OfflineWell I figured I'd start a journal now, right at the beginning of our journey instead of waiting until I've done some deals. I'll probably get alot of advice from all these great people on this site. So here's the story. I've posted this info on a previous thread but I want to put it here, in the journal. So if you've already read what I'm about to say, sorry.
My name is Todd and my wife is Dawn. We live in a fairly small town between Rochester and Syracuse NY. I am in the construction field and have been for 20+ years. My wife runs a small daycare at home. Currently I'm laid off due to weather and economic conditions.
My past real estate experience is very limited. I bought a HUD forclosure a couple years back, completely remodeled it, and sold it. I came very close to breaking even and I may even have taken a bit of a loss. The numbers were very close. Anyway, I didn't know what I was doing as far as numbers go. I put way too much money in the house. So I guess that's what happens when you don't pay very close attention.
I saw one of Dean's commercials one day and it really got my attention so I bought the books. They got me very excited and I really am going to do this.
I was supposed to look at a VA forclosure but I found out that there's currently a bunch of bids on it. So that one is out. I got hooked up with a really aggressive real estate agent that works with investors. I think that's going to help alot.
I also met an investor in my area right here on this site. His name is Jim and we had a conversation earlier on the phone. He is very helpful and we definately will do some deals together. In fact, I called my agent and she already has a house in Rochester that he may be interested in! I hope it works out.
Also I have to look at a 2 family home in Syracuse on Friday, Feb 11th. It needs work ( I don't know what or how much yet ) and it's been empty for a year. I spoke with the owner and he just wants to get rid of it. He was injured recently and he can't get around so good so he doesn't want to deal with it anymore. He is willing to negotiate the $29,500 listed price. I asked him if I was to bring him a cash offer what his bottom line would be and he said $25,000. But I think I may be able to get him down some more. I don't have any buyers in Syracuse yet but I'm running some ads on craigslist so hopefully some will come through. I really don't even know how to lock it up on contract yet. Hopefully someone here may be able to help with that part. You know, like how I should present it to the owner and the documents needed. I'm going to contact Jim, the investor I met on here, and see if he can help also. He's a smart person. I can tell. But any input would be greatly appreciated.
Todd
Todd Thanks for talking me up. About that house on Friday you should Pm Jan Malek he lives up near there in Herkimer ask him about the area. Anytime something comes up for that area I just pass them on to him. He also tells me if its a bad area. So check with him hes a great guy and very helpful. Maybe between Jan,you,me,Jay,and there's someone over in Buffalo we can co-op upstate NY.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
That sounds great Jim. We can probably make something work. I will contact Jan. Thanks...
Todd
Welcome. You found someone (Jim) who will direct you, quickly, especially being relatively close to each other. ((humor Jim))>> Unless you have a personality crash.
Best of luck to you.
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
Good move on starting your journal todd,we will be glad to hear your progress and to network on making deals happen.def as jim said we can work together to make things happen across ny.look forward to workin with you and learning from your progress.give me a shout if I can help in any way.
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
We can all make it work. Let me know too if there is anything I can do to help. Let's dig up some money!!!
Todd,
that's great that you started your journal-it will help you stay motivated, and you will enjoy looking back at it after you start making some deals!
You're lucky to be close to Jim and Jan-couldn't be in better company!
Wishing you great success,
valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Well, I might have another deal that looks promising. I'm going to sit down with the owner this morning. It's a 3 family home ( 2 in house & 1 in separate structure ) and the list price is "Make Offer". I spoke to the owner on the phone and he is retiring and "Just wants to be done with it". He says his sone lives in California and he wants to go visit him and travel. From what I understand, the house has been very well maintained. New windows, roof, furnaces, and the list goes on. All units are currently rented and rents total $1600 per year. Taxes are $3900.
The issue I'm having is, I'd like to buy and hold this one. But I just refinanced my house, like within the last few weeks, so I doubt I could get a mortgage. And the owner already stated to me that he wouldn't want to hold a note for the whole amount ( minus the down payment ). Now we haven't even talked about any numbers yet but from looking at the area online it appears that homes similiar go for around $75,000.
I'm getting good vibes from the owner though. He seems very knowledgeable and he also seems flexible. Sounds a little like he might work out some kind of deal with me if the terms work. We'll see what happens a little while. Wish me luck...
I wrote this in a big hurry cause I've got to take my son to school then I have to go talk to the owner. So if I left out details, that's why.
Oh yeah, I'm looking at the place I mentioned in my 1st post today right after I talk to the owner of the property above...
Todd
Todd let us know how you make out when you get back.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
It went really smooth today. And I gotta say, I'm really starting to love this business! Even though I haven't even closed a deal yet I know it will happen soon. It's only been a couple weeks since I started to learn about this from Dean's books and all the really helpful info from everyone on this website, and I really felt like I knew what I was talking about with these owners. And I was very comfortable doing it. I think this is where I need to be in my life.
The 1st owner has a 3 family property that brings $1600 a month total from rent. Taxes are $3900 and water is about $1500 a year. He wants FMV and it's $76,000. He'd take $72,00 cash but I don't see that happening. I'd love to buy and hold this property but he definately will not hold a note for the entire amount. He would hold about $25,000 though. So, I'm trying right now to get pre-qualified for a mortgage just to see where I stand. I don't think the banks will go for it at this time because I just refinanced but we'll see. If I can't, I really don't know what other options I have. So I might end up loosing this one.
The other property is a 2 family for $29,500. This place is "BUSTED"! It's a mess. Nobody has taken care of this in years and the owner really wants out of this. He wants nothing to do with this place. I found out through talking with him that he owes $11,000 or $12,000 in back taxes. I might offer to purchase this place (and or assign)for $16,000. The cost of the taxes plus closing fees. Hopefully I'll find a buyer soon and he can walk away. Of course I'd like the contract to state that If I can't find a buyer that I can walk. Because I really don't want to end up owning this house. Way too much work right now.
So if anyone has any suggestions for me I'd love to hear them. Thanks for reading...
Todd
Todd that first one that you want to get financing for the bank will not give you the mortgage with out you personally having skin in the game.
Second one check if he owes that much in back taxes its possible they could already be starting legal action to foreclose.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
It's a no go for the mortgage. So I need to find a way to finance that one or just forget it.
And thanks Jim for the tip. How do I find out if legal action has begun?
Todd