RINA'S Daily Journal: Chapter Two - The SECOND $1M

So sorry you are not feeling well. That will be ending soon , I say.
Dang it, you are supposed to be coming to the EDGE.
Well, if you don't, I think we have enough WI gals here now, we definitely will have a WI DG Girls get-together this year.

Sorry about your interview. Is there any way you can volunteer part-time at that office til they see how valuable you are? Shoot.

How is the land contract deal coming?? Keep on top of that abandoned house, too, sis. Did you get to talk to anyone there the other day? Someone might have a connection for you.

Well, hope you feel better soon, and it's good to "hear your voice". Call me tomorrow if you'd like. We'll catch up. (I'll catch up with you on the hot chocolate in a minute here. lol)

Love ya!

Rina

Thanks for the kind words! I will take that to heart coming from one of the sweetest, most sincere women I know.

As far as the number of properties, that was a little embarrassing. i just create a new file for each property when it closes, and go on to the next (never really stop to "count". lol). I don't want to lose my momentum, but I guess I should do a little more than just "make another notch", huh? It's nice when you get your system so down to a science though that you don't really need to fret anymore. But I don't take that feeling for granted. I remember the "sick-to-my-stomach, nervous" days way back when!

Thanks again, Lea, and I will be catching up on your journal this week. Sorry to have been a stranger!

your friend,

Rina

that's so great! It will be a privilege to meet you at the EDGE. Your daughter is amazing (must have an amazing dad. ). Can't wait for you to reach your goals and make your dreams come true!!

all my best,

Rina

Thanks you guys. (You made me laugh with the 101 thing. LOL)
I am so excited for what the future holds for everyone with their REI. And yes, it does get SOOO much easier the farther you go. Always new obstacles, mind you, but you just get more and more comfortable finding ways around them.

Thanks again, Shane, and I so look forward to hearing of the deals rolling off your tongue. You are a special person deserving of the best!

Louisa, you are amazing. I don't know if there is a man here that can appreciate what you are doing in the midst of going through a pregnancy. god bless you ,sister, for your giving heart and your determination to win. your family is blessed to have you (as are we. ) Can't wait to get together with the YEAH! YEAH!! sisterhood here in Wi. LOL

Love,

Rina

I had the time recently to read all of your Chapter Two!

WOW! Love it!

I hope you realize how inspirational you are to everyone. I know you are (happily) a very busy Lady, but I am speaking for everyone when I tell you that you are really missed when you are gone!

Cannot do the virtual hot chocolate thing tonight but I would love to do a virtual coffee thing in the morning!

Actually we have a big storm coming to our area starting tonight, if I am snowed in tomorrow morning I think I will call you and do a real coffee thing!

I want your input on something, so I was planning to call you anyway. I don't want to lose momentum, I need a push to keep going and you are so wonderful at that!

I am guessing that you do not have a closing tomorrow morning ... you are out with the rehab crew tonight and not home "Baking for the Closing!"

Hmmm, now THAT would make a good title for your Chapter Three... "Baking for the Closing!" ... all about how helping and working with others, looking for the WIN/WIN/WIN has set you apart as a RE Investor that everyone wants to work with and send flowers to!!

Angela

Thanks for the words of encouragement. Hope to see you at the EDGE. I keep thinking back to some of your earlier deals that played out here on the site. You have been and continue to be an inspiration to many. Thank you!

Rina

So good to see you my friend! (and I miss you when you are gone!!) Yes, please call in the morning. I will be out early, but will definitely be watching for your call. Enjoy the beauty of the snow!

Mmmmmm.... baking for closing.. you're making me hungry for cookies. LOL. might just have to use a non-closing excuse to make some. lol. Wish you were here to enjoy some with me.

Talk to you soon!

Rina

I now have a property manager. Best one in town, and the best terms around. Feels nice to add them to my team.

Here are their terms:

8% of gross rents
owner keeps any late fees
$150 to find new renters
$30hr for handyman (no minimum)
PLUS first 3 months FREE

Typical terms for our area:

10%
PM keeps late fees
1/2 to full month's rent for finding new renters
$30 and up (with one hr minimum)

so I could hardly pass them up.

Now even more time for finding killer deals They must be SOOOOO happy you finally contacted them!! You sent them alot of good business and they didnt even know you haha.....I guess the flowers were the right bait to reel you in LOL...but you wont regret it! And their online accounting system is awesome too!

It was the flowers that really tipped the scale wasn't it?

Unfortunately I have got to run (gotta go to work) otherwise I'd be sitting here catching up with your latest RE endeavors! I will do that later though!

Love Angela

Yeah, how can a lady ignore flowers? (now if it would have included CHOCOLATE I'd have been on the phone IMMEDIATELY! lol)

Well, I am debating purchasing a mobile home. (would be my first one). It's in a half-ways decent park. 3 bdrm/1.5bath, all new appliances. I guess the county weatherization program went through about a year ago and put in a brand new furnace, new windows, and insulated the skirt. It has a nice deck out front, decent lot. The owner wants $5500 for it. I need to contact the park manager to make sure of the specifics of the park, but I'm thinking I'll go there tomorrow with a bank check for $4,500 (I would say $4,000, but the furnace and appliances alone are worth that). Anyway, I think I can turn around and sell it, seller-financed, for $2,000 down and $350mo, selling it for $7K or $8K. Or I could just rent it out. I never considered buying a mobile home until I spent some time talking to Coach Dawn Erling. She has a pretty nice business with her mobile homes, so I thought I might add some of them to my portfolio.

Have an interesting 48 short sales I'm looking into (all by same owner).

Looked at a 5-acre island for sale the other day (too bad it wasn't a tropical island).

Will be closing on 2 more purchases next week and hopefully another refi.

Can't wait to talk to WI Dawn tomorrow. She left a message all excited, about to burst with some news!

Can't WAIT for the EDGE event (to meet everyone and share some incredible new stuff!!!!!)

Ahh, what am I missing..
Had a root canal yesterday. Went really well.
Miss my kids.
God is good!

guess that's it for tonight.

Rina

Hello Rina. My name is Richard LaCelle and I am new to the DG family here. I just wanted to let you know that I have been reading a lot... I mean a LOT just filtering what I can until my head hurts; that your journals and comments to a plethora of people have been very informative. I appreciate your tinacity and genuine care for the others out there. I do believe that is why you have been successful. I am not trying to suck up, but my old world that quality is a rarity and it is refreshing to see the eagerness, and enthusiasm of a new person still inside of a mentor. So thank you for that. I wanted to introduce myself because I am sure we will cross paths later in the future as well. Take care and I hope you and your family are well.

Richard
Bothell, WA

It is a pleasure to meet you! Thank you for the nice note.
In my mind we never stop being students. The day I stop learning is the day I start "sliding". Not to mention, we then get the joy of SHARING what we learn.

As far as crossing paths, you have spoken it so I believe it. Looking forward to getting to know you better here in the DG Family.

God bless, and have an awesome week!

Rina

I loved catching up on what you're doing. It's great to have this family. I would love it if theire was a 'Rina 101' class. I am so excited about the Edge event and it's made me to act sooner and no more excuses. I see you have a WI group (sort of) and I'm in IL not too far away anyway. I just want to say thank you for all of your inspiration and the little nuggets spread throughout the journal.

Blessings,
Cathy

Rina,

You too and thank you as well.

Richard
Bothell, WA

So if you get the island we can always "dress" it tropical and have REI meetings there! Maybe hire a couple cabana boys...hmmmm, now I'm getting a visual!!
Are you & Laura working the 48's? What a project that would be! If anyone can do though it's you two!!!

Please, DO call! I am busting at the seams!!
So just how crazy did I sound last night? You were the first one I thought of the minute he signed the contract! I need to share with my Sis, it was your push that made me go for it! Oh Man! I can hardly contain myself! THANK YOU!!!

Your Sister forever, you're the best Rina!
Dawn

Thank you for the kind words. It is a blessing to have the DG Family to share with and learn from.
We'll have to get together, all us midwest gals, sometime this year. Maybe we can make plans at the EDGE. Look forward to meeting you!!

Rina

What a RIDE, sister! It was so fun talking with you and hearing the excitement in your voice! (didn't think it was possible to top what we felt in your post!!! lol)

I am so happy for you, both for the deal and for you breaking free of what was holding you back inside. I do believe 2010 is gonna be your year!!

Oh, and I don't think the island is a go (at least not at this point), but we'll have to be on the lookout for something unique that we can call our DG getaway place.

Love ya!

Rina

Well, I bought that mobile home today. For $4,500.

Here's the details:

Saw Craigslist ad: 14x70 3bdrm/1.5 bath mobile home in a park, asking $5500
(Never considered buying a mobile home until I talked to Coach Dawn Erling in Utah)
Called right away, went to look.

Here's my post from that day (4 days ago)
*****************************************************
Well, I am debating purchasing a mobile home. (would be my first one). It's in a half-ways decent park. 3 bdrm/1.5bath, all new appliances. I guess the county weatherization program went through about a year ago and put in a brand new furnace, new windows, and insulated the skirt. It has a nice deck out front, decent lot. The owner wants $5500 for it. I need to contact the park manager to make sure of the specifics of the park, but I'm thinking I'll go there tomorrow with a bank check for $4,500 (I would say $4,000, but the furnace and appliances alone are worth that). Anyway, I think I can turn around and sell it, seller-financed, for $2,000 down and $350mo, selling it for $7K or $8K. Or I could just rent it out. I never considered buying a mobile home until I spent some time talking to Coach Dawn Erling. She has a pretty nice business with her mobile homes, so I thought I might add some of them to my portfolio.
******************************************************

SO, I told the guy I would get back to him after I talked to the Park Manager. Most parks up here only want owner-occupied so I wanted to make sure that wasn't an issue if I decided to rent it out. He said normally yes, but with the economy how it is he has relaxed that rule.

Well, I called the owner back and said because properties up here are so cheap right now (REOs), I probably wouldn't pay more than $4500 for the mobile home. He said how about $5000 even? I told him I was actually gonna say $4000, but felt $4500 was the most I would go. He said, well, I guess that's only $500 less, so ok. (This guy is in his 40s and his mom had bought the property). So I met up with him today, but I didn't give him the whole $4500 up front. I gave him $3500, he signed over the title (which is just like a car title!), free and clear, and I will pay him the other $1000 at the end of the month when they are moved out and he gives me the keys. This is sort of a security deposit for me since he owes the park owner some back rent (which he will have to take care of to get the rest), and he and could potentially damage property or whatever. We both felt that was fair. (btw, he paid $9,000 for it 6 years ago. The lady who sold to him was asking $11,000, he offered $9K cash. It was after that the county put in the new windows, furnace, water heater, and insulation. Plus I got the newer stove, fridge, washer, and dryer included. So this was definitely a great deal)

I will either rent this out and have approx $350mo in positive cash flow, OR I will seller finance or lease/option it and get a couple thousand up front, make the rest of my investment back in about 6months, and all profit beyond that!

Another beautiful thing about this deal is the guy has 32 acres he also wants to sell dirt cheap (It's actually in his mom's name. She was there today and said, yes, she wants to sell and do some traveling). I wne to look at it, and it definitely has possibilities!! Networking is great!

I also am going to talk more to the park owner and get more info on maybe taking some of the other homes, or possibly buying the park at some point in the future. You just never know when opportunities are gonna present themselves! So cool!

Rina

Congratulations on your 1st mobile home investment! Only you would go from buying 1 mobile home to possibly the entire park I wish you the best on the 32 acres too. WOW!

Lea
SPR Property Solutions, LLC

I absolutely LOVE trying new things! And if the deals are right, they can hardly backfire. (also get to help people out. excited about my friend maybe taking this one!)

Rina

I have to add here, after reading Carol's journal tonight, that she is right, none of us would be where we are except by the grace of God and pushing forward in spite of our fears. I remember at the beginning (just under two years ago)I was so scared I would just start bawling at times, wondering if I was making a huge mistake. Often I felt like I was going to be sick, or my heart would beat right out of my chest. Thank God a person gets past that as they force themselves to face their fears, and it just keeps getting easier. I NEVER take these blessings for granted. And even though i post in here mostly for my own reference, I want to encourage all who read that this can be the same for you if you just keep believing and sticking with it!

So, thanks again to Carol, and I wish EVERYONE the blessed life they deserve!!

Rina

As always to you, thank you for your words. Honesty is something rare in this world so it is very refreshing to see where everyone else can to. I want to say congrats on trying that new step even though you had doubts as well. It actually makes me grin a bit seeing someone who obviously has had some great success with REI act almost like they were new again. It gives me confidence and reassurance that it's ok to be scared and thorough, just as long as you are still moving foward. Thanks and congrats again.
Richard
Bothell, WA

I am trying to keep up with Chapter Two on a regular basis, I have just read the last few posts and have such a smile on my face! ,

From a CL ad, less than a week ago you have another deal under your belt and a mobile home park possibility on the horizon!

Then sharing that:
"I remember at the beginning I was so scared I would just start bawling at times, wondering if I was making a huge mistake. Often I felt like I was going to be sick, or my heart would beat right out of my chest."
this was such a great thing to share with so many people who are in that position now.

I know you have and I am sure you will hear this over and over and over, Thank You for your posts and encouragement, always.

Love, Angela

Richard - Thanks for your kind words. I always said money wouldn't change me. I guess getting as excited about a $4500 purchase as I do about a $100K profit shows the small-town girl still inside. haha (a little embarrassing ). You really get over the fears by pushing forward. REI starts out scary, but ALWAYS remains exciting! (to me, anyway)

Angela ~ I love Craigslist. You never know what you're gonna find in there. I mean where can you get $350mo positive cash-flow from a $4500 investment? Unheard of!
And, sister, your encouragement to me and all the Dg Family is like gold. Every time you post (and your thread-o-quotes!) is like vitamins for the day! You are so uplifting! Thank you so much for stopping in to post in my journal. I feel very blessed.
Have an awesome week, and I hope we do connect by phone ONE of these days.

Rina

Congrats on this deal! I was fascinated with mobile homes here in jersey for investing - because they sell cheaper than any house (although a good deal here is still around 20k)....but the park fees killed any profit margin for rental. The average park fee here is 700/mo if you can believe that! What are they out there? And you are amazing....reading about the other 32 acres - I see you are already looking for buyers on facebook! You are amazing girl...at first I though you were advertising land from the farm

Nope. We plan the farm thing TOGETHER now, partner!

The lot rental is only $209! Actually, $300mo to park owner includes lot rental, water, sewage, mobile home tax, and electric!! the only other cost is heat, so like I said, I can give somebody a deal of a lifetime at $750mo EVERYTHING included, and cash-flow $350 a month!!!!! I am DEFINITELY doing some more talking with this guy. We have so much to look into when you get here.

what more can I say???? xoxoxoxoxox

Rina that is so wierd must be mobile home season, I use to work for a mobile home dealer so I know alot about them but I normally only do SFR. But this guy had called me about 30 times wanting to get rid of his so I went and looked at it took it subject to for what he owed on it. House, lot, garage, will run add to sell it lease option 3K down and 1300 a month. He recommended me to another guy and I got his to subject to. Plus they are right here where I am which I never do how about that. Hey if you don't want those shortsales let me know. Have an awesome deal in Phoenix if you want details. It is a whole gated community profit potenial is over 1m if I can find the money, or a buyer.

Hello Rina
Every time I check in on ya you are in the middle of another deal.
You are awsome!! thats a nice cash flow on the mobile home, you really are unbelievable. glad to see it happening for you my friend. god bless.
Richie.