My Beginning in Tulsa Oklahoma

I used to live in Lawton and I plan on moving back there when I get this investing down to a science. It sounds like you are on your way. Keep up the good work and the positive energy. Every morning I wake up saying to myself " I am one day closer to my ultimate success" and then no matter how busy I am at work, I always find some time during the day to push my investing a little further. Keep up the great work.

Congrats on that first deal! You are on the right track to do some great deals now and in the future. I wanted to ask you...is there an advantage using an S corp vs an LLC?

Woody

STAY FOCUSED OR LOSE SIGHT!!!!!

Amy,

Congratualion. I am Max. I am in Lawton. I got the books back in October and finally making offers. We have a lots of properties here,being a military community. I have not been able to join the academy yet, but you are total proof that it works.

I wish you the best.

I was connected with an agent that moved there, if you want I will send you the info.

max
El Coqui Real Estate Investors

I know! how cool is that!?

Amy

That's what I hate about some of these Real Estate Gurus,they make a great amount of money from sales with expensive programs and information overload. I have a background in Sales and have worked as a contracted salesperson at RE Expos. I have personally
seen sales of $50,000 at just the table that I worked at in a large hall,with about 6-8 tables. Stay away from people who tell you how easy it is to do but tell you to give they thousands, or borrow from relatives or charge it before you make a dime.

I am really enjoying watching what is going on with you right now. I agree with Ishak on the last sales thing you went through, but what I love about it is that you kinda new it, dealt with it, took everything you could out of it and chalked it up to lessons learned.

You have my utmost respect for a positive attitude in the face of a situation that was supposed to be all positive and really was not. In your own words, your making lemonade out of lemons. And your just flat out doing a great job! KEEP IT UP!

Stan

Hello Amy;
I live nearby in Vinita, Ok. about 1 Hr. away from Tulsa. I have been looking at properties in Tulsa and all N.E. Okla.. I also have joined the Deans success academy. Glad to see someone else in our area learning from Dean also. Congratulations on all you've done so far. I know we can keep in touch here on Dean's site. But close enough to help each other out along the way also. Keep in touch. Layman T. Scott President of: Scott Housing & Rentals,LLC

Thanks for the words of encouragement! I was just rereading in one of Dean's books the other day about the advice Charles Schwab paid a consultant $25K for. The man told Mr. Schwab that he would give him a tip and if he thought it was useful, he could give him $25K, and if he didn't think it was useful, to keep the tip and not pay. The tip was, "Make a list of the ten most important tasks you need to accomplish every day, Then do them." BARM, pg. 135. He paid the $25K

Keep on going forward and maybe we'll cross paths when you get back to Lawton!

Amy

Thank you for your encouragement Woody! As for the S-corp, let me preface this first by encouraging you to check out everything I say here regarding LLC's and S corps with a professional, because taxes are not my thing, that's why I employed the help of the Tax Club. The S corp advantages to me are that you save on the 15.3% self employment tax. For example, my corporation name is Bravo Enterprises, Inc. my corporation isn't Amy Bravo. Bravo Enterprises, Inc. now employees me as their President,I am now an employee. As the president, I set my wage that I'll be paid by my employer, a reasonable minimal wage, because this is what is taxable, so I want to keep this minimal. I will set up other accounts, such as the promotional budget, and the equipment budget. All my expenses, save a few, fall under one of these categories which are deductable. I can also create LLC's underneath this to further protect each entity, thus protecting the rest of my "empire" (hahahah! as if I have a kingdom!!) if one of those LLC's were to go belly up. Well, I plan to have a mini empire by the end of my journey
The other benefit the S Corp has over the LLC is that say I spend $20K towards the pursuit of proft for my business, but never make a dime in the end. I can take that $20K, subtract if from my personal income (money I earned working at my job), and the remainder now is my new taxable income, which lowers my tax bracket, saving me more cha-ching. So, there you go, in a nut shell. Like I said, check out what I said with a professional, and please correct me if I'm wrong with anything.

Have a day!

Amy

I was rereading what I wrote to you the other day about whether or not the Academy was worth it or not, and I noticed I went off on a tangent at the end, and I wanted to just go back and let you know what exactly I was trying to say about reinventing the wheel, and being able to do it without the academy.

What I was trying to say was, why reinvent the wheel and try to figure it out on your own, when Dean's already walked that path, gone back paved the road, put up the road signs and guard rails, put up all the yellow call boxes along the way, built rest stops, given out road maps AND not only has one pace car (for all you NASCAR fans! Go Jimmie!) but numerous pace cars, just pick your speed. So, yeah, you can take 10 years and get there and figure it all out like he did, or the lady I bought the house from, or cut to the chase.
Yes, I know it is a HUGE investment, but an investment in more ways than one, and it's poking me in my gut each and every waking moment, but I'm the type that likes not being comfortable, it keeps me from becoming complacent and lazy and unmotivated. I personally work better under pressure. So, I hope that makes it a little clearer.

Have a Great Day DG Fam!

Amy

Hi Max,
You know, truthfully, I'm not even sure where Lawton is exactly. I've heard of it, know its around here somewhere, maybe when libritus gets back to Lawton you all can show me where its at!

So, "Coqui", is that in reference to that little squeeky frog that makes the "cok-eee" sound? When I lived on the Big Island the sound of the frogs would lull me to sleep! I miss that .
That would be great, I've gone through a couple of agents, still trying to find the one that has that vision. Thanks!

All the best,

Amy

I know I'm excited!!! This is so over the top!

You know there is always something to learn and something to walk away with, and with that other academy experience, I gained some good contacts, (maybe have a convert or two!) have another really great resource, and because many of the principles were similar to what our academy teaches, it just served to solidify them that much more. There were times I was thinking "hey, Dean said that!" Thanks Stan for your support, I do really appreciate everyone on this site.

Have a great Day!

Amy

Hey neighbor!

I was just cruising out in your neck of the woods the week before last. Stopped in Oolagah and checked out where Will Rogers house and maybe some camping spots out by the lake there. Hey, wouldn't that be neat, have a camping trip for DGer's in Green Country!
Yes, we can definitely keep in touch here, do you know anyone that wants to buy 9 acres? It's in Bartlesville, has a rental in front, LOTS of storage, 6 car garage, 4+1 bedroom, stocked pond, the great thing about his property though is that fact that there is a natural gas well, so the house get free natural gas forever! No checks to write to ONG!, cross fenced, but probably in disrepair, but still I've strung fences before, wouldn't take but a few days, has a water well, needs to be primed, but definitely lots and lots of potential.
Hahaha...sorry folks, just laughing at myself...I sound like a real estate ad.
Well, gotta get ready for my day job.

God Bless you all,

Amy

Amy; Bartlesville property. Just about halfway between us. Is the property available for owner financing using a lease option? Is the house currently rented? How many miles from town? What do they owe? Are they a motivated seller? What would they take low monthly for a lease payment. I would need to be able to rent it or lease option to buy monthly rent to another for about $200 month more than what I will be leased to them to make it profitable. Back to basic's,if the numbers are not there walk away from the deal. Also if you find a killer deal that fits above,especially if on a flip house in Owasso, Broken Arrow, Jenks, Catoosa, and Claremore area nicer homes in nicer neighborhoods low crime area $50000 to $90000 with minimum $20000 profit for a flip. But your plate is already full and have to pass. Let me know. I need to get my 5 houses bought before this year is up. Best regards; Layman T. Scott President of: Scott Housing & Rentals,LLC

They owe $35K, but the owner wants $235K because she is moving out of state to be near family and since the cost of living is much higher there, she wants that amount in order to get another house. Yeah, I don't have a real financial interest in the property, I hope someone would be interested and have more of a vision for that place. I know the people and their situation and just wanted to put it out there to give them maybe more exposure. Who knows, someone might be looking just for that. Thanks Layman for the helpful tips

Amy

Wow, I can't believe it's Thursday already. I lost a day in there somewhere. Jobs been consuming a chunk of time and energy. I took a management job out here thinking I was up for something different. It's funny how time makes you forget the bad things...now I remember why I didn't miss it the last time I was in management.
There's a bug running through the lab. People are just passing it from one person to the next, I guess that's pretty typical when you work in a hospital. I've been trying my best to avoid it..hoping it will pass me up and keep moving it's way out of my crew, but it's been threatening to take me down, so tonight its lots of fluids and I'm gonna turn in early. But before I do, I wanted to share what I got the nerve to do yesterday. All the pieces of the puzzle seem to be pretty straight forward, putting together your power team, getting business cards, building a buyers and sellers list, but the one thing that always stumped me was the financing, particularly private lenders. In my situation, I think that is one of the best options out of the list but the question in my mind was how? So, I figured, well, just ask! When I moved out here I found the house I am renting to live in on the internet. I really didn't know anything about the people that owned the house. Since living here for some months I have discovered the people here were very prominent landowners and much of the businesses and housing developments around sit on land that was once owned by them. So,I prayed, then called my landlord. If it's one thing that I have trouble with, is asking for money. It's just a thing that was ingrained in me as a kid. I know it's not the same as asking someone to give me money, but in some respects that's what it feels like. So, I ran it though my mind how I could approach him and how to bring it up in the conversation, so I started with the rental. It had a leaky toilet and so I figured I could start with that and lead my way into it, depending on how I felt the conversation was going. I felt, if I had to bail out, then I could rationalize and say I called him about the toilet.
I called him and exchanged the usual, then I talked about the leaky toilet, then I told him that I went ahead and fixed it. I talked to him about his plans for this house and asked how much longer I had to stay here (the property is marked for demolition to widen the roads, it is zoned commercial now) then I let him know how since moving here I've come to see their name on subdivisions and streets and commented on their presence in the area, which opened up the conversation more with him sharing the extent of his family's property back in the day. I let him know that I have become real estate investor and asked if he had properties for sale or commercial buildings. He said he didn't do much of that now, then I asked him if then he might be willing to be a private money lender and he said maybe and told he would get back to me on it.
Now, I haven't heard anything back from him, but I figure even if he doesn't want to be a private lender, at least I got the nerve up to ask!
The other thing that I wanted to share was how people just start coming out of the woodwork with their real estate needs...a lady from work wants me to look for a house for her and her family, another investor said he had a house in a more desireable part of town he would let go for 50% off the ARV, (have to see what the rehab would take though), another lady told me about a cute manufactured home that the bank owns she hoped I would buy and maybe let her or her mother get into the place. Then there's the 5 HUD homes thats a short sale, 4 houses with the same lender, owner thinks the bank would take $20K apiece....So many deals....so little time!! I know they all might not be the deal of the century, and maybe I might be lucky if only one is, but it seems every day another opportunity presents itself so, I know its just a matter of time before I find the deal that is a keeper.
The abstract is done on my first little house. We're closing on Monday or Tuesday...trying to get a day off in the week. Maybe I'll take a look at that cute little trailer while I'm out there
Hope all is going well for you all out there in DG-land!

Amy

Hi DG Fam,

Those of you who work the 50-60 hour week, I feel your pain...you wonder...I wonder...sometimes when I'll have a chance to concentrate on the things that will push me forward. I had my list of 10 things to do today, and I didn't accomplish them all. I try to be careful not to beat myself up for not accomplishing the goals I had set out for myself, but keep in mind that all I can do is my best and if I know I've done that, then I can be content. I at least strive to do one thing each day, whether it be research or a phone call, or going to see a property. I think I do this more than maybe someone else would just because I don't really know the areas completely yet, and need to see them for myself before I can make any sound judgements. I need to also strive for balance. I still have my son that needs my attention and my presence, the dishes, the laundry and dinners to cook.
Today I drove by 3 of the 5 HUD houses, not in the greatest neighborhood, sent an email to a seller in an area one of my buyers wants. Talked to the lady I purchased the little house from, we're closing on monday. Got a call from a seller asking if I was interested in his house, in an ok area, but he's asking too much for what it is. I kinda think he was trying to get me to bite by telling me there was another party interested in his property giving him a good price but he was giving me the opportunity to have first dibs.
Still a lil under the weather. Gona get some good rest tonight. Gnite DG Fam!

Amy

So can someone tell me the little speech bubble and the star is for that appears on the left hand column of the members journals?

Where are you looking? I don't see anything like that. (now you've got me curious)

Hi Rina,

If you go to the home page and click on the member journals, it pulls up all the journals in like a spreadsheet. The very top entry is from sticky and there is an icon that looks like a thumb tack. Just underneath that in a column next to everyone's entry there are little speech bubbles that look all stacked up. some have a star on them, and some don't. Do you see it?

Amy

The star appears when there are new posts that you haven't read yet in a forum topic (or journal). The bubbles just mean more than one page, pretty sure. (one bubble would mean there's only one page in that journal so far)

Rina

You know Rina,

What you said about going at my own pace, to just enjoy the ride...I am but I've put this self inflicted pressure on myself with my possibly unrealistic goals, which I figure if I aim for the stars I figure I will at least reach a mountain top which would be just as heavenly! I have a tendency to push for something once I have my eye set on it, and then take a deep breath once I get there. But you are right, I do need to pace myself lest I get burnt out.

I did run into a hiccup today. I've been waiting for my incorporation papers to come back from the Secretary of State so I can open up bank accounts and stuff like that with my EIN. When I started the process we looked up different business names to make sure the name was not already in use. The name I chose came up clear and they assigned me a tax number with that name. So I sent a bunch of documents to the Secretary of state, figuring it was pretty much in the bag, got business cards printed, even had that property put in the business name, and I got the papers back today stating that the name I had chosen was already in use by someone else! I guess it's just a bump, but it feels like it has slowed me down a little. Now I have to wait another couple of weeks. Oh well, must have needed to slow down a bit.

Spent the day mostly downloading programs, thought of working on my probate website a little more. I think I'll still do that.

I love that about you. lol. I already can tell what YOUR pace is, so I just didn't want you to feel like you had to add what "I" want.

As far as bumps, oooh I hate those. BUT, you just gotta say ERGGGHHH!! and go around them. Learning experiences, stepping stones, not to be given any time in regretting. Oh, btw, one thing I will give you a tip on. If you ever start a post that you put a lot of thought into, either do it in a Word document or save it on a clipboard as you go, because there's nothing as frustrating as putting your whole self into a post here on the site and then one wrong hit of a key or something and "bloop", it disappears (and it never seems like you can get the same feeling in a second one. lol)

Congrats on your week, Amy! You got a lot accomplished! (and my daughter called today, now very unsatisfied with her job since talking to you. LOL! Thank you! She actually asked about and listened to my whole REI story for the first time, incredibly. She moved away before I started all this, so hasn't been here to realize just how big it's gotten (probably my fault). Now she is really fired up! Thanks again!!)

Have a great night!

Rina

Rina,
That is so exciting about your daughter! That makes me happy ! I hope she soaks up every ounce of experience and knowledge you have and cherishes it even more than we do!
I know exactly what she's feeling about the job. I'm actually trying not to feel that way because I know once I give into the idea of it being a drag then I won't be as effective there, and I need to be all there for a short season. I know I can't let down the people there. I do feel committed there too, and at least until I get this up and running and have invested time and effort into the work and people there, then gradually I can let go...At first I gave 5 years as my target...now I'm hoping I can stick it out for 2!!
Well, say hi to your daughter for me! I can't wait to hear her success stories next!

Amy

Hi DG-er's, I think I finally got an agent that is motivated. Spoke with some and they all said they would jump on board, but nobody has come through yet. I think this one might be a keeper.

I think I found my no seasoning loan banker! A small out of the way place where I did my paperwork for the small house I just got. Will do 80% LTV. That little town it's in looks like a nice place to live...might have to go scout it out!

Did a lot of driving the other day for the little house...maybe I want to stay closer to home. Didn't think it was that far, but taking the trip out there this time seemed really arduous. Maybe because the Courthouse was in the NEXT town, bout another half hour in the opposite direction, plus it was stormy, raining, and windy...Would have rather been drinking hot cocoa by the fireplace, but there will be plenty of time for that when I get my feet off the ground!

Hoping all is well and everyone is staying focused and positive. I need to tell myself that probably more than I need to tell you alls! Have a great day, I'm off to the rat race!

Amy

From Lawton Oklahoma.

max

Hi Max, Thank you, hope all is going well for you in your neck of the woods!

Amy

This morning I contacted a couple of agents that I think will work with me. I was expecting find my box full of potential deals since he said he was looking them up as we spoke on the phone...got home and nothing in my box from him
But I did get something from another agent. Maybe he'll rise to the challenge.
I called on a couple houses I found that fit the criteria for 2 buyers. I'm hoping I can make the perfect match! Gnite DGers

Amy

I got the listings on a couple of houses from the one agent I think will work with me. I am waiting on another deal to materialize, found a family that needed a specific size house in a specific area with a built in swimming pool. Got the house, now just waiting on the buyer to respond. A little different, they haven't given a name or number and haven't put a call in to me, but has responded via email. I'm just waiting to see what happens with that one. The $20K house turned out to be a dud, now I'm considering trying to put a post out on a private money lending site to see if they will do a short term loan for a high end house in a very desireable neighborhood. House has much potential, needs finishing work done. Think there's about a months worth of work, but the spread looks pretty good. Gonna try to make an appointment with the owner, my rehabber and my agent and see if we can make it a win-win-win-win situation
Posted my house on CL with 2 strategies, either lease option to buy, or sell. Actually 3, if worse comes to worse, I could always just straight rent it. K, figured I'd just jot down what little progress I've made. It seems so slow. Had someone ask me to bird dog for them commercial properties. I need to study about it. I've been mainly focusing on residential and don't really know what a Master Lease Option is or a couple of other terms I ran across. I'll have to read up on it. Gnite DG fam...

Amy