Reat to Own Deal Closed 2/5/14 = $3760

- Yesterday

KNOWLEDGE =
- Re-read carol Stinson's success stories.
- Started re-reading Get Your Deal Finalized and Make Some Money. P.149 Profit From Real Estate Right Now.

ACTION =
- Wrote 2 offers for one of my cash buyers.
- got the contact infomation, (name and phone number) from a current client for a gentalman that has some money to invest. Adding him to my potiential cash buyer or private money source.

Favorite Quote from yesterday - "NO GUTS NO GLORY!" - Carol Stinson

30 day goal-I will earn $2500 on a LO,assignment or sales by Jan14th 2011(11).

Over time Jeremy and I have talked with many private lenders. To be truthful alot of them only want big fish, which we don't qualify as of yet. We talk with many investors and they face the same thing everyday. Right now we are working with a financial advisor who has access to investors, so it is going ok. Most want a min of 10 to 12% return on their money which is ok but you have to buy the prop below FMV to be able to refi quick.
I do understand that it gest a little annoying knowing you have a great deal but can't get the funds. We have been there, but we always seem to find a way, which you will also, that I am sure. Quick refi's are becoming a thing of the past especially with fannie and fredit mac.
Just hang in there which I know you will and it will happen... I'll be watching!!!!! FOR YOUR FIRST DEAL....Jan

I truly appreciate your feedback and time. If I get any good infomation about private money I will post it here.
If you hear of or know any REI's in the Atlanta area please have them contact me or me contact them. I have some time, a real estate license and I am hungry.

Best Wishes!
- Dan

- Yesterday

KNOWLEDGE =
- Re-read Anita W. success story.
- Started re-reading Driving a flood of motivated buyers to you.

ACTION =
- Checked out a couple of properties for a cash buyer.
- Put Ad on craigslist.

Favorite Quote from yesterday - "I had nothing left but hope and a strategy given to me by Dean and I went for it". - Anita W.

Reviesed 30 day goal - To have 1 house under contract by Jan14th 2011(10).

- Yesterday

KNOWLEDGE =
- Re-read parts of Driving a flood of Motivated Buyers to you and Matt's coaching storey.

ACTION =
- Replaced one bandit sign.
- Got a for rent number (late last night).
- Called 2 lenders concerning rehab loans and cash out refiancing (still at 6 months and 75% LTV.
- Called one cash buyer to get info. on his hard money lender.

Favorite Quote from yesterday - "if you get up and look for properties everyday, you will find bargins". Matt Larson P.200 Profit From Real Estate Right Now.

30 Day Goal - I will have 1 home under contract by Jan. 14th 2011 (9).

Got all caught up on your journal. You are doing a great job!

Sounds like you are very organized and disciplined. That will take you far.

Karen

- Yesterday

KNOWLEDGE =
- Re-read Matt's Money Making 25:1 Formula and Stars realtor letter.

ACTION =
- Called 2 lenders to discuss rehab loans and LTV requirements.
- Put out 1 bandit sign on my way to a meeting.
- Drove to a buyers home a put a letter in her mailbox asking her to contact me. Her VM has been full for a week. She lost her home to foreclosure and I have a owner finance home she can buy and I could assign her this home. (so close and a little frustrating)!

Favorite Quote from yesterday - "Put in 25-30low offers and you're bound to get one. It's the law of averages". Matt P.143 Be a Real Estate Millionaire

30 Day Goal - I will have 1 house under contract by Jan 14th 2011 (.

- Yesterday

KNOWLEDGE =
- Watched Bill O'Rafferity on The Edge 2010.

ACTION =
- Researched the 17 lowest priced homes in my area. Found one that is not bank owned.
- Recieved a call from a bandit sign. Called the lady back. She has $3500 down is looking for a reat to own home and is working on her credit score to buy. That is about as good as it gets for a call. She will replace my most recent buyer that was ready to go look at a owner finance home that I could assign (then she disappeared).

Favorite Quote from yesterday - " Thank you God for sending me a new buyer to work with" - Me !

30 Day Goal - I will have 1 house under contract by Jan 14th 2011 (.

Now just match up this new buyer with a prop that you can lease option. How about that lady that you delivered a letter to her mail box. See how far back she is on payments. If it is doable for everyone involved, match it up and close a deal. I know, easier said than done. Time to get your feet wet pilgrim!!!...Jan

Thank you for the direction. I am getting a expired lease purchase list tomorrow am. I spoke to her again this evening, as I told her I would. She wants to move by Feb. 1st she is currently staying with her parents. So I know I need to get this quick or she will find a home on her own.

Here is were I have to decide which direction to take this deal.

Last week I found a deal on a REO, I do not have financing in place yet so I call a investor I know and put him on it. I am his buyers agent on the deal. I negotiated a $35,500 price for him and I recieved the bank accepted contract today. My real estate broker thinking tells me I may can put her in his home a make 6% of 65k commision (I would get both sides) = $3,900 - FMLS and my company fee still leave $3500 to me (I love my new companie split $300 per transaction.). My REI investor thinking tells me to find a home lease purchase it and make 2k up front and $200 per month and 10k on the back end. Here is a where I get lost on the deal. I know how to this purcahse it and I know how to get her in the home on a lease purchase, but 1) - I do not know how to get the lender to allow me to get paid 10k at closing on this deal? 2) - Also, she wants to purchase the home in 3 to 6 months so as far as I know even if I was on title as owner she would have seasoning issues with her lender? I can call a lender friend of mine tomorrow and see what he thinks. I started looking for hard money today and that will solve the REO purchase problem in the future. But not sure how to do the LO deal to her? 3) - Also, if I get the 2k upfront I do not know if the lender would count that for part of her downpayment?

Any all all thoughts would be greatly appreciated.

I am blessed to have this problem. I can make money, grow, learn and help others. Guess I will be get off this computer and get on my knees and ask fo some direction from the Boss.

Thank you Jan you sparked some thoughts and concerns which is good. Now I have my opportunities in writing so I can better figure out how to work through around over or under them.

- Yesterday

KNOWLEDGE =
- Re-read Greg Murphy's section on Lease Purchase p.70 in Profit From RE Now.

ACTION -
- Started looking for a home for my newest bandit call buyer (see note above).
- Recieved a new bandit sign call. Getting her to my lender to see how much work she needs on her credit (she wants to move in April).

Favorite Quote from yesterday - "I would just lease out the property from one person and turn back around and re-lease or sell it to someone else". - Greg Murphy

30 Day Goal - I will have 1 house under contract by Jan 14th 2011 (7).

- Yeasterday

KNOWLEDGE =
- Re-read Anita W. success story and skimmed through a few other sections.

ACTION =
- I did 3 proerty searches for potiential buyers.
- I did 2 property searches for cash buyers.
- I searched, expireds, lease purchases and estate sales for my buyer that I had a phone appt. with at 3:00 yesterday. I found 1 homes that I could LO to her and another that I could get a findes fee on and another that I could just sell her.
- I called my hot buyer and she is AWOL. - It happens, I am hopeful that she will take my call today? I am grateful that I found a few other properties that I could make some money on. I am appreciative that I know how to locate these properties and I know how to get other buyers.

Favorite Quote from yesterday - 'You don't need to wait because you don't have any money. That is the whole point to make money!". - Anita W.

30 Day Goal - I will have 1 house under contract by Jan. 14th 2011 (6).

I am wondering about this lady you want to put in this house. Have you talked with her about her credit? (Touchy) I am also seeing a potential problem down the road with the refi. Seasoning issues. What if you try to get her to comitt to a 1 yr LO and then move on the refi. If she has credit issues, this might give her some time to clear them up. Also, you would make a few dollars more in the middle on the cash flow. Just bouncing ideas off you so you can get this deal to close...Jan

I spoke to her Friday and she said she had been working on it and it was at 600. So she would need 20 to 40 points with Wells Fargo or Option One. (There is a 580 3 1/2 down prodouct but you have to have 5 years on the same job, high resevers etc., some alt credit stuff is slowly coming back).

I told her I had a lady that is a regional manager of Option One that helps my buyers and she could get her creidt repair with one cost to her. I explained that my lender does this so she can then do the purchase loan.

The buyer said she had been working on credit awhile and she wants to close in 2 to 3 months. She wants to rent to own / lease purchase. She wants to move in Feb. 1st because she lives with family at this time with her child.

My new oppoprtunity with her is she has not called me back from Sat. or Sun. When we last spoke I was to call her Sat. with a list of homes available to discuus. I did but no answer or return call as of yet.

It snowed here last night (Atlanta area) so I will try her today. If she does not take my call today she is probably not going to because I am sure she is not working.

Jan, thank you for your ideas and time. The glass is more than half full. I am finding homes, I am finding buyers and it is just a matter of time until I connect the two.

Thank you Jan,

I am going to go play with my kids in the snow and post my journal later today.

Best Wishes!

- Dan

- Yesterday

KNOWLEDGE =
- Skimmed through various lease option and lease purchase sections of Profit From Real Estate Right Now.

ACTION =
- Called back 2 potiential buyers that I had conversations with before.
No answer from one, the other one called me back but I missed the call and her VM is full.

Favorite Quote from yesterday - "you have no problems, though you think you have". - Dr. Wayne Dyer

30 Day Goal - I will have 1 house under contract by Jan 14th 2011 (5).

You are on the way my friend. Just stay on top of this and you should be going to close. Let me know, I'll keep my fingers crossed for you...Jan

Thank you Jan. I will keep on keeping on Thank you!

-Dan

- Yesterday

KNOWLEDGE =
- Read alots of journals and posts.
- Listened to a tutorial online on double closings and Lease options http://www.GreatGuruGiveaway.com/doubleclose.mp3 Thank you to the DG'er that forwared it to me.

ACTION =
- Researched all estate sales in my city that are listed on FMLS. There are currently 8.
- Did 2 other property searches for investors.

Favorite Quote yesterday - "Finally, why don't you already no this this". (A question to a DG'er from a post question asked)
* Funny how even though the person asking the question was asking a REI 101 type question I still read some usefull information from other experienced DG'ers answers.

30 Day Goal - I will have 1 house under contract by Jan 14th 2011 (4).

Problem #1: I have a Buyers that just today have been approved by the bank. Problem is that the house he wants is listed by a real estate agent.

How can i close this deal and still come out on top?

Let me ask you a few questions and see if I can help you. Glad to if I can.

- Are you a agent?
- Is the home a bank owned home?
- If not bank owned, is there a loan on the home or is it owned free & clear buy the seller?
- Is the home vacant?
- How much is the home listed for?
- How much is the home worth?
- Why is the seller selling?

Answers to those questions will help me to help you.

Aloha every one I have been inactive in realestate for over a year now. My last deal was in october of 09 were I was trying to get my hands on a rehab property I tried several diffrent location and I thought I had the right realestate person working on my side but it turned out that she was just watching out for herself and she became very pushy in her ways. So that did discourage me alot. I also tried to get a loan and nobody was lending money if you could not prequalify.So all the good deals were in preforclosure and all the banks had there hands in it I could not get a loan becacuse I was on disability for starters and I did knot have enough cash for a down pmt. I know this program is a no money down prgram but it really you do need some money to do even the little things like business cards flyers and prerecorded service. I had everything set up last year and boy I lost everything when I started to focus on saving my own home. I got my home modification last month and I got my first mortgage down by half but I still owe 23hundred a month plus utilities. So I got the house rentent out and I moved next door and renting somthing half that price. This year I need to focus on my goals and not let anyone or anything stand in my way.

- Yesterday

KNOWLEDGE =
- Read many journal and questions on this site.

ACTION =
- Put all of my REI stuff in one notebook. I had cash buyers names and numbers, potiential private money names, Sign (we buy homes) numbers, Bandit sign call ins recent and past, book notes, to do lists, goals and phones numbers of past clients in 4 different notebooks. This took awhile but now they are all in one notebook that I can keep with me at all times.
- Pulled tax records on all estate sales in my area.
- Did a few small home searches online from myhousedeals.com

Favorite Quote yesterday - Believe and Achieve

30 Day Goal - I will have 1 home under contract by Jan 14th 2011 (3)

Got caught up on your journAl and great to see you are getting close.u have some great advice from good people and u r taking action every day so u r sure to make it happen!! I might add that u maybe run a few more ghost adds to add to your lo buyers list and also search for some vacant homes that have been empty for a while and contact the owners.these have worked great in some cases as you may be a shining light to them and u can negotiate a down payment and mnthly pos cash flow in your favor with opm.It is always good in my cases t have many irons in the fire so when one doesn't pan out in the case of your buyer then u move right to the next and not worry a bout the one who didn't call back.also keep calling her, she may need theNudge to buy.now is the time to get comfortable being uncomfortable! ! Good luck
Jay

Jay,
I seriously I appreciate your time, posts and suggestions. My first thought was "that is some soild advise". I know from reading your journal the irons in the fire part is true and comes from your experience (super valuable). Your right if I had a few more irons in the fire I could have just said who is next on my list and gone from there.
I will search for that person that needs my help (vacant house). I will be so grateful when I can be that shining light.

Thank you Jay,

Bast Wishes!
-Dan

- Yesterday

KNOWLEDGE =
- Read more posts and parts of some journals.

ACTION =
- Went through my IEE buyers list and called and emailed 5 buyers to see were they stand on timelines and if they are still buyers.
- Brian stormed with one DGer on the phone (thank you REI friend I enjoyed speaking with you and thank you for the link. I am listening to it as I type here).
- Went through my cash buyer list to update.

Favorite Quote from yesterday - "when you correct your mind everything else will fall into place". - Dr. Wayne Dyer

30 Day Goal - I will have 1 home under contract by Jan. 14th 2011 (2).

What is the progress on your lady with the LO? I am watching!!!...Jan

Could you please tell me what a bandit sign is? I am just starting to look into this and your writings are very interesting.

Jan my LO lady is AWOL as well as my cash owner occupied buyer (which is stranger because I knew her through her deceased husband) I am sure I will hear from the cash buyer sooner or later? The LO lady I have called only 3 times in the last 5 days. I do not want to seem pushy or like I need her more than she could benefit from my help. How many times do you call someone that does not return your calls? I will try her a few more times over the next few days.

Lesson learned is get more irons in the fire (Thanks Jay) and realize that I got her from a Bandit sign and I need more Bandit signs out. Thank you Jan.

Jackie, a bandit sign is a sign that is put on intersections, poles, trees in high trafic area to get a phone call about buying or selling a home. Most of my signs are for buyers. My signs read - House for Sale, 3 - 5 bedroom 2 bath, Low Down Low Monthly call phone number xxx-xxx-xxxx. ALSO - Rent To Own, No Banks 3 & 4 Br. 2 Ba. $2,000 - to $4,000 Down. My signs are hand written.

-Best Wishes!
-Dan

- Yesterday

KNOWLEDGE =
- Listened to the 1 1/2 hour transitional funding webinar on Michael Manghan's profile page Thank you Michael for that link, Thank you John and Orlando for info. on it).

ACTION =
- Located and visited 1 foreclosure.
- Went home and pulled solds and activite listings on property.
- Pulled tax records on property.
- Called agent to see if no offers on home.
- On a different foreclosure that I have already visited. I pulled comps and tax records.

Favorite Quote from yesterday - "It takes great learning to understand that all things, events, encounters and circumstances are helpful" - Dr. Wayne Dyer

New Goal - I will have 1 houses under contract by Jan. 31st 2011 (18)

* In the past I would have thought I had failed if I did not reach my goal. I would have probably been embarassed and stop there. Not the case anymore. Simply review your goal and set a new goal. You are only unsuccessful if you stop reaching for your goals.

Lession learned from disappering buyers = Make more buyers appear. Once you know how to get buyers. Do more of the same and get more buyers.

You're welcomed my brother...and thank you for the link you sent. I will take time to listen to it this weekend.

Great insight on reassessing your goals...a neccessary step to success!

More buyers, huh? Now you're talkin'.