OfflineI love the idea of making cash with real estate. I now have two boys, and we now own our first house. I know I need to work extra hard to start doing deals to get extra cash.
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Albany huh? I know where that is! I'm in the Portage area (originally from Cambridge), I am new too. Been studying a lot! You will find a lot of great information here, read the forums and may I suggest you come to the REI club meetings in Madison? Google Midwest Investment Club, it gives the events and they also have a forum on the website. I did meet another investor there from Janesville. She's doing well in that area. Sorry I can't remember her name though...only saw her once. You can network with other investors there, sound good? Nice to have here!
Dawn
Hi Dawn, I just started going to the the Midwest Investment club at the Coliseum Bar. I will be there next Thursday night. It would be nice to meet you if you can make it. Let me know if you can come and I will look for you.
Thanks,
Mike
My husband & I will be there on the 22nd for "Mr. Rehab". Did you sign up for email from the site? I look forward to meeting with you too! People kinda gave me a funny look when I told them I was a member of the DG Family but it's funny I knew EVERYTHING they were talking about. Guess the course is pretty good then huh? We'll see you there!
Dawn
Yes, I did sign up. I think the meeting is on the Westside. The bar is closing, and the meetings I have been to I thought they were too dark and cold in there anyway. So a new place might be nice.
Mike
P.S. I have short hair and a goatie. I hope I can find you guys.
I have two questions. How can I get cash at closing? Every time I try to buy a house that needs work, like Dean tells us to. The bank only wants to give me the cash I am paying for the property. I always here people are getting enough cash at closing to fix up the place. How can this be done? Also, the bank wants me to fix the property a little before the appraisal. The bank said, it was their liability to have it save before they lend the cash. Dose this sound right?
Thank you for your help!
Mike S
Sorry we didn't make it to the meeting Thursday, had a family crisis on our hands. I was bummed! Did you go?
As far as your question above, I know there is a post out there somewhere that addresses this but create a new forum post to get more input from the other members. I am not as experienced at the cash at closing, I'm not sure how they do that.
Talk soon,
Dawn
Yes, I did go to the meeting. There were about 30 or so people there. I thought I just could not find you out of all of them.
About that question, I,m still trying to learn how to use this site. How do you post a question so everyone can see to answer my question?
Thanks,
Mike
Hey Mike,
Go to forums & select which catagory you want to post in (ie; buying REO's or whatever)then click on the "post new forum" and type the post & submit. You have to be signed on to do this.
You'll get LOTS of feedback too!
How are things going? Did you decide where you're going to invest yet? Were you able to talk to some investors Thursday? Those meetings are pretty good, hope they find a more "central" location though.
I see you posted on Rina's user account too. She's the best, I love her to pieces! Rina and all the DG Family will help us both suceed! Hey, maybe we should partner and take over the southern half of the state, Rina's got the north! Ha!
Talk later...
Dawn
Hi Dawn, I'm looking to buy in Orfordville. There is a REO that I found on the county web site. The bank bought the house back at auction for 53K. They put it up for sale in the fall for 49K. I made an offer for 40K and they turned it down. I just asked my realtor if that price went down yet. She said no, but she would ask them if they will drop that price now. The bank dropped that price to 29K. I'm now trying to get the morgage to buy it. We want to move in to it and stop renting. It needs about 10K to 15K of work. That's why I need cash at closing. How does that deal sound to you?
Thanks,
Mike
What do your comparables tell you it's worth? What did you offer? If you're going to live in it you could qualify for FHA or a similar loan for first time home buyers. Is it rural? Or in town? I ask because there is a rural loan that will give you 100% financing. If there is any equity in it, you can get the loan big enough to make the repairs too. Are you using a mortage broker? Or going to the bank? A broker searches several banks to get you the best deal. Feel free to ask more questions, that's why were here!
Let me know how it goes, good luck!!
Dawn
I think I saw it on the MLS, is it a 2/1? Keep me posted, love to hear how you make out on this. Good Luck!
Dawn
Ya, that sound right. I can not wait to get the property.
Hi Dawn, I have a question how do you get more metals? Right now, I only have a bronze metal.
Thanks,
Mike
Hey Mike,
You earn more metals by posting or replying to postings in the forums.
(post a comment at the bottom where your name appears) Hope this helps!
Dawn
My sister has a house that is for sale, and she lives out of state. I offered to do a lease option. She told me that was a good idea. When I said I was not going to be the one to live there, she did not like that idea then turned me down. How do you talk someone into a sandwich lease option? I find this hard to do.
Hi Mike,
I have never done a sandwich lease so I'm not able to really comment on this (although I've been looking to do it).
Create a new post and the rest of the gang will help you out. If she doesn't want to lease option would she finance the property? I would think she'd rather sell it to YOU than a stranger!
Can you get the financing if she seller finances the downpayment or a percentage of? You could rent it out or lease option AFTER it's yours! 
Is it close to you?
Food for thought.
Dawn
What happened with your offer? Did it get accepted? Hope all is well with you....
Dawn
The REO deal was accepted for 28K and seller pays for closing cost. April 1st is closing, and I need to do a lot of work on it before we can move in. The roof has a leak and is running into the tub. Because of this the ceiling in the bath is gone. So there might be a mold issue. Also, needs new carpets, three windows, two wholes in the wall from someone's fist. I think that's the worst of it.
I don't have a lot of cash so there is going to be a lot of work on my part.
I'm really excited, and can't believe I'm doing it!
Thanks for writing.
Mike
P.S. I keep looking for you at these meetings. When am I going to meet you?
I'm so excited for you! How did you finance it? Did you get enough to make the repairs? That's so cool! You should post your first deal in the forums, it's exciting!
I'm showing a duplex this weekend to an investor. I'm going to make an offer & get it under contract & assign it, I hope!
My hubby has been getting tests done the last couple weeks so we haven't made it to the meetings. Nothing serious, carpal tonnel & his neck may have a pinched nerve or something. I hope to go to a meeting soon! I'll let you know, I'd love to meet you too. Does your wife go with you? That would be great to meet "like minded" people. Talk soon,
Dawn
Are you going to the meeting tonight?
They are having a guest speaker on commercial bldgs. Dean & I will be there for sure. It will be great to finally meet you! (if you come of course) You know it's at 3737 E Washington right? My husband has a grey beard and I have brown hair. We're both kinda short on one end!
Hope to see you there!
Dawn
Hi Dawn,
Sorry, I have not talked to you in some time. I just put the investing on hold until now. I have a new job in Madison, and I got that just in time before I lost my old job. I did get that house in Orfordville, and I put a new roof on it last summer. I was reading some of the old posts. You asked me if I got enough $ to fix it up. That is a big no. I do plan on trying to do assignment deals to get the extra cash to fix it up. Any extra cash I might have from the assignment deals I want to get in Dean's success academy to get me on the fast track to $$$$$$$$$. As of now I am trying to build my buyers list, and I want to find a partner. I need someone to help keep me in the game!!!
Thanks,
Mike
P.S. this new job it is had to go to the investors meetings. I do want to meet you soon!
Where to buy?
I live by Janesville, WI. They just closed GM and the prices of homes are great. Is this a good or a bad idea to buy in Janesville? I heard Flint's real estate is not worth buying after GM closed there. Or, should I buy in Madison where the real estate is priced higher, because of the market?
Please help!