OfflineI have had a keen interest in RE for a number of years. I bought my first house in 1997 with no money or job from someone who was one month behind and had a fully assumable loan. I paid the assumption fee of 125.00 and took over the mortgage and moved in. Of course those days are long gone, but it spurred my interest in RE.
I sold my first home and moved to another state to start over after a divorce. I bought a Townhome and after 20 years in the hair industry retired from hair and finally decided to get my RE license...or so I thought. I took an online course but didn't have the money to pay for the test. But I still continued searching RE ads, home magazines, classifieds etc. and got excited about just looking at properties even if I couldn't buy them. That is when I new RE was for me, but how? I always assumed people who bought and sold RE were wealthy. I was a single parent working and going to school barely making ends meet, but still my passion for property continued. 2006 I started looking at RE again to purchase in my old home area, sold my Townhouse and lease optioned a home that didn't work in my favor because the market took a dive immediately after I signed the contract. So I lost my money on the deal, but started looking for foreclosures. Again, enjoying every minute of looking for property.. I found my dream home in bad need of major repairs. That was my introduction to Rehabbing. What an awesome learning experience.
Still not in the RE game, I never lost my passion and finally decided to attend a RE seminar and see how I could get into the business. The first meeting was free, but I had to pay for the three day deal. I did not have the $1500 so I stuck around long enough and after everyone left, negotiated and finally got them to agree to let me pay half price. That was the best money I ever scrounged up! It opened my eyes to the possibilities. Then I had to pay for a mentor and again had to pull everything out of savings to do it, but I took that step of faith and said... Watch out world..
I proceeded to locate an awesome REO Agent and off I went... searching, researching, and placing offer after offer. I finally got my first contract but had to put my own money into escrow... this is not what "no money down" is supposed to mean, right? So then I found Dean's book. I started reading "Profit from Real Estate Right Now" and find the concepts easy to grasp. I am just beginning the journey with Dean, so I will keep you posted. Right now, I am a bit overwhelmed and not sure which direction to go.
One thing I know for absolute certain... I want a web presence with squeeze pages, recorded messages and attraction for both buyers and sellers. I ordered the AFF system and am trying to work on the pieces needed to make that work... but it is a bit confusing. I am the type of person who needs to see it done then I can mimic it and take of running, but how do I get to watch someone do the things that are listed in the book or putting the web site together. I am a bit ADD so that is why I prefer watching to learn rather than read to learn... I get bored easily (haha)
All of this has been said to simply state:
I am a real estate investor! I am a Millionaire Walking... and my success is evident. I take action, I get things done, and I mean business!
Stay tuned...
Michele
“Action is the foundational key to all success.”
~ Pablo Picasso
“Action is the foundational key to all success.” ~ Pablo Picasso
Michele Grant
4th Day Projects Inc.
I don't think you can legally market a property or have any type of signed contract on a property until you yourself have a signed contract from the seller. Not just an offer to purchase.
On to the next one!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I had an accepted offer and a signed contract but the bank rejected it within 24 hours of acceptance for a higher cash offer. This is where I think the agent screwed up because the initial contract was written for cash but the accepted offer was written for financing. I was questioning that today as the contract also stated if the financing changed after acceptance, it would void the contract. So I am still trying to figure out what exactly happened.
So now I have walked the steps of a rehab, and of a wholesale deal that would have been a double close situation. What I want to know is how to streamline the wholesale/double close process because it is so much less of a headache!
“Action is the foundational key to all success.” ~ Pablo Picasso
Michele Grant
4th Day Projects Inc.
I almost forgot to mention that I have also, through my trials and tribulations, found an awesome, down to earth HML who will also do transactional funding if needed, but has actually become somewhat of a mentor to me and provided me with his contract for double close in the state of Florida and put me in touch with his attorney/title company that will handle all my wholesale deals. That is worth its weight in gold!
My question other than how to streamline the process and find the deals is: instead of me having to put up my own money for escrow, if I am going to do a double close, can the c buyer put up the escrow on the initial contract instead? I ask that because I am fundless at this point... LOL
“Action is the foundational key to all success.” ~ Pablo Picasso
Michele Grant
4th Day Projects Inc.
i'm a little confused, which isn't unusual.
did the bank accept the offer in writing? if they did, i'm not sure they can back out like that unless there is something in the contract/addendums to allow that. if so, then i would be crossing that out and initialing it when i submit the contract. i know banks think they can do whatever they want, but it sounds like breaking the law to me. but then, what do i know??? 
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
Hey~
Just a few words of encouragement ...
Soon, Millionaire Michele running !!!!
You are blazing your trail, keep going for it!
~ Sherri
Yes... the bank had accepted the offer. This is where it gets sticky because I don't know for certain what happened between the bank and my agent.
The first issue is that the accepted contract was dated 8/12 but I did not receive it until close of business 8/13 - Friday. The contract clearly stated all docs must be received within 2 calendar days which would have been Saturday. However, banks are closed and my agent said Monday or Tuesday would be ok. I asked him to call and confirm... he said Tuesday close of business would be the drop dead time.
The other issue is that my original offer was written up with $500 escrow - CASH offer. The bank had the accepted offer with $1000 escrow - FINANCE offer. When I questioned it, my agent said he would talk to the selling agent and straighten it out but to sign it as is. Hmmmmmm - that didn't set well with me.
I had the paperwork and money into him by 1 pm Tuesday. He text me an hour later and said the bank took another offer for more money cash.
It all sounds fishy to me... but what do I know? So nothing to dwell on... just have to keep moving and look for another agent.
“Action is the foundational key to all success.” ~ Pablo Picasso
Michele Grant
4th Day Projects Inc.
We have had cash offers that we offered higher than listed price & have had the bank accept lower offers, whether cash or financed with no explanation. Sometimes the RE agent/broker has even bought them out from under us ... it's just being at the right place at the right time. The system isn't fair, sad but true.
So I put the REI world down for a couple weeks and went on a much needed vacation. This has been much more difficult than expected and I am a go-getter!! So the property I lost is back on the market...funny how things happen that way. But now I am out of money and not sure what route to take next. I work full time for corporate America and it makes it very difficult to do this part time and get the results I want. It is even harder knowing the money I had is gone.
I have read where people do virtual wholesaling... how in the heck is that done??? I think that would be the best bet until I am able to convert to REI full time. I am frustrated, discouraged, and frustrated that I can't make this work the way I want it to. Any suggestions out there??????
“Action is the foundational key to all success.” ~ Pablo Picasso
Michele Grant
4th Day Projects Inc.
follow Carol Stinson's journal, her Q & A forum and check out her website. she also was looking for property locators nationwide, so you might check into that. hope all is well with you.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real