Southside Johnny’s Road to Redemption

OMG! I can’t believe that it’s been more than 8 mos. since I’ve posted in my journal!!! Where has the time gone? Where have I been??? Obviously, not in the right place(s)!? Have I taken the wrong fork in the road and lost my way? Well, the answer to that is, absolutely NOT!!!

It’s been 2 years since I “said” I was serious about REI and 1 year being “really” serious! Why haven’t I done a deal, yet??? I actually am embarrassed that I haven’t done so and guess I should be?! I’ve been close MANY times with offers accepted, under contract, etc., but….NO CIGAR!!! I’ve had ‘help’ and mentoring from several ‘dear’ friends on this site and still not been able to put it all together, but will I stop trying?? Absolutely NOT!!!

I used to be the one of the most organized persons I know. Now I’m one of the most UNORGANIZED!! Go figure….

The last few months have not been kind to me in ANY way! I won’t bore you with too many details, but feel as though I need to get it off my chest.

I’ve not been in the best physical condition lately and I’ve been waiting tables to make ends meet. Again; go figure….

From the VERY debilitating stomach pains/cramps/nausea that I get about once a month (for about a week at a time), leaving me writhing; to being diagnosed w/avascular necrosis in both hips; (a lack of blood flow in the hip joints which has caused the bones to start “dyeing”); to somehow losing TWO crappy jobs w/in 2 months (got fired AGAIN yesterday)!...guess I spoke my mind once (or twice)too many times?; to the one vehicle in our family that has just been repaired after about two weeks in the shop; et al, et al…….

I know this may seem like a “woe is me” story and well aware that mine is, by far, not the worst of stories. There is ALWAYS someone that has a situation or circumstances that are FAR worse than your own! But just maybe, someone reading this will find the motivation to continue to keep PUSHing when things get a little rough for them! Heck; I know I’ve been down, but don’t think I want to eat peanut butter on dry shredded wheat like Jen says in her “Belief and Bulletproof” thread! I like peanut butter and I do eat shredded wheat, but together??...pfut, pfut!! LOL!! I’ll just eat the pb with a spoon; thank you!! And if I have no milk; eat the shredded wheat by itself!

I know that I am truly blessed to still be here and given a chance to wake up to a new day to pursue my dreams. I know the Lord is testing me and I MUST have faith that he will lead me to them. I also, know that He can’t make me ‘drink the water’. It is after all; up to me!! To quote an old boss of mine…”get on the ball or on the bus”. Don’t think I like bus rides too much!?

These are VERY desperate times for me right now, but again; I will absolutely NOT GIVE UP!!!! I must GET ORGANIZED, create a schedule/plan, stick to it, take action, and push thru the pain! I WILL ‘crush the villain’ inside that’s trying to bring me down! I know that I must live with an abundance mindset and plug into something bigger than myself. Going it alone just hasn’t been cutting it and I will NOT attempt to do so any longer! I obviously need the feedback/motivation/advice from my DG Family and will not stay away so long EVER again!

So, my friends; I must make the commitment to posting here more often; in an effort to keep myself accountable! If any of you notice me “sneaking away”, just holler...PLEASE!

Thanks to all for reading, and I’ll see you SOON!

God Bless,

Your face looks familiar...

What did you say your name is again?

Karen

Please allow me to introduce myself,(smarty)...

The one and only...Southside Johnny!!

Hey Karen!

I did forget to mention that I did make a small bandit sign run last Friday night and put out 15 signs. I know that's really not enough, but was short on time and was WAY overdue!

Only gotten 1 call from a ‘real’ seller, so far. The other 2 calls I got were from the town’s mayor where I put about 10 signs, asking me to pick them up and telling me there was a fine associated w/illegal signs. A couple of days later; a lady that works for the same city called leaving a msg to PLEASE not put any more signs up. At lease she was pleasant about it. Thank goodness for GoogleVoice!!! Looks like I can scratch this place off my list. I did see some older signs on poles though!

The ‘real’ seller has a home that was his mom’s, and she has passed. He and his wife were living in it until about 3 weeks ago. They have bought another place and want to sell for payoff of $25K. Mtg payments are $440/mo. His is disabled (waiting on disability) and his wife works a couple of jobs. ARV is probably around $41-$45K? Seems it was listed on MLS since May and Zillow shows it still listed for $34,900. I’ll have to investigate that. It is a 2/1 (actually 3/1, but made a Laundry out of middle BR?!) DUH!! ; 1100 SF, vinyl siding, nice fenced in yard, etc. From pics; looks pretty clean and well maintained; just needs some updates, including rewiring. It seems to be rent ready though. I’d like to get it locked-up, but most wholesales in area go for around $25K TOPS!! May be a good LO candidate! What do you think??

Am still working with a seller (from last December, or so) trying to sell 8-10 turnkey rentals here in Birmingham. She has reduced prices, but still no luck. I need to focus on marketing them more/better? Returns are actually really good (almost 30%)??!!

I have a few more old leads I need to follow-up on and make another bandit run. Should have plenty of time for it since I’m unemployed at the moment!

First things first though. Gotta help the wife get ready for the big yard sale starting tomorrow and get up with the chickens! After all; she’s the boss!

Till next time….

Dean’s LiveCast was awesome last night! Watched almost all of it and then made bandit signs. DID NOT put any out though! UGH!!! I fell asleep w/them beside me!!! Oh, to be young again and be able to go all night!!! Even though it’s Saturday; plan on making a little run with them tonight.

Today I’m still tied up with the yard sale. This is the last day; thank goodness! I’d almost rather take a beating. It has helped bring in a couple of dollars to try and tie us over until I can get a job, or make that first deal!!! I have a good lead on a job that I will heavily pursue. It doesn’t pay great, but at least it’s not in the restaurant industry!!! It’s also, M-F, 8:00-4:30 (NO WEEKENDS)!!!! I don’t know what that’s like? 

I’ve begun working with a Note guy in an effort to sell the Turnkey Rentals mentioned. Recently had a conference call with him and the seller, and looks like she’s on board. She will actually net more for each property if things go as planned.

Have appt. tomorrow afternoon to view FSBO mentioned in my previous post. I am going in ‘positive’ that I’ll drive away with it locked-up under contract!! 

This is MY TIME!!! It is GONNA happen!!!!!!!

Thought I would post again in an effort to keep myself more accountable. I say “myself” because I have had no response or interaction on my journal from any other DGers, except for Karen G since I began posting again. It’s just doesn’t seem to be like it used to when all the 5th St Jim’s Gang hung out here back in the day. Guess I must really miss those days, but NOTHING ever stays the same, does it?  There are several of us “old timers” networking on FB w/others and I guess that’s just part of the evolution/progression process. I tend to like it here on DG.com though. It’s somewhat of a safer/comfort zone type of feeling. BTW; I realize that I haven’t participated on site so much the last 6 mos or so…there ya go! Enough nostalgia and ramblin’ on….

My lead on the ‘no weekend’ job didn’t pan out and I have yet to gain any type of employment. Needless to say; it’s been kinda tough looking for a job to help keep us afloat, and at the same time, trying to stay on top of what I need to do daily in order to FINALLY get that first deal! Looks like I’ll end up staying in the restaurant business for now AND IT SUXXXXX!!!!!!! Did I mention it sucks?

Don’t fret though; I am persevering and PUSHing thru! I talk to myself CONSTANTLY in order to keep myself motivated and pumped up, because I KNOW that I can (and WILL) make it happen. There’s not a doubt in my mind. It’s just a matter of time before it does. You know, I think of this quest as like cooking spaghetti (or pasta). If you throw enough at the wall; eventually it’s gonna STICK!! Hey Dean, is this method part of your grandma’s recipe?? LOL! 

Here’s my recap of what’s shakin’:

- Bandit Signs: I DID make the ‘little run’ last Saturday and put out a few (only 8-10?). The best part of that is I put one in front of the Walmart AND one @ Lowe’s in the small town just a couple of mile from my house. I thought this was my best bet…being unemployed, save some gas money, etc. These signs are STILL there today!!! Believe me; it’s brought SEVERAL good leads in that I am working. Others I put in the same town at places like, front of the new middle school, the park, and the largest church in town. A strategy I should have implemented long ago!

One of these leads is a “tired landlord” that’s even mentioned doing repairs to her home to help sell! She’s in the process of evicting the tenant which is in jail and has been since June! She’s initially asking too much, but can you say Lease Option??? Karen, if you end up reading this; I may call on your expertise??? Pretty please!!!

- The FSBO from last week is UNDER CONTRACT!!!! This is the property that some of you may have seen me mention on FB. Seller has it listed on MLS and “fired” the Realtor. It has been on the market since May w/o being shown ONE time!! I could not negotiate the seller down as far as I would have liked (for the area). This seems to be my “Achilles heel” to date. I have had quite a few properties under contract this past year, but at a VERY marginal amount; causing me to eventually walk away from them. It is however, a really nice home, on a quiet street, in a nice neighborhood…in an area that’s has some “not so nice” places. Still a good return for a buy and hold investment though. Anyone intersted just let me know!!! 

- Turnkey Rentals: I’m waiting on the seller to review/approve package “data” before the Note Guy initiates their contract. Then it’s off to marketing to "supplied" out of state buyer leads. This guy promises that they can be sold within a couple of months. I surely hope so. I’ve actually got a lot of time invested in these with no return! Way more time than I care to admit! Could mean a $15,000 payday though…yippee!!!

Think that’s enough for now. I can’t believe I’ve been so long winded, but it’s actually very therapeutic; to say the least!!

Oh yeah; did I mention what I had for dinner? Yep, that’s right; spaghetti! LOL! Serioulsy…..

Looks like I'm your biggest fan!

You know I am here for you if you need help.

Karen

Tks for showing up Girlfriend! You're the Best.

Talk to ya soon.

You know if we keep meeting like this we will be the next hot item!

You know how Bill and I used to always tease back and forth and a few months ago I got a PM from a guy who had been off the site for about a year. He happened to see Bill's bio said "Married". So this guy PMed me and was so sweet. Said he didn't want to get in my business but he wondered if we had gotten married while he had been gone or if Bill had dumped me for someone else. Loved it!

I told him I dumped Bill and he rebounded!!

No I didn't tell him that really. I explained that was just our wild and crazy silly days!

Just thought I'd share. I got a good chuckle from it!

Karen

Are you serious? What a hoot!!! Bet you the guy was embarrassed!

Those were the days my friend....

Thanks for the giggle!

Hi John,
Your journal is entertaining and motiviating. I too have been on here for almost 2 years without having done a deal, but I took a year off when my mom got breast cancer and don't regret it. You have to do what you need to do to get through the hard times. (And you've had your fair share.)

I feel for you,and hope you pull through and make it happen soon. Yeah it sure sucks when you have something going and think "This is it" and it falls apart. I've had that happen, and it can be hard to pick yourself back up to keep going. But I too have a ridiculous urge to make this happen, and I won't give up! I'm proud of you for not giving up. Keep it up!

Good to see you here! We have missed you! It has been a while since we talked.

I hope all is going well for your Mom.

Karen

another visitor!

Allison-Good of you to stop by. Karen and I were wondering if company was coming!? LOL!

I recall reading many of your posts a year or so ago? I'm glad to see that you, as well are back in the game and 'refuse to lose'! We just won't allow that will we?!

If you have a journal ( think I remember that you do), I'll be sure to stop by to check on your progress.

Thanks for the kind Wordsworth of encouragement.

Predictive text sucks!!

And Allison; sorry I forgot to ask about your mom... as you can see, me and the keyboard just aren't getting along. Hope she is well and my prayers go out to her!

Hi John! I see its been a while since you have posted anything. Drop us alll a little line and tell us what you have been up to
And thanks for the kind words

I just went through your journal for the first time.What a ride.Don't give up no matter what happens.I know what you mean in post # 36 about how things have changed on this site.I have never been one to post much and was gone for some time dealing with life's problems and in survival mode.Many of the people I remember have gone or rarely post, however I have met some really good people this time around.Keep the faith,keep working at it and it will get better.

12/31/12

Again; it’s been TOO long since I posted in my journal! Another 3 months have already gone by!!

Donna – Thanks for stopping by! Your post actually spurred me to do this update so, thank you.

Anthony – Also, thank you for the words of encouragement and dropping in! Don’t worry though; it’s been a ride for sure, but I will NEVER EVER GIVE UP!!!

I’ve had no luck finding work and decided to give it all up to REI so, I am MOTIVATED! “Living on love”, unemployment and by the grace of God; we’ve made it through the Holidays. It’s time to make a difference and I’m ready for it!!!

I seem to have hit a dry spell and have been in a bit of a funk lately. The two properties I got (have) under contract; have NOT turned into any deals! They obviously aren’t “deals” or I would have been to closing by now. I knew they were marginal, but had to give it a go....many lessons learned the hard way! I actually had a third one also, and the contract on it has been terminated….in a town (area) where I know no one and is mostly a Buy/Hold/Rent market.

I REALLY need to get something to ‘stick’ SOON! I don’t want to be known as the Wholesaler with NO Wholesale deals. You can only cry “wolf” so many times!!! I have to learn to go with my gut and if I don’t think it’s a good enough deal; then it’s not. I know the market well enough by now, but have let doubt to start creeping in!

- The first one is a house that the seller owes about $25K on. It is also, in a Buy/Hold/Rent area and investors won’t pay more than about $20K. The seller had said she would just let it go back to the bank. I again offered to do a L/O, and have given hers docs to review. It’s been almost two weeks and still no decision?!

- The second one is in a distressed ‘Landlord’ area, also. The seller bought it to rehab and rent, but didn’t have the funds. I’ve gotten her to drop the price twice, but still no takers.

- Had another on the hook for a SWEET L/O deal, and thought it was pretty much done….tired landlord! I have mentioned this one in a previous post. It had an ARV of $65K; seller owed $47K with a note of $460. I offered $49.9K and take over payments. I planned to L/O to a T/B at $64.9K with payments of $750. When I called to set up the appointment to lock it up; the seller told me she had spoken to her bank and she could refi with a payment of about $355/mo. Said she didn’t like the idea of me only “making her payment” and having to wait to cash out. When she gets tired of being a landlord again; she’ll call. After all, she’s the one who called me “back” after 6-7 weeks!

- Still working on several turnkey rental packages, as they just seem to “find” me?! These are others in addition to the ones I’ve posted on another thread. I’ve made a contact with a commercial investor that has told me he doesn’t like to deal with wholesalers (even though that’s how he started), but likes me and how I do things! Bit of a confidence booster!! In addition to the turnkeys; he has a package of 39 SFRs that are owned by a ‘non-profit’ group. This could turn out to be something pretty big!!?? If anyone reading this knows any buyers that may want to get in the Birmingham market; let me know….

- Bandit Signs: This is one thing that has slowed me down. My stock ran out and until I can close a deal; I have to do w/o. I am focusing on other ways to get leads, but there’s nothing like the signs! I have a great response rate and was moving along pretty good with them! Plus, it’s such a rush…. I love it!!

- Yellow Letter: I got a 100% response rate!!!....only sent one letter hahaha! I’ve been eyeing a vacant house a few miles from me for about 6-8 months. It had an old ‘permit’ in the window that was about 4-5 years old, a new metal roof, vinyl siding, and I could see through the windows that it was gutted to the studs inside. Finally got the owner’s info and sent him a Yellow Letter. He called within two days! He had purchased it when single and started rehab. Since then, he married and he and his wife own two other homes. One they live in, the other was ‘hers’ and they are renting it out.

It is a 3/1 – 1375sf on 3 lots (corner). ARV is $75-80K. Met him and did my walk-thru. He has completely redone the kitchen and it has all NEW appliances! It still needs about $25K or a little more to complete. This includes adding a 2nd bathroom being that it’s down to the studs already. I thought I had this one, as I have 3-4 buyers really wanting to purchase in this area! He STILL has the power on along with the water (turned off at the meter), paying taxes/insurance! He started at $35K and went down to $30K, and said he would think about $25K? I told him that I had to run the numbers first though. When I got back to him, he said his bottom line was $27.5K. After running the numbers; I told him the most I could pay was $22.5K because the rehab could actually very well be more than $25K.

He also, mentioned that if it was a cash sale; he would take care of closing cost. His mother is an attorney in town and “all I would have to do is drop by and sign”??? Made me wonder about my chances of being able to get him to sign an assignable contract??!! I thought about advertising (or blasting) it at just under $30K just to see what kind of response/interest I could get. Not having it under contract and being another ‘marginal’ deal; I’d probably be wasting my time. Guess I just need to move on and keep looking.

Well, that’s it for now. I have to keep my head up and plow ahead. It has definitely been frustrating. Sometimes I wonder what I must be doing wrong! Is it marketing, strategy, consistency? Am I seemingly too desperate? I am aware that I am not making enough offers and that, I have to fix!

I know something will happen if I just continue to take action. As long as I maintain a “Die Empty” mindset; success will SURELY follow!

Have a Prosperous and Happy New Year everyone!