Cathyb's REI Journal

Just busy busy! In this business I am alway reevaluating what I am doing. Money is tight. Whe I listen to Deans last blog he was saying Matt was doing 12 deals in a month. I WANT TO BE THERE! sound like you have got a pretty good system going Good Luck and keep me posted

I am still working to finalize sandwich lease option deal, owners (there are three) have lots of questions. Hoping to hear this weekend. Been running ghost ads so have a couple of prospects lined up.

I got a cooperative lease option house under contract, after doing some due diligence I realized the price the owner wants is WAY more than its current value, and even though I would like to make a couple of grand on the deal I am not going to put someone in a house that they won't be able to buy because it is already upside down.

Got a call off of one of my ads, a couple with kids has a contract for deed, and the sheriff just came to the door to tell them the house is in foreclosure and will be sold at auction. The have been paying 1750/mo for the house, and the owner has been pocketing the money. I don't know how much they put down but that is gone too. She is planning on suing the owner but has to retain a lawyer for 5k, have to spend money to get money. It is very tragic the way people are preying on others during times like this.

Am working another wholesale lease option with a friend of my husbands, really nice house should be easy to find rent to own buyer.

Am doing a yellow letter campaign and got my first phone call. Marketed to absentee owners, and the guy who called me was wondering why the letter went
to his father in CA. I explained that whomever is listed as the taxpayer but has a different address than the prop would receive a letter. He said he actually lives in the prop, he and his dad bought it together, but he did tell me that his next door neighbor approached him asking if he wanted to buy her duplex, he said he would pass my letter on over to her! Thanks man. Although I am looking for lease option candidates, I am not opposed to wholesaling the deal if it the price is right and it works for all parties.

As I said an interesting couple of days.
Am leaving with my hubby and kids to Mexico on the 12th. Can't wait for some warm weather this MN winter has been brutal. Supposed to get more snow next week Yikes!

I am still working to finalize sandwich lease option deal, owners (there are three) have lots of questions. Hoping to hear this weekend. Been running ghost ads so have a couple of prospects lined up.

I got a cooperative lease option house under contract, after doing some due diligence I realized the price the owner wants is WAY more than its current value, and even though I would like to make a couple of grand on the deal I am not going to put someone in a house that they won't be able to buy because it is already upside down.

Got a call off of one of my ads, a couple with kids has a contract for deed, and the sheriff just came to the door to tell them the house is in foreclosure and will be sold at auction. The have been paying 1750/mo for the house, and the owner has been pocketing the money. I don't know how much they put down but that is gone too. She is planning on suing the owner but has to retain a lawyer for 5k, have to spend money to get money. It is very tragic the way people are preying on others during times like this.

Am working another wholesale lease option with a friend of my husbands, really nice house should be easy to find rent to own buyer.

Am doing a yellow letter campaign and got my first phone call. Marketed to absentee owners, and the guy who called me was wondering why the letter went
to his father in CA. I explained that whomever is listed as the taxpayer but has a different address than the prop would receive a letter. He said he actually lives in the prop, he and his dad bought it together, but he did tell me that his next door neighbor approached him asking if he wanted to buy her duplex, he said he would pass my letter on over to her! Thanks man. Although I am looking for lease option candidates, I am not opposed to wholesaling the deal if it the price is right and it works for all parties.

As I said an interesting couple of days.
Am leaving with my hubby and kids to Mexico on the 12th. Can't wait for some warm weather this MN winter has been brutal. Supposed to get more snow next week Yikes!

Sounds like things are going very well.

Enjoy Mexico! You all have certainly paid your dues, weatherwise, this year.

Karen

I have a wholesale l/o under contract that I am marketing. Hoping to get someone in there soon.
I spoke to a motivated seller today, about his house for rent he is interested in doing a lease with option. I have a great family for it already, the problem is, he doesn't want to put a price on the house, he wants to sell for "just under" market value when the time comes. I'm not sure if this is a good or bad thing for a tenant buyer. I think I will have my agent do a market analysis on it to see what it is worth today and then take that info to him.
Am leaving for Mexico on Sat. so am excited to get out of the snow. I heard it is going to be in the 50's here while we are gone, so typical. Maybe all the snow will be gone when we get back. Adios Amigos.

You too Kathy! You are doing awesome. I love reading what you have been doing. It sounds like you have got everything covered. the only other thing I can think of is doing a title search. Do you close with the same title company most of the time? If so they may do a curtesy title search. Is he close to losing the house?

Keep going strong!

you are doing a great job! hope you enjoy Mexico. love hearing about what you are doing.

Stopping in to say hello and see what you've been up to. Busy as always, and with some rather ocmplicted sounding deals. But isnt it amazing how much you learn from everything? I'm glad you are well and hope to see you at the EDGE. Are you able to go this year?

I know I have been VERY lax in my journal, but am still in the game. Currently working to purchase the house across the street from ours, as well as working a cooperative lease option and finding a house for a tenant buyer.
Not working fast, but am busy with boys and baseball.

At the edge Natan Street talked about a problem solving exercise he does when he needs a more creative idea to get things done. What he does it write the question/problem that needs answer/solution down and then sits there until he writes 20 different ways to solve the problem or answer the question. Nathan says it is usually the 16th or 17th answer that really helps him. I thought it was such a fabulous idea not just to solve real estate creative financeing problems but is a way for me to help my kids create a way to "think out of the box" even though they don't know what that means. Tonight, my son was supposed to be home at 8pm from watching a friend play ball at the neighborhood park, at 820pm I sent my husband to go look for him. When he got home he said "mom, i don't have a watch how am I supposed to know what time it is?" I said well before you go to bed I want you to get a pen and paper and come up with at least 5 different ways you can find out the time when you don't have a watch. He did the exercise and guess what all of the answers aside from "mom could get me an ipod touch" were great ways to know what time it is. Do I think it made an impression? Definitely. Do I think he will use them next time? Maybe. But maybe being grounded will help.

I still haven't completed my video for the Success Academy, don't know why this is such a big deal, but I keep putting it off. I jumped out of an airplane with Rina for heavens sake, this should be a piece of cake.
My sister is coming this weekend from TX so maybe she can help me. Am hosting
my family for my moms 85th bday party this Saturday, have much to do......

Cathy,

your post makes up for you not writing lately in your journal...
thank you for sharing Nathan's problem solving exeercise and showing us how it can be applied to all kinds of problems... will give it a try too.

Warmest wishes for your mom's 85th-have a beautiful day!

Valerie

you r busy busy !! it was great to see you at the edge....we sure had some in depth rei talk with some amazing people.sounds like you r working a few deals .how did the skydiving go?? would you do it again ??
i loved nates exercise also and i use it often....when u ask your brain a question and u WRITE IT DOWN as the answers pop into your head...it is astounding how the answers just appear.what makes it even more amazing is when you r in a room with like minded people and they all contribute answers.I bet your boy may use this as he gets older now that u opened up HIS mind !!! coooool.hope all is going well for you !!
jay

It was so wonderful to meet you at the EDGE! I've been using Nate's 20 answer technique too. Its been a great help.

I too, am still NOT done with my video. Something about doing a video is intimidating. I don't know what it is, but I'm with you. We should have a contest to see who can get their video done first. Having a good ol' fashioned contest usually puts a little spark to get me going.

Glad to hear you and Rina survived your airgasm! I would have gone with you guys had I not had surgery just a few days before. I **LOVE** the skydiving feeling, and flying through the air like a bird; its just the initial jumping out that doesn't compute within the brain . Its a must do in everybody's life at least once! Welcome to the 'jumps out of perfectly good airplanes' club.

Jump out of an Airplane? No way.

I completed and submitted my video for the success academy so I am hoping that means I don't need to jump out of any airplanes!

I still need to turn in an overall success story although I did turn in each of the individual deals. I will write the overall success story this week I promise!

I think I recorded the video about 5 times before it turned out not-so-horrible.

Have a great week!

Roger

But it is so long. I'm going to do a separate short one for the other portion. I need to get that refund ASAP, and I hate that they waited almost 7 weeks to tell me btw, you have to do a video. Doing a video is NOT my forte at all.

I did all my writeups, now just to submit the video. I downloaded it to my MAC and am now burning it to a disc. Then I'm working on the other video.

Do you know how long it takes them to edit the video together and get it to PMI for the refund?

Hi Tammy,

Actually, I have no idea about how all this works. Your comment is the first that I have heard someone say that someone might edit the video I sent in. I am just following step by step and have no idea what goes on inside the hallowed halls of PMI. Glad you wrote back, in just one day I had already forgotten that I said I was going to do my overall success story this week! But I must do it because I will be out of the country by next week for a weeks vacation.

Roger

It's been awhile. So you went to the EDGE? How was it? What are the 2 things that stand out for you? We would have loved to go but just couldn't this year.
I cannot believe summer is gone. Winter will be here soon. what have you been doing real estate wise? I know for sure that just because we aren't posting it doesn't mean we are not investing. Drop me a line some time.

It's been ages since I've posted in my journal, sometimes I just don't feel like I have anything to report. Completed the wholesale lease option, pocketed 2k. Still don't have the house across the street under contract but she isn't ready to sell yet, she knows I am interested and to call me first. Have been working on finding properties to wholesale, wanted to see what the fast cash was all about. Have roped my brother into working on this with me, because I know this is a way for him to get out from under the financial mess he is in. He is excited, he is doing the legwork, cold calling, putting bandit signs out, etc. and I am bringing the knowledge, contracts, comps (from my REA) and the buyers (hopefully) we are splitting 50/50. We are working on two different deals currently, one is a seller with 2 duplexes and a SFH. All rented and cashflowing, at current asking price have a cap rate of 13% but we are looking for a discount on price so can offer better cap rate to end buyer. The second is a tired landlord with 35 units, but he only wants to sell a couple at a time. Both of these leads were obtained by calling for rent ads. We (meaning my bro) just put out bandit signs this eve. So am excited to see what kinds of calls we will get. I have another deal that where the lead came through me, that I passed off to another dg member,
if it closes at the beginning of Nov. I am looking at 2500. Sweet.

Donna: Thanks for coming by my journal, I saw you bought a new house, how great! Sounds like it will be a fabulous investment for you two. Can't wait to hear how it comes out.

Hi Cathy,
Glad to see you're still active and taking action. (I never doubted it). If you're putting out bandit signs, you had better be ready for the calls! There is a serious demand out there and the contacts you will make with the bandit signs will help you tap into that. You are the solution that they are looking for.

Roger

Missed you at the last MNREIA meeting. I remember reading that you put two out and got about 20 calls on one and zero on the other. Have you expanded your signs beyond two? My bro put them out up north not in the cities, and it hasn't been 24hours and he has gotten several calls. Am working on putting my signs up around town. Thanks for stopping by. Hope to see you soon.

My brother and I are meeting with the seller of 2 duplexes and SFH today, to see them and talk turkey. I have the contracts ready to go and am excited to get this deal out to buyers to see if it is as good as I think. I am concerned about one of the properties, the SFH, because she is a little upside down, so has to get 90k for it and because of that, a buyer may not want them all. It does have a renter in it that has been in the home for 2+years. It does cashflow like a monster though, at $790/mo Net. So it is a worthy addition to a portfolio for someone who is looking for turnkey props rented with cashflow. Wish me luck and getting this deal locked up, am hoping to make 15k split between my brother and myself.

sounds great. so happy for you. you are always taking action and how great that you have included your brother. sweet. hope to follow in your footsteps yet this year.

i got moved to OK and this week i start working on setting up my office. it will be much easier to work once i get that done. i will join Tulsa REIA in November and i'm excited about that. it's been a while since i've been to their meetings and the President is a great guy.

Hi Cathy,
I was at MNREIA two months ago but didn't make it last month.
Yes, I did expand beyond the original few signs. But that one spot remains the hottest. I got a couple good leads for houses. I've got some good leads on both the buyer and seller side.
I have one offer in, and will be offering for another. Both houses are for wholesaling. One is a rehab, and the other is a cash flow property.
There is another property where I have both a buyer and a seller that I know are a match as far as the property goes but I didn't get the impression that the seller was yet highly motivated to sell it at the price the buyer needs. I told the seller that I would put together an offer for him but I'm not that optimistic.

Roger

I got a call from a seller yesterday, she had received a yellow letter from me way back in March, and said they are ready to sell now. This will be a great wholesale deal if I can get it under contract, already have a buyer looking in this area. Am waiting for them to tell me what time would work to come and see it this week.

sounds like u have have some hot irons in the fire!! glad to hear things r cookin !! its neat working with family.....share the wealth !!! way to take action !!!!!
jay

To see how long it has been since I have posted in this journal. Am still plugging along in RE. Although have run into a few person obstacles that I am trying to work through and around.

I wanted to post about a deal that happened earlier this summer. Got a call from a seller from yellow letter campaign. She had a property she inherited from her brother that she was looking to sell. It was a great old home, (half of a twin home) 3bed/3bath with gorgeous woodwork and 12 ft ceilings. I fell in love with this cool house that was in the city in an up and coming neighborhood. Didn't have the funds to purchase so I assigned to buyer (who happens to be a dg'er) and thought we would have a quick close. Turns out there was title issues from when her brother paid off the mtg, still showed lien on it. In the meantime the sellers husband is dying from cancer and her stress level is rocketing, because she doesn't know when this is going down and her time is limited. Finally get the all clear from previous mtg company and title agent drives over to their house to get signatures, the deal closed, the checks were cut and mine was for $7500. The seller called me today (we have become friends) and made plans to go out to lunch this week. She told me that her husband passed away 5 hours after the papers were signed, and the check she got enabled her to write checks for the funeral and any other expenses without her having to worry about moving money around or waiting for insurance benefits etc. She was relieved and grateful. I was happy that such a stressful time for her was made a little bit easier, first by getting rid of the worry of her brothers property, and secondly providing the funds to cover all her husbands funeral expenses.

I think some deals unfold the way they are supposed to. I am looking forward to seeing her on Wednesday.

Great going on the deal this summer! Sad, but very helpful to the widow! I hope you are doing good!

I am so bad at keeping up on my journal, I do read others but don't post to my own. The week of Thanksgiving I visited a house that a seller called
me on from a yellow letter I sent her in 2011! Met at the house, the only things it didn't need was a roof and a water heater EVERYTHING else needed replacing, got it under contract for 15k under what she originally wanted and
assigned it for 5k to another investor on Wenesday, the day before Thanksgiving. Literally took about 1.5 hours of my time with a 48 hour turnaround. The investor I sold it to is looking for more, and I have fallen
off the marketing wagon. Time to get it rolling.

Am also working on a plan to double my cashflow without necessarily doubling the amount of units I have. Will discuss with you all after I do a test run to see if it will really work.

Cathy you are such a sweet heart.. It is hard to keep up on my journal too. I sure love reading you stories though. I wish you the best. If I can help at all please ask....

Cathy,

you make your deals sound so easy! 1.5 hrs to do your wholesale!!! wow!

hope you had a nice Thanksgiving afterwards!

Looking forward to reading about your plan to doubling your cashflow

Am back from the EDGE event and all I can say is WOW! Am so inspired and excited to get moving like the six million dollar man: rebuild it better, stronger, faster. Kinda weird having a chick talk about that show from the 70's, but hey I have 3 brothers so it was watched.

Have been feeling sorry for myself with regard to not being able to use hard money or private money to do more deals (long story don't ask), then heard Jen Gray speak at the EDGE event. You were talkin' to me Sista! Am over it and moving on and around it.

Closed on a deal earlier this year where I got a house that was in the redemption period, gave a little cash to the owner for a quit claim deed, did a cash out refi on it then turned around and sold it on a contract for deed. When all was said and done, I got a little cash back at closing on the refi and have no skin in the game on this one.

Have hired an out of work guy I know to put out my bandit signs, (he is also writing them for me since I learned messy hand written is better than neat) Am paying him a small fee, but said I would give him a payout if I close any deals as a result. They will go up tomorrow.

Am on the hunt for "the real estate agent" who can put out the multiple offers
that I need to get more deal. Am going to have a sit down with my agent to see if this is something she's willing to do or not. She is a super busy agent but I have to lead her by the hand when I want to do things she hasn't done before. Need to find the rock star.

I have another deal am working on in conjunction with another DG'er. Don't want too much because those chickens haven't hatched yet, but will be a great no money down deal.

Whew this post is getting so long, I might start calling myself Louisa Sorry Louisa you know I love you...

Those of you who didn't make the EDGE this year, I'm telling you there is nothing like it. Get it on the books for next year.