John Ingram REI - Small Town Investing EVERYDAY

hello John

we sound like we could be related I procrastinate alot and then I get scared too I to am in the academy. I tried to do too much and got overwehmed and now I am going back and re doing the courses my suggestion to you would be to do all the action steps before you move on to the next lesson. Also be in contact with the coaches.

Later and good luck

Have a prosperous 2010

Fred E

hello John

we sound like we could be related I procrastinate alot and then I get scared too I to am in the academy. I tried to do too much and got overwehmed and now I am going back and re doing the courses my suggestion to you would be to do all the action steps before you move on to the next lesson. Also be in contact with the coaches.

Later and good luck

Have a prosperous 2010

Fred E

Congratulations on starting your journal. I'm looking forward to hearing about your progress and wish you the very best!

Lea
SPR Property Solutions, LLC

fredewillet:

Definitely lol. I'm the same way.. I TOTALLY got overwhelmed in all of if once I got the courses and material and such... But I'm really determined to do it this time around... and get those action steps for sure. Honestly I'm a little worried that it won't go according to the way they present it... I mean I know it'll be a little different and all the stories of Real Estate Agents saying no.. I guess it won't be perfect.. I JUST NEED TO DO IT TO FIND OUT huh...

fracarell789:

Thanks for the comment and support... I will definitely be updating.. I have to now that someone has seen it No seriously though I WILL be doing this.. Thanks again!

It is a start. I know it can wear on you but stay on course with your classes, it will pay big dividends down the road. It will happen......Jan

John,
Im new also, good -luck and I wish you the best, Im on the same road John!
Keep that positive attitude

Curtis

Jan Malek:

Thanks Jan and you are right... IT'S A START... and thats a big part of success ya know.

curtisfillers:

Thanks for the support... we can do this. We got this!

A quick question to any who read this and are in the academy...
Is there a recommend "Course of Action" when it comes to the courses? Like which order should I take them.. The ones I have done that I knew I had trouble in kinda struck me as "outta place". Like I should have taken other classes first.

Cmon Real Estate!! Let's GO GO GO!!!

Knowledge is Power
- Pimpedoutgeese

Congratulations on starting your journal. It is a great way to stay focused and accoutnable on your journey of real estate investing. You can also share what you learn along the way that will help so many new members just starting out. It is a really good idea to develop your action plan and than work that plan each day to get closr to your goals. Good luck with real estate investing and all your deals. Believe and Achiueve! - Joe

Indiana-Joe:

Thanks, I will defiinitly be able to keep accountable with this I feel... and I like that. It's SO UNFORTUNATE that that is one of the only ways I can do something right... when I feel like I have someone behind me either counting on me or telling me what to do... Again thanks for the support.

UPDATE:

12/28/09 - Monday

Taken care of various things I SHOULD have done a while ago... Important docs and such (Not pertaining to real estate but theres a reason its on here.) and on my route I stopped by the local HUD office for a friend to grab an application and help her out. Well hanging in the office is two HUD homes up for sale. I've taken the information down and will be doing some research to see if the houses are worth taken a second look at... the price isn't too bad. My strategy for the most part is buy and hold and the homes would fit in that strategy... but more in order. In a few short hours I will be postiing "Ghost Ads" on Craigslist and such... will post back with update then hittin the sheets... gotta work tonight.

P.S. I'm on a friends laptop... for some reason mine ate the bullet, so I'm using the laptop to fix mine. So HOPEFULLY I will update... I will try since I said it.

Congrats on starting your journal. I have lost focus on continuing my journal. I am not going to make a promise, because sometimes, it gets tossed aside. I know that keeping the journal will keep you accountable, and I will get around to doing some catching up later. Thanks for sharing. God Bless.

Sandra

SanBern:

Thanks, I can understand. As life progressives you gotta to give to get. Thanks for your support.

UPDATE:

I just got off the phone with an advisor (glad I did) about a previous deal I was considering and realized some things I did right, and some I didn't do so right lol. Wow... I learned a lot from a 30 minute phone call, might have been shorter? Anyways can you believe I WAS STRUGGLING to call??? I think it was because I was scared that if I called and got my questions answered that I would HAVE to move forward... That's not an issue lol but the responsibility.. it SCARES me to death. It does. And it makes me NOT want to do this... wow... Fear can be a powerful enemy. And that's funny because I have two children, fairly young, and the responsibility pressure from that is a cake walk (Except the financial aspect).

BUT I WILL DO THIS!!! I will use fear on MY side, I'm scared but it will pass... I'm scared of making a mistake.. well, guess what? I'm gonna make one, in fact I did when figuring that offer... I just happen to get lucky on the price range. Good. Got that out the way... Now just to succeed.

A little bit earlier I discussed about going to the HUD office, I forgot to mention that I left that building AFTER I seen the post. Figured I can come back later to get the info. Well driving away from the building and getting ready to take the exit, I got to thinking..... and well did a little something illegal, but don't tell. I flipped a U-turn right then and there in the parking lot and went back to get the info... Now I shouldn't have done that illegal U turn but I was right in NOT PUTTIN it off. I can't risk this anymore.. IT'S DO OR DIE... and "Dying" is not an option for my kids...

Knowledge is Power
- Pimpedoutgeese

UPDATE:

After sitting on it for a little bit I've decided exactly which strategy I'm going to use til I get ahead, or used to this whole Real Estate thing... Buy and Hold. Renter Property around here is real cheap so I'll be cashflowing about 150+ immediately. I just need to do this 2-3 times to make passive income equal to my working pay... lol that's funny. Not that I'm going to quit my job anytime soon.

STRATEGY:

After work tomorrow morning I will look for atleast 3 properties matching my criteria. I will call a few title companies and ask for comparables and see what they say. If I do this tomorrow... I am successful!

Knowledge is Power
- Pimpedoutgeese

UPDATE:

I did JUST that, what I had set out to do... But I'm actually quite surprised at the results.

I did find 3 houses that matched my criteria... and I called a few title companies to see if I can get comps. Well the title companies didn't help me get very far so then I started with the local realtors in each respective area... I got different interesting responses. Funny enough nobody gave me any of the information I wanted up front.. It was either I have to wait for an email or they have to look at the home.

Craigslist is awesome... Use it. Abuse it, if this is possible.

I found them all on there. I searched for owner finance and "poof" here's a list of everyone willing to do owner finance on craigslist.

Now here's a cool thing.

During my search I found someone IN NEED of a house, but they want someone to carry the note. I HAD to email him immediately. I asked him a few questions such as how much down payment he had and what not... As soon as he gets back in touch with me I'll probe him some more to see how motivated he is as a buyer.

Can we say... sandwich lease? Possibly... I won't go forward with it til I call the advisor line

You know the funny thing is that these properties I found were all completely outta my comfort zone... MILES away, 50+ almost. About an hour drive. I don't like the idea of driving an hour away for due diligence and the house is not worth it. But i will try atleast 1....

THAT BEING SAID...

STRATEGY:

Thursday Morning. I will try and setup an inspection of atleast 1 home out of my comfort zone that I have selected, AS LONG AS THE NUMBERS FIT.

Wednesday Morning after work i will work numbers on 2 of them (not counting rehab if needed obviously) and see if they are even worth the gas

Now off to sleep.

EDIT: I didn't realize what day it was I had planned those action steps... New Years Eve is thursday. But I will run the numbers and repost.

Knowledge is Power
- Pimpedoutgeese

UPDATE:

In an INTERESTING turn of events, I talked to the advisory line yesterday about making sure I'm reading a mls comps sheet right... There were two values and I wasn't too sure if they sold for which one.. also if they sold at all. So we talked for a little bit and he helped me realize... I don't have any renters...

OH!!!! The GHOST Ads!!!

I have ALWAYS wanted to get my list first.... I was just so unsuccessful with it the first time around. But then when I started learning about it and the Academy, I decided to try out a ghost ad for my buy and hold strategy. Here it is:

2br - 1 bth Home offered for Rent, Lease Option, or Rent-to-Own

AND

3br - 1 bth Home offered for Rent, Lease Option, or Rent-to-Own

Possibly more bedrooms if inquired.about.

Would need either Security Deposit for Rent, Option fee for Lease Option, or Finance fee for Rent-to-Own

VERY FLEXIBLE with these fees. Open for discussion.
All inquires WILL be returned within 24-48 hours.

Serving All of Eastern PA,
JohnIngramREI@****

I just wanted to test it out... now here's the thing
IT WORKED!!! LOL

8 Replies from hungry renters/buyers.

I'M SCARED!!! I DIDN'T THINK I HAD TO MOVE FORWARD SO QUICK!!!!
Here's that responsibility again. I promised a respond within 24-48 hours so I will be doing that. I'm extremely busy outside of real estate but I will fit in a couple of replies if I can! I'm a little worried about posting that price.. but you know what? I can change the price once I find the home if I need to but hopefully keep in in the range of what I said.. probably can here in this area.

Also I'm going to need to research on Rent-to-Own techniques and contracts... One was interested in that so time to dig deep and call the advisors!

JOIN THE ACADEMY!!! If for NOTHING ELSE then CALLING AN ADVISOR!! PRICELESS to call and have access to that knowledge from someone who knows what they are doing!!!

BUILD THAT RENTERS LIST!!!

EDIT: I JUST replied to everyone on the list... I made a list of questions and just copied and paste and edit the questions I didn't need. made it real simple and got it done in about 15 minutes. So lets keep our fingers crossed and see what happens!!!

Knowledge is Power
- Pimpedoutgese

UPDATE:

Well not much of an update as much as it is a thought.

Everything is still going strong.. I'm STILL getting responses.

One thing I'd like to just touch on is... I posted two pictures on the ad. I used them just to attract people but obviously those aren't the houses that are up for grabs. I don't want people to get the wrong idea about it... I guess if they do they can just continue towards there goals... After all both of our time is valuable.

Any questions comments concerns about this? Also does anyone know much about Rent to Own? Contracts? I should set up an Escrow correct?

Knowledge is Power
- Pimpedoutgeese

You are getting a lot accomplished. As you build your list of renters/LO buyers you are discovering what they are looking for right off the bat. You may sell/rent the property to someone else but will have other properties that will fit people who are on your list.

I'm enjoying keeping up with your journal, thanks for sharing.

Lea
SPR Property Solutions, LLC

hello strong man

VVOVV you lifted that 500 pound telephone

You rock my friend

I have not called in for a while

They told me i need to call in more and try not to get so overwelmed

Perhaps you could tell me a bit more as to how craigslist works

later Fred E

fracarell789:

Thanks and your right, that is just an awesome strategy of going to get the houses that they want and rent/LO to them. I never thought of doing it this way. Thanks for your support.

fredewillet:

lol It is pretty heavy... But I'm in the position now where I don't really want to take any risk and put my name in a bad spot. I call the academy when I'm stuck on something or for fresh ideas. What made contacting them even easier was that it was all through email. No face to face interaction, yet. Easier for them, easier for me. We both get our points across, and when we meet we already have a general feel of how things should go.

As for Craigslist it's really simple. Make an account if you haven't. Then you get to choose your state and then location that is closest to you. You can change them later if you wish (for fun, I also browsed the real estate in my old home town in california). After that there is really a whole section dedicated to real estate. Its real simple to you. Just browse around a little bit and get a feel for it.

I just realized you asked about setting up an escrow account. Good idea for those that you are LO to it shows they are paying their LO on time. If they are working on improving their credit this helps them and is easy to prove later.

Take care,
Lea
SPR Property Solutions, LLC

fracarell789:

How do you set that up? Also how do I set it up to where I get the monthly cash flow taken out of the escrow for me?

What I'd basically be doing is whatever time frame term I get for the property, I'm going to sell at the same time from but for a little bit more. So, if the term was for 5 years at 300, then I'd sell it for the same amount of time, 5 years, but the price would be a little bit more.. like 500. So obviously, anything over the 300 would be profit... How can I set something like this up?

SHOULD I set up something like that?

Knowledge is Power
- Pimpedoutgeese

I've never opened an escrow account but believe you can open one at any bank. Maybe others here can give you more details on this and the benefits (or not if any) of opening one.

Lea
SPR Property Solutions, LLC

I think there is a fee to set the account up but not sure what it is.

Lea
SPR Property Solutions, LLC

fracarell789:

Yea I think there is a monthly fee. Thanks for the replies! By the way how is your investing going?

UPDATE:

I'm getting soooo many hits from my posts... that I'm actually getting scared... and overwhelmed. I DO NOT want to ruin my career already lol. I tried to call an advisor but seeing how today is New Years can't really do that.

On another side note, that bothered me, I did get an email from somebody that somewhat upset me. I'll paste it here, but leave out the email address... I guess its the right thing to do

John,

I wanted to thank you for getting back to me on a holiday, however, I do not feel comfortable with the questions that you have asked me. I have spoken to other renters and they have never asked me upfront the questions about monetary issues like you have. Therefore, I would appreciate it if you would not email me any further.

Thank you.

Now if she would have just took the time to read the ad, the ad said this...

2br - 1 bth Home offered for Rent, Lease Option, or Rent-to-Own

AND

3br - 1 bth Home offered for Rent, Lease Option, or Rent-to-Own

Possibly more bedrooms if inquired.about.

Would need either Security Deposit for Rent, Option fee for Lease Option, or Finance fee for Rent-to-Own

VERY FLEXIBLE with these fees. Open for discussion.
All inquires WILL be returned within 24-48 hours.

Serving All of Western PA,
JohnIngramREI@****

I'm trying to wrap my head around what I asked that could have made her feel so uncomfortable. If she talked to other renters that don't ask upfront about monetary issues then they must run through tenants like water. If I don't know how much you can afford, I can't rent you a home. Because *shock* you might not be able to afford it. Maybe she didn't read the ad thoroughly enough? Am I insane?

This upset me, BUT... not enough to make me QUIT! (Needed to vent)

Funny thing is... outta maybe 15 replies, this is the 1st... to mention something about me asking about how much they have for a security deposit... I'm gonna assume that that was the question that bugged her so much... or maybe it was asking her how much she could actually afford for rent? I guess she likes wasting her time... what would happen if the house was out of her price range? Then she just wasted her time, which she doesn't mind, and my time, which of course is valuable, which I'm wasting by posting a FLAME about this email. (Apparently STILL needing to vent)

Anyways, I know I need to organize a list for the renters... and separate them by potential Rent to owners. I just wanted to post about my experience and feelings at the moment. (lol so do any of you experience guys need to vent?)

Knowledge is Power
- Pimpedoutgeese

need any help??gcrytser@****

need any help??gcrytser@****

Seems I've been hogging up your journal these days

I can't see at all what could have upset the lady. My guess is that she may not qualify to rent/LO because of recent financial troubles and that might be her way of handling it.

We've had some strange responses from people too so I know how upsetting it can be but you know what? When people are upset with their own situation things like this happen. The most recent odd-ball one for me was when some guy (he was very under the influence) called (left a vm message) saying he was going to have fun taking all of our bandit signs down. My fist thought was why would someone do something like that? 2nd thought I'd better learn to deal with it and move on. For the record he took 3 down.

Thanks for asking how we are doing with our investing. We have had 1 client sign up for SS (and hopefully another one this week.) I'm expecting that folks will be responding better now that the holidays are behind us and making some big decisions as to how to handle their diffcult circumstances.

Take care,
Lea
SPR Property Solutions, LLC

gary crytser:

Thanks for the comment Gary, I could use a little help, I'm going to call in to an advisor today seeing how it isn't a holiday anymore

fracarell789:

WOW... and he DID take some down. Incredible. But your right, just have to learn and deal with it, I'm just a *gasp* (Dare I say it?) sensitive guy. Stupid little things like that bug me sometimes. I got TWO more replies this morning. I swear I get scared to open my email nowadays. I NEED TO CALL THEM ASAP. I really don't know what the next step is, should I go and grab a few houses in target areas that they are asking for?

Knowledge is Power
- Pimpedoutgeese

UPDATE:

Ok I called the Academy, and just got a little perspective on what I want to accomplish. Now what I have done is built a more concrete list, sifting down my list... so far I have 5 CONCRETE Renters, 2 of which wants to Lease Option. Not giant but a GREAT start. How I built my list was they initially responded to my ad. Then I sent the questionnaire. After that, if they respond back then I slap them on the list. They will generally give me the answer to what I ask, how much they can afford, if Security deposit is a problem, the area, the answers to my questionnaire. Some people haven't done that so... I just won't place them on the list.

Anyways now I learned today how to respond back to them. I send out this email while I look for a property for them.

Ok,

Here is what I will do.

As soon as one of my properties become available that meets your criteria then I will send you an email with some pictures, I generally like to send pictures first because I feel your time is just as valuable as mine. Then from there if you like what you see, you may take a look in person and see what you think. If you like it then we can discuss things even further.

Thanks for your patience
John

JohnIngramREI@****

Hopefully I this isn't the bad way to do things while I look for a property for them...

I also learned how to search for different properties that could easily be owner financed... That Foreclosure Alert is a GREAT idea, cuz if the people that are in PREforeclosure don't want to go into Foreclosure then they might be TRULY motivated. I can easily catch up the payments

The newspaper and just calling the houses and ... even the homes for rent. I could ask if they are willing to do a Lease Option, cuz if they are, I can just sandwich lease... beautiful. I can't believe this is coming closer to reality.

At first I thought oh only craigslist can help me find properties.. but thanks to talkin to the advisors it kinda opened my eyes to a lot of options...

THERE ARE OPTIONS!!!! NEVER GIVE UP!!!!!!!

JOIN THE ACADEMY IF ONLY FOR THE ADVISORS TO TALK TO!!!

Knowledge is Power
- Pimpedoutgeese

Hello John

interesting stuff

I had a neighbor take some sign and made them up for his own garage sale I called him on it as I caught him in the act and he told me he had permission to do this. Some nerve

as for the lady and the disturbing E mail something is missing there or like you said she didnt read your ad completely and further more i doubt if sheeven called other renters. she should have been talking to landlords to see how they handle it

Just some thoughts

take care Later Fred E

PS thanks for the information on Craigslist

fredewillet:

Hey thanks for the post fredewillet, lol thats funny with the signs, sometimes people are so unbelievable.

UPDATE:

Well... semi-update. I start my day shift come This Wednesday, now i work tonight and sunday night. As soon as I get out of work i will officially begin my search for houses. Starting with the most motivated on the list.

Wish me luck! God be on my side.

Knowledge is Power
- Pimpedoutgeese