JJD - Chronology of Helping Others - Vol. # 1 (The Start)

My story begins early on (well early for me & my beloved wife)back in 1999 or so. We picked up our very first house. Which became our primary residence. We knew absolutely nothing about real estate investing. Nor did we have any experience with Real Esate Investing Programs or such. Living in the area helped in this particular situation, as it was literally right under our noses. My father had played the role of "surrogate bird-dogger" and noticed that the elderly neighbor had passed. And there was uncommon activity at the residence nearby. He kept his eyes and ears opened. And even went as far as approaching the "new" persons coming and going around the property.

Now this could have been a "probate" deal but it didn't reach court or any of that depth into the legal system. It was rather just an issue of a departed homeowners estate that was left or "willed" to survived family members.

We actually picked this property up for below FMV, that is Fair Market Value. We made money upon signing the contract. However, this property was considerably distressed. Meaning, it needed a hefty amount of work and TLC.

Being in a strong ongoing relationship AND needing somewhere to live. My wife and I agreed to purchase for an agreed upon price with the NEW group of family inheritants. And, we are very glad we did in fact choose to, well, "Bite the Bullet", "Chew the Cudd", "Talk the Talk", Walk the Walk", "Go Out on a Limb" you get the idea.

I was actually sweeping the front stairs tidying up a bit AND a passerby immediately asked if the property was for sale and how much. I declined and stated: "I actually just purchased it". Since the day of purchase we have done everything from: New Roof, Remodel of Garage, ALL New Landscaping, Tuckpointing, Interior Revamp, Painting, Hardwood floors and laminates. Install all new appliances, Walkways, Security Gates and Lighting, Plumbing and other various miscellaneous tasks and upgrades.

First Deal: - Purchase
Second Deal: - Refinance (Pulling $10k)
Appraised at 3X purchase value
Third Deal: - Refinance w/HELOC (Pulling $60k)
(Home Equity Line Of Credit)

Next, in this journey it is now time to List this property. In the rough state of economy. Because we bought wholesale........OR IN THIS CASE.....BELOW wholesale, we still stand to make a profit in addition to all of the Refi monies of about 200% or 2X give or take some change profit from this property. We have had several offers that would render us free and clear of any obligations and responsibilities. Although, we feel we can net slightly more to give us that subtle edge of a bit of a tail end profit as well. (Once finalized we will keep everyone updated.)

Fourth Deal: - After much thought and consideration, AND have more knowledge after reading Dean Graziosi's Book - "Be A Real Estate Millionaire" I became familiar with REO's and Short Sale type properties. REO= Real Estate Owned (Bank Owned). Passed this knowledge on to my VERY SUPPORTIVE wife.
Then We consulted with several Real Estate Agents/Realtors. IN OTHER STATES by the way. As we both had our hearts set on our dream house of: Beach, Waterfront or at least tropical. SO, we found 1, 2, 3 or a half dozen or so Agents that got bored, upset, aggrevated and such with us. A few to date have since gone out of business. There was one tho! She stuck with us through THICK and THIN. She actually went so far out of her way and drove us around to literally look at nearly 100 properties. On one of the trips, we had a showing in a property that I had a liking for.
The property had a tenant. Was filled with belongings. And, was a bit harder for my wife or the realtor for that fact to "visualize" the potential and possibilities. THIS was a waterfront property, short sale, was on market for a considerable amount of time. After physically seeing it. (This was our FIRST House on the Showing trip that day out of about 30-40) I said, Yep, "This is It". After hesitantly or I should say thoroughly thinking about it. She came to agree with me. We then put in a modest but lower offer than asking price. To OUR Amazement, the Bank worked with us and That Tropical Piece of Paradise is now OURS with yet again the possible realization of Triple Value.

Fifth Deal - Unable to REFI listed House
NOTE: We learned: After trying to procure a REFINANCE on an already listed property: YOU WILL BE DENIED. This being due to stricter banks and loan companies. In order to refinance a property, (at least with the several major players we solicited)(Chase, Citibanks, Home Lending Center,etc.) The Property in question MUST be off of the market for a MINIMUM of Six (6) months.

Response to 2nd Offer to counter ReNegotiated & ACCEPTED by myself & wife this morning 7/20/10.
Purchasing Agent to correspond of tomorrow a.m.

Final Walk-Through for Buyers scheduled for a.m. of 7/22/10.

SIXTH DEAL - (7/22/10) Sale of Primary Residence.
UNDER CONTRACT - WooHoo!
(7/26/10) All Documents Signed.
(7/27/10) Receipt of Escrow Received
(7/29/10) Professional Inspection
3:00p.m. (7/29/10) Survived Inspection
10:30a.m. (8/04/10) Buyers Bank Appraisal
2:00p.m. (8/30/10) Updated Seller Survey
10:00a.m. (9/06/10) Final Walk-Thru Passed
12:30p.m. (9/08/10) Close of Escrow / Closing
3:30p.m. (9/08/10) Closing Completed
4:36p.m. (9/08/10) Official Finish/Departure

Arrived at closing 1/2 hour early. Gathered any necessary documents, info etc. Came prepared with pens, notepads, filebox. All parties present, including our attorney. Title Company handled finalization. New Buyers pulled 10k out as we got a peek at their revised HUD-1 showing a loan amount for 10k over agreed terms. Mortgages closed. New Fingerprint Signature Release on Title, Water, Gas, Electric and Misc Utilities Shutoff/Switched, Monies Deposited, Checks Exchanged to Agent as Finders Fee, Final Net Check of Approx. 50k released to us at Final Close of Escrow. Taking into consideration of pulling the 60k on the front end we stood to Net over 200% original FMV.

(9/24/10) Rebate Checks for Insurance Overage Payment & Mortgage Overage Payment Received. Totaling close to $200.00

SEVENTH DEAL - 10/26/10 (Which Just So Happens to be my deceased Mother's old birth date)
12:05p.m. - Initial Start of the Contact/Negotiation Stage. I haven't a clue what the property even looks like. Just basing this one on Location, Location, Location. Got Through the initial "gatekeeper" then passed on to three other parties - Finally, dealing with the "lead" on this property.

11/blank/10 - A lot of running around, dodging the holiday rush, prospects fell through, revamping a bit, spending some time with family and networking as well. Have a few more viewings scheduled. Have to get in touch with the Realtor and look at about 15 or so potentials.

Update and Vol. #2 to be posted at a later date.

2-17-15 JOURNAL ENTRY

Shortened Version ----Everything I just Typed Got Deleted
SO....Just a Very Quick View of the NEWLY REMODELED ----DINING ROOM--No Before Shots of Room Just After, Removed Wallpaper, Cut into Main Frame and ReFramed, Re Drywall, Mud, Sand Refinish, Re Texture Ceiling, Prime, Paint, Cauk, Clean, Decorate---AND an IMPORTANT NOTE to you Northerners that want to come down to FLORIDA and escape all the snow:

It will take a minimum of 1-2 years and YOU WON'T get ANYTHING Done!.......maybe a bit if your significant other pushes and pulls you along ...We've been here now for just about 4 years .........AND.......let me just say We've taken............OK we're STILL TAKING days, weeks, years to ENJOY...........'cause it's kinda like you're on VACATION...........as a matter of fact......We're on Permanent Vacation...........very easy to get sidetracked and distracted with .......I LOVE FISHING......Water all around me........Beaches, Attractions, The Sites to see.......Exploring......getting the lay of the land.......So.......BACK, INTO the swing of things and RAMPING Up!........I enjoy doing many things if not ALL --MYSELF.........I know my limits.......but still take bigger chewing chunks than swallowable like any. So, There is about 2-3 rooms left before I am complete with the COMPLETE REDO of the Place......AND Then of course the outside........EVERYTHING in the Tropical or Warmer areas GROWS, GROWS, GROWS........like Weeds.......and No......I mean literally WEEDS.....Meh......not to mention everything else.......Now I Highly Recommend a Landscape Service or Maintainance Service. But, I don't follow my own advice simply because I tend to be a perfectionist......just takes more time, effort and energy........Rewarding tho....for you sick people out there that know what I am talking about!.......REWARDING LIKE: Almost falling out of a Palm Tree.......Having a Stroke From Cutting the Grass at HIGH NOON in Like July.......It's frickin' AFRICA HOT....I'll never do that EVER.....Anywhere! So, DELEGATE or Pay someone else to do what you can do but are certainly worth more NOT DOING!.....Because your time is well spent on other more important matters.

MIND YOUR DISTRACTIONS --------- We ALL have Family
Members, Life, Social, Jobs, Careers, Excuses.....
And, That's all they really all are, excuses that
get in the way of our REI or just plain SUCCESSES
*****BE MINDFULL of YOUR DISTRACTIONS, ATTRACTIONS,
and ACTIONS*****

SO Take a look at Progress--------and the Best Part
Just Keep on Investing, Learning and Growing in Your REI
and Yourself.

MOVING the EQUITY Around and PULLING OUT, Consumer Debt Free, THAT IS KEY, Also, Be Mindful of Consumer Debt----Do NOT use Credit Cards for things like Food, Restaurants, Movies, or Short Lived Good Times....

DO USE CREDIT CARDS For:
1. Appliance Purchase
2. Knowledge - Deans Programs, Books, Materials
3. Services such as Major Repairs or Replacements
4.Cash - To Invest, that can be Quickly turned around and Paid Off. i.e. DP's, Funding, Escrow, etc.
5.DIY, Beautification of Property to FLIP-SELL
6.To Build Credit
7.Establish Business, LLC's, Corps, Websites etc.
8.Paying Virtual Assistants, Helpers, or Business Style Account for Related Items
9.Write-Offs
10.Property Management, Landscaping, Services
or for a single property's expenses to manage and organize all your expenditures in an orderly fashion.

Thank You ALL for listening, learning & keeping me accountable.
JJD