Tammy's journey to refinement and FREEDOM. GREAT THINGS ARE HERE!

Hope everyone has a great new year's eve! Stay safe and warm! Thanks for the encouragement everyone.

At the beginning of the new year I have a meeting with the person at the title company I closed my rehab property with. He has a program to get me into investment deals before they hit the auctions, and he scoped me out through our deal's closing. Should be an interesting start to the new year!

Also, looking in to getting a loan for the business to try to secure the Evansville properties. Have not had any luck assigning them despite their great cash flow and amazing price. I'm also trying to redo all my loans to improve my DTI ratio as well as pull cash out of my mountain property, which I've had almost a year now. (unbelievable)

I am also going to look for some local Evansville small banks like you suggested Steve to see if any of them will give me small loan amounts. Would be very nice to find one that does!

I have been spending part of my day getting caught up on some of my favs on the site. I'm so pumped after reading your journal. You have always inspired me to keep going.

I am so amazed at your bull dog tenacity. Thanks

Tammy in one of your post late December 2010, you mentioned you found the list of buyers on the sherrif's acution site. Where on your site did it show the history....I'm not seeing it on the Oklahoma County site.

Thanks for the help.

Hi Erika!

Happy New Year to you too! To find the sheriff's sales I went to the county that the city is in, found the link to the sheriff's station, and on their website was a link to the sheriff's sales. Then I clicked on the sheriff's sales notices and listings, and some of the links were to prior sales. I don't know if it works with all counties or states, but I know it works for Evansville, IN.

I went to my county and a few other in Oklahoma and was unable to find the link but I am not going to give up. I will keep working on it. Thanks for your speedy respond.

You are super great!

Besides getting sick , is purchase several books and books on CD and a GPS (I get lost all the time! Not always a bad thing, that's how I found my primary residence! ) LOL

Here are the books I ordered:
"Unlimited Power Featuring Tony Robbins Live!" Anthony (Tony) Robbins

"The Power of Positive Thinking" Dr. Norman Vincent Peale

"Awaken The Giant Within" Anthony Robbins

"The Millionaire Next Door: The Surprising Secrets Of Americas Wealthy" Thomas J. Stanley

"Success Through a Positive Mental Attitude" Napoleon Hill

"Your Spiritual Authority: Learn to Use Your God-Given Rights to Live in Victory )" Charles Capps

"The Trophy Effect" Michael Nitti;

"Success Motivation: Scriptural Solutions for Being Successful in Life" Charles Capps

"Rich Dad Poor Dad: What the Rich Teach Their Kids about Money¿that the Poor and the Middle Class Do Not!" Robert T. Kiyosaki

"The Law of Success In Sixteen Lessons by Napoleon Hill (Complete, Unabridged)" Napoleon Hill

"Garmin nüvi 1450LMT 5-Inch Portable GPS Navigator"
(Hope I made the right choice here. It was this or the Tom Tom Lifetime maps and traffic) Both had really good features, but the reviews are what made me choose the Garmin. *crossing fingers*

My goal is to try to eliminate much of my negative thinking. Yes, despite pushing through everything, a lot of the negative thoughts still surround me, and if I can replace the negative thoughts with many more positive thoughts, it will follow through to everything I do.

God bless! It is certain we will succeed!

Wishing you a happy and prosperous 2011! You should be very proud of yourself and what you have done!
That's a great reading list you have. 2011 will be the "I made it" year for you. The sky is the limit!
I hope we can do a deal or two together in the near future, expanding into southern California so I hope we can work together!

Michael Mangham
MD Home Acquisitions LLC

i have a few of those books and they are great. i have a Garmin nuvi and i love it. i've had it a few years and it has gotten me all over the place locally and nationally. the Garmin should be back lit which will help you see it well in bright sunlight. my Dad has a Tom Tom and it's okay, but it's not back lit. he also got stuck "in Guam" when he first got it and couldn't get "out". he does keep us laughing. i work every day on replacing negatives with positives. it's hard work sometimes, but it's worth it.

Wow Tammy that is one heck of a list, I copied and pasted in to a word doc, I keep a running list of books I want to read so I have added those off your list that I have not read to that list......I love love love working on my thoughts....it is not easy but, it is a must to go any where in life...My Pastor always says....what you think about, you bring about. So I really try to point my thoughts in the direction I want my future to go.

I'm so glad to back around like minded people...I know this path will take me far.

Much Success/Results in 2011!

I am officially refiing my 2nd deal and pulling out cash. I did analyze all my options and decided because it has a great cash flow that if I could pull the cash out immediately I will hold on to it until the recovery comes. And, because capital gains would kill my profit. If one holds a property over a year the capital gains go down considerably, so its the right option for me at this time. I will be able to pull $40-50K out of the house to reinvest elsewhere.

I am putting in offers on several more Fannie Maes this week, doing all my analysis on them now.

You go Tammy, I'm learning from you to strike while the iron is HOT! Your flow is super and I love reading and seeing your action steps.

Keep on going. It sounds like you are on fire. Gald for you.

Steve.

I got a call today; a very sad one. My tenant in NC. Only a few years older than me. They have found cancer in her breast, and its been there quite a while. Please pray for her, she is the sweetest person (and tenant) anyone could ask for. Her name is Dana. She is a mom to 5 young ones. Her husband is in Afghanistan until June. A strong Christian homeschool mom, it hits so close to home, I'm literally speechless.

It was quite 2 years ago knew another wonderful lady, over 10 years younger than me with breast cancer; only it had metastasized every where in her body and she didn't make it. SO young.

**moment of silence**

Today I got all my documents together and sent them to the lender. I am doing a major restructuring in my loans. This guy is doing what NO ONE ELSE can do; I don't know how he's doing it, but he's a blessing to me! It almost sounds too good to be true; so much so I went through it all with a fine tooth comb in disbelief and gave the 20 questions along with my husband. After our HML broker experience, we are so weary of things. Its almost paralyzed us in dealing with lenders, but I've got to realize they are not all bad out there!

Speaking of HML, made my first loan payment to the HML. He's asking me when I am getting another deal. I can deal with him direct now. Also networked with another local investor and asked him about his HML; he has one that will do 2-3 points. Networking is key, I've got to get out to some more REI meetings!

Goodnight, and God Bless everyone!

It is CERTAIN we will SUCCEED!

I'm on a roll and don't want to stop. I've got to spend more time on homeschooling!

Erika, 2011 will be your year!

Linda, I have been so crazy busy, I will be emailing you tomorrow, if not then Friday. Where does the time go?

Best to you all in 2011!

i got your email and have not had a moment to go through it. i have it on my list for Wednesday and i plan to go through what you sent. things are crazy when you really start working the REI business. i find i'm very antsy and it's hard to let it alone.

because of the stress and mistakes I've made. We are refiing the property and pulling out $47K, only there is a clause in the note, that after reading 4 times I STILL can't see that makes us pay an extra 3 months of interest ($9K more) no matter when we pay the loan! It is a way around the prepayment penalty apparently and they call it something different, and there is 'NO PREPAYMENT PENALTY' in the note but hidden within it is a 3 month reserve of interest I can't even find yet after reading the documents 4 times now. So, this HML is going to be making more on the deal than I will be for the amount of cash I can get out with that clause in there.

My husband is fed up with me and my mistakes and wants me to close down the business and give up and insists on it. We have tenants that are out of work and we have to work with them, and now this and he is telling me I'm incapable. I'm almost at the point I will be able to start making money regularly and he tells me I have to quit. On the brink of success. I'm sorry, I'm NOT about to stop 3 feet from gold.

I will hire someone to help at this point. But to give up is NOT an option, and I will not do it. The beginning is always the hardest and so many things to learn, he expects no problems to ever occur. I too am LIVID that the HML will be making over $30K on our deal and we won't even be able to take that much for our next deal, but we are working on the situation but I am NOT about to quit over it. THAT"S all for now>

It is CERTAIN I will SUCCEED!

Wow! I am so sorry for the downturn your day took. Nothing is EVER easy! And some things are harder than others.

I don't really have words to offer to console you, but you are NOT a quitter and you will NEVER give up on this. That I believe.

You have an extended family here. Never forget that.

We gotcha back, girl!

Hugs!
Karen

Stay in the game Tammy. Look at the money you have made. You do this REI job to make money from home. In the long run you are taking the best care of your kids than any baby sitter could do if you worked a payroll job. Your paydays are going to get bigger and bigger with REI. Everything we do in life has a few bumps in the road. Keep the faith Tammy.

We will pray for you and your Family.

Steve.

i agree with Karen and Steve. you are not a quitter and you've hit bumps in the road before and come out of it. you are learning all kinds of things and you wouldn't be able to let REI alone anyway. you've got it in your blood and i can tell you from experience you won't be able to walk away from it. i've tried it a few times myself and i just can't get away from it. so...i might as well just do it. we are here for you and stick to your guns on this one.

Tam, I know you consider the people on here your 'family' and all, but God forbid your husband, who I assume knows you go on this site starts reading your journal and notices that both your personal issues are being shared with technically MILLIONS of people. I don't know him, but personally I would feel beyond betrayed and hurt.

This is a serious matter that I believe should be between only two people, because at the end of the day, all the good words from people on here mean nothing. Whatever you decide is going to be made in conjunction with your husbands input.

I couldn't imagine if my wife asked me to stop doing something I love, like REI, but that should be between you both, especially if it gets more serious. I, like most on here I believe are sincere in our caring of you, but ultimately its not really our business.

Just my thoughts.

To all of you, Karen, Steve and Linda! We are working with our current lender on the situation, and I will keep everyone posted on what happens. So, after the quitting incident, what did I do? Well, remember the short sale I talked about on several occassions since back in September that is a shell in a higher end area?

Its now a bank foreclosure and the price was reduced today significantly. I filled out a CA RESPA form (that's all they'll take, hate the form, but have to use it) and faxed it in today. (I found that is the best way to get the listing agent to actually talk to you very fast, and it works like a charm ) Because I'm agentless again, I do what I can to be heard in this dog eat dog area where the realtor is king. She called me and said there are other offers, but I took a different strategy with this offer. I put in the offer with a 203K loan and told the agent I'd give her a buyer's commission and that when the work is finished, we will be moving into it. I figured I'd have to take a more creative approach since the price was reduced drastically and its a hot property, but so weathered because its now sat unfinished for several years, has since been vandalized and all the plumbing stolen, and so its seen its day. Also, since it is bank owned now, the plans may need to be repurchased from the architect; the city is super strict that its in and everything must be followed according to plans; no exceptions! I'm familiar with the area, because I live in the same city. Other investors are at a disadvantage in that respect. I know the people in the planning department well.

When things get down, I step up and take more action. I will not be defeated easily.

And Linda, you are so correct! Its in my blood. For years, entertainment has included going to open houses for fun.

Also, the news of the 'hidden prepayment penalty' overrode so much of the good news yesterday. We will be able to refi one of our current rentals to a 5/1 ARM, saving us over $200/month, and the rehab investment property appraised at $330K this time and our loan allows 75% LTV, which is why we get out $47K; however, with the loan fees and the fees for the hidden prepayment penalty, that goes to about 29K. (The HML will have $33K at the point of payoff) Got screwed ROYALLY with that HML. That's $20K more than the original lender I was going to use, and what did it get me? Not even $2K extra cash to not have to put into the price.) (Of course, that isn't how it was SUPPOSED to be, but when the fees for doing the loan got doubled in the bait and switch of terms and now this prepayment penalty the biggest mistake I made was switching HML!!!).

Our one investment property the appraiser didn't know the area and used comps from the undesirable area when ours is in the best area of the city. The lender is working on this with the appraiser, so we may not be able to reduce that one. If we end up able to, it will lower our payment by $150/month. I'll update when I hear more.

Elix, I value your thoughts very much, and I do agree, that is why I didn't elaborate on it too much past the REI part. This is a change from your normal posts about husbands and wives not being supportive.

This is part of my RE journey. This is a typical naysayer thing I have to deal with, and the circumstances causing the upset are temporary, and the long term vision goes out the window. He's been doing great and coming beside me when things are going good and I've shared that as well.

btw, I'd be amazed if millions of people are reading this blog. I don't think I'm all that popular though.

I always enjoy reading your posts, even when you say you've made mistakes. I keep hearing over and over how we all make them and they cause us to learn and grow. You are making great progress and I will pray for your husband to be more of a support and to have more patiencefor this journey.

He got the $9K waived for us! (Because it was basically illegal). I love this lender! It more than makes up for the bad experience with the HML. I can't wait to tell my husband. He's quick to react to negative things with negative responses. NOW, I have to get the 2 IN properties done and one more by the beginning of February to get my RESA refund. If I don't get that refund, I'll be in trouble again!

is it is easy to be persuaded by well meaning people. We are your friends but we cannot ever fully understand your position. I think these journals are great ways to hold ourselves accountable and they allow us to tell a story. But I also was taken aback when learning of you argument with your husband. I know that stress can rule the day and make each of a little crazy, but sometimes things are better off unsaid. Perhaps a PM or a phone call to a confidant would help you get through your disappointment. But a general post may come back to haunt you as once it is in cyberspace, it can't be recalled.

While I do not know you, I recognize that you seem to be working hard to capture your goal. Just make sure you don't pay to high a price in your personal life for that attainment.

Thanks for coming by and keeping me accountable. The frustration comes because if things ever go wrong, I am constantly put down, and this was just another put down. I get credit tenfold for what goes wrong, and am lucky if I get credit for anything that goes right, and its an overwhelming negative in my journey and has a lot of impact on my REI that I must constantly keep overcoming. I guess I feel if I don't write about it, I will keep it all inside and it will eat away at me from the inside out, and I will start to believe that I'm not able to do the things people tell me I can't do. I will keep more watchful thought on what I share.

I think its important to keep it real. Mistakes are a part of the journey and picking up after them is also another important part of the journey. To give up because things are in a down mode just isn't an option to success. And see, the thing that called for 'quitting' was resolved, thank the good Lord above! Throwing away a year's worth of work over a mistake is not going to lead to the financial freedom, my husband being able to retire, having more time to spend with the kids, and being able to help other's. Last night I prayed about the situation and left it with God, and today its taken care of. I have faith; quitting isn't an option. My hubby's actually come around a lot, but when things don't go perfect, I'm at fault, when they go right, my recognition is peace of mind.

On another note, during the appraisals we found out one of the tenant's have changed the lock and we have no access to our property in case of an emergency. My husband is helping with that issue, so its just more stress. He's been good about helping with phone calls because he knows how loud the kids get. So he's come around a lot.

With the economy the way it is, we've had A LOT of extra stress because of having to work with one tenant because she is out of work and her husband relies on commissions, and the tenant that came with our first deal is anything but easy to deal with. (This tenant won't even talk to me because I'm a woman and I have the owner of record (the person's whose loan I took subject to)him and my husband has talked to him a few times). So there have been things coming up that aren't so stellar, but aren't long term. My hubby is VERY type A, I'm to the other spectrum of type B personality, so it all has to come to a happy medium we can both deal with.

I am glad that things are settling back down some.

I was hoping to get to come by to see your new property tomorrow, but I am going to have to take my laptop to the Apple doctor to see if they can settle the spinning cursor down some! It's making me nuts!

I got the 4closure Finder set up today and, OMG, I am so enthralled with it! Amazing! Just hope it is telling me true stories!

I will try to call you tomorrow to let you know I won't be making it, just in case you don't see this post before you go.

Karen

Karen! We'll meet up at some time. I put an offer in on another house and am crossing my fingers! Expecting a 'last and final' offer to be asked any day now. I left a 3 day period to get back, I should have changed it to 24 hours! Grrrr!