the trouble they are in. So they will be my next contact
This is really getting me going because I want to get a free lunch out of Rina and to prove I can do it even in the toughest State to find a bank to do anything.
Looking forward to talking to you and Denny soon.
How did you make out with the comps?

Richie

Great going with the REO managers! WOW! mill range properties, very cool. I can't wait to hear more about these as you progress. That is great news about the lead to the bank with the aggressive mortgages. You are making some wonderful contacts. Here's to you getting a free lunch and breaking through the barrier in this state. You are already knocking down walls.

Our new picture was taken about 5 miles from your duplex. About one mile to the marina from the duplex and 4 miles off shore.

No, we didn't hear back from the REA with the comps. I called him this morning and he said he'd have them to us today. I'll call more REA's on Monday.

Talk to you soon.

Lea

Hey Lea,
IF no progress with a REA getting you comps ,then I suggest doing what we spoke about and go with that. I will talk to you Monday as soon as I get time to call.

Richie

I read his email back to you that was awesome!! at least he responded right? HEHEH i hope to meet you soon as well there is so much going on but the next time you go to a networking event in the city send me a pm and i will join you!! I had this fatal attraction with this wholesaler he acted as if he was the one with the money stalking me!! LITERALLY !! calling on my cell than office phone for properties. lol but continue to take steps towards being set for life

God Bless

B.C. wrote:

Hey Gorgeous, thanks for stopping by. I am hoping that he atleast calls so I can talk to him. I wish I could use Rina's stratedgy and go in person but it is kind of far for that
BTW you are really amazin, I really want to get into your arena and wholesale some deals to make some cash to invest. I did some work this weekend on that and hope to get some calls. I have a guy calling me for properties and I dont have any ready for him!!
good luck and I hope to meet you soon.
Richie.

Isnt being busy with real estate great !! You are doing awesome things long distance. It presents all different types of challenges and you are rising to them all. I think I may take advantage of your efforts if you find a no-season refi guy and use him for my new property there too. I really appreciate your referral of that deal to me - closing tomorrow! Hope your rehab got started on schedule!
PS - I got insurance on my prop today and includes liability. Very reasonable...from Mario. Did you ever connect with him?

It seems like everyone is headed South, I guess they like GODS country, Next thing you know Richie will be a Southerner. I guess we can accept one more as long as he changes his eating habits and accent.

Randy

Randy - always room for another DGer I"m sure you and Richie can exchange some BBQ recipies I know he's a quick study - look at what he's doing with RE since the EDGE!!!!

Good to see you are working it. I am inspired and am working on my buyers list. Thanks for the post

Hey James, thanks for stopping by my journal. Keep working on that buyers list and taking action. You can do it, just give it 100% and never EVER give up. I didnt and it finally is paying off. There are ups and downs but stay the course and you will make it to your destiny.
best of luck
Richie

Laura!! whats going on, well your closing deals i know
That is awsome ! I guess you spoke to the tenants and all is good. I will definatly let you know if I connect with a refi guy. I keep getting leads and referals and have one more to speak to that looks pretty good. I will let you know how it turns out. Today I had a friend at work tell me if I find something really high end on the water in FL to let him know. He has a brother in law looking to spend around 1 mill on a home. So now I have a buyer looking for a home to live in. amazin stuff
I havent called you for a while huh ? Work has been busy and I am trying to fit calls in on my spare time to get things rolling with the duplex.
I do have to call the other agent to see whats going on with the SFR. I know it said we should close within 15 days. I actually want it to drag out a litle longer anyway so I can concentrate on the duplex. But I will take it on if It happens sooner than I want lol.
talk to ya soon my friend!
Richie

Randy, some how I dont think I will ever eat off your menu lol
I dont have an accent, you do:) Rina says the same thing to me. Me leaving the big city to move south!!
HAHAHA
Seriously, I would love to visit, I miss you guys since the EDGE. Some day I will make it there, I have a few places I want to see, like where ever it is Rina took that pic by the waterfalls with her family, that looks so nice there.
Any way, keep filling those homes my friend, you are awsome and I enjoyed listening to you the whole time we were in AZ about how you work things. You have an amazin system going. Keep up the hard work and make sure you say hello to Julie for me.

Richie

I took a ride Wednesday morning to look at two vacant properties I had found a while back but could not locate the owners. I discovered that some one has now boarded up both places. I think they were hit with fines. I went to the town hall to see if they could help me find the property owners , but no luck. I am going to try and call some numbers I found while doing a search for the last owners on the deed. hopefully I can find someone connected to the properties.
On another note I found a number for a commercial vacant building that use to house children with disabilities. It is located in a upscale neighborhood and is owned by a bigger company I know of. I was suppose to make a call today but never had the chance as i was at the beach all day with my wife and daughter and just got home. So I will call tomorrow and if no contact then i will call monday. I have no idea what something of that caliber goes for but I know its in the million dollar plus range.

REI is an adventure and I love adventures

Never EVER give up!!

Richie

I wish you the best tracking down the owners of these properties. Good luck with the vacant commercial building!

It's nice that you got some family time in at the beach

Thanks for your thoughts and input for Denny & I on those comps.

Lea

Whew - I'm tired just reading all your doing everyday now with REI! What a mystery on the vacant props....somebody is paying the taxes, right? It will be interesting to see how you figure out this puzzle. Also VERY excited about your coworker wanting a high end home in Fla! Get on that one right away! If you want help searching just let me know the area they want and I'll help you out. How cool would that headline be - Richie closes million dollar deal !!

that would be !!!

Denny was at your duplex this morning and got there at the same time as the handyman and his helper. The handyman was under the cabinets and when he stood up he clocked his head on the cabinets and ended up with a gash on his head. Not to worry he was not seriously injured. He taped a bunch of kleenexes on his head with duck tape and kept working. Men being men of course there was a lot of laughter and talk about Tom going to the hardware store to get some maxi pads for his first aid kit.

We will talk to you soon with a recent update for you.

Lea

Richie,
I have had the same problem. I have searched the county sites, contacted people mentioned in any court activities, talked with all available neighbors, and even searched AnyWho and then Intellius to get the relatives. I have tried to search them also with no luck. I have searched using shortened names such a Tim for Timothy and Jr. or not. It was suggested to use the rule (by the Success Academy) to talk to 3 neighbors on each side and across the street. In one case I contacted an attorney this person had used and he hasn't been able to locate this person either. I heard this guy was in Texas and I searched that also. I also tried to find the employer that I was told he worked for. The one place in Orlando checked and didn't know him. I cannot find the company or branch located in Texas either. I hope some of these avenues will help or give you ideas to try. Let me know if any work for you.

Tim

hahahahaha..I laughed so hard at your post above I had tears in my eyes!!!! Practically needed a maxipad myself cuz I almost peed my pants laughing. Kleenex and duck tape hahahahahahaah...man I needed that laugh, thanks sista Oh yeah - hi Richie! Glad to know the rehab has started with a bang haha!