OfflineHello to all. I'm brand new here and just from the nightly browsing and (beginning to be obsession), I can tell this is a family I want to be involved with.
Well, as I embark on this journey of my life, I'm nervous and excited. I MUST turn my life around....here's my story so far.
I'm 56 years old....self-employed musician. My wife and I decided around 2004 to get into real estate and rentals to build up something for a retirement income. We happened to know fellow that made his millions from real estate from performing at various parties he threw. He happily agreed to loan us money for properties....We enjoy rehabbing so, before we knew it, we had six properties going....but, of course needed a lot of work.....we got the first couple done and rented....and we had planned on every third house, we'd fix and sell and pay off the first two....we were getting these for $8000 to $18,000. By the time we got it ready and put up for sale, the market started slowing down....it sat for a year.....music jobs started getting scarce....didnt have money to fix up the remaining properties....things were getting tight.
I went to our backer and asked to maybe refinance the loans to lower payments while times were tight and he said, "How bout we just suspend payments until things pick back up"....we never expected anything so gracious...I met with him monthly just to keep up with what was going on for about a year......then.....he passed away....unexpectedly....the estate called in all loans.....I needed $132,000 and couldn't get it....we ended up signing deeds back over to the estate in payment of the debt....now, I'm working 14 to 16 hour days, handyman jobs and performing on weekend nights to just get by....(with a son in college and daughter in high school.)
Now, the bank holding our second mortgage had the rental properties on the books as part of our income....now, they don't want to renew the mortgage and are going to call the loan in or foreclose....this is $68,000....and our home!
So, that brings me to here. You see, I HAVE to make this work.....I have NO choice....If I don't...I lose my home....(which I grew up next door to)...I know on the first go round, I didn't really know what I was doing...got too many too fast.....What I would like to do is buy some cheap, sell with down payment to cover what I put into them and carry the mortgage for the rest....that way I'd have a monthly income but not the hassle of upkeep.....but, I know, starting out...I have to do whatever I can do with NO money....No credit...and limited time because I'm working so much just to hold on.....
I've gotten PFRERN and have read it three times already...I have the audio of BARM and listening to it...I want to get the new book because it sounds like the lease/buy option is what I need to learn....I like helping folks so the foreclosure thing seems like a good match for me......but....
I'm scared to death.....I freeze talking on the phone....I have to build up courage just to call someone.....but....one thing I do know....with God's help, all things are possible.....
So, I start my journey now.....I look forward to all of your help.....and someway.....I want to join the success academy....and I will....one way or another.
The Quest
Posted on: Wed, 04/07/2010 - 13:57
The Quest
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Hello all......I've been talking to the Success Academy and borrowing money here and there and I believe I'm going to join them tomorrow.....A HUGE step for me.....especially when I have bills I can't even cover right now...but...the only way out of all of this is getting some deals that will bring me in at least enough money to pay off a couple of small bills .....paying off car and consolidation company would give me $650 a month more on my budget....and thats only a total of about $7000...wouldn't have to be a gigantic deal to do that.anyway...I believe if I have the Success Academy kinda kicking my butt, it would speed me up a bit....and the knowing of someone there that I can ask a question when needed....or someone to have to answer to ....will help my conidence level,,,, and like a lot of you....that's what I'm really lacking right now....but I'm ready and willing to go after it....as I told Greg....my back is against the wall....it's either fight or go under, now......so.....I think tomorrow is going to be the first day of the rest of my life.......
Hello all;
I admit it's been a while since I've written but I keep up with everyone daily. My divorce is now final after 25 years......the farm I've been trying to hold on to...well, we are closing on it now....I'm paying off 100% of my debts with the money and will still have a small nest egg as backup. I'm going to start fresh.....at 58 years old....with my two children, Ivana 18 and Joshua 21.....I've found what I think can be a tremendous deal....a two story duplex....3000 sq feet.....3 bdrm/1 ba in each unit....it's been empty for 2 years.....pipes, electric have been stolen....vanities have been taken....I have plenty of those....I can do the electric and plumbing.....the foundation is very solid.....the place was built in the 1930's....it also has a full basement. Corrugated roof and vinyl sided......the plan......buy and move into the one unit and rent the other side out....thus, no mortgage for me, of course......the units before were rented for $750 each plus utilities...the tax assessment has been adjusted because of it sitting empty and virtually stripped....it is now $21,000......the bank has told me I could sell after fix up if I wanted for at least %70,000 quickly. A small bank outside of town holds the property from foreclosure.....I put in an offer today for $9800 cash.......or $12,000 if they would carry the mortgage...(I have zilch credit right now).....
If anyone is interested in financing it for me for 5 years, I'll pay 8%. But, it feels good to be back and around the real estate again....I've prayed for the funk to go away and for my life to go forward.....I intend to do it, now....and with my children behind me all the way, it feels good.
Ok....the bank does not want to take on any financing but they did request that I make the offer formal....so, my agent drew up the papers and I signed along with a $100 good faith deposit......and turned that in this morning...so....it may be looking good......had another appraiser/friend look at it over the weekend and off the record thought ARV would be $60,000 to $80,000......I can do all the work myself and keep materials at around $10,000 so.........
Well, the bank declined my offer of $9800. However, I'm meeting with the realtor tomorrow and having him to let the bank know that two sections (corrugated roofing) has already blown off, thus leaving openings for the wind to get under the rest of the roofing and taking more off. And, this has in turn opened the roof for leaking which will cause more major damage....and that the property is not going to improve over time. I also know that I still have the highest offer to date...so, we'll see how this goes and I may wait another couple of weeks before submitting a higher offer.....
Hello all;.......well, while still looking for a house, we found one for my now ex-wife......it was a HUD home.....originally purchased in 2008 for $138,000.....the bank bought it back in 2010 for $83,000....HUD had dropped the price to $51,000.....we offered $21,400.....they countered with $43,000...we didn't even respond to that...a week later they called and accepted the offer! It's a 2200 sq ft split level 3bdrm 2 bath....3/4 acrea lot....full basement.....half of it finished.....no work needed......needs AC unit which was stolen........I believe that can be considered a SUPER DEAL....she closes next week........
Way to go! Glad to see you doing some deals! This is AWESOME! What an encouragement to see you out there getting it done!