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

Thank you for the kind words Lenee; I'm working on bringing the negative naysayers into the 'well, maybe it's working' category. That is what I love about the DG family here; the support from people is so wonderful! My husband seeing me present literally had a shock on his face that I could be so professional w/o kids crawling all over me.

I have a website for PML, but its usually attracted people who want me to loan them money. LOL But, its here in my siggy below. I took a very good course and have fumbled with it so long because its hard for me to meet one on one with people because I have 4 kids; but this worked out nicely; he came to my home office; while hubby took care of the kids most of the time in the other rooms(he joined me for a while). I have to have more auctions and bring people to my home! Isn't that just ironic? I want to get to a REIC club to see if I can present there. I'm all hyped up about being able to DO IT and do it WELL!

I have been reading a lot of your journal and really enjoying it. You have came a long way and I am very proud of you and happy for you. Keep up the good work and always press on forward.

Thanks for stopping by my journal and reading! I am so inspired by you and all your wonderful posts! You are a true inspiration! God Bless you!

sistreat wrote:

I have been reading a lot of your journal and really enjoying it. You have came a long way and I am very proud of you and happy for you. Keep up the good work and always press on forward.

Well, today I was on the phone most of the day. This is something I would have NEVER said early on in my journey when I was afraid to be on the phone because of the unprofessional-ism of the kids screaming in the background.

I talked to another investor who said he's got all this cash (this is a different one) but there 'just are no deals out there'. Ummmm... WHATTT??? But, he is someone I can partner with. There are SO MANY deals out there, I couldn't believe he said that. LOL So, that will be a second JV partner.

I'm going over my JV agreement to see what I should add. The last couple of times I've sent it to people I think I scared them away, so I may have the SA take a look at it to get perspective on what's intimidating about it. It pretty much covers everyone involved, but the NCND I think puts people off. Is that other's people's perspective?

Talked for a good hour to Bill, got some much needed CPA perspetive.

My CPA is not really working out too well. I think he's bitter because I left him for 2 years and attempted to do the taxes on my own. I have yet to meet with him more than 5 minutes personally.

I really need that one on one time with him now; when I used him before he was smaller and would talk to me for several hours; now he's too big and it doesn't 'feel' like the same relationship is there. I guess its because I left for 2 years it severed the relationship some, but it seems like we're too small for him; he's one of the biggest CPAs in Orange County. So, I think I need to find me another CPA that isn't going to put me with the office girls instead of talking with him. I really need all sorts of direction and advice so I can try to prevent making mistakes.

When I first met back with him, he started out talking about the banks and all the networks he had and then never followed up with them. I am going to send him and email and see if he just forgot; but the last time we talked on the phone, the conversation just wasn't the same.

Looked into some summer camps for the kids. I think they really need to get out of the house more. We went to the concert in a local park and we really loved it; it was a much needed time out with the family.

Well, I'm off to find a deal. I'm still eying the one I talked to that realtor about. It was supposed to close 2 weeks ago and it still hasn't. So, we'll see if it falls out yet again.

It is CERTAIN we WILL succeed!

Tammy, I can see many similarities with your struggle and mine. I am still waiting to hear from WF on that short sale I faxed in. I ensured all the paperwork was complete and in the packet. I am hoping they "do their thing" quickly or at least quicker than what I have heard many times. I can see you have grown in your business and professionalism over the last year. I noticed today that you have a tag for the 2009 Edge Event. Did you go to that one? I am praying that you close on another deal soon. I catch up on your blog as often as I can. I am sure you will keep us posted on your progress. I will give you some of my background info to compare to your own soon. I am impressed with how far in life you have come and the hurtles you have overcome too.

Hi Tammy I just stopped by to see how things are going I know it's been awhile, looks like everything is going good with you always busy.

Tammy, I just tried your hyperlink for PML's and the website is apparently gone. I was prompted to buy the website name from GoDaddy. I thought you probably wanted to know about this.

That site is not as stable as I'd like it to be. If too many people are on it, it shows as gone, but its still there. See if it works this time: www.InvestmentsBackedByRealEstate.com

Thanks for stopping by Jim. Hoping to get another deal going S O O N!!!!

Tim, if the short sale takes too long, what you can do is pursue the actual note; funny thing is, the process is actually supposed to be easier (I say supposed to because I have yet to do it yet and I'm running into a lot of hurdles on mine, but that's due to the seller filing bankruptcy on it over 2 years ago AND because the bank is playing games by locking the owner out of their own house before they have even SCHEDULED it for auction! Its so wrong and CROOKED!

So, when a short sale doesn't work, goto the bank and say, ok, well how about I try a different approach? Can I buy the non performing note? And then, that is an entire different department all together. You will get it much cheaper than the short sale! I'm trying to get a niche on that here in Southern CA, but trying it in another state first that isn't quite so liberal!

I would love to hear more about your history and background too Tim!

And now, I have BIG news! Will have to wait for next post though!

You may have already read the details here: http://www.deangraziosi.com/real-estate-forums/everything-else/84462/ano....

Yes, I DID IT!

It is CERTAIN I will CONTINUE to SUCCEED!!!

I saw your other post but thought I would come here to see any news in your journal. I hope to have my refund soon too. I have not heard back or done a video yet, just sent the main info in.

That purchasing of non performing notes is so interesting - have you talked to anyone doing it?

I am kind of stymied at this point, just sold the last flip; lots of offers in but no contracts yet. Definitely time to broaden my horizens and try something new, either partnering, different techniques or looking out of state.

Enjoy that check,

Judi

I will be calling you soon! I have your number sitting here and its on my list for tomorrow! Partnering and private money is my next goal because I'm stymied on the loan front. I can see myself having $50K disposable income each month and bank still saying.... 'well, you don't meet our DTI ratio after we remove $34,567 of your income and you are WAY too high of a risk for us'; not because I'm thinking negative; but this bank environment is ridiculous. Once I have $300K sitting in the bank, I've been told I can have a loan for $150K. Oh, that's useful, isnt' it? LOL :8

No, I did not attend the 2009 Edge event. They have an error with their alogarithms or something. Steve and Veronica have the same 2009 badge and also didn't go. So admin, if you read this, I wasn't at the 2009 Edge. Must've been a twin of mine I don't know about.

Hi Tammy
My sister in Merced called me and said you called. I will PM you with different number. I am only in Merced on weekends and in Yosemite during the week. Really look forward to talking to you. I will try your phone tomorrow

I need to do at least a deal a month.

Judi

A deal a month! Let's move on it!

The first one is in IN. I'm buying it directly from the bank, then immediately selling it using seller financing on a land contract to a family who can't get financing, but the husband is a general contractor.

The second one is... remember that realtor I spoke with about the property and wrote the letter to? Yeah, that one ... fell out of escrow again. ON IT with a partner!

GOOD TIMES!

putting together a rough draft of the JV agreement and getting things all set up to take off tomorrow! It feels good to get things accomplished! Only the rough draft, but it feels good to get it somewhere near completion. I have to thank a few of my fellow DGers for sharing some of theirs; I ended up combining 3 together plus adding stuff that is relevant to a property acquisition, so its a custom JV agreement tailored to our needs. Having my first official partner look it over now.

Hoping to have some GOOD posts tomorrow.

Newer people here need to be very WARY of who you listen to or do business; not everyone is who or what they make themselves out to be. Due diligence doesn't only apply to real estate deals. There is a user you all need to beware of. This is someone to be VERY wary of, so I’m giving you a heads up here in my journal. DG admin can vouch for this as well.

I am aware this guy is back on DG. There are also SEVERAL DGers that know of this person and his reputation precedes him, I have emails and all types of proof that this guy is bad news. He was banned from DG.com for having 6-10 aliases or something like that, all talking to one another here on DG to build a false sense of trust in him. He is back on this site, so everyone beware!

Unfortunately in this business, there are some very shady characters, and I made the mistake of trusting one of them. DG pulled the thread started by this character as one of his aliases trying to smear me, on a day I wasn’t even there to respond to his accusations. I kept that conversation JIC I’d ever need it as I only responded late at night when most were already in bed. But, be very cautious. 99.9% of people here are the legit, real, wonderful thing like Dean. But there are some out there that can be very deceptive.

Hello everyone! Hope you are having a great weekend! I don't get on here much on the weekends, but I wanted to update my journal. I have 2 things I'm working on right now.

I'm working a deal where I have a buyer I'm buying a home for and then owner financing him. He's a contractor and is going to fix the house up and give me $1500 up front; and then $1000 a month for 42 months. Its not completed yet, but things are looking good.

I signed up with a credit monitoring/ id protection company, so I get reports anytime someone runs my credit. You would be surprised by how many people run your credit after you tell them not to and even provide a credit report to. I spent the last 2 days getting all mine and my hubby's letters together to dispute all these crazy inquiries. We have over 20 in the last 3 months and our credit has gone down over 100 pts because of it. Luckily we started in the mid 800s, but until we get this loan refinanced, we need to minimize the inquiries on our credit. So, I just sent letters for every single one. There were only a few I actually gave authorization on, and there are so many I don't know which is which. Let the credit bureaus figure it out. People can be so nonchalant about running your credit, so always check your credit report. While inquiries normally don't have that much of an impact, when you have a lot of them it does. So, took care of that. They are required to respond to the letters within 30 days. So, by this time next month my credit should be back where it was.

My partner that I gave my presentation to for the private money, who wants to partner apparently isn't as interested in partnering as he made out. I did give him a list of the risks involved in REI and it probably scared him away. He's been wanting to invest for several years, so he had to already know what risks are involved in REI, so I don't think that's it. I'm going to give him a call right now to see if he's still interested as this deal isn't going to last forever. And its another Basswood, so I really want to jump on it! I have another potential partner as well. But finding someone with $95K isn't the easiest to do.

It is CERTAIN we will SUCCEED!

On a few properties right now; but most importantly, my current deal in IN funded today. 92% of it. I'm buying this property in IN with 92% of my self directed IRA and 8% of it from me. But, the majority of the 8% is coming from my end buyer. This is a deal I can't assign, so I have to be creative. I posted about this deal here: http://www.deangraziosi.com/real-estate-forums/my-deals/85496/deal-9-i-c...

Laws in IN have rules against land contracts from investors to people that will live in the property. They are very ambiguous and so instead of the land contract with seller financing I'm doing a lease option and putting wording in the contract that with 40 payments of $1000 the deed will be transferred to the tenant buyer. I'm working diligently on getting this done before the closing. My end buyer wants to move in as soon as I close.

I'm buying this for $26K, closing costs are $775
I'm selling this for $31K + title fees, $50 in back taxes, and $595 processing fee. I'm doing seller financing on this deal at 15% for 40 months. So, I will be making almost $12K after all is said and done. I am still working on all the paperwork to make this all work, but the deal should be closing on the 2nd of August.

I'm still trying to work on my note deal as well; but the bankruptcy attorney has overridden the authorization from the owners of the property.

On the ongoing saga of getting my deal #5 refinanced, I have now been turned down by over 20 banks. BUT, I do have 1 stated income that is a for sure thing, but I can't take any cash out of my $130K of equity sitting there. I also have another option of doing something like I did with my first deal, the cabin in the mountains and having the in laws hold the loan while we pay all the costs. Still, there is a title seasoning issue then and there are only a few banks that can do this. The no seasoning bank I have will not allow any cash out because its an investment property. I have ONE lady who is another portfolio lender who says she has our DTI with all expenses to 46% and is taking ALL our rents. Now, if this is true, it means I've found the lender! They WILL give me cash out. But, I am NOT holding out on that until I see the papers and we're signing for the loan. But, there's a glimmer of hope I haven't had for over 6 months.

So I keep on going. Nothing is going to stop me; no banks, no obstacle, no naysayers.

It is CERTAIN I will succeed!

It appears, after over 20 rejections from banks gung ho saying, oh yeah, I can do your loan, that I *MAY* have found the portfolio lender to get my loan done WITH cash out!

The way this bank calculates things, they add the TAX BENEFIT of the properties that are held as rentals into the mix... Our tax benefit is over $2300/month; taxes we would pay w/o having the properties we hold. So far, things are looking to be a go on the refi loan! GOD I pray it really is so! This would be such a HUGE relief and stress reducer! I have given my full documentation to so many people over the past 6 months I am completely exhausted just from doing so. Not to mention, if I *DO* get this refi done, I can go onto my next rehab, and I won't need to rely on a partner.

I PRAY I really have found someone that will do the refi for me, and it will be cash out!

Saying a little prayer that you found the lender who can help!

i'm in agreement with you and Cathy that this lender works out the way you want.

I thought of a way to have a bank loan to me, without doing a loan with them.

I'm going to offer $45K more on the property than I want to pay, and ask for $45K back at closing for repairs. I will let you know if the bank entertained it or not.

I know, I'm cCCWwwwwwwAAAAzzzZZZZyyyyyyy!

I need all the prayers I can get! It SURE would be nice to close this chapter of my investing journey with this darn loan. I have NEVER experienced anything quite so ridiculous nor been treated like the plague like this from banks! Banks are officially nuts!

WOW....you r kickin it with all you have going on! !!!!! I can tell u have learned a TON with all the avenues you take to make something happen.kudos to you for your NONSTOP determination to learn and progress to the top! !!!!!!!!! awesome.I am amazed at your tenacity.keep tearing into it! !!!!!!!
jay

now I wait. I've been working directly with the seller's agent on this one. He is happy that he will get both sides of the commission. He is a big player in REOs and I'm hoping to build a great rapport with him, so I hope this deal goes through. Imagine, I get the $45K out of the home I'm buying instead of waiting for this darn refi to go through and create a deal I otherwise wouldn't have been in the position to do without the refi. I hope it goes through! I'm looking so forward to another project! The agent seems very optimistic.

Time will tell.. in the meantime I wait. If its meant to be, I 'll get it.

Great Journal! You've been incredibly creative in your deals!

R/
Chad.

I had gotten so behind on your journal, so I kept putting off reading and catching up until I could do it all at once.

DONE!

You are doing great! Do you just sit up at night and try to come up with unusual things to try???

Karen, I definitely think the creative juices are flowing a lot more at night because that is when I come up with these crazy schemes. Its also when I don't have kids jumping all over me and there isn't sibling rivalry amuck all around, and older kids tormenting younger kids into scream fests.

Jay, I have learned so much, and I'm continuing to learn! So many new things came up with my immediate flip deal; I ended up getting another lot out of it (without paying any more) and am trying to lock down the lot on the other side of the house as well! I came up with the higher than I want to pay idea when utilizing Nathan's 20 questions strategy. The realtor seems optimistic! MORE commission for him. He put off another offer to put mine in; even though the other offer had a $10K EMD... (Yeah, I know, but that's the way it is with agents; so if I cater to the way the agents do things, I get results! ) Agents like to be paid too. After I find out all the crap REO agents need to go through and do, I have much more respect for the REO agents.

Chad, most of the time its about creating deals that didn't exist before. That seems to be the common theme here. Thanks for stopping by my journal and delving into the roller coaster ride of a journey I'm on!

*music* Tonight's gonna be a good night! *music*

way to go Tammy!! Great stuff! Just stopping by to catch up a bit. Can't wait to hear how the $45k overbid will develope. Very interesting approach.

You're doing awesome! Girl you stretch me! Keep it up. We love hearing what's cooking in Tammy's creative kitchen!

tootles,
jen