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

(((((((((((Tammy))))))))))))) Wow, you are amazing. I wish I had it in me to go for it like you. I'm really proud of you! I can't believe how much you get done all the time.

I've gotten stagnant for the last couple of weeks. Fear is really paralyzing me and I don't know what to do about it. Say a prayer for me, will you? I really need it right now. I'll say one for you, too.

Take care, Tammy

Lisa

Here is my deleted post. I realized I subscribe to my RSS feed, and found it in there, but NOT here! I do not know who or WHY my post was deleted, but I do not appreciate it. Please come to me to tell me why this post is not appropriate. It is ALL RE INVESTING stuff!!! Originally posted 2/25/2011.

Well, I have been SUPER busy to say the least. I have been on the phone so much in the past 2 weeks I don't think I have an ear left. I REALLY need to get a new earpiece and headset for my home office phone. Actually, my husband talked to the cell phone company, and this time when he told him we STILL don't get much of signal at our house (for 6 years NOW!) they will be sending us a free miniature satellite to hook up to our computer so we always have a signal! That is GREAT news, because I miss SO many of my cell phone calls due to the poor service at my house!

Ok, RE stuff. We have the hotel deal mentioned above a bunch of us are working on, the refi for the cabin we bought in JAN 2010 is DONE, pulled $25K out of it (they only allow 75% LTV for second homes. Plllbbttt!) but we did good when we bought it with all that equity! I had to oversee the whole transaction as the inlaws would not have anything to do with it. They gave us whatever was requested and said if we can handle it, they'll do it this one last time! Had a clueless appraiser who chose comps in other neighborhoods from 5 and 6 months ago when there were plenty comps in our neighborhood w/in the last 3 months, but this appraiser was from out of the area. Tries to rebute that appraisal and got no where with it. Personally, I think he didn't want to put it more than $50K than we bought it for, but I know without a doubt if we were to sell it, it would bring in $15-20K more than his appraisal.

But, what can you do. I'll take the $25K. Got a 7/1 (fixed for 7 years) at 3%!!!! Can never go above 8% after that. We did this one still under the inlaws credit. Win / Win. We make all the payments, they get all the writeoffs (because we are maxed out with write offs from our primary residence and can't take any of the write offs anyhow). We had to regrant our interest away from the property to just the inlaws name and the escrow company rerecorded another grant deed immediately after filing the first deed back into all our names. (They want to remain on the property just in case we should start missing payments ) Then I will be putting the property into a trust, which I STILL haven't done but its important to do!
I had my trust read over by a top lawyer here in LA thanks to my father in law having a meeting with him, and had that done for FREE! What an amazing help! That's what was holding me back in putting all the properties into trust. Moving forward with that the next time I get a chance to breath.

Finished the Success Academy and am now doing bonus courses to keep on learning. STILL haven't written my essay or done a video or even had a chance to submit all the deals because the system limits the number of documents to 5 and I had to submit 2 documents for one of the deals. I need about 28 hours in a day and I think I'll be able to get some of this stuff I don't have the time to do accomplished! HA!

The other appraisal that came in $50K below another exact comp of $240K from 4 months before the appraisal is fixed now, thanks to 4 more sales in the area of homes more than 200 square feet less selling for more than $30K above his lousy appraisal, thanks to me for pointing them out to the lender, who sent them to him. He really didn't have a choice BUT to amend it. That fixed that but good.

The no season refi loan fell through. This guy DRAGGED us through the mud on this one, 5 damn weeks of being told we're going to close, and excuse after excuse of why we were delayed, they finally quashed it and blamed the debt to income ratio, which we told them from the GIT GO was an issue, but were promised it would be fixed by doing all the refis. NOW, we have paid an appraiser $1350 and may not even be able to do ANY of the loans.

So, immediately when I found out the news, I went to a small local bank (spoke personally with the manager of the bank and told her all about my company and what we do ) in town who can help me, but I need to have financial statements from my company from 2008 to present, and I've only been keeping the records of my individual properties, so that is a HUGE job for me to attempt on my own! (BILL, I MAY BE CALLING YOU! )

If I can't get a loan to go through by the 8th of March, I will lose out on the 2 Evansville, IN properties I have under contract (duplex and fourplex with $600/mo cashflow for $18K and $36K) because my buyer is moving out of the country. He paid over $160K for these (bought one in 2008, the other in 2009), including all the rehab he did on them, but he needs the money now because he's getting married, having a child AND moving to Israel. SO I am applying for a loan for my company and praying it will go through! My paydex is great, but I don't think I'm ready to get a company loan yet, but we'll see how that goes. I am contacting my HML to see if he could report my payment history to D&B so it will count towards my credit so the bank can see I'm good for repayment, but I'm wondering if I should wait because it will show I have a loan for $200K then. Not sure which direction to take.

There's more that's going on, but I'm POOPED! Soo off to bed for me! I've been running around like a chicken with my head cut off this week, so I just haven't been able to stay up until 1am this week at all!

I found a title company that will insure my land. I guess it was sitting at the tax lien office for a long amount of time. Here is what I learned.

There are 3 types of tax sales there. A judicial tax sale, then there is a repository tax sale and a sherrif's sale. This company can insure repository and sherrif's sales, but not judidcial tax sales without as signature. SO, my lot was a repository tax sale to the people who bought it before me. What this means, I'm still not sure, but I'm going to look it up to understand it better. ALWAYS something to learn IN REI!!!

We are putting it in front of several other banks, and I am making income statements, cashflow statements and all that stuff I did not ever do before in the business. I have everything done by property, but I have to get it done as actual accounting statements all inclusive of all the properties. Headache, work, TEDIOUS accounting! And, I have to go back to 2008 with it. Grrrrrrrr. BUT, if I go with the small bank, I can leave the property and the loan in my LLC name. So, its not all bad. Just a lot of work to do!

My T/B is moving into the rehab property on the 16th this month. We're just finishing up the minor stuff now, and the rest of the laminate flooring. Did I mention I got it for .39cents a square foot!?! *Laughing in amazement*

Amazin!! You are really burning itr up Tammy. congrats and good luck on all your working on. Been a while since I was able to read up on your journal and I cant believe how far you have gotten.
best of luck!
Richie

You do have a lot going on. I hope every thing works out the way you want it to.

Steve

Well, a very generous fellow DGer offered to do a PML for the Evansville properties. This was so encouraging and heart felt and I was so happy I let my seller know, because I feel terrible about not being able to close on these properties because he completely took them off the market and stopped marketing them for me, and I assured him right along with my lender who kept reassuring me that the loan would go through, there was only a small likelihood of it not going through. After hearing the news that they had quashed the deal, the lender asked for an explanation of where they came up with the numbers for the DTI that is inflated way past what it actually is, they never gave him any answer to that inquiry. Its like they just didn't want to do the loan for the heck of it.

I just got an email from my PML that she isn't able to do it after I sent the disclosures. I hate doing the disclosures, but I know it is essential to be upfront. They may have cost me the PML, but I need to keep integrity and just like the stock market, there are disclosures of the worst case scenario that a PML needs to be made aware of. I was reassured it was something else so I am just grateful for her offer. I'm going to search out a few more people for a PML. If you read this and would like a to earn some quick extra money with the great security of being backed by real estate, please PM me, I have to close by the 7th of March. Appreciate any help anyone can give me. I just paid $100 to do a professional CMA (because IN is a non disclosure state).

IT IS CERTAIN I WILL SUCCEED!!!!

HOWEVER, I had a backup plan. I have a regular renter moving in on March 6th!!! I've got to hustle to finish up some final stuff that needs to be done! Already got 2 months rent and $500 of the security deposit (1/4 of it) and allowed them to put the rest of the security deposit on a monthly payment plan from there. I do this with all my tenants with 620 or better credit, because I know it is sometimes difficult for people to have that kind of cash. It has always worked out great. I usually get $350-$500 of the security deposit up front, then divide the rest up over the next 10-18 months.

The horrible tenant FINALLY moved out of the deal I bought in GA using subject to financing! YEAH! He did NOT do a good job cleaning the place up, but nothing (except the landscaping) was destroyed). Have a new tenant moving in April 1st.

I am ALWAYS AND FOREVER busy, there isn't time to breath, if I had to take time out to breath, I'd be dead! LOL Working on getting the loan for that refi'd; seller may consider short selling it to me, which would be great. However, we're going to try the loan modification stuff first, and all the other options.

I don't know if you've visited my website lately, but I added EXTENSIVE information about what options are available for pre-foreclosure about a month and a half ago. I have about 6 pages worth of information on it, and updating in in the wee hours of the morning so its even better! If it helps just one person, its worth it! Pretty thorough stuff! Its the Zion link in my siggy. I should go update my PML site as well, I haven't done anything to it in a while!

It is CERTAIN I will SUCCEED!!!

Now, I've GOT to get this no season refi done and get out of this horribly high ridiculous HML.

Tammy,

Keep up the progress! I haven't been here (or Deans site much) in a while, but I checked back in and it looks like you are doing pretty well so far! Keep up the good work

Thank you for keeping up with my progress! Sometimes its seems like I really am not getting anywhere. This business has a lot of things that fall through; but I heard a great analogy the other day; I'm not sure where; it very well may have been the Think A little Different course (which I just recently started).

Think of a baseball player and batting averages. If you look at batting averages, the best of the best have a batting average of .366, .358, .356, .349. These are the best of the best. We're talking Ty Cobb, Rogers Hornsby, Joe Jackson, and Pete Browning. Even the BEST only get 36% of what they try for. Food for thought!

Watching you work and you are doing a great job. You have a tremendous amount on your work load and your doing a great job of juggling all of it. Keep going at it and you are going to get the end result you are going for.

Just checking up on you

No wonder your doing better than some of us. Now if you had a double middle and it was "O" and the last was "Q" your batting average might be better than in baseball. You'd have a new RE name. "Total Knock'em Out Queen" .

Yes, I thank you so much for following me! My hope I can inspire others through the ups and down of my journey. If *I* can do this anyone can, but it does take A LOT of sacrifice and HARD WORK!

Well, my tenant moves in to my property tomorrow. We spent the whole week finalizing the rehab, my husband coming by after work to get it done in time for the tenant to move in. It looks gorgeous!!! Once our cash out refi goes through, our cashflow will be over $600/month, and that is after principal, interest, taxes and insurance.

As a recap, we closed on this FANNIE home 12/3/2010. We finished the rehab TODAY, 3 months and 2 days later, but only because we wanted it done right; we've had a lot of bad experiences with contractors who rush through stuff and do 1/2 arse work. The only things we hired out with this rehab were the ceiling scraping, recessed lighting, had the electrical checked, removing and hanging the interior doors, carpet cleaning, fixing one of the ceilings that was sagging

My hubby and I work together great when we are working on a project. The items we did ourselves were:
-Staining floor trim for the family room, halls, and entry area.
-Painting new trim to replace around all the interior doors.
-Removing the old trim in these areas and afixing them to the walls
-Painting the trim in the few rooms we didn't replace it
-Fixing the sinks
-Putting the sprayer in the kitchen sink because it was laying underneath the sink and not being used because of the reverse osmosis system. (Drilling that sink was sure a task!)
-I created a BEAUTIFUL door out of a thrashed, old, ugly, door that was cracked at the top, and I'm VERY proud of how AWESOME it turned out. Used my own creativity and design to make it look very regal. Used some aged copper paint and took a big risk because I wasn't sure how it would turn out as I'd never used it before and WOW! Makes the whole exterior!
-Scrubbed the garage door extensively because while it was for sale, some teenagers had egged it all and it was stuck on like glue.
-Removed the old water heater and replaced with a new one (my hubby did this)
-Created a custom cabinet overlay to put over the LED lights our contractor added underneath the cabinets.
-Removed 2 old windows and replaced with brand new ones (my hubby did this)
-Laid laminate floors in the master bedroom and put the 1/4 round trim over it.
-Painted and refined all the interior doors (this took about 3 coats of paint including a primer, and sanding in between coats)
-Fertilized the grass and managed to get it 1/2 way back before a tenant moved in.
-Installed new shower heads in both bathrooms
-Thorough cleaning of everything in the house
-Installed a ice maker/water line to the fridge and hooked it up.
-Put chair rails on 2 of the bedroom walls
-Washed the outside of the house
-Removed old linoleum flooring in master bedroom and entryway.
-Tiled the entry way (my favorite thing to do is flooring!)
-Refacing a cabinet with wood that I stained.
-Replacing the old hall closet with modern closets.
-Trimming bushes and cutting the grass several times
-Fixing and/or replacing the sprinklers (hubby did this)
-Cut down a full grown dead tree and remove the lumber (hubby did this (with the help of some little helpers carrying small logs to the truck )
-Putting back all the outlet covers, carbon monoxide alarms, and smoke alarms
-Installed a new doorbell
-Fixed the broken exterior gate and painted it

While all this doesn't seem like a lot, it is all time intensive stuff fine details to the jobs to do it. It would have cost us well over $12K in labor to hire this out, and it wouldn't have been done nearly as nicely, plus we had fun. Kids made several new friends in the neighborhood and we did this all on weekends and a couple of weeknights, and I went a couple of weekdays on my own. Get 'er done! FINISHED!

Total cost of materials and labor was under $11K.

BANK Appraised value: $330K
HML costs: $36K

Current Sales price for rent to own: (EASILY!!) $345K
Our tenant buyer is renting for now, but may change that to a rto in the near future. They've already starting fixing their credit. Credit showed 14 negative lines, however, in the detail, only 1 remained. WELL on their way, but want to be cautious.

Equity and addition to our net worth right now: $98K

Not bad! Thanks Dean for sharing your knowledge, and thank the good Lord above for perseverance through EVERYTHING and having the will and determination to NEVER give up!

ON TO THE NEXT HOUSE!

Now these puppies are still under contract and the seller has given POA to his investing buddy, so I can STILL buy them when he leaves the country. He wanted them closed before the 7th aof March, but of course the no season refi didn't go through.

So, my job this week is to get a small bank in IN to do a refinance on them, or a HELOC or a 2nd (in a 1st lien position). There will not be a seasoning issue with them, unless they count the amount of time you owned them.

Had a CMA done, had to pay $100 for one . But, the values are good. $110K for the 2 of them. I'm paying $54K. Not too shabby. With a cash flow. But, what I'm going to be doing is separating meters and making them section 8 compliant. The current property manager is good on one hand because he's right there next to the properties, but he is taking the FIRST applicants he gets, and some of them are tenants from you know where. So, once I get them all section 8 compliant and have a thorough inspection on everything that will cut down a lot of maintenance expenses I will be getting a new property manager. Once all that is done the cashflow will be closer to $950/month.

Oh, forgot to say how I'm financing them! Yes, the PML fell through, but we have another outlet. My hubby has agreed to use a loan on his 457K to purchase them so long as I have the bank all ready to go (I have several I've contacted already), and we are buying them cash. So, there shouldn't even be a seasoning issue, other than the amount of time we've owned it. He did not want to do that, but after the HML experience, he'd rather pay himself 4.25% interest. AND, its a 5 year loan, so if we opt to keep using the money, we have a low interest loan.

MAKING IT HAPPEN!!!!!!

It is CERTAIN we will SUCCEED!!!

Well, my tenant is all moved in! What an exasperating weekend. WHEEEWWW! We still have more items to complete, but our tenant is officially in the property. The house looks awesome with furniture in it. The couple that is renting it is checking things out and very well may become a tenant buyer. They have 4 kids like us, many of them the same ages, except they have 3 boys and 1 girl, just the opposite of us.

I now have a title company to insure my land, and can no longer get ahold of my buyer. I talked to him the Friday when he was in FL and now he doesn't answer his phone. I must have lost him, but would like feedback as to why he changed his mind. Land is a hard sale, so I'm hoping that there is just some technicality as to why I can't reach him.

Processing applications for the house I bought subject to existing financing. I think I found the right tenant. She and her family will be moving in on April 1st.

Today I have to take the garage door openers to the tenant that just moved in as I did not have it with me and goto www.mysmartmove.com again to run the tenant's info for the GA property. Also, found an envelope I thought I'd mailed. I think the kids took it out of the mailbox on me ! It was for a bank account with a partnership with another investor here on DG. I am glad I found it because I knew I had put it in the mail and would have never thought to go looking for it!

Now, hoping after I get the tenant selection done for the GA property, I can work on getting some properties under contract for assigning or double closing locally. I've connected with several RE Agents and hopefully ONE of them will be the STARR.

helpme2 wrote:

No wonder your doing better than some of us. Now if you had a double middle and it was "O" and the last was "Q" your batting average might be better than in baseball. You'd have a new RE name. "Total Knock'em Out Queen" .

I'd say I'm batting about a .259 right now. Hoping to bring that up with more practice.

on me with computers. My main laptop is going kaput. The system file (Windows) is corrupted. Wonderful. I finally got it to boot tonight, but I am not able to click on anything. I'm on my MAC now. I REALLY need to get office on my MAC and get rid of PCs all together. I HATE them!!!

You sure aren't sitting on the bench. Tammy ! Take another look ! You are turning them bases in !

I tried for several hours using all knowledge I had. It was finding a bug that the Microsoft website had no knowledge of, and then it kept saying the system file was corrupt. They are in for analysis now. When I say 'they', remember last June when my computer died? I never had it fixed. I just decided to take it in with that one and get them both taken care of so I have a backup. I need to learn how to have my network back up between computers, that sure would help me out.

This is the kicker here... I had a full backup on an internet program. That company 'inadvertently' deleted ALL my backups. I ALSO had an external hard drive. That one did not work (still has 3 more years warranty on it) and ALSO died, this was back in June when the other computer died. Set up the online backup after the first computer died so this would never happen again. After they deleted all my files, I could never get it to back everything up again; some critical update with Windows conflicted with the program. SOoo... I ended up paying $149 to back up my data despite taking precautions. It was nice to be able to afford hiring the repairs out. Getting payout on the cabin is like a paycheck.

They said it is most likely the hard drive that's out (although I diagnosed all the hardware and it said everything was fine. Grrrrr)

I"ll post RE stuff on the next post because this was all administration stuff.

The previous tenant (the one that was in the property when I took it subject to existing financing) left it a mess, several things not working, carpets weren't cleaned, walls not spackled, yard is a disaster, weeds everywhere and never watered, trash and furniture were left. (all of these were signed on his lease that he agreed were his responsibility). (This was NOT a tenant I chose, btw, it is one a REA had put in the property before I 'bought' it.)

This man, who would never answer the phone and pretend not to be there every time we tried to contact him, is calling every day to get his security deposit back. HAHAHAHAHAHAHAHAHA! He may get $10 back when all the expenses for bringing the property back up to par, less wear and tear.

Selected the new tenant already for move in April 1st. Most of my documents are on the computer in the shop, however, I did have all the information already printed up so I was able to process applications. Just have to call references, check police records for their current address and verify employment and they are official.

Still can't contact the guy who was buying my PA land. Relisted it again. Hopefully it sells quickly; it took me a year to find a buyer on it.

on some of the journals here. I get so much inspiration from them and they help me so much to see that we all go through the ups and downs of REI. It is a part of it. I am praying that my drive is able to be backed up. I did a Super AntiSpyware run from the command prompt before taking it in and ALL my files were still on the drive and didn't appear to be harmed, so I know it is all intact. It really is sad that with all the precautions I took NOT to lose my files, I STILL ended up losing it.

REI wise, I've made a couple of extra items for my tenant to sign because of the new legislation requiring a working carbon monoxide alarm in all properties now. I don't know if its a state law or federal though. Also printed up the EPA Lead pamphlet to include in their move in folder. Went to a home for a possible L/O. The guy is smoking something. He's a realtor who is also an investor. His home is all outdated and he's painting it... all white; (makes me feel like I'm in a hospital or institution!) the kitchen is 1/2 torn out, and it is overpriced by far. He wants $75K down and its about $100K over priced. And, he is willing to sell what it appraises for, but I'm sure he'd be doing an ARV appraisal on it, because there is no way it could appraise for what he's asking. He only wants a 1 year lease option with no extensions. This guy is banking on someone not being able to follow through and getting to keep the 'option fee'.

I have been in contact with 3 promising realtors, but I'm not holding my breath. Setting up this temporary loaner computer for the past couple of days. I'm SO out of my element, all my automated systems and my outlook which files all my incoming messages for me. I'm missing all my contacts, many emails, many phone numbers, the automated deal analyzers I made for both commercial and retail properties, all my forms, and documents. Its going to be a LONG 2-4 weeks (how long FRYS takes to fix a computer! OI VEI! I didn't ask when dropping it off because the kids started running around the store, then the older ones took toys away form the younger ones and the whole store could hear them.

I called them and they will try to get my backups within a week; but still, on this loaner computer, I have these dumb starter versions of Word and Excel which don't sort, don't do forms, and blah.... nothing that I'm used to having the luxury of using.

A LONG overdue break tomorrow. Going to take the kids to Disneyland. It is my son's birthday today. Seems like he was just born; he is now 12! WOW! *gulp* 4 more years to driving! AHAHAHAHAHHHHHHHHHH! The thought alone is scary!

It looks like everything you have been working so hard on is just working out great. I have been working hard on my REI ventures and it is coming to fruition. A lot of the things I am doing are so small compared to what you have going on, but I am taking what I have learned from your journal and applying it to my REI. One great take away I have from your work is that when problems arise you keep pressing through until you find ways to overcome each of them. That has been a great part of my accomplishments, to follow your lead and take it one challenge at a time, persevere through each of them, and come out with what i set out to do. Thanks for setting such a great example.

Thank you! It is GREAT to hear that I am helping others! A LOT of things we do as REI seem little, but each step builds upon a foundation to make deals happen. No matter the length of time it takes to do a deal, we must always remember that our efforts WILL be rewarded if we persist and NEVER GIVE UP!

Got ahold of my seller by using *67 Apparently the lawyer he hired told him because *HE* couldn't find title insurance it wasn't buildable (LAWYERS! ) Told him that if he built, someone will come and fight to have the land put back in their name which would mean if he built he'd lose his house. While this is TECHNICALLY true without title insurance, and the probability of success in doing that because of the circumstances, it would be a tough thing for someone to do. HOWEVER, I emphasized that WITH title insurance, the land title would be defended and insured against this type of thing. (Hope I explained it right!!!)

I tried to explain to him that there are 3 types of auction sales and many companies do not insure the type that this one was sold under 2 owners ago, but I did indeed find one that will insure it, which means if for some reason, heirs to the owners who didn't sign should come after the land (which has ridiculous costs of over $2000/year!!!!) that there would be no way for the people to get the property because title is insured. Hope I explained it ok. He said we should start all over again and get escrowed opened and he will buy it.

Of course, with the computer being dead and at the shop, I don't have any of my documents and would need to rescan them; however, I did send them to the title company. He will be working with them direct instead of this screwball lawyer. (It was horrible on the phone with this guy, (the lawyer), as he was always slurring his words and mumbling, so hard to understand the guy!) SO, HOPEFULLY this land will be closed by next month (if not much sooner!).

Went to Disneyland yesterday. One of my goals when I started this journey was to be able to buy the family passes to Disneyland. E X P E N S I V E ! ! ! ! ! GOAL: ACCOMPLISHED!

Boy, just to get in ONE day a ticket is $76 per person!!! The prices have gone up SO much. But, when my little ones were meeting Mickey and Pluto, and wouldn't let go of hugging Minnie, seeing the joy on their face is invaluable. Older kids had fun too!

It is CERTAIN we will SUCCEED!

The lady who I am renting a house from confirmed my payment. We always rent a house whenever we travel. Staying in a hotel DOES NOT WORK with 4 kids unless we get the big suites. We are staying an entire week, hoping to look at some properties in the area to lock up with tax sales. I'm busy setting up the network for that to happen. Of course, getting some leisure time and visiting the Grand Canyon, Zion and Bryce in there too.

My backup is ready to p/u; too bad on my loaner computer I don't have half the programs I need. I'll have to add them, then delete them before giving back the loaner. I know Microsoft is very particular with their software; don't want to add it on too many computers and be told I'm violating the terms of it. Have to call them to make sure its ok to add Office w/o any consequence if I remove it before returning the loaner.

Got a tenant moving in the GA house, they want to move in ASAP; the prior tenant really did a number on the house, claiming its 'sparkly clean'... ummm, yeah... as the bin I put my dog poop in.... Now, this house is on well water, and when I heard that I thought it was great; free water. Found out yesterday its a COMMUNITY well, and the water shut off midway through the carpet cleaning. #$%!%!

I have a GREAT guy I'm working with there to help me with the move out inspection, and all the local issues, as well as confronting the prior tenant with all his lies (he's a military guy and doesn't put up with ANYTHING and really put him in his place (in a respectful way of course) (USAF ) while we had a conference call with him. The prior tenant is NOT at ease and its funny to hear him cower to him and say oh, of COURSE you can deduct that from the security deposit. )

ITS so important to have a clear communication with tenants, and to be PICKY when selecting them. This is a tenant I would have NEVER chosen, so it just goes to show that its beneficial to stick to my tenant choosing strategies!

you're doing a great job! i'm so happy for you. in my journal, you asked me for some L/O stuff, but i wasn't sure what you wanted exactly. PM me. thanks.

Thanks for stopping by. Things are crazy here!

I am getting the property I took subject to refid for my seller so it will go from 6.75% to 4.5% with no closing cost using the FHA streamline refi. This will cut costs by over $300/month, plus I am reassessing the value so that should save another $40 per month. So, slowly but surely things are turning around.

The prior tenant left it a DISASTER, so I've been coordinating the cleaning, painting, weeding, house power washing and fixing everything that was neglected and/or broken and it is WAYYY beyond normal wear and tear. I hate that that property management company chose some careless family that didn't care for the property at all. Because of the deal I have with the seller, he is picking up any of the costs his security deposit won't cover (and there is a lot it doesn't cover. )

New tenant is coming in as soon as the property is ready. I still have to call references and check police reports, but they are very qualified with impeccable credit and background checks and have already signed the rental binder with the deposit contingent on making the calls.

Got ahold of my buyer for my land and should close on that by Friday or early next week. This will increase my cash flow by over $200/month as this property was costing way too much. We had wanted to build a nice cabin in the Poconos there , but the HOA were too much to handle. That was my very first land acquisition, and it was NOT a good investment at all.

Got ahold of my seller on the duplex and fourplex and getting some final documentation, thorough inspection on both, and should close on these by April 1st. Buying them at 50% below ARV and cashflow over $850 a month (because I won't have a mortgage on them) even AFTER all the expenses and utilities. First course of actioin will be to separate the meters and make sure that AL applicants are run by me before chosing them. The current property manager ISN'T doing background checks or calling references and it is hurting the bottom line. Hoping to have this cashflowing well over $1200/month by 2012 at the very latest, hoping more realistically by June 2011.

GETTING IT DONE!!!

It is CERTAIN I will SUCCEED!!!!

I'm so impressed! Glad you are finding good tenants/tenant-buyers Thanks for your posts, they're very encouraging to me. I hope to grow up and be like you one day

Geesh, it sounds like you need a new management company for that property. How frustrating.

Ok, take care

Lisa

Oh, P.S. I noticed the title change on your journal. I like it!

Even thought that property (The one left a disaster by the previous tenant) is in GA, I bought it with the tenant already in place. I have been managing (well, my hubby was dealing with the tenant because he was one of these guys that doesn't think women should be in business and would not talk to me) that property since September 2010. ANd, I am **SO** happy **I** get to chose the tenant now.

See, there will never be a company that will care as much about the tenant that is living there and what they will do to it as yourself. Really, the MOST difficult, and MOST important part of managing is choosing the tenant. If you keep properties up to par (and above standard, that's my way of doing it) you rarely have to deal with maintenance and repairs; especially if you execute a great lease that stipulates all that in it. AND a couple of GREAT contacts in the area to keep an eye on the property and to meet the tenants. That is how I successfully and pretty much hands free once the tenant is in, manage properties across the country.

I know a lot of people prefer using management companies and that is fine too, but I just know from experience that if I keep a property in tip top shape, and get good tenants who I feel will exhibit 'pride of ownership', and are willing to take on the responsibility of renting a home, (I screen well) then being a property manager is easy.

NOW, the Evansville ones may be different as they are apartments perse... duplex and fourplex brings in a different type of renter pool. SO, I will have a management company doing that one, only because it may need more hands on.

So, of course, getting slack from my naysayer who thinks I am incapable STILL of doing a good deal. He has this huge pile of papers with all the info on these properties, the CMA showing I am buying the 50% below market, all the documents showing the expenses, and he STILL thinks I shouldn't get them. I am hoping and continually praying that this might stop as he realizes we are on the road to FREEDOM at this point, and the ultimate goal is to payoff these mortgages we are refinancing right now.

Its important to look on the long term goals, because all he is seeing is we're borrowing money here, we're borrowing money there... but if we BUY right, that money is being invested in the best possible way right now. Just wish I could get him to see that.

Thanks for keeping up with my journal Lisa

Tammy just stopped to say hi and see how you are doing, looks like you are doing fine so I'll close the door on my way out.