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

Yes, that's the program. But, this is the last year you get the one on one time with Dean and I think that alone is worth it. The money is locked up in the property, but was supposed to be out with this refi this month. We were already approved and it was a go. $45K... That is my pay for this property, but now the banks are screwing with me, that was why I can (could) afford this. But, I believe with this program, I can get out of this bank mess as well and set myself up in a much better position.

How can they justify removing all that income. All the while giving people with bad credit and who aren't paying the loan modifications to 2 and 3%. Man, its just a ridiculous thing! Good credit has little value these days. You get more accomplished with refis and modifications if your credit's in the crapper. Just sayin.. but its true... people who haven't made their payments get the modifications and rate reductions; and even principals reduced.

I've found a 'no ratio' lender, but I can't get any cash out with that. And I have several portfolio lenders, and other people I can work with to make this happen. It sounds like they are making loans even HARDER for people to get, instead of easier. This 81% ratio they say we have, isn't even remotely CLOSE to our real ratio, even with 75% of our rents! Its ludicrous!

God
My children
My Family
Losing 3 lbs already! (in 7 days)
Hearing the beautiful birds sing
Seeing the beautiful scenery around me
Having friends
Getting to go to the EDGE
Meeting Dean
My God given abilities
Having a beautiful home and roof over my head
Life
Determination
Drive
Being able to walk
Being able to smile
Having a sincere heart
Being intelligent(well, somewhat ; sometimes I'm a total Dork though and do some stupid things)
Having a car
Getting to spend time with the kids
Having increased my net worth by over $217K
Being creative
Having emotions (sometimes this is a DRAG!!!)
Dean writing Totally Fulfilled
Health
Being ME!

Tammy,
Great list! I'm sure you could keep going with all your gratefulness. I do beleive this definitely helps you get through each day. I think I better start mine!
Cheryl

Tammy,

I think you're going to start a list trend here... a reminder about things that really matter in life... so many little things that mean so much to us-beautiful!
(and I think that we all are guilty of doing stupid things!)

Valerie

Tammy,

I enjoy reading your posts-they are so full of emotion, I can almost hear you when I read them.
Thank you for writing on my journal- it's nice to know that we are all in this together!

Wishing you great success,

Valerie

Is that Pete from The Biggest Loser in one of your EDGE photos? Is he a DG member? Sorry if I'm wrong, I just had to ask.

That is Pete Thomas of Biggest Loser season 2!!! He is a REI!! Makeba talked with him at length! 6 years later, he's STILL thin! AMAZING!

This refi thing was really taking over, so I remembered something Dean wrote. Totally fulfilled people are grateful! I must adjust my feelings and attitude and not allow this incident, which is merely a result, to take over and stress me out, like many times things like this would before. I'm not going to let it steal my joy.

Look forward to reading your list too!

It is CERTAIN we will SUCCEED!!!!

But I don't remember pete. I see dean in your photo on your profile.

Keep up the good work, and your positive attitude, as it shows. Also, never forget why you are a real estate investor.

Zion Properties wrote:

That is Pete Thomas of Biggest Loser season 2!!! He is a REI!! Makeba talked with him at length! 6 years later, he's STILL thin! AMAZING!

Tammy you are on fire girl

I love your energy and enthusiasm. Wow lost weight too!!! can we get a HECK YEAH!!!!

So far how are the potential 4 going? And the big spender neighbor friend of yours any potential in being a pml??? Maybe you can show him some of the deals you have done and can do:)

I hope all is well and keep posting I love reading all about it I love your new found fire WOOT WOOT!!!!

Okay, I have a question, can some send me a site that they use for FMV. I want to verify that the way I do it is correct and I am not over paying for property.

Thanks

Thanks for stopping by my journal and your words of encouragement! You are well on your way to the ultimate success in RE! I read many of your posts and you are a valuable asset to the community.

It is CERTAIN we will SUCCEED!

Thanks for stopping by my journal! I just loved meeting you at the EDGE! I'm STILL on fire from the EDGE, just got a kick in the arse by our favorite people, the damn banks. (REF this thread: http://www.deangraziosi.com/real-estate-forums/financing-and-credit/8074...)

The 2 Evansville, I'm looking for a PML and have worked out some seller financing on them for $30K. I'm going to see if there's any way to finance a higher part of them because I'm having such a hard time finding someone to fix the foundation issues.

The AZ owner carry fell through; another buyer got it; but, like all the RE I pursue, I'll watch it and see if it falls out of escrow again.

I've got to call Michael and see where we are on our deal in CO, and then the subject to here I won't take as there isn't enough equity and there are major foundation issues.

The mobile homes, I haven't been able to get ahold of the sellers; but I won't give up. You can count on that!

It is CERTAIN we will SUCCEED!

PS: Makeba, check your FB I tried to friend you, but I don't think you've been on it.

The agent is actually trying to work with me and gave me the number to an actual PML. I called him once at the wrong time and he kind of snapped at me and I'm waiting a bit to call him back. I explained to the agent my HML situation and how much THEY make on the deal which is what is keeping my offer so low an uncompetitive. I didn't like how he responded saying he had 2 other offers he hadn't submitted that are higher than mine so there is no signature required. I don't believe him, but if he hooks me up with a better lender than I have, then I am able to be more competitive. If his lender doesn't come through for me, I'll just submit again with the written response and turn down of the offer within 48 hours. I won't be happy until I see that signature.

Silas, as far as finding comps for FMV, I use REDFIN.com. It is available only in certain locations. Let me know which locations you use. At the bottom of redfin are comps, but I don't use those. What I do is click on the button to show me the map, I go in and edit the criteria to 3 months and then take the properties closest and in the SAME tract to find a FMV. (Unless its not a tract home, then its more complicated).

And there is one song that really hits me hard; especially with all the negativity in my house. Its called Beautiful. NO, NO... not the one by Eminem.. no, not the other one either by Christina Aguilera (although that one is pretty powerful too ) . This one is by Mercy Me. This lifts me up so much and reminds me how I look in God's eyes.

What does this have to do with REI? Not much of anything really, but it helps me focus and drain out the negativity and pessimistic words I hear all the time. You can have a listen here if you're interested. http://www.youtube.com/watch?v=Z6pS5HCkgPI

God Bless everyone, and Happy Memorial Day to those who have served!

As always thanks for the reply, I am looking at Indiana right now but really I do not want to limit myself so I would like to look worldwide.

Zion Properties wrote:

The agent is actually trying to work with me and gave me the number to an actual PML. I called him once at the wrong time and he kind of snapped at me and I'm waiting a bit to call him back. I explained to the agent my HML situation and how much THEY make on the deal which is what is keeping my offer so low an uncompetitive. I didn't like how he responded saying he had 2 other offers he hadn't submitted that are higher than mine so there is no signature required. I don't believe him, but if he hooks me up with a better lender than I have, then I am able to be more competitive. If his lender doesn't come through for me, I'll just submit again with the written response and turn down of the offer within 48 hours. I won't be happy until I see that signature.

Silas, as far as finding comps for FMV, I use REDFIN.com. It is available only in certain locations. Let me know which locations you use. At the bottom of redfin are comps, but I don't use those. What I do is click on the button to show me the map, I go in and edit the criteria to 3 months and then take the properties closest and in the SAME tract to find a FMV. (Unless its not a tract home, then its more complicated).

Non disclosure states are a bit more difficult. Try to find an agent in the areas you are looking for to give you a full list of solds within the last 3 months in the X neighborhood you are looking in. I do not PERSONALLY know of a way to get the comps otherwise. There is a way to get distressed sales in the area by going to the county websites and looking at the past auctions; often times, the prices properties sold for are listed. But, remember, these are not representative of the ARVs, but it will give you a small idea of what distressed properties are going for. Sorry I couldn't be of any more help. You may want to ask Linda (PDQServices) as she is a realtor in IN.

I appreciate the prompt reply, thanks once again.

Zion Properties wrote:

Non disclosure states are a bit more difficult. Try to find an agent in the areas you are looking for to give you a full list of solds within the last 3 months in the X neighborhood you are looking in. I do not PERSONALLY know of a way to get the comps otherwise. There is a way to get distressed sales in the area by going to the county websites and looking at the past auctions; often times, the prices properties sold for are listed. But, remember, these are not representative of the ARVs, but it will give you a small idea of what distressed properties are going for. Sorry I couldn't be of any more help. You may want to ask Linda (PDQServices) as she is a realtor in IN.

for the Mercy Me, just listened to the link. They are my husband's absolutely favorite! Great song. I listen to Christian music all day long.
Praying for your success,

I've talked to so many lenders. My hubby was online submitting my name to all these companies, but I need to spend time networking with SMALL BANKS. Bless his heart, at least he's trying to make it happen. I'm almost certain these people are NOT going to be able to help us; we've been down that road already for the first no season refi we were supposedly already approved for. At least on that one we only missed the ratio by 2%, now we're missing ratios by 22%, same scenarios and such.

I also wrote up a thorough prospectus for the rehab property I'm trying to acquire to fix and flip from that broker agent who refuses to give me a signature. I talked to the lender he gave me; he does hard money loans, but only 65% of purchase price. His points are 0-3, but I don't have that kind of cash sitting around to do $49K in rehab and come up with 35% of purchase price. Its all locked up in the property I can't refi out of. My hubby did manage to someone get a HML in his inquiries that can do the refi loan for less than the one I have ready to go. BUT, I've BEEN DOWN THIS ROAD BEFORE too, and know that its not always a good thing to switch out to another lender because their terms are better! But, if this company is REAL, than it was a good find and worth it to get a good HML on the team!

Gena, you are so welcome! It really is a great song; especially when everything seems to be going wrong and someone is right there to point out how its all your fault. Many blessings to you and your hubby! I still haven't started my video. Each time I start one of the kids starts screaming in the background. And of course I'm hearin' about that too. Trying to let it in one ear and out the other!

Tammy,

Beautiful by Mercy Me is a great song. Yes, it is encouraging. We all need an uplift. Hoping to see them next month. Hope you had a great Memorial Day weekend.

Cheryl

I'd been locked out from posting with the new system here; I'm can post now again. .

I was on the phone all day yesterday with lenders my husband looked up on the internet. Literally, either emailing or talking on the phone with them (he didnt' prescreen them, most can't help us which I already knew). ...until my husband came home. While I'm glad to see him taking action, I am struggling so much with him right now. Don't read the rest if you don't want to hear about personal stuff in my journey.

He will not allow me to use a HML ever again and tells me I ruined everything and more things that are derogatory I won't share. Long story short, I lost it on him yesterday. After 15 straight minutes of trying to remain a thermometer and not react to the things he was saying directed at my character, I burst out. This is so difficult. He cannot see the big picture; only the here and now. His focus is the refi didn't go through again and how I ruined everything. (Despite having the HML costs covered by the renter and having a $130K equity position in the house)

So he searched for all the lenders online and has them all calling me (I've already talked to hundreds of lenders in prior months but he doesn't realize this despite me telling him so). He found some stated income loans on the net and gave them my number as well. (At least he's taking action) Unfortunately, they require a 12 month PITI set aside that I can't use for pursuing other deals; AND I can't get any cash out. I told him its something to fall back on, but not the solution yet. That set off the domino effect. But, I DO have lots of small banks here I have yet to explore. I WILL somehow get some of the equity OUT of the house to use for investing.

I'm going CRAZY with this struggle against him every day though. I will keep pressing on, andI will still be pursuing a HML for the flip on the property with the broker who won't submit my offer. It will cause more strife in the house though, but there's a huge profit margin and this one will be sold, not kept and hold.

Well, I found a company that does this, they are all set up and have done it a lot. The home I live in will be auctioned on June 25th. The good thing is that if it doesn't go for what we want, we don't have to sell it, no costs out of pocket for us.

I'm in the process of having things fixed that just wear with normal living and kids. If you know anyone in the LA area looking for a great view property in Los Angeles that is a rural oasis in the middle of this concrete jungle here, commissions are paid to buyer's agents; however, because they are licensed realtor they are not allowed to give any fees to anyone non licensed. (which sucks) We are looking for $1.5M for this house, but if you saw it you'd know why. (Removed address)

This is one reason I don't like zillow and a great demonstration for WHY you can't use it as an accurate measure of FMV or ARV. My house, it pulls from all the surrounding cities and homes that are not in the same rural community and custom built overlooking the city. It makes it pretty confusing to a buyer who looks at zillow and goes 'well it says its only worth this'. We put over $300K in upgrades into our house and I wish we would have sold it back in the day when it appraised at $1.95M! But, you live and learn! We also bought it $350K below appraised value because we had... magic words... a desperate seller... who had already bought another home and had 3 buyers fall out of escrow. I believe it was all in God's timing because at the time we had purchased another home for a pastor to rent and decided we wouldn't move at the time (we had some HORRIBLE neighbors that stayed up partying all hours of the night). [And, investing in REI has a lot to do with having this home too )

I don't know if I'm really ready to get all this stuff packed up. Its OVERWHELMING the amount of stuff that accumulates over 7 years!

Tammy,

Sorry you had it alittle rough the past couple of days. I admire your attitude that you will pull through though. Good luck with everything. My prayers are with you.

Cheryl

I sure hope things work out for you here soon and you get your house sold. I think it will free up a lot of debt to income for you. We are thinking of renting our big house out to free up some money for us also. Then move into a fixer that we can fix then sell latter.

Take care Tammy.

Steve.

ps our house is not worth 1.5m. only about 400k.

The realtor/broker found a really good HML for me. HOWEVER, they still, like ALL HMLers around here, will only do 60-65% of ARV. So, this only covers about 20K of the rehab costs; and, as you know, the rehab costs need to be escrowed. So, I still have to come up with $50K. This guy charges 4 pts and 11.5 to 12% interest.

I have $25K in my IRA I'm looking for another investor that has the same. I was surprised when I put in my journal, ask me how I got money at 3%, no one asked me how back in November! But, I would like to do it again. If anyone wants legitimate access to money in your self directed IRA for your business (so the money can be used outside of your IRA) PM me, if you have 25-26K in your self directed IRA to use and have done at least one RE deal, let's talk!

Get 'er done!

It is CERTAIN I will SUCCEED!!!

Today a little light bulb went on. I've been really upping my antes on networking. Getting with the right people who know other people.

I met with my CPA today. This was the CPA I used for several years, then had to stop using because we needed to cut back expenses and my husband proclaimed that I would be good at doing taxes. BAAHAHAHHHAHAHAHAHAHHAAHAHAHAAA! That was a joke. My 2009s are messed up so bad that the numbers on the 1065, k1s and the Schedule Es are all different and one of my underwriters wants an explanation and I can't give him one because I have not idea!!! Best to leave this kind of stuff to the experts, ESPECIALLY when the taxes are as complicated as ours are!

Anyhow, my CPA sat on one of the largest boards of banks for the Federal government. In fact, he is also on the CA board of accounting, and sits on the board of... cha ching... a SMALL LOCAL BANK!!! YIPPPPPEEEEEEEEE!

He's going to get my statements done for 2008, 2009, and 2010 and get me set up for doing statements monthly on my own.

He also has connections to several other banks that come to him looking to clients to ... LOAN MONEY TO that don't meet conventional criteria because they have money to lend. MUSIC TO MY EARSSS!!! Also, I'm going to ask him if he has any clients that would like to make a nice return on their investment with an experienced investor making what they'd make at a bank in 1/10th of the time collateralize by assets worth more than their investment. When you put it THAT way it sounds extremely attractive.

I've also been talking with this realtor/broker a lot for this deal I'm trying to lock down, and he's set me up with 2 really great HMLers! And then, I have another guy, who found yet ANOTHER great HML. THese HMLers don't have fees that cost your arm and a leg (although, they still ALL want at LEAST $30K skin in the game). But, after calling 100s of HML (yes, literally) these connections are great and didn't take more than a couple of minutes. So NEVER underestimate the power of networking!

I also joined a local BNI chapter. BNI is a networking and referrals group that meets once a week. I have to find childcare for this, but its an hour and a half meeting and there is 1 representative from each field. So, you have 1 realtor, 1 broker, 1 investor, 1 appraiser, 1 contractor, 1 CPA, etc and all you do is network and bring other people to refer and network with. This is INVALUABLE, especially when you want to network to find... private money lenders... actual people with money to lend; not HML companies.

So, a day of networking and connections. I'm envisioning my future and can see it clear, vivid detail.

PROGRESS

Thanks for the good news!

Tammy:
Your journal shows amazing resilience and drive to succeed in both life and REI. So much going on for you with deals and listing your house with four kids. I have the utmost admiration.

I am new to the DG site. I bought the success academy last year and am just compiling my five deals to send in - really exciting. But, I want to go so much farther, I did not utilize the coaches or this site much during the process, so I am hoping to do that now.

I am also looking for other DG members to partner with on deals. If you still need some funds I could be of help. Please PM me, I would love to hear about what you are doing. I am in Mariposa-Merced area in California.Judi

Welcome to the DG family! It really is a family here! This resource is great and lots of valuable information! The coaches are invaluable, so be sure to call them up, they are what you paid for!

I just finished filming something for my SA refund video. Its long and very boring, but I have to get that refund. They waited almost 7 weeks to tell me I needed to do a video in addition to my essay and deal explanation writeout. So Judi, be proactive and ask them to send you the video camera for your refund to happen.

Silas, where in IN are you investing? I have that duplex and fourplex under contract; seller will even finance 1/2 of it at 0% interest with a $6K higher price ($54K for both cash or $60K for both with the financing- CMA puts their value at $110K between the 2 of them) and I want to assign them because I'm too far away to overlook the foundation repair project. GREAT cashflow. If you're interested, I can send you all the information on them.