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

I have found several locally, 2 of them I may be able to pursue, 1 is willing to do owner financing, the other is a short sale lead. The owner financing guy doesn't like 'negotiating' so wants me to make an offer. I feel like I'm in a playground where I can set the rules . Calling several in KY and IN for our partnership deals.

I'm awaiting some final thing to finish up my trust documents (legal description of the property and the co-trustee information).

The new tenant is NOT signing his lease or calling back. It must irk him that I have a clause in there that if he violates any terms of the lease, the rent is $100 more. This tenant is leaving by the end of the year, but its risky to have him there without a lease agreement. I called the success academy; if the old lease has a clause that it converts to a month to month, then he is covered by that lease, but it isn't as thorough as my lease.

I went and looked at several homes; 1 is a pre approved short sale for us to move to. (Didn't like it.)

I'm finishing up the taxes I filed an extension for.

And, finally, I'm getting ready to start the homeschooling again. I had hoped to have a deal done by the time I started, I may have the subject to done, however I may not.

Tomorrow is church, we're going over one of my favorite verses, 1 Corinthians 13.

on the FSBO I mentioned who owns his property outright. I used a method of giving him the price he wants; he is very concerned about getting a good price for his beautiful top of the line, gorgeous condo; he's a realtor and knows the way the market is. SO, I offered him 25K more than he's asking. WWWHHHHHATTTT??? You say?

Well, the sweetness is in the details. Comps go from 260-295K. He wants 260K for his condo and willing to sell a little below FMV. If I was to pay 200K and get traditional financing at 7%, after 30 years I'd pay 469K for the property with all the interest costs. So, I offered him 285K, but at this price I'd need 100% financing payable at $850/month (the amount I want to pay per month) for 338 months. ALL my money goes to the principal. (285K/850) He gets a monthly income. He gets the price he wants and a little better. I buy a property, no money out of pocket by giving him 25K of interest built into the price. I tell him I'll pay closing costs, and we'll just add a few more payments to the loan. After 30 years (if I'd hold it that long), I have paid almost 200K less for the property than using traditional financing. Not to mention, NO money out of pocket for me, and no loan on my credit. Win/Win

I am awaiting a response. Will update when I hear more.

Think a little different.

It is CERTAIN we will SUCCEED!

You are dealing like a pro! I am impressed. You truly do think out of the box, or as others say, think a little differently. I pray all goes well for you on these deals. Also, home schooling is a real responsibility. Although, remember, this country was built on citizens that were only home schooled. Keep up the great effort.

Tim

This is the part I couldn't wait to start! And I've talked to so many FSBO's now to get myself used to doing it, I'm just GOING for it!

This guy has had 6 offers already, but all were too low for him. We'll see how this all turns out. I'm so anxious to hear back. He told me he didn't want to do any negotiating, just send him an informal offer in email (WOW!) and so that's exactly what I did. Put as is where is, subject to inspection and partner's approval and seeing the HOA bylaws. I also asked for no payment for the first 2 months. Tomorrow I'll follow up with a call. The worst he could do is say no, the best is accept, and medium response would maybe be a counter.

I told him that I do need to make a profit, so I have to think of a way that will give him what he wants and allow me to get a profit.

That sounds like a great deal for all, hope it works. What kind of rent to you think you'll be getting for it? I'm assuming in checking the HOA you will be looking to see if it's rentable? I know some don't allow it. Good Luck!!!

Cathyb

It will EASILY rent for $1650 and all the way to $1850. BUT, the taxes are about $3200/yr, then there's Insurance and the HOA are $300 (I think per year, but I didn't clarify) . Its in the beach community, so its a very high end area. Lots of upside potential. And yes, that's exactly why I put subject to seeing the HOA bylaws.

We hope this last deal goes well for you. Keep us informed.

Steve and Veronica.

I don't think that deal will go anywhere. The first time I talked to the guy he was reluctant to tell me any information, or what he was looking for. So, I called him and he says he has a cash offer; of course I told him I can do a cash offer as well, however the price would be considerably less. I told him I'm very flexible as to how he wants to handle the deal, but I have a feeling he already has it under contract. Just a sneaking suspicion in case it falls through he doesn't want to turn anyone away.

Well today I've been organizing. My whole system is so unorganized since my computer crash; I have never fully organized things, and I lost most all my saved websites. I'm attempting to grab stuff off the old computer and try to remember all of them. Did you know in Firefox (not sure about Explorer, want to get away from MS as much as I can! ) , you can put all your saved websites into folders and organize them by topic. Then, when you need to work on something, say your bills, you can ask Firefox to open all the sites within that folder. So, that's what I'm doing today. I need to streamline, organize and streamline some more.

I'm getting ready (by preparing my stuff for a lender) to re-offer on that REO property that's sat almost a month now. I need to find another agent, because the one I have is not sending me anything else and doesn't seem to want to give me listings that are 180+ days and have had price drops. Why, I don't know, I guess it would be too much work? *sigh*

My next endeavor, after I get all my other training finished, get everything reorganized, and complete all my websites and get a good handle on the SFL system, will either focus on getting my RE license or I also have been talking to a guy who has huge cash buyers buying all over the US; $300M worth of them. He teaches everything I need to know and I'd basically be a bird dog and I get 25% on every deal, in writing. They had just put an offer in on one in Danville, IL I'd been eyeing wondering how I'd ever get the money for it that had a 10% cap rate. He'll also teach me to be a HML. Only thing is, he charges $795 for all his training material. He is licensed in 4 states as a broker so he takes all the risk for me and any mistakes I'd make. Legit? I don't know, but their BBB checks out. I'll keep everyone posted.

I just want to get another deal going.

In my organizing, I realize without even having STARTED my SFL system yet, I have 6 websites of my own (that I remember) and I can't even remember the SIGN INS for some of them due to having lost the link and the emails for them. Th

No, I'm not done with all the documents yet, but I got a lot of it done today. I'm waiting on some more information on the property to finalize the documents (All 32 of them!!!!) This was a huge undertaking! But, I am very prepared now on how to do trusts, so in the future they will be much, much, MUCH easier to do. I feel like I've accomplished so much. My next steps will be to do more trusts so I get to know them like the back of my hand.

Here's the link to my newest, no money down, no cash out of pocket DEAL #1!! http://www.zionpropertiesandinvestments.com/AVAILABLE-PROPERTIES.html

4 more to go to get my SUCCESS ACADEMY REFUND!! Now, when I lease option it off, does that count as deal #2 or does it all count as 1 deal? I'm not too clear on that, but I'll call the academy to find out. I am hoping there is someone there whose a trust expert who will be able to go over all my documents, this being my first time writing up a trust and all! There are several more things I need to add to be to that point, but this is really going to happen! Getting VERY excited about this!

It does count as deal #2. I checked on that for myself as well. I am taking a trust seminar this Sat. our local REIA president is putting it on. We will have all the docs needed and fill one out so that all we have to do is record it on Monday! Am very excited to learn this. Also talked to my bank to see if they have issues with regards to putting properties with mortgages into trust and was told they just had a meeting recently about it and "no" they don't have issue with it. The will even mortgage a house in trust. Yeah! Some banks have issues with it, so I am happy.

I like your web site, it looks real nice. Let us know how your trust works out.

Steve

I'm wondering because all mine are with major banks, including my subject to.

I don't know how they're going to do a class in a day! Boy, my class was 4 days, just for the land trust portion; another 5 days for the personal property trusts. And when I say days, I mean 4 hours each day. LOL

Steve, thanks. I was going to get rid of it because it was one of my first sites because its through VistaPrint and what I can do with it is limited. Since I learned how to do a site with WordPress, I like working with WordPress a lot more because you can put things where you want them, create tabs, headers, side lines, etc. But, I decided to stick with it because I'd have to learn yet again how to get the domain name back from Vistaprint.

It is a small community bank, just like Matt Larson talks about.

Cathy

you are really going to town! you're doing an awesome job.

So I took a break from RE for the most part this weekend, with the exception of going to look at a few properties and researching ownership of a property. Turns out the owners of the property next door in the mountains live in the next city over from where we live now. Small, small world. I will be pursuing!

Have to post to the person who posted about the 'protected by CA government code'. I found a way around it. (Only because my proptrend does not work in this area for some reason (have reported it 5 times now... HUMPPPHHHH!!) It USED to work, so I know its a glitch of some sort!

From Steve and Veronica.

Today I networked online on www.meetup.com and www.**** and got my www.kijiji.com account going and listed my lease option property on there. I'm also working on putting them on www.house.info.

Thanks for the birthday wishes Steve and Veronica.

I have to call the success academy to see if a leaseback program would count as a deal.

Is all I can say. Just by joining groups on Meetup.com, I have 5 new leads, 2 buyers and 3 sellers. Pretty good for about an hours work. Building up my lists! I'm putting everything in my outlook contacts. When this deal is closed, I have to start right away on my 2nd. The tenant has given his 60 day notice, so I am now recruiting for my lease option, or worse case scenario another rental.

I need to find somewhere where I can find buyers who are interested in lease optioning executive homes. This is definitely new territory for me, so I'm not sure where to finding people who make a good salary that have bad credit. I'll keep looking and not stop until I find them.

Hello Tammy,

How are things going seems like your realy taking off with RE Is this your New house? If it is its too BIG for the screen cant see all your info. I hope this is your house and good luck with everything and also HAPPY BIRTHDAY!!!

Yes, this is my first Deal since joining the Success Academy! I will replace it with my picture after I make the official post on the boards when it is all CLOSED! (Posted too many times that I have my first deal only for it to all through!!!!) So, that's a point to take, don't get discouraged when deals don't go through. Not all of them will; not by a long shot!

Hi, Tammy. I spent *hours* on here last night, till about 6:30am this morning, reading all of your posts! I started and just got hooked, I had to finish them all lol. Well, I'm brand spanking new to RE and am on my second lesson with the RESA. Thanks for all the encouragement your posts have brought to me (and everyone else). The reading was so entertaining

Lisa

Thank you for stopping by and reading the whole thing and glad there was some entertaining factor in it. I hope it will help you knowing that it was like starting over again for me as well. There is so much to learn. You'll be on information overload, so make sure to do your RESA assignments and stay on top of your goals (they got mine to work finally!)

I still have 1/3 of my course left! I've been doing so many other courses on top of that one that its been put on the back burner. (and working on deals #1 & 2) But, I will be all the more ready to tackle the RE world for having taken them all!

Taking my kids to the fair today and sneaking on DG.com before I am dragged to every ride, animal, and game in sight! My next step is to learn the marketing part of SFL because I need to take advantage of the blast marketing across the web.

Ok, I've actually only got 25% of my courses left to do now! I have been a very bad, NAUGHTY, NAUGHTY success academy student! I finally took another lesson. I wish that the lessons were available on CD so I could listen to them in the car to keep refreshed on them. I get so much accomplished with the courses I listen to in the car!

Took the kids to the fair today. My 2 year old went on the big, gigantic enormous slide with my son. She cried a little, but after while wanted to do it again. My son was afraid to go on anything that goes over 10MPH. But, my 10 year old daughter, boy, she's a daredevil! She went on the scariest looking rides! Reminds me of me when I was younger. I can't believe I am now @! years old now! (aahhem, if you look at the numbers for those symbols, yeah, that's my age!) *dumb look* How did that happen? I mean, WHERE did all that time go! It amazes me how fast it all flies by! I was just 10 years old myself what seems like only yesterday!

I am still trying to find a trustee to finish up this trust once and for all. I think I'll have my best high school friend do it. When we were in high school, we had code language. We were from the Planet Purple looking for Morsels that weren't Deenas. Now, if you can understand that... pphhhhtt! You won't... Does anyone understand teenage girl language? I'm enjoying my older 2 before they hit that scary stage!

Happy Belated Birthday Tammy!! You are awesome and great inspiration to me....I wish I could do like you with so much going on!

You don't have to do all the trusts and courses I'm doing, just start out with bird dogging and assignments. Remember, I've already been investing in real estate for 13 years, doing it the wrong way, but nevertheless, I'm willing to take a lot more risks and do a lot of the more advanced strategies because I've been investing so long.

WIsh you all the best!

It is CERTAIN we will SUCCEED!!!

I just read your recent post. I enjoyed all of it. I remember when I was @!, but that was a long time ago. It seems like just a few months ago. It seems that the older you get the faster time flies. When I was a child, summer vacation from school seemed like forever. Now the school buses are only gone for a week. I am glad to hear you are enjoying your children. Keep up the good work.

yes @! makes me feel so old! I wish summer vacation still seemed longer, especially homeschooling!

Haven't heard from my seller, and want to get this deal closed, but need to wait on him. Waiting, Waiting, anticipating...

There's not too much I can do right now until I hear from him, and its almost the end of the month.

I have prepared my sheets to call 10 FSBOs today. I always research the house so I know as much about it before calling, what total view says for a value (even though that's usually very inaccurate, it gives me a ballpark, check Proptrend for who the owner is, crime indexes, lot size, and square feet. I need to always remember to ask ' Is this a good time to talk'. Other than maybe already having the home under contract, the guy I made the owner financing offer on never had enough time to talk. I really like to find out what is going on with the seller and how motivated they are and what they are looking for so I can make them an offer that works best for me and them.

It is CERTAIN we will SUCCEED!

I didn't get too much RE stuff done, and I did not get my calling done. It was my first official homeschool day. And, of course because of the homeschooling, the house was not cleaned up, so now I have that added stress because hubby goes on a criticizing spree when the house doesn't meet his expectations. I had postponed it a couple of week to get my deal closed, and now I'm waiting on the seller.

I did get another lesson in on the success academy tonight though, and caught up my printing on the workbook and guide. I don't really know why I print them out as I have access to them online, but for some reason having it in a notebook I can grab and look into is appealing to me. I need a bigger book shelf though as I'm acquiring so much RE stuff, mine is getting very full of books!

I will be out and about tomorrow and will try to make some calls tomorrow if the little kids fall asleep in the car at all. This usually doesn't happen until the middle of the day, but MAYBE. I enrolled the kids in a painting class because they love are, I'll get time alone with just the little ones, and I just need a break every now and then! They also have their book club meeting; one of them tomorrow afternoon, and another Wed afternoon. Yeah, a little bit of a break for me! I still am not kid free, but its nice to spend some alone time with each of the kids, its a rare time!

After doing my lesson on birddogging, I think I will birddog my deals that don't meet my criteria to other investors.

Good night! (Its 1AM here, I still am KEEPING my eye and mind on the end results, and remembering to give myself a pat on the back for the little daily things I accomplish like Dean so eloquently placed importance on in his blog #96!

It is CERTAIN I will SUCCEED!

Tammy,

couldn't help noticing your journal- it is quite entertaining and interesting...
congratulations on your first, maybe second deal(s)!
I too joined the academy, just a week ago, and find the lessons amazing! So much to learn! I've been printing them too so that I can write notes and highlight areas that need my special attention-I kinda feel guilty about the trees every time I print, but my excuse is that I am using the notes quite a bit
Wishing you great success!
Valerie

Wow! I've made it to post 300! Before watching Dean's video, I would have put myself down and said something along the lines of 'my 300th post and I can't even account for an official no money down deal yet'... but, with the right on, perfect timing and advice, I can look at myself and my journey and see how far I've come, and be proud of what I've accomplished.

My first thank you goes to God, because without Him in my life, I would not have a savior who gives me grace and unconditional love, which gives me the example to have, and work on, that unconditional love towards others. He who gives me everything I have, from senses to smarts, abilities and understanding; the ability to live off of 7 hours sleep a night and all the many gifts he has blessed me with. It isn't always easy, especially when the one I'm with most (aside from the children) can be extremely critical of me. Secondly to my family, who has had to put up with me taking time to learn, better my knowledge, and advance my wisdom in real estate. My kids do not like to listen to self help books and real estate CDs, (for the most part) and yet my son has revealed to me how he wants to invest in real estate at the ripe old age of 11. And of course, I want to thank Dean, for writing his books, providing the academy, this wonderful website, even when there is bickering amongst the DG family members, there is still so much I attribute to learning from this site, the videos here, and all the great online mentors, where we all learn from one another. The openness when someone makes a mistake and shares it is so refreshing, so we can all learn not to make the same mistake.

I'm in this for the long haul, and not to be judged by the immediate results, this is a journey!

Ok, sorry to go on. 300th post, had to have something memorable in it. Today I drove around looking for vacant homes, and got a list of 1 1/2 pages of homes to follow up on locally. I was out dropping my oldest daughter at her book club, and the kids fell asleep in the car. An opportune time to go scope out the area. I have another buyer, this one looking specifically for a lease option, in a city close by. I hope I can find her something!

I also sent some requests for insurance quotes for the home I'm buying subject to. I am refining my trust documents because I have finally secured a trustee to use! Now I'm double checking everything so there aren't any errors in the paperwork. Pheewww! I looked back on my records and I've been talking with my seller since the end of JULY about this one! It will feel like such an accomplishment to finally get the deal closed. At the same time, I've started to put the home out there for advertising on the net.

I also gave my business cards out to several people, talked about real estate with whomever I spoke with, gave some of my postcards about my private money lending site to someone I know who has MANY connections who may be interested in becoming a private money lender, saw an old friend and gave her a stack of them and my business cards as well. I found many pre-foreclosure leads using Proptrend which I'm going to pursue as well.

AND, I found another way to find the most recent comps. The assessor site I went to for the taxes of the home I'm buying lists them all right there on the site. I'll be curious if they are on any counties in my target markets around here with that info. Its the first time I've seen that on an assessors site.

Tomorrow is my calling day, I will be calling those 10 FSBOS I still haven't had a chance to contact (but researched already). Praying that one will be a great opportunity! I love REI! It was only last January when I bought the cabin in the mountains that I was told by no less than 10 people that I will not be able to buy any more real estate because my ratios are too high and I have too many mortgages. If you don't know this, mortgage companies only count 75% of your rents as income. This is a BUMMER, because when you have 6K of monthly income in rental, that 75% rule removes $1500 of your income, which KILLS the ratio all by itself!

Ok, sorry this was a really long entry. Much longer than I anticipated!