Val's Journal

... to you and to your RE twin, Karen. Have been following both your posts and trying to pick up as much as I can by osmosis. Thanks for all the quality commentary.
Jennifer E

Hey Valerie,

Double congratulations on your 1 year anniversary and acceptance of your house!! Way to go!!

Aaron

Merlot Happy anniversary, it has been an honor to get to know you and becoming one of your many friends.

I'm hoping that you will soon become my third CA angel (Angels get more done in threes).

Jennifer,

I know that there is a lot that we can learn from you too! Believe me, I learned so much by reading posts on this site! There are some amazing investors here that like to share their knowledge!

Keep reading, and before you know it, you will be posting your deals here too!

Wishing you great success,
Valerie

thank you for stopping by! Lots of work ahead, but so very excited!
You are doing great too! keep working at it; there will be moments when you won't know if you're going or coming, but eventually everything will fall in the right place...

Wishing you great success,
Val

Merlot here!
thank you so much for your kindness and your generosity, and your advice; from your very first post to me, telling me to stop behaving like a _ _ _ _ _ (the word we don't use!) and welcoming to 5th St, where we shared some great Friday nights!
I am so grateful for having known you; and yes, I will become your third CA angel! We'll be Jim's Angels!

LOL! I knew you would find out!! I sent you an email... you kinda knew about it already, so I figured you wouldn't be so excited to hear about it...

I know, my handyman is going through some tough times, but I have faith in him, he will deliver! He said by the end of next week- I cannot wait to get things moving!!

Val

To check in on you from my busy work schedule, got even worse with it as it is hard to find people that want to do the type of work I do and for the money I make and to make things worse but good on the other hand more over time but am now working 12 hrs a day instead of 9 and 11 hour days. Was suppose to look at a property today but had to cancel this again and reschedule for next week. Time to just say no to something else and make the appointment to look at this property before its gone. A very motivated seller that wants to sell and leave the area where it is in. Not a bad place, fmv is close to 50k, asking price 30k, repairs 5k or less due to the bright paint colors and maybe new carpet that would cover the property, good rental area too but am looking to flip this one to other investor I know in this area.

Glad to see you moving along so good Valerie and keep it up and who knows I may catch up one of these years lol

Shawn

nice to see you popping in! it has been a while! I'm glad to hear that you are still working on your rei; you cannot stop-you have to make time for it, because nobody will give you that time back. Even a little every day will make a huge difference.
Sounds like you have a deal in the horizon-make time to go and get it!! Once you get your first deal, the others will follow!

Learning and progressing every day...
Val

I am just seeing about your next Ohio prop!!!! Did you get everything in on time? I am sure you did!

Is your first house finished now? Since this is the end of the next wk...almost.

Are you gonna make your five? Talk about down to the deadline!

Karen

I am a bit down... tomorrow is my 1 year deadline to complete my 5 deals, and unfortunately I will not be able to get them done in time

Back in August I did get an offer accepted, but then, after getting a more detailed estimate for the rehab, the numbers did not work, so I had to let it go.
Also, my handyman had some events to attend to out of state (a vacation and a family funeral), so that has delayed rehab on house #1 'til probably end of this month now.

Today I received a letter from title company to set a date to close on new property, but it takes a couple of weeks to order docs, etc.

Oh well, (rei) life goes on...

Learning and progressing every day,
Val

I thought I would write in my journal this evening, to re-focus on things I need to get done this week...
I just sent an email to my handyman.... things are not going well with the rehab; he sent me photos, but nothing looks complete! a bit disappointing, to say the least. I guess that's the downside of doing deals out of state.
I asked him to send me a schedule of what his plans are for this week as far as my house is concerned (what days he intends to work on it, and what items will he work on; I also asked him to send me photos as he completes each item.
I also need to have the water and gas turned on; I called on Friday, and luckily, I was told that I could fax the required docs-usually you need to go in person!
I also spoke with my agent today, to coordinate the signing for property #2; I probably will fly to OH to sign them myself this time (last itme I gave my friend power of attorney), and to check on my properties, meet my agent, meet property manager, meet handyman, and visit my friend who moved there 10 years ago and I have never visit her there (she has come to Cali a couple of times though).
My plan is to have both OH properties rehabbed and rented by end of October. I need to re-write my goals for the next few months!
I also need to find another contractor to rehab my house #2; I searched on CL last week and have names and phone numbers of three that seem ok, but I still need to interview them and ask for their references... My current handyman was recommended to me... so I'm not sure about the references? I'll probably call the SA and asked for their advice too...

I just watched Dean's Weekly Wisdom blog... I felt like it was posted especially for me because I will need to do a lot of listening this week! a good reminder...

Listening, Learning, and Progressing every day,
Val

Hi, Valerie ~~~

I know you were a bit disappointed about the anniversary, but this sounds like a great rebound. I will feel like Wonder Woman whenever I get deal #1 under my gold spandex power belt. Sounds to me like you've been making steady progress and learning from the sticking points.

Congratulations, and best wishes for your personal New Year.

Jennifer E

thank you so much for visiting and your kind words of encouragement!

It is true, I have learned so much in this past year, and I have no regrets about starting my rei journey. I've run into bumps along the way, but if I hadn't, how would I have found out? I do work very hard at it, but it is something that I enjoy doing. I have met wonderful people here with whom I can talk about rei things that no one else around me understands or likes to hear for more than 10 minutes!
Things have slowed down due to my handyman, but how could I have known? I just need to keep pushing, and do it differently with the next house.
I'm rearranging my goals a bit, but the outcome is not changing! I may have slowed down a bit, but I am still moving forward every day!

listening, learning, and progressing every day,
Valerie

Last week I called the water dept in OH to have the water turned on property being rehabbed; they told me I had to come in person do so... I explained to them that I live out of state, so they put me through another person; she tells me to just fax her a copy of ownership of house, ID, SS#, Phone # and she would call me as soon as she received it to get a credit card # for the $100 deposit required. Today after I faxed all the docs. I receive a call from a third person; she tells me that since I do not live in the house, that I need to get permission from the city of health dept. to have the water turned on! Has anyone ever heard such thing?! argh! ok, so I get a phone # to call, but of course, I get an answering machine!
Two hours later... guy from Health dept calls me; I'm feeling optimistic here...but then he asks me what my intentions are with the property and what city is it in? I explain I'm rehabbing and will be renting; so he says that I need to have my property manager call him... now I sent an email to property manager-who's not really my property manager yet-hopefully she will help me take care of it... one can only hope!

I think that rehabbing out of state is starting to be not so much fun!

I have to call the gas company as well... do I dare?!

Rehab: last night I was looking at photos that handyman sent me of the paint job done, and I noticed that the window shutters are missing! and the two tone paint of the house has become a one tone. Another phone call (message) to handyman... (he hasn't replied to emails, and now won't pickup phone-hmmmm)

... here's to another fun-filled day!

Learning and progressing every day,
Valerie

got an update from handyman, with list of jobs completed, and jobs to be done next few days, as I asked him to give me.
Property manager went by the house on Thursday to check on miscellaneous items that need to be addressed-she is really good; not only did she recommend some things to be done, she also said some things on handyman's list are not necessary (save me some $). She's also taking care of the water dept and health dept issue. Oh yes, I also found out that in order to be a landlord in OH you have to pay an annual fee to the City Health Dept-they don't make it easy for investors! It is key to have a good property manager who knows about all these little details and can take care of them for you! Power Team-very important!

House #2, documents have been ordered to close on Oct. 27th; I am planning on flying out there to sign and to look at other properties while I'm out there...

Learning and progressing every day,
Valerie

You do need to start your journal! it will be a best seller!

Well, I wasn't quite there yet, but definitely thinking about the out of state strategy!

REI is hard work!! you have to be a problem solver every day!! EVERY DAY!!

Today property manager and realtor went by House #2 to do a thorough walkthrough... and discovered that somebody broke into the house and stole the copper pipes! argh! I haven't closed on property yet, so I will find out what/if HUD will do anything about this issue...

... and the fun continues...

Oh, today I called to reserve a space for an upcoming REI seminar in Oct. for the REI club in my not so close area, but as I understand, it will be one that I don't want to miss!

Learning and progressing every day,
Valerie

My agent just called me to inform me that the bank will pay for the pipe replacement, CPVC (plastic), not copper (obviously). I am so happy to hear that (sigh); I was really thinking that since it is an 'as is' buy, and my offer was less than their asking price, that they would tell me to take it or leave it... but I can see why the banks don't want to be holding properties; the rep said that this has happened to other houses they have, and I'm sure it's a big problem for them to have all those properties-empty!

another lesson learned: always ASK for something; you won't know unless you do.

I've also been building my business credit... got a M/C and a Home Depot now... I guess using that first business Staples card has helped!

Learning and progressing every day,
Valerie

I hadn't checked out your journal in a while. Congrats on your 1 year Anniversary and the second house in Ohio! Are you using Hard Money for the Ohio homes?

Don't worry about not making the 5 deals. You've taken more action than most. I went through the success academy. Unfortunately, it was when REI was so foreign to me that I overanalyzed everything and didn't take much action. It's good to see you're progressing. You motivate others. Myself included.

To your success!
Fish

Glad to see that things have smoothed out a little. It will be much better now that you and the PM are on the same page.

Keep up the good work!

Karen

I was wondering where you've been! REI is still foreign to me! I can't believe how much I've learned by just doing something every day-no excuses! there is so much to do and so much to learn! and taking action takes a lot of effort and courage! Success Academy is good and all, but ultmately it is up to yourself to go out there and get knocked down, and pick yourself up, and do it again! that is the true lesson!
I am purchasing the houses in OH with private money-not cheap, but worth every dime! Once I get the rehabbed finished and the house rented, I will refinance, then I can give back the PM and use bank's money at a lower interest... that's the goal!

We are all here to motivate each other and keep each other accountable, so don't stop working at it; every day you are one step closer!

to our success!
Val

thank you for being all ears! I almost had a panic attack! Imagine, having properties out of state and no property manager! yikes! yes, thankfully things did get worked out and it is all good now. Property manager already has a prospective tenant for house #1; just waiting for handyman to finish!!! argh! what makes the whole thing so difficult is that the handyman is such a NICE man! aaahhhh! he's just got himself way too much work and he's doing it mostly all by hiimself! I will definitely use him for small jobs (repairs) in the future, but not rehabs!

Hopefully your L/O calls will start coming in soon! I know you've been working hard at getting all your things set up too-you have to mail me one of your new postcards!

we shall keep at it!
Val

where does time go??!!
On Friday I drove down to Santa Maria, a 5 hour drive! to attend a rei seminar on Saturday that Keb told me about. It was a great seminar, all day long; and being there made me realize how much I have learned from all of DG's education and other members on this site... it is amazing how much you can learn by just doing a little every day...
thanks Keb!

I already booked my ticket to go to OH in two weeks to sign for house #2; and check out house #1-handyman finally finished rehab! yeah!, well sorta yeah! PM's handyman is now checking all the things that handyman missed or did not do well, so that city and section 8 inspectors can go in and approve it for tenant to move in- I am so excited to having my first property rented out, and it makes me so happy to know that my future tenant is a single mom who happens to be a nurse. It makes me feel that I am truly helping someone-I can't stop thinking about it- I bought a bank property, my realtor got a commission from the sale, I got it fixed up-handyman got paid for doing it, and now it will be a home for a mother and her two kids- and I will get paid every month! now, if that doesn't make anyone feel good about being a rei, I don't know what would!

I do feel very blessed for being part of this great family of rei's, and I will continue working hard to reach my goals!

Learning and progressing every day...

I am still a work in progress- I don't want to ever stop learning; and you are an amazing person and investor; I feel honored to know you-couldn't have done any of it without your help!

There have definitely been some bumps along the way, but there are some things that we have no control over, so it's best to move forward, and learn from the mistakes, not dwell on them.

Every minute, hour, day, week, that I have invested in rei has been so worth it! No regrets for the late nights researching, or the long trips to look at properties, or the money spent on education!
Gotta Love It!!

all packed and ready to fly to Ohio tomorrow at 6am (!!) to close on house #2;
I also have a meeting with banker on Friday to do a HELOC on house #1; but yesterday he told me over the phone that the bank no longer makes business LOCs or loans, but that they can offer me a HELOC on the investment property as long as I don't put the property under the LLC (!!); I am going to call other banks to find one that does business HELOCs, I know they are scarce, but they are out there-didn't get my LLC for nothing... I'm still meeting with this banker though, OPM is OPM, and I could definitely use these funds....

I'm also looking into a training through a REI club in my area where they teach you about buying REOs, etc. that includes field trips to show you how to inspect properties, etc. I remember there was a DG seminar going around a couple of years ago similar to this that included a field trip also, but I missed it ;( ... it would be nice if they did them again; nothing like learning by taking action.

Learning and progressing every day...

arrived into Ohio on Wednesday; since then I've met with my agent-absolutely wonderful person!, met property manager's team (assistant, handyman); met with bankers; haven't found a bank that does no seasoning loans yet, but still searching!

Oh yes... and closed on House #2!! it is official now- second out-of-state investment property!

Also met tenant who already moved into house #1... so far everything is good.

Looking at other properties here in OH now; weather has been great, even got some sunshine! Trees still have leaves, so I am able to enjoy the beautiful colors of the fall season!

Still learning and progressing every day...

Just dropping by to see how things have been going for you so far, not too bad at all. As for me I have been busy working my normal job, I am there more than I am at home now and this after two new people have been hired too. Now I barely get to see the family at all, just the way my schedule runs right now. I think I am catching up with matt on the hours he used to work when he first got started doing rei. For the past several weeks I have been working seven days straight, come home eat, sleep, then go to work. There are a couple of places I have been wanting to check on here locally, one an investor owns and is willing to finance as well for five years and only charge 1k interest for this time. The property still needs some work done as the current owner has started the work but has decided to retire from investing before finishing this project and has it up for sale. I am trying to work this one out the best I can financially due to my wife wanting to quit her job again that she now has and go into truck driving as well. So I told her to do what she thinks she has to do but it will not be easy like she thinks either but has to learn the hard way. Well back to doing some more research and keep it going you have a lot ahead of you still.

Shawn

nice to hear from you-sorry that you have to work at your job so much; must be hard, especially when you want to get ahead with your rei. Just make sure you don't stop; you can still do some things on the internet. The investor's property, why don't you do a sandwich lease option; or find another investor and wholesale it for a fee. You won't need any of your $ with this one.

Keep at it and you will make it happen!

Wishing you great success,
Valerie

wow! my second Thanksgiving since I joined this site... and what an incredible journey it has been so far. Frustrations along the way, but the rewards for the hard work are well worth it.
My Thanksgiving day was beautiful; my 'kids' came home for the day; we just hung out talking, eating all day long, and watched the football game (49ers lost to Ravens ;(
On Saturday my husband and I drove to the homeless shelter to drop off several coats and jackets, and some thermals and flannel pajamas.
Oh, and I did go shopping on black Friday- to the DG black Friday special for the EDGE 2012!!! I am so looking forward to going to the event next April! I'll be paying for the trip with the rent I'll be getting from my two rentals in OH

Since I got back from Ohio, I have applied for a home equity loan for house #1; I think it should get funded any day now-I hope so, because I'm waiting for those funds to buy another property. While in OH, I found out that the house next door to my house #1 is an estate and the new owner lives out of State and wants to sell; and it so happens that his agent is my agent (!!!!), so he asked her if I would be interested in buying his house, so we're just waiting for the court to approve the probate, so that we can move ahead with it-hopefully it will be house #3!

House #2 is being rehabbed as I write; supposedly will be ready by the end of month, but we are already at the end of month; I will call my PM and handyman on Monday to get an update.

Hope everyone had a wonderful Thanksgiving day!

and now... back to rei!

Learning and progressing every day,
Valerie

Just stopping by to see how things are going on your side and great to hear that things are going good for you. Well I finally get my weekends off again now so I have more time to drive around and look for properties that I had seen which are for sale by owner. Looked at the other one and it needed about 25k in work as a couple of the outside walls were not done, no kitchen or anything, like the man said it is a shell, true but it was missing some of that shell too. Been trying to contact another owner for two weeks and this person called me about their property yesterday but does not have time till next week to show it to me as she is sick just like her sister that is selling the property so this just might be something interesting too. Keep it up and keep us informed.

Shawn