Gena's Gernal AE (After Edge) :)

I knew you had been holding properties here and I thought you were wanting to shift to a flipping strategy to generate capital. I know that cash flowing certainly makes more sense in a market like the mid-west vs. flipping, and certainly more sense than doing that here. I saw all these properties back there with tenants in place (turn key) and thought about getting a property manager to babysit them. That was a long time ago. Well long time to me, I'm still such a newb.

I am also going to start locally. Initially I was trying to learn other neighborhoods alien to me because my geographical area I'm familiar with is South King County (Foreclosure Central) and most investors are not interested in trying to resell with all that competition from the banks, etc.. After recently talking with one of my buyers he told me he has people who want rentals and who will buy around Des Moines (my neighborhood) and even will do condos. Yes!, I was completely ignoring those because nobody wants them. So since I can evaluate properties so much better around where I live I'm starting down here.

I have a couple in Marysville (east of I-5) I have inside knowledge on but the values have dropped so much there I don't know if I can unload them. One is a friends short-sell. Would love to help them if I can but there's an offer already pending and I don't think I can afford to go any higher on it. So hard to evaluate as the comps seem to be all over the place.

I'm gathering my contracts, scripts, and notes and I'm plotting and scheming my campaign. Nobody does bandit signs around here and they say "You can't do that"! I wonder though, are you getting away with it? Are those people even trying to use them? I know they work, but figured there must be a reason nobody's doing it. I guess they can only slap my hand and send me to my room, right?

OK I can go on forever, as you probably noticed, so I will end this now.

I'll try to be more brief in the future:).

Steve

Yes, I've been doing bandit signs here with moderate success. I just put 18 in the ground in a target area, corners of slow moving high traffic. I'm too lazy to go take them out, so they gradually disappear, but it's still a cheap form of advertising. There are a few others with signs out, but most don't ever answer when you call. DG'er drplunkit (Jordan) does them too.
In terms of continuing to invest in Seattle market, I do not want to hold any more properties, and even flipping is tying up too much money (200 vs 25K), so in Cleveland, I'm starting with a hold strategy (found a no season refi), but I may flip some as well.
Hope to see you soon.

Hey Gena,

Just popping in to say hello and catch up a bit. You are on fire! Great job. Love hearing your progress!!

God bless,
Jen

Nice to "see" you! How's it going on your end? I like your quote about victory being one step past failure. There have truly been multiple times when I considered quitting. I'm so glad I pushed past them. That's why so many people say REI doesn't work. You've got to take the time to figure it out. There's no one formula that works for everyone. It's not instantaneous. It's work, but you know what, I actually do wake up anxious to get going on it - I haven't felt that way before - lets me know I'm on the right track. I still need to see some green falling my way tho:) It's coming, it's coming...
I noticed a post on Matt Larson's facebook "Go faster" is all it said. LOL, man I'm trying.

What a great journal! I am so glad that you started it. Keep up the great work!

Karen

If I had a contact in the midwest that could PM for me I believe I would be doing the same thing. I still may someday. First I gotta get some money made on a few local deals.

Not trying to talk you into anything local but I got an email from a local realtor Bob Kelly, maybe you've heard of him. Well he's with that other REI club we shall not speak of. Anyway he was looking for money for a client turning deals in Tacoma and he is saying that North Tacoma in particular is really hot now. Big profits to be made and they are ranking #1 in the nation on RE value growth. Actually that was the press saying that, CNN I think, not Bob. I knew there was a ton of very cheap stuff down there but didn't know there were any in demand neighborhoods. I'm thinking it's worth checking out. I need to get some buyers interested in working down there. I'll show them some of those deals Bob shared with me. I need to attend a south satellite meeting too.

I too am actually WANTing to work on this stuff again. I had not felt that way for a few months. I need to force myself to stop and eat and things like that. You need to make sure you do as well, OK? I put on a few pounds to lose though so that's OK too. I am just so desperate and excited both very motivating forces and I can't absorb anything or find answers fast enough. That and my slow ass computer are the cause of my anxiety now. I never even knew what that felt like until a few months ago. At least now it's in a more positive way though.

I still feel I have more ducks I need to get in that row before I can pull the trigger on Operation Clean Sweep, just a working title I'll get something better. I have completely neglected the subject of estimating repairs and upgrades. I'm always looking for the fastest way to learn everything. Quick formulas are my best friend. Got a lead on that last night though as well.

Now I think maybe I'll take a look at some foreclosures in North Tacoma on realtytrac.

Steve

love reading your progress. Just wondering what kind of agreement you're using for assignments?

Eyes on Him!

SA

That's really the answer to everything, isn't it?
Ankeris, for assignments, all you have to the is write "and/or assign" after your name as purchaser. I have to publicly admit though, I've never done an assignement. It is one of my many goals.

Steve, my PM in the midwest is a minimal contributor at this point, so not a big factor in my decision. In fact, he would participate no matter where the property. I'm considering Tacoma too. My local realtor and I plan to go out soon and canvas the REO's and while we're out ther, I'll stick in a couple dozen bandit signs (sure he'll love that). If you have any thoughts about partnering together, I'm all ears. Looking forward to connecting at the REAPS meeting.

Finally found a couple REI clubs in Cleveland and maybe a property manager. I've got an offer on a house that suddenly has multiple offers and I'm being asked if I want to raise my offer - without even a counter from the bank. Really? Might do it - the ROI is so good.

It's hard to express how right this all feels now. I've reached a place where I belong. It was slow in coming, and is only at the bare beginnings, but somehow I know this is it. So listen up newbies (and oldbies still looking for that first deal) keep at it, don't give up - you will find your place.

Eyes on Him - (gosh, I love that, might have to add it to my signature, if you don't mind Ankeris). What kind of name is that - very nice. And what is SA?

Life is good - whole family here for dinner tonight. Steaks on the grill, red wine, and a homemade (and I didn't have to make it) lemon meringue pie

Haha, I just had this mental picture (well video I guess) of you asking your agent to pull over so you could put in another bandit sign. That's awesome.

I'm so happy for you. Oh and I'll keep you posted on any progress, probably not on here though as I need to stop hijacking your journal with local REI talk.

Steve

Icks! DG Fam,
Today was a drag. I've still got this property here in Seattle that I rehabbed and is now on the market for 44 days. I need it to sell, now. Anyhow, today, along with my son and son-in-law we stained the deck, pulled the weeds, sprayed the weeds, cut the lawn. I know I could hire it out, but honestly this house has eaten way too much of my money. (This is the house I talked about at the Edge with Sherrie Carlson) So, yes, I am achy tonight. This is one of the things I'm loving about my Cleveland investing, I CANNOT do any of the physical work. What on earth is an investor doing with a paint brush anyhow? I should be making enough to hire this out, and my time is more valuable spent elsewhere - well at least in theory; I know I'm getting there. Yeah, so this REI stuff is not all roses, just so you know.

So there was this double house in a great neighborhood in Cleveland area for 20K. I told one of my realtors to go check it out for me 2 weeks ago when it was listed. She never got to it, and now it is pending. So, sorting out the team members who are not HUNGRY.

I didn't go to my local REI Club meeting tonight. Probably should have, but had a nice salmon dinner with hubby instead. Life is full of choices. Sorry Steve, coffee soon?

Thank you Bill Pohl for always being there with wisdom and experience.

I did find a great property management company in Cleveland - at long last. They also have a GC who readies the props for the market. It's not yet clear to me if I have to use him in order to get the property management services. If he's competitive and good, sounds ideal.

Also, got a lead another no season refi bank in Ohio from a DG member. Trying to get in touch with the right person there.

Have a birddog also from DG Fam working the unlisted props in Cleveland (thank you).

Have another DG Fam member interested in possibly partnering on some deals.

No names yet. - But the team is growing:) Don't be afraid to reach out guys. I've contacted everyone on this site that I could determine has any dealings or roots in Cleveland, and look what is sprouting.

Tomorrow is organize the office day.

Only a week or so from closings. Yahoo.

Sounds like you have hit your groove! Awesome! Love reading about it.

Karen

PS-On Ankeris' post the SA is his initials-Scott Ankeris

Hey DG Fam,
So when it's 9 a.m. in Cleveland, know what time it is in Seattle? Of course, you do - it's 6 a.m. That's what time my phone starts ringing now. Man, a little earlier than I like, but it's all good. It also means I can "stop" working by 2 which is 5 in Cleveland and play summer time with my kids (kinda old to be called "kids",but we still like to hang out). Or, pull weeds like today.

My first Cleveland deal will close no later than Tuesday. It should have closed tomorrow, but I am learning the ropes of purchasing with a self-directed IRA and had to make some changes in the contract and title work at the last minute. That's going to cost me some late closing fees, but the deal is so great, its OK and next time I'll know.

Remember what Dean says, "Reality is just your perception of the circumstance" Mine is remaining positive.

Would you believe my accountant spent nearly 4 hours with me yesterday explaining basic accounting, cash basis, profit statements, balance sheets, ratios banks look at, etc, etc. (My head was literally aching) What a guy! He's been a huge blessing to me. Some of you may remember he also set me straight in no uncertain terms a few weeks ago about not 1099ing some workers. I'll never do that again. Best to do all things right.

I've got a couple great DGers finding houses for me in Cleveland. Had a terrific lead on a house for 10K but with 15K in back taxes. However my GC says too much work and not desirable design to tenants, so back to the search. I feel good that these new investors are also learning and growing with these experiences.

Now about that house here in Seattle that I STILL have on the market. I got my realtors to stage it for me for free. (A little persistance pays off). Its looking good and several new showings. Say a prayer for a buyer if you are so inclined .

I've also been working with a DG'er in Dallas trying to find a home for a client who needs seller financing. It's pretty darn fun to connect with you guys and stretch out across the country.

Karen - thanks for the comments. How's it gonna? Hope we can connect soon.

Steve - sorry I missed the REAPS meeting; had nice salmon dinner with hubby instead. I'm always happy to chat though, give me a call sometime. Made any offers?

Hey DG Admin - where's my Edge 2011 Badge?? I had it for a day or 2
You know I like those things:) Life's full of small pleasures. (chocolate for instance)
Wonder if I'll ever transform from a "Site Regular" to a Superstar like Karen?

I had a salmon dinner tonight too!!

I didn't know you have a 25yr old son; I have a 24yr old, and I totally understand how precious those moments are when they want to spend some time with you 'just talking'.

I do a lot of house repairs and landscaping too, and I know how achy you can be at the end of the day, but like you, I do like to save a few bucks here and there!

And I totally agree with you about life's simple pleasures! Those little charms always put a smile on my face!

I will say a prayer for you!

It has been fun connecting with you... we're getting there, learning and progressing every day!

Valerie

Hey there! I know you're out there kicking RE butt, but wanted to drop in and say hi! I heard..., are you going to tell us about it?

Heard WHAT???

Do tell!

Hey DG Fam,
Just a quick entry in my long neglected journal. A few interesing things today. I had a tough conversation with a local mentor who has been making promised and not keeping them. Called him on that and he responded well. DO WHAT YOU SAY YOU ARE GOING TO DO! Be sure to follow that in all parts of life!
Got denied entrance today at my REI Group's ACTIVE Commercial Investors kickoff meeting. Wasn't active enough for them! Ha! They don't know who they just turned away.
Cleveland going very well by the way. Eight houses since May, 20% ROI, each cash flowing $600/month. AND I have my first private money investor funded the lastest one! YAHOOOEEEEE!!!!
But the best of the day- had an outing with my youngest daughter (15). She said, "Mom, I'm so proud of you, and I'm so happy you are doing a job you really love now."
Who's not smiling?

Thanks for the update, Gena! For those not in the Seattle area, Gena gave a presentation at our local REI group and was kind enough to have brunch with me a few weeks ago, too.

I appreciate your enthusiasm and look up to you. Keep up the good work!

~Kelli

Gena,

you are such an inspiration! and your enthusiasm is contagious!
thank you so much for sharing your knowledge- I can't believe you're already at 8 houses in Cleveland-amazin'!!! what a gal!!

Valerie

that they didn't want you in the commercial group.

Hey Gena, long time no see/speak/anything lol.

They must be looking for Seattle's own Trump or something. What a shame. You are certainly doing just fine without them though. I will probably see you at the meeting on the 17th if not at the 14th's north sat. mtg..

Steve

You know Gena if I never buy or sell anther house in my life that would be OK as long as I knew I had my daughters love and respect.

When the REI group reads about you in 2 years they will say turning her away was a big mistake.

You rock Gena.

Take care

Steve

Kelli - you are one to watch! You are going to have great successs!
Valerie - girl- one day we must talk - I'm excited about what you're doing!
Steve - we need to catch up. I want to know what you'r doing! See you soon at a meeting.
Steve - of Steve & Veronica - Thank you so much. It's true. That's what makes my day. Can't wait to hook up with you guys at this year's Edge - let's make a point to spend some time together.
In fairness to my local commercial group - I haven't done any commercial deals Y E T . But watch out . . .

8 since may ???/AMAZING !!!!!! way to CRASH CLEVELAND !!!! takin some SERIOUS ACTION !!!! what an inspiration to just take off in another state !!! GREEEEEAT GOING !!
jay

I caught your enthusiasm brother! Thank you...

way to go! you are doing an amazing job! i was expecting your daughter to say that she wanted to get into REI too.