OfflineHey dear DG Fam,
I'm a bit late in making this posting - this REI can keep you busy LOL -
I got a second contract accepted on a house in Cleveland last Wednesday. Wooohooo!
Bank owned - Listed for $39900 - needs about 3K in work - "newer" for Cleveland - 1964 - with a great 2 car garage put up in 2005. One story with finished basement 3/1.5. Got it for 36. Can lease/option for close to 900. Thatsa nice-a cashflow! Thatsa nice-a ROI! (feeling a little Italian at the moment, must be the red wine) Buying this and the first deal (both scheduled to close by the end of June) with a self-directed IRA. I'm going to explore whether I can do a refi through the IRA. Hmmmmm - maybe.
Also - my craigslist ads have resulted in likely tenants for both properties.
"Ask and you shall receive, knock and the door shall be open" - course you better be workin your butt off at the same time. 
Go get some - but be smart, eh?
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
you should be able to do a refi throughyour self directed IRA as they will simply be the mortgage holder.
Keep me in the loop with your plans.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I hope they work out for you, Gena.
sounds like you're having a lot of fun with the remote deals!
congratulations!!!
wishing you many more,
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/...
Awesome stuff Gena!
You said it girl! Got to be working it! No big plays were ever made warming the bench! Great display of what making a QUALITY decision then backing it with the burning desire to fuel your actions will do!
Oh I do believe you are getting warmed up!!! LOL Good stuff!
Jen
Way to go Gena...
I am very impressed with the speed of your out of town deals. And such great prices for homes compared to the west coast. How did you pick Cleveland? Research I suppose.
Keep it up,
Judi
Great job. You are really making it happen. So happy for you.
I do believe you got some momentum going on there.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
Vonny - A bank will not let you lease option from them. I am purchasing the property with cash and my exit strategy is to lease/option to a tenant. I have never negotiated with a bank on revising a mortgage, it is possible. Perhaps you should make a post to get some advise. I wish your family the best.
Greg - enjoyed talking to you. More to come...
Jen - yeah baby, getting hot around here.
Judi - thanks for your comment. My husband and I both grew up in Cleveland, though we've been gone for 20 years, we have a sense of familiarity and visit there occasionally. We live in Seattle and have invested here, but the prices are so high, the ROI in Cleveland is much better. We've been talking about it awhile. At the Edge event, Ali Safavi, a new and highly successful Success Academy student, presented about all his deals in Cleveland. That pushed us to the decision to invest there as well. There are lots of great markets out there, and I'm glad we started in our back yard.
Steve - jump in, the water's fine...
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3