Val's Journal

I am so glad to hear that you've got back your weekends- more rei time for you!!! Your perserverance will pay off...
If the property is vacant, you may want to ask the owner if it's ok for you to go on your own to take a look at it; do some research and find everything you can about the property; talk to the owners and find out what 'their needs' are; remember, it's all about pushing the right buttons and solving their problem...

keep it up you too!

wishing you success,
Valerie

I have seen the property from the outside and it does not look too bad, an older woman owns it but has been sick for several months so her sister is taking care of things for her. It has a nice yard and the like, 3 br 1 bath but could be made to a two bath since the owner had removed the toilet from one of them so there would be no problem putting this back in. The town it is located it is way too small to be called a town or such but there is a gas station, post office and school within five minutes walking that is how close it is. Totalview cannot tell me anything but I know two realtors that no doubt can get comps for me on the property. I have one local investor that might like this one as it is the type of property he is looking for and rentals out in this area which is where I live as well get rented pretty quick too. Will have to get all the info I can like you said and see what I can come up with but to me the asking price is high at 55k as others have tried to sell their houses for this price and go down to 45k and still do not sell so they rented them instead and had some one in their property in a week.

Shawn

your deal reminds me of one of DG's own deal... if the price is a deal breaker to the owner, then negotiate the terms. You can offer full price, but in installents and with a balloon payment? then you can do a sandwich lease option yourself instead of wholesaling... read Greg Murphy's section in DG's book "Your Town..." he does lease options...

I think this could very well be your first deal....
Val

About this way too and yes I do remember about how greg was doing this too and the only difference where he lives though is about ten times the size of the place where I live but a lot of people in the two nearest towns like to live out in the county though especially where I live because our school is smaller, is a lot better due to the size of it and student attendance and no problem with fights or any kind of student problems that arises in bigger schools. I am going to work on this one to see how far it goes, there is also a house beside this one for sale, it was a fsbo before to, the owner only tried three days then gave it to an agent, it is also owned by an elderly couple too that I think that might just have to sell for health reason but still have to check into this one on the side.

Shawn

A week ago I received the invoice from my PM for house #2- a bit of a shocker since it's pretty much at the top of the complete estimate, but the rehab is not quite finished yet-! so I called PM who told me to call handyman... a week later and I'm still waiting for him to return my call ;(

In the meantime, probate for house #3 is just waiting for the court to approve the sale; shouldn't be long now.

I'm also researching another property that was bought by an investor who did all the rehab, has a tenant in it, and wants to sell now... everything looks good, except... the tenants are not happy about it, so they won't let agents in to look at the property!
So, last week I sent the tenants a xmas card explaining to them that if I buy the property, that they could continue living there without any disruption and maybe even buy it from me in the future(of course, I would have my PM take over and make sure they have been paying the rent on time, etc.. We'll see if they contact me in the next few days...

Short sale in Cali doesn't look like it will come through... Freddie Mac won't approve it-argh! Seems like they'd rather foreclose than shortsale; but I'm still keeping my fingers crossed and fighting for it until the last minute...it's not over yet...

Christmas is this coming weekend! Where did the year go??!! ... two weeks left to get one last deal for the year??

... still learning and progressing every day

Val

well, I sent an email to my PM earlier this morning and told her that I sent her a check to cover the materials portion of her invoice and that I would send another check for the remaining balance as soon as I got an update from Handyman... it worked! Handyman just called me giving me an update and let me know that they will go in to finish property #2 next week; only a few things left to do - good!

Oh yes, I forgot to mention that I got my first rent check from property #1! (the rent for the previous month was used to pay for some other repairs needed-at least it didn't have to come out of my pocket!)

Life is getting better, one day at a time...

Val

Keith,
I think that you could definitely flip some properties, something I need to do soon too ...
very exciting to hear about your six-plex closing soon; good thing handyman will be finished with my house #2 by end of month!

You'll have to give me all the do's and dont's about the video for next year-save me from sending it back and forth let me know when it's up and running...

today I got a check in the mail for $20,000 for house #1 refinance!!! Payment for loan will be about $350 per month for 4 years, which will be paid by... yes, rent from house #1!!! I purchased the house for $15,500, put in about $8,000 for rehab (went a little over budget, but what else would one expect with first rehab?), so I've basically got almost all of it back!

and now will do the same with house #2 as soon as it's rented; and repeat!

... getting there, one house at a time...

Val

I would rather get a check in the mail than be sending one!

Way to go!

Keb,
thanks for your advice; you have been a great inspiration!

Invest_Midwest,
thanks for the cheer! I know! getting the check was so awesome!

Merry Christmas to you too!

I've been keeping an eye on a property that an investor bought, fixed up, and has now rented in the area of OH where I bought house #2; he's lowered the price within 2 weeks, so I think he wants to sell fast... so I asked my agent to go look at the place, but it turns out there is one little hurdle: the tenants won't let the agents in to show the place! I think it's because they don't want to lose their home... and then an offer was submitted by someone without even looking at the place! (the house is a nice area). It turns out that the offer was submitted by the property manager, but his offer was less than the 'reduced' asking price, so it was rejected.

Well, last evening my agent and I were working late (especially her with the 3 hour difference!)putting together an offer and submitting it to the seller's agent. I will know by the end of the week if it's accepted or not... would like to get another deal before the end of the year... waiting, waiting...

Again, having a great, hard-working agent who doesn't mind working late the day after Christmas is key!

Learning and proressing every day,
Val

no worries-I'll keep her busy

there's still plenty of time to find you a roomate for the Edge 12; I'm sure Dean will have some last minute special for the procrastinators

Learning and progressing every day,
Val

I thought I posted to your journal yesterday but clearly I didn't hit the post comment...anyways Congrats on your 20k check! I bet that was a nice Xmas gift. Congratulations also on your confirmed attendance to the Edge 2012. You are starting the new year off well. Keep working it. You continue to inspire alot of us.

To our success in 2012!
Fish

Thought I would stop by and say hi! Thanks for stopping by my blog! Keep on posting, it keeps you accountable and blazes the trail for other to follow.

Fish: thanks for writing in my journal; I haven't seen any posts from you lately-good to see that you're still working at it over there in Texas-perserverance will pay off! I am so excited to go to the Edge 12!!!!!

Chris: thanks for stopping by too; keeping a journal does keep me accountable! (I learned that from you!) and if it helps other DG members along the way, that inspires me even moreso...

I was putting up Bandit Signs!!! Yes, I have stepped out of my comfort zone-yikes! I figured I had to do that sometime, so why not start before the end of the year... my stepson joined me on my adventure, and my hubby couldn't resist, so all three of us were out and about Friday night looking for great intersections and putting up signs. Now we're waiting for the phone calls...

Today I received a call from my agent in OH; seller accepted my offer, but wants me to close in two weeks instead of 30 days... so I signed the documents with a two-week time frame, but still contingent upon an inspection to my satisfaction. If everything goes according to plan, I will close house #3 in mid-January!

What a great way to start 2012! Happy New Year to Everyone!
Val

Thank you for your posts. I have read many of your replies over the last few months. Looking forward to hearing about your purchases .
Most of all I love your angel/friends quote.
Best Wishes in this new year! Go getem Val make your self proud!

Exciting news about the latest house!

Happy New Year to you and Bill.

Sincerely,

One of your angels!

Dan-thanks for the well wishes! This is the best site to give and receive advice-couldn't do any of my rei without it!

K- nice chatting with you and sorta catching up (we know it would take more than an hour to catch up
thanks for the well wishes... you are an angel!

last evening my agent called me letting me know that she can now officially list the house next door to my house #1; it will be on the MLS on Thursday, so I asked my agent to send the owner an offer this morning-before he gets other offers!
Now my dilemma is that I have the money from refinancing house #1 to purchase house #3... so how can I buy house #4 at the same time? I called my brother who loaned me $ previously, and he is more than happy to be my PML again!

I also called my property manager to let her know about house #3; the house is two houses down the street from one of her properties; she knows all the neighbors there so she will contact the tenants to let them know that they don't have to worry about being evicted from the house (as long as they pay their rent
Still haven't heard back from the seller regarding my offer though... argh

At one point I thought that I would buy one house, rehab it, rent it, refinance, a few months later buy another house, etc.... but of course things never work out that way... I have one currently being rehabbed, and two offers in for two houses- talk about being forced into thinking creatively!! but I wouldn't trade this for anything else- this is amazing!!!
I am starting to build my wealth, one house (maybe two houses?) at a time

this weekend I was without internet because of some cables inside the house being too old and not compatible with the new fiberoptic ones...blah, blah, blah... and of course, me with no email, and my agent forwarding me a counteroffer for house #3 on Saturday morning... so I went to my husband's office to print, sign and scan-but then scanner wouldn't work-ARGH! so I went down the street to a copy place to 'rent' their computer and scanner to send my counteroffer... fun, fun, fun... you have to be committed to be doing this!
Apparently offer needs to get approved by court as well because it's a probate-interesting... so seller is asking for a 45 day closing instead of 30 days-not a problem; house listing now shows 'pending' ... mailed my EM check this morning-walked a mile to post office because post office nearest to my office closed in December! good exercise for the day! (thinking positively

This morning I also received a counter negotiation document(?)for house #4; I signed, and sent back... now just waiting for a signed agreement!

I also ordered some bandit signs last week; they are arriving in a couple of days, just in time for the weekend!

Learning and progressing every day...

Busy, busy, busy!

It would be so nice if something in this biz just went smoothly. But we just keep going one day at a time. (sigh)

Karen

I am telling you! What a crazy week, and nothing to show for it
today I sent in another counteroffer for house #4 (still haven't reached my max offer) - the property manager keeps raising his offer after I submit mine; but today I told the agent that it was my final offer... we'll see what the owner decides since my offer is cash, the PM's is not...

Handyman is doing inspection for house #3 tomorrow; I've already seen it when I was in OH, so I know what it needs, but it's about complying with the formality of the closing, etc.

Got my bandit signs in the mail yesterday-getting them ready for the weekend - never in my wildest dream did I see myself putting up bandit signs! but it seems like it's almost a rite of passage when you become DG student...

yep... one day at a time...

Thought I would stop in to get caught up on your journal. Are all these houses in Ohio?

Are you doing anything in California? I am still trying to sell one of the houses in Merced and have listed my mother's house in Merced as well since there is no one living in it. I was in Joshua Tree and Yucca Valley area two weeks ago (about 1 hour from Palm Springs in high desert) and found prices really great. So, I am putting in offers there as well, would buy and hold these as rentals instead of rehabbing to sell.

I am signed up to go on DG cruise in FEB and am now looking for a room mate. Are you already going or are you interested? Email me or PM

Judi

great to hear that you're working on some deals; I was at Joshua Tree last summer- what a beautiful place!

yes, all the places I'm putting offers in are in OH so far, but hopefully I'll be moving to other areas soon

I won't be able to join the DG cruise; unfortunately I already have plans for those dates

Val

House #3 in escrow now Handyman did inspection and said there is very little that needs to be done to get it ready.

My Banker called me (!!) earlier this week to ask me if I still wanted to refinance House #2... his boss asked him how much I paid for the property and then questioned how I got it at such a discount-wanted to know if it's livable
Loan has been pre-approved, documents are in the mail now, so that I can sign, and mail back... will use the funds to pay for house #3; I am getting the loans with a 5year, fixed rate term, so in 5 years the loans will be paid off by my tenants-yeah!

Haven't heard back from owner of house #4...

Last Friday night I put out 24 bandit signs (25th- the stake broke while putting in the dirt)(yellow, 18"x24"); don't use any other kind: the previous ones I used were 12"x20"?, white, and got no phone calls-actually I saw a homeless person at one of the intersections holding one of my white bandit signs with his own writing on the backside!
So far, I've gotten two calls, so I need to drive by and see if they're still up...

learning and progressing every day,

Dont know how I missed your journal, but just enjoyed reading and catching up! Wow - you are busy. I LOVE it Sure sounds like you have a well oiled machine going with the houses, bank, mgmt, etc. Is it a small town bank you are working with? Look forward to continuing to follow your success story!!

what a nice surprise and honor to have you visit and read my journal! I was just reading yours and it is amazing what you have accomplished in the last couple of years! You are an inspiration to all of us here, and I hope I can follow in your footsteps.

Wishing you continued succcess,

today I received the contract from the agent for House #4; they want me to close by Feb 5th, and give me a 3 day inspection period. Normally this would not be a problem for me, but to this date my agent has not been able to get in the property because the tenants are making it very difficult. My PM said she would work with the tenants though. The other issue that is making me a bit uncomfortable is that the contract states that the EM ($1,000) goes to the seller at the expiration of the 3 day inspection period; which means, that if I'm not able to get my inspection done, or if I find something I don't like during the inspection, my EM still goes to the seller!?
My agent is contacting the seller's agent to have that paragraph changed; I asked to have the EM go into an escrow account, and not to be disbursed until inspection is satisfatory to me...
not sure when I'll get a response from them; every time they ask me for something, we turn it in the same day, and then they take 2 weeks to reply.... argh...

Learning and progressing every day,

I know.. . and yes, I did see Kenilworth, so I was already thinking that if Edgewood doesn't go through, then I'll take a look at that one; lots of opportunities...

Rob (handyman) did an excellent job with the rehab for house #2-it looks like new!

I also asked agent today to see if we can get in the property to do inspection before she submits the contract