NadineR's REI journey - it WILL happen!

welcome to the site! i'm a realtor in Fort Wayne, IN (new one). you're on the right track. you'll be amazed at all the information, help, encouragement, etc. you'll find here.

I've learned that it helps to break big goals/dreams down into manageable parts -- baby steps. Then I focus on one step at a time and feel a sense of accomplishment when I've finished a step and can move on to the next.

SO FAR, here's what I've done (in order):
1. Saw Dean on TV and ordered the book
2. Waiting for book to arrive
3. Identified a member of my future team (handyman)
4. Started reading posts in the forums at DG site
5. Made a buyers list from MLS (cash buyers since 4/1/10)
6. Book arrived!!! Read chapter 1
7. Started a journal on DG site 10/7/10

NEXT:
- Read at least 2 chapters in Dean's book
- Find MLS listings that are REO, short sale, foreclosure, and estate sale
- Join an investor's team as the Realtor who submits offers, provides info, etc.

Here we go!

Another chapter read.

Got a call from Dean's team, you know -- the welcome talk & how can we help you speech. It was great to actually say my goals OUT LOUD -- makes all this more real and achievable!

Have a lead regarding an investor to work with. Can't wait to see how that turns out!

Taking action today keeps things moving!

Congrats on getting your license. I believe having a license and being a Realtor will be a good combination! I look forward to sharing ideas and helping others on this DG site.

Take care!

I'm still trying to hook up with an investor. I've made a few inquiries, but haven't gotten anything solid yet.

I am itching to get something going. I've spied a few properties to investigate, as they are run down and look empty. Found a few mailing addresses and phone #s. We'll see what happens.

I am a Realtor in Cape May, NJ. We come to Lancaster about this time of year to eat all of your good fattening food and do a little shopping! As a Realtor I like being able to have access to the MLS and all the contacts in the biz...but I am a little ambivilent on presenting offers being a Realtor. In NJ you must disclose that fact, I don't know if you do in PA? I don't want the seller thinking I am trying to take advantage of their situation some how... I did open up a LLC. I will put my offers in using the LLC. I would still have to disclose that I am a Realtor. At least that way I can say I am working with investors...Does that make any sense? My Broker is not sure how I can do both, she is not totally negative, but I feel a little resistance. I know I can make this work...
Good Luck on you new venture,
Barbara

Hello! Yes, I must also disclose in PA. But I'm not going to worry about that -- I'm just going to focus on helping people and presenting things so the seller sees that. "Working with a group of investors" is a good line to use. I'm sure an approach will fall in place for you.

Thanks for stopping by and saying hello. Enjoy the great PA Dutch food the next time you're here.
Best of luck to you as well.

Another step completed - I've decided what name to use for my LLC. Now to file all the paperwork to make it official.

Next steps:
- File all the paperwork to make LLC official
- Register URL for website
(If you need to register URL's - let me know, I have a link to get you domains at just $7.49/year!)

In the last week here's what I've accomplished:
- Used LegalZoom to apply for my LLC
- Registered 2 URL's with GoDaddy - at only $7.49 per year! (Ask me and I'll send you the link to get the same discount.)
- Finalized the design I want for my logo
- Read some more of Dean's book (...Right Now)
- Started reading some very inspiring and informative journals (Zion Properties & Carol Stinson to name a couple) - I will be following these regularly along with a couple others (Elix and Randy)
- Started letting friends and family know what I'm planning to do - so far they're all supportive!

I just have to keep taking steps in the right direction. It will all come together!

I just put together a mailing for about 30 investors that own rentals in a town house neighborhood. There is one available at a really good price and looks like it needs no work to be ready for a tenant. I'm trying to find a buyer to represent as a Realtor... while adding investors to my buyers list. I'd love to own it myself, but the numbers don't work for me right now (hopefully there are future opportunities in this neighborhood once I have some cash in the bank). Most of these investors don't use an LLC.

The mailer was a half sheet color flyer taped to the top of a sheet of yellow lined notepaper from a notepad. On the bottom, I printed my message (in a handwritten style script). I individualized each message with the investor's name. I hand-signed my name and had a PS at the bottom about how I find wholesale deals and contact me to be on my buyers list to learn about them first. I'm hand addressing the envelopes (card sized).

I can't wait to see if I get any nibbles.

Well, today I dove into posting on CL -- a generic ad trying to find buyers to add to my list. I'm hopeful!

Update on Mailer in post #10 - The mail should have arrived Monday or Tuesday. So far, no responses. Bummer!

Well, no "serious" responses -- just spam. I now have a business phone # and will try and post that and see if it makes a difference.

No responses from the investor mailer either. Now the house has sold that I was trying to entice them with. Back to the drawing board!

If anyone has some good ad copy that has generated real leads (online or by mail), please feel free to share!

I've got some buyers who would like to "rent-to-own" (people I found through my realtor marketing who didn't qualify to buy this year) -- so I need to concentrate on finding sellers in the areas they want and start with lease/options.

I've also got to work on organizing all my info - tenant/buyers, cash buyer list (that I have to make contact on), etc. I have paper everywhere!!!

Hi Nadine

This is the first time I've seen you post anything or I would have responded sooner. I'm glad to see you are moving forward.I have designed a really nice post card for investor mailer, if you want PM your email and I will send you a copy I don't want to post here.

Nadine,
As a new investor, I appreciate you posting your journal. This makes it real for a lot of us new investors. Keep on posting your journal for us and posting your fliers all over town. I wasn't sure if I would need a business number, 800 number, or if I could start with my personal cell phone, a business license, LLC etc., or if I could start without one. I will be starting with Lease/Options to get going with my Journey.
I will PM you for the URL registration for the discount.
Thank you Nadine, and remember 3 Important Words, Never Give Up!
David

Nadine Just thought I would stop and say hello, and see how you are making out.

I appreciate you checking in. I've had quite a few leads lately for my "traditional" Realtor services... so I've been busy with them. I was also away last weekend for my "mental health conference" that I go to every year (aka Mommy's Womens Retreat - LOL). I'm also organizing my system for tracking the leads I'm collecting from various sources (probate, FSBO, etc). Getting all the information in one place to make working the systems easier and more automated.

Yet to do today -- I'm going to write out some postcards to mail tomorrow. I also want to come up with a notecard to send for a probate property I found that has equity in it. I found the executor's address in the county assessor's online records (son-in-law).

Home with both kids today -- no school due to freezing rain overnight & this morning. Kind of hinders my progress a little

since I last posted here! I have been by to read through the other posts... but haven't posted myself.

I'm in the process of working a couple of leads.
- My parents' neighbor passed, have contacted her son about buying (am really hopeful about this one)
- A family in-law's son passed, have contacted her about seeing the place (his daughter is living there at the moment)

I filed my first tax return for my LLC ($0 of course), but that changes this year... because on April 2, 2011 I signed my first deal! I'll do a separate post in a moment. But here's the basics... I did a lease/purchase with everything assignable. Then found a rent-to-own buyer on Craigslist and signed a lease with them, as well as an option agreement. Then when they exercise their option (hopefully in a year), I'll sign an assignment of contract with them.

This stuff works! All I can say is why didn't I find Dean sooner?!?!?!?!?!

Good job!

Nadine it's about time you came back, do you know I have been sitting on your door step for three months?

Good job on your deal.

I appreciate your patience Jim My doorbell must have been broken.

Well, I've started working on establishing business credit (per Zion Properties method). I started with RadioShack and got my first "rejected" letter - they offered no explanation or reason. I wrote a letter back to request they reconsider... I hope they give me a chance! I'm keeping my fingers crossed.

About a month ago, I was running errands and drove down a different street than normal through the next town. I saw a cute little rancher (only about 500 sqft) that looked vacant and unloved. I looked up the owner and it's owned by a church -- which is located on the adjoining property. The property was given to the church about 6 years ago. This church has bought and sold properties before, so I figured they'd be getting rid of it sooner or later. I have a rent-to-own buyer who would be perfect for this house.

I decided to write them a letter and introduce our company and express interest in purchasing the property. I addressed the letter to the pastor, figuring he opens ALL his mail and would forward it to the appropriate person or board within the church.

A couple weeks went by without hearing anything... I kept checking the mail. Well, yesterday I got a call letting me know the letter was passed on to a committee and they're talking about it. I offered to provide any information they might need to help them make a decision. My fingers are crossed!

This week I submitted an offer on a short sale I found in the MLS. It was a rental for the last 3 yrs and is pretty trashed. Not to mention asbestos siding that's in terrible shape, windows with leak problems and mold in the basement (water drainage management needs work at the front of the house).

I went in at 50% of ARV, it'll need $25-30K in repairs. I did know that the owners had a mortgage on their current home. What I didn't check was that it is with the same bank that they're trying to go short on with the rental they're trying to sell. That's a BIG monkey wrench in my plans. The offer will most certainly not fly or even make it down the runway. But...

The silver lining is that after submitting the offer, I immediately worked on my presentation to obtain private funding I've been meaning to get done. Even if the deal goes nowhere, I've got my private lender presentation done and ready to go. Now I need to set up some meetings and start using it!

First, it's been a while since I've posted, but have been reading and lurking here and there.

I finally found a private lender to finance a deal that I had been trying to find funding for (deal #2)... an estate sale of an old neighbor. I had been trying to catch up with this person via phone and email, and believe it or not, ran into them at the grocery store. Bam! He asked me to lay the deal out right there.

I closed on the house 2 weeks ago... got it for 60% of ARV. Got the lender to finance the purchase price and the repair & closing costs. I'm doing enough repairs to make it a nice rental. In one year I'll try to refinance and cash out the lender and keep it as a long-term rental. Worst case, if the re-fi doesn't work, I'll sell it and still be able to cash him out and make a profit.

There's still hope for my first deal to not be a total loss, if I can find a new buyer (I have the property listed). I did some updates to the kitchen - new backsplash and floor (my brother did a great job!). At this point, I'd be happy to break even so it's not a total failure.