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

I actually haven't even started using Kall8 yet, I still am using the free version at k7.net. It is completely free. I was searching and Kall8 is an extension of K7.net, but did not realize they have a $4 a month option. I know a lot of people use COA as is listed in Dean's book. But if you found something for $4, that's awesome! My 888# bills have ranged from $4-6 per month, that's it! Not bad to have a toll free #!

Thank you for stopping by my journal! You are so right! Building the foundation takes TIME and sets up the future success. I read somewhere, and I don't remember where, but it talked about building a skyscraper and it took a significant amount of time to do just the groundwork. It looked as if it was going no where. All of a sudden, the vertical construction began, and within a few months, a huge skyscraper is built! But, the majority of the time is spent on the horizontal foundation so the skyscraper can sustain the entire skyscraper.

Yes, I am trying to do a million different things and going all directions! LOL Now, I'm going to have the Edge 2010 videos and will be soaking it in!

I could definitely use recommendations for good books! My next books will be

Maximum Achievement (Brian Tracey)
Unlimited Power (Tony Robbins)
The E-myth, and The E-myth Revisited (Michael Berger) (Why most small businseses fail and what to do about it)

If you have any more recommendations, I would love them!

Now, off to revise my lease for my subject to property. I'm doing this in another state, and I'm not sure how to do all this, reading it and doing it are 2 different things, that is a definite for sure!!

Hi Tammy, To raise 4 kids and laying the foundation for them to follow is awsome. Before you know it they are off and running. That is just how this business will be doing before you know it. So many people quit just before they try to win. You sound like a winner and I cant wait to see you and many DG family member at one of the EDGE event. keep going and dont stop. Talk to you later. Matlock

Well, the bank so generously countered at... 168K! LOL Boy, flexible! A whole 1K! I countered back at 115K and asked for 5K of closing costs. This property is backing the freeway and that knocks off at least 20K in an appraiser's eyes, so I'm not going to go much higher. The CMA the agent gave me includes homes that are not in the same tract nor backing the freeway, so I know to tread carefully. We shall see. Maybe the bank isn't too desperate to get rid of it.

asked for last and final offer. I included a thorough explanation of why my offer is what it is. I stood fast at 115K, and will wait to hear. Its near the end of the month; and a quarter of the year; so anything is possible.

I've been working on getting all the paperwork ready for homeschooling. I homeschool through a church and there is lots of paperwork. I've been preparing my curriculum and setting up my lesson planner for the new school season. Summer was too short. 176 days of schooling due for the school year. But, my children are my biggest investment and requires the most of my time.

Deans scheduled the conference call for my dinnertime again. I hope I'll be able to make it. Bummer!!!

Progress for my 1st subject to! The realtor has rescinded in writing all the contracts my seller was under. I've just finished editing my lease and tweaking it (it already has a tenant in place.) I am putting together all my trusts, contacting the bank, getting forbearance for a couple of months, having my seller write a hardship letter, then we'll try to get a loan modification. My seller will still be 10% beneficiary in the trust for the property (no way to call due on sale that way as I understand it. 10% is sufficient.) When I finally sell it off, my seller will get 10% of the profits, and have his credit repaired. I plan to hold on to this one long term. $0 out of pocket, as seller is going to cover any shortfall in costs rent doesn't cover (until we get a lease option person in there ) Its all coming together.

I'm buying it for the cost of the loan, about 10K equity, Here's the house info:

Its in GA
Built: 2007
4 bed, 2 bath, 1/2 acre
In a great area 7 miles from the military base
Price: $157K
FMV: $172K
No repairs needed.

Rents are $1300/month
Costs are currently $1426/month, but we are going to get the loan mod to fix that! Seller will cover any amounts so I break even every month, and hoping to get this regular tenant out for lease option. A little sketchy right now, but I I've been managing tenants for 13 years now, so its nothing new to me!

First deal. NO MONEY OUT OF POCKET. Subject to owner's loan. Plan is to hold long term for market to turn around and bring in a sweet profit long term, and start making on it monthly though a lease option. Excited! PHEW!

Tammy nice job. Although you won't be cash flowing right now, it won't cost you anything either. I was talking with a guy recently, Who does sub2's and he says he calls the bank, after he's been paying a few months and says he may not be able to make the payments and can the bank do something to reduce the payments, and if they have to extend the loan, that fine. He got a payment reduced from 900 to 350 or something. It was cashflowing at 900, but now it really cash flows and he doesn't care if the loan goes on because he's making money the whole time. I think there is alot of wiggle room here.

I haven't done a trust study course like you have, but I was not aware about the 10%thing. We just discussed last nite in our MNREIA that the paperwork for a sub2 is: PA Authorization to Release Info...Letter of Agreement (cya)
Limited power of attorney...warranty deed to trustee..trust agreement..assignment of beneficial interest

So you create the agreement and put the property in trust with the seller as the beneficiary. Then you do an assignment of beneficial interest that transfers the interest to you and makes you the beneficiary.

Anyway, just wanted to throw that out to you.

We hope this all works out fine for you.

is contagious!!! I just got finished reading your journal for the first time. I have seen your posts and been inspired many times but finally took the time to read it through. You are going to go far! You are working every angle of every deal and multiple ones simultaneously at that!
And, thank you for being so real. I found myself relating to you on multiple levels, with the kids and husband and the feelings of excitement and discouragement all in the same day.

I did have a question for you though about your land trusts. Does that provide a way for you to write an offer on an REO and then essentially have one of your investors be the cash of the deal. In other words a way to get around the inability to use the "and or assigns" wording for REO's?

Also, I haven't checked out our website yet, but if it is not on there, would you be able to send me a PM with PML's you have found? All I can find great deals on around me in Michigan seems to be REO's and I am dreading having to present each potential deal to each potential buyer, having to create a non-circumvent and all of that when I know that in all likelyhood only 1 in 25 of the offers will be accepted. So, I am thinking I need to find a PML

Again, thank you for sharing your struggles and what you have learned!

Susan

is today. 2 years ago today at 5:56am she literally POPPED out of me. I use hypnobirthing techniques, so I can totally relax my body myself without drugs and have no pain. (and no, its not a mind altering thing, its just a way to completely relax yourself and not tense up!) This being my 4th child, I almost didn't make it to the hospital (same with my 2nd child, she was my first hypnobirthing child) got in the room, they didn't even check me in, went to the bathroom; ATTEMPTED to climb on the delivery table, but she was NOT having it. Her head popped out as I was on all 4s climbing in the table (SORRY.. I know TMI!) Didn't even get hers on video!
But, she's been the same ever since, knowing what she wants and when and how to get it!

By the way, any women who plan on having babies, check out hypnobirthing (or any hubby's who want to save their wives a bad birth experience)! I had my first using lamaz and had a HORRIBLE birth experience. Saw hypnobirthing on dateline a couple of months after having that dreaded experience with my first, and decided to try it off of that show completely skeptical, and the results? I have gone on having 3 kids without any pain or drugs, completely natural using hypnobirthing techniques (my 3rd gave me some minor pain due to her short cord and sitting on my sciatica, but nothing like my 1st child). Its the real deal, just like Dean... wait, that didn't sound quite right, but you know what I mean.

Okay has I was reading the post where you and Chris were chatting I have a few questions.

I found myself all over the place and getting no where, I haven't had the money to get in a coaching program yet. So I am building on low cost and free info.

Now Chris suggested to find 3 investors from Edge and follow there style now I have 2 which is Carol Stinson and Greg Murphy d/t no money and no credit usage. So one I know I've got to build my list b/c I really have none so I think. Everyone I speak to here in OKC say oh I'm not trying to grow like that (scared) But I will be started back to REI club this month (September
no ?'s ask)

Well heck my questions is what are you lead sources.......How do you find the deals with no money?

Hi Erika,
Definitely look on the internet and classifieds for for sale by owners. You have so much leverage when you deal with owners yourself. You can get very creative, from taking over their mortgages (which you don't need to qualify for) and then lease optioning them off and offer seller financing yourself, getting a nice downpayment or option fee up front; or you could do a sandwich lease, or if you find an owner that owns outright, you can see if they'll carry a loan for you.

If you read 'YTYREP' look at Greg Murphy's chapter if that's who you relate with, and see how he does it. There are many forms and great tools right here on this site from that book that I didn't even check out until now to help you as well.

Start calling FSBOs up and ask lots of questions. The key is to LISTEN and just be quiet as they talk; they'll give you a lot of clues as to how quickly they need to sell, whether they need to sell, whether they have room for seller financing. Its important to just listen and break the ice to get in a good position to get a good deal. Then from there, you can either lease option or wholesale your way to profits!

I enjoyed reading all your journal and the discourse with Chris and Cathy. I like your suggestion to Erika to look at FSBO's too. That is one direction I have been trying, but I need to put more effort into that. I am encouraged by all your efforts especially doing so many tings at once. I think part of that is because you are a woman. Women seem to have an inborn ability to go several different directions at once. Keep on keeping on and please keep us informed.

Tim

of FSBOs today. Got ahold of 1 of them, left messages for 2 others. I really need to get used to talking on the phone to owners to become more comfortable and not put ideas in their mind like 'You wouldn't consider this would you?' Gosh, as I heard the words coming out of my mouth I started to roll my eyes thinking to myself NO NO NO!!! DON'T SAY THATTT!!! LOL. Even with all the ?s in front of me, I get pretty nervous!

But, if I call several a day, I should become a pro at interviewing FSBOs. I REALLY need to build my confidence up in speaking with people. It didn't help that my cell kept cutting in and out and I had to recall 3 times as well. Luckily, its not a very motivated seller, but I'm going to start calling on FSBOs regularly to get the experience. This one happens to be a pre-foreclosure in arrears almost 15K, but this information was kept secret even when I ask, so I always know to do my research before talking to a FSBO!

My next is one I'm waiting on a call back in KY for some other DGers we're going to work on a deal together with. I hope I do better on that one. I had to leave a message for this one. I hope to do all the screening and then set up an appointment for them to go take a look at it. Crossing my fingers!

Haven't heard back on the REO property, but it is still on the market, so I know they didn't have multiple offers. I'll resubmit in another month if its still available. I never get attached to properties because I know the nature of the business.

It is CERTAIN I will SUCCEED!!

Hey Cathy,
Yes, I'm pretty excited. After I got the 'release' stuff in writing from the agent, it was JUST for the property management portion and NOT the sell portion. So, I am officially the property manager for it now (w/o a license) and have almost all the trust documents done.

Thank you for the list of documents needed! I haven't even called the academy yet because I've been so busy writing up leases, getting the application (the other management company could not give that info to me), transferring the security deposit from the other property manager to me, and getting the rent for September, and writing up the trust, I haven't gotten to even call yet. I have sent them an intent to purchase, and I know the people I'm buying it from, otherwise I would not have done the property management part first by any means! Anyone reading, DO NOT do this! This is my cousin's property I'm taking subject to.

It works out nice because I already have rapport and trust with him, and I'm creating a win/win for both of us. Family helping family! So, if anyone is doing a subject to, it is normally NOT ok to start taking over property management before having ownership in the property unless you're licensed in that state.

In addition to the trust, once the beneficial interest in transferred to you, you can do a form for the trust to send to the bank authorizing your company to do all the managing of the mortgage. It is called the Notification of Appointment of Management. So, it is moving along; can't close until September due to the realtor's listing agreement until the end of August NOT being released in writing.

The land I had listed with a realtor on this site did not sell and the contract is up now. So, I'm doing some other creative things to get it sold on my own.

Anyone want DEVELOPED land with a 1994 assessed value of 28.8K for 10.5K in an awesome area of PA with access to all sorts of fun and cool amenities?

I have it craigslisted here: http://poconos.craigslist.org/reo/1905024029.html

calling FSBOs. I'm not asking leading questions anymore, but I need to keep contacting them so I'm not just 'reading' off of a paper and it comes more natural. I can see myself getting really good at this!

I've got so many motivated seller's I'm brimming to the rim.

I'm finding there are many expired listings for the FSBOs, but its ok, just gives me more calling experience. I was in customer service for many, many years, but this is a little different than what I'm used to. I'm really excited and can see me getting closer and closer to being really successful at this!

I listened to Kenny Rushing's speal on bulk REOs, just don't want to put up 1K or 3K for it right now; I just bought SFL and am slowly learning it. My biggest dilema will only be choosing 2 counties to pull buyer's from. I wish it was a national database!

Yesterday was down day for me; I wasted a lot of time just with the computer on. I'm making a schedule for me to be on the computer, because when I'm feeling down, I tend to bury myself in the computer to get away from everything. Time is money, and I can't be doing that!

I ordered a book on home loan modification because I'm going to try to modify every last one of my loans, and it has all the secrets and ingredients in it that the banks are looking for. I also thought it would be good to learn all the proven strategies for the ones I will be taking subject to. So, I invested in it. I feel like I'm drowning in information; there is so much to take in, but that's a good thing. I am constantly learning!

don't get overly concerned with your phone calls. i have CD's of some of the "big gurus" calling on properties and they stumble all over themselves, despite the years of practice they have had. when i listen to them, i am amazed at what i actually hear from people who have been doing this for years. the more you do it the more you will get comfortable and not worry about it. you probably do as well as they do now. do you have a landline? if so, you might consider getting a magic jack and using that for your business line. i have one and i know someone else on here who uses it as her business line too.

Now, I know we all love Dean, and Dean will always be a favorite of mine; but this guy has everything going against him, and yet he perseveres despite all his limitations. Despite his limitations, he has NO LIMITS!

He has no limbs.. no arms or legs... born that way. Yet, he has visions beyond comprehension to most people. Hearing this man, Nick Vijicic, is someone we should all hear. I shared this on another link, which may get lost in time, so I want to post the videos here in my journal; because they are a part of my journey. There is no limit to what you can accomplish no matter how little you may seem to have. This was the first one I watched.

http://www.youtube.com/watch?v=9fxiWx0etvs&feature=player_embedded

There are ALWAYS things to be grateful for, and there are never any reasons good enough to give up. I have to remind myself of this every day!

And here's a whole talk he gives. I put it in here to come back and reference whenever things seems hopeless. Hopelessness is a perspective. Just as Dean says "Reality is nothing more than what Your perception is." This guy is the visual, living walking example of that.

http://www.youtube.com/watch?v=yo_24_qTNac (Part 1)
http://www.youtube.com/watch?v=Q6vYnbXNYso (Part 2)
http://www.youtube.com/watch?v=oxJ8Sd2Z1Yk (Part 3)

Today, I have 2 webinars to catch up on for SFL. But, making time for this today was an important part of my day.

I've seen the video from the man you are talking about. I have a book by a young man named Kyle Maynard who became a NCAA champion wrestler, but didn't have any arms or legs. It's called "No Excuses" and it really should be how we live our live. Compared to these inspirational people, we have no excuse not to live up to our potential and become the people we should be.

I enjoy reading your journal, keep up the great work.

And he said he has NEVER seen such a complicated and thorough lease as mine. He was not happy he had to fill out another application at all; but the other property manager would not give it to me 'for legal reasons'; (personally, I think she was trying to be difficult). So, this guy was going off on me and I just kept saying I understand, and it won't cost you anything, I am very sorry, I did try to work with the other property manager. He did not want to hear anything I said, despite all the things I was trying to help him with.

And, boy, he took EVERYTHING personally! He said he will be out before the end of the year because he is moving to FL. He has an accent and its is very hard to understand him sometimes; I always try to just listen to the words and drown out the accent, but when he was talking so fast I kinda just went along and said 'OH yeah, I understand! I feeel for you!'. VERY difficult conversation I handled very professionally and did not let it escalate into an argument as he was trying to take the call in that direction. I just keeepppptt being helpful and understanding and agreeing with him and empathizing.

I am proud of myself after that 25 minute call! EXHAUSTING! But I feel like I handled it well, and professional. I even offered to help him sell his house for him via a lease option that he has 100 miles away. I don't think he understood what I was saying though!

He's upset because he is now paying $1300 when the other property manager worked for him and got him a reduced rate of $1000 instead of the $1200, and now he has to pay the full $1300 (lease term was up).

He seems like a nice man, but a little frustrated at the way the transfer was handled. I wish the other property manager would have cooperated with me more, but she did not, and there is nothing I can do about that. PHew! NOT a fun call!

BUT... I see a potential seller AND buyer. He's got a home he wants to sell and won't rent because people will 'wreck his home' (his words) that he owns outright, and he want ts to buy a home in FL. Hmm.... I smell OPPORTUNITY!

Yes, I think I try to do way too much at once. I'm trying to hone my efforts a little more! LOVE Isaiah 41:10!!! Thanks for coming by my journal!

That is a great thing to hear, because it feels really awkward. I think after the phone conversation I had today with the new 'tenant' in the house I'm acquiring, I can handle almost everything! Boy, was ever a challenge! He was all over me, challenging me, trying to get his rent reduced, and get credits for direct depositing because I charge a $25 fee for a check because direct deposit it so much easier.

I may be a softie and waive that fee, but for the first conversation I felt I needed to stand my ground and be assertive (something I have a big problem with!) But I don't want to come across as an ogre either!

The speaker Nick Vijicic was at our church speaking. he is a real good speaker. We are gald to have seen him in person.

Steve and Veronica

Well, the home I am assuming has a cosigner. Now, from going through with my experience with the cabin, I know there is no such thing as a cosigner. A cosigner is basically just another person on the loan. I know the cosigner and she's not a very flexible person. So, a little twist; but nothing we can't overcome.

I will be transferring the property to the trust and then the loan will go under the trust as well. This is my first time doing this, so I will have to double, triple check everything to make sure I do it right! Wish me luck!

hey lady long time no hear.

Haven't been on dg as much lately due to working some deals I have brewing but am watching over you like the Guardian Angel I am.

Stumble, fall, scrape your knee. As long as you get up and continue the fight, you'll be ok

The cosigner for the loan on the subject to is going to give all monies to catch up the loan. An amazing outcome! I've almost got my trust documents completed and now I'm going to give the academy a call to see if they have advice on how to do a sales contract for 90% of the property. Will I stump them? LOL

Hey Elix! Nice to see you on here stranger! Being busy is a GOOD thing isn't it? I have to catch up on personals here, and I apologize for not keeping up, but I've been swamped with this going on too! Thanks everyone for reading and keeping up with my journey! When I'm done writing all my trust documents, I'll have a little more time to catch up!

Best to all of you! It is CERTAIN I will SUCCEED!

http://www.youtube.com/watch?v=Y6hz_s2XIAU

This is another great video that shows that those who say we can't do something most likely are VERY wrong.

Enjoy!

Success Academy is closed for the long weekend. So, I've almost completed my trust and will ask questions on Tuesday.

I wanted to respond to someone who I thought left a message in my journal about time management and using folders. I have been waiting for a time to contact that person about the system s/he posted when I have time to really concentrate on the advice and now its gone.

I must apologize; if I don't get back to someone on here its because I want to take the time to concentrate on the reply or at the time I read my journal I am either breast feeding my now 2 year old (I don't think she's ever going to wean!) and can't type very well with one hand and a 2 year old in my lap.

Well, today I have been finalizing some documents here for the trust sale. I talked to an asset management company about which state, and see 2 other people answered my thread about which state to use as my 'governing' state. I have not chosen one yet.

I also had to make several calls today with the next step in building my business credit. I wrote 3 more letters; I tried to apply for Home Depot, Lowe's and Best Buy. Well, Best Buy requires a letter of credit or $5000 cash reserve in their control (it seems kind of like a trust) and I'm not about to lock up 5K of my money when I won't even use close to that amount of stuff from Best Buy, so that one is out. Awaiting on Lowe's and Home Depot. Because we were a partnership for the first 8 years of the business, there is no official 'record' of our business start date of 1997. So, instead of just putting in 2005, D& B decided to make the start date incomplete instead of just putting the 2005. Oi vei! So, I have to call D&B tomorrow and rectify it somehow.

The tenant in the new property has not signed his lease, but he did send his application and rent payment, so I am concerned about this. Right now he's not under ANY lease agreement. I will call him again tomorrow. He's not an easy person to work with; it doesn't help that the property manager was his friend and refused to cooperate by having him sign a release for the application materials. Can't wait until he moves

Going to go finish up the trust documents as much as possible!

It is CERTAIN I will SUCCEED!

Well, after long thought and consideration, I've decided to do a lease option with the home I live in. In under 3 days I have interest in it already! All I did is put it on Craigslist to test the waters with it and get something written up initially. I didn't seriously think that I'd get hits for an it already.

I am on a quest. If I can lease option this off, it frees up a lot of stress and opens all sorts of opportunities!