hit roadblocks, so whats next to keep moving forward***unofficial journal***

HaHa...I wonder??? thank you...I will def let ya know whether it turns out good, or bad...

Just got home...Walk through went great...The guy was funny, and straight up...Couldn't ask for a better guy...Willing to help us out he said...

Our agent is going to send the information bout the house to my email, along with information of a broker or banker that he works with(not sure which one this guy is that the agent is talking bout) but he deals with creative financing and said that this guy is good and will tell us what we need...the agent also said it doesn't matter if we can get this place or not, that the broker will let us know what we can look for based on what we figure out with him money wise...

the multifamily is def a money maker though...The owner also said we could call him down the road if we need anything, or have questions too..Regardless if we buy it or not...So we could actually get his personal number which is nice...He has everything that has to do with the house filed really nicely, and said whoever buys the house, gets the file that he kept bout the house also...It is like a bonus...He has a "killer" lease agreement for the tenants also that he has tweaked from learning the in and outs through the years...So I am praying we can get the financing for this place...If not(which will stink)maybe he will be willing to let us do the assignment contract on this...

The place itself doesn't need a lot of work at all...Just minor stuff...It is in pretty good shape...Bottom line is, it is a money maker, and somebody will buy it whether it is us or not...

Also, as for putting in offers, my agent found an easier way to put in offers so that is great...We can basically email a "pre" offer, and if excepted, then we write up the actual offer...And our offers that we want to be put in will be going in tomorrow according to the agent...Very excited, and very nervous...But it is a good nervous

marc,
I am excited and nervous for you too!
100% rooting for you, you know it!
Angela

did you understand it better since I fixed it a little???no more rushing for me and babbling on and on...Of course I say that now, and actually i am doing that now...so....IM DONE

I was in the middle of a long supportive message to you and it all got lost in cyberspace ... don't you just hate that?

Short version ...
Yes, I understand your post much better now that you changed it.

Angela

hate when that happens...frustrating, especially a long message or email...and I am glad you understand it better now that I changed it...sorry again...

Awsome Mark!! I am hoping you get this deal done. With this owner willing to help you out it sounds like you can get it done one way or another.
good luck.
Richie.

thank you...I really hope so...It would be a heck of a first deal...I appreciate the luck...

Hey, congratulations on finding the investor/seller! Hoping this turns out to be a great "foot in the door" for you. It's nice to find someone that's willing to pass on their experience to you (and maybe a little cash-flow?
Good job!! That's cause you were out there doing your homework!
And you must be on the right track. Your uncle can see it, that's why he has such faith in you.

I really like the idea of the pre-offers. How do you word them? Is it like a letter of intent or just a brief paragraph? Does your agent insist they go to the seller? Or does she (he?) just run it by the other agent to see if it's possible to get it accepted? Thank you for sharing all your experiences! So helpful to all!

God bless,

Rina

Thanks...Always great to find somebody willing to help out, especially in the search of finding a deal(hopefully)...As far as these pre-offers, from my understanding, Billy(agents name) is going to basically write more or less an offer on intent to purchase...Which I guess basically has the same info as a regular offer(offer price, names, earnest money, etc)Just through email...So will be alot quicker than what originally was going to happen...If they say ok, then we go to the next step of actually writing up an offer and signing all the papers invoved...Also, I believe he is going through their agent, and not straight to the sellers...I am planning on having him send a blank pre-offer to me so I can check it out...If he does that, maybe I can post it on here so you guys can see it...Then maybe it will help others make things easier when putting in offers...I haven't even seen it...For the most part, as long as they are going in, doesn't matter to me...But if it will help others, I will do my best to get it emailed to me and posted on here

lets see...newest update today...another roadblock...had enough of these...For this multifamily house, I talked with agents mortgage broker and didn't get the kind of news I was hoping for...Basically I need %5 of purchase price, which would be round $9000, and then also show a cash reserve of atleast 3 month...Not good at all...So not giving up totally on this particular one, but def hit us hard...

So talked with agent some more, and said we def gotta start putting more offers in cause the only way I can come up with that kind of money with less risk than stealing, is to assign some properties or if I hit the lottery...I don't play so it aint gunna happen...

Another option is finding family or friends that could help out, cause I qualify for first time home buyers so the $8000 tax break or whatever it is I would get...So if I could get atleast that from somebody, then I could give $8000 back as soon as I got that...Then I would still have to find the rest of down payment, and reserve money, but it would be alot easier to come up with that than the full $9000 plus extra...

Hey Mark. Is this the one where the owner said he would work with you? If so,ask him to cover the dp and cc. Then you would only need to come up with the 3 months reserve for your bank. You can give him more for the house to cover the dp if he wont cover both dp & cc. I am assuming you are going with an FHA loan too. 3.5% down.
good luck.

never thought bout that...I will talk and see what i can do...Worse that will happen is a no...Thank you...I will let ya know what happens

Here is a quote I like which goes with your forum topic:

I realize there will be roadblocks along the way, that just means I will have to buy a bigger tank and knock them down - Neilkim24

gotta find a ways around this...And actually, if I don't end up getting this, at least I learned a lot through this process...So can't get frustrated for learning more...

As for building a bigger tank to knock down whats blocking me, it is in the process of being built everyday...Bigger and bigger, so at some point, the roadblocks will be no challenge for me...Just takes time to build it to that point...

Talked with billy...He is going to run the whole covering down payment with the owner of the multifamily and see what happens...He also said he passed a fsbo home earlier, and the sign on there said the name of the bank and 100 percent financing...Hard to believe, the bank would now a days, but aint gunna hurt to check into it...He is going to grab the number off the sign tomorrow and give it to me...The worse that will happen is will be in the same boat as now...

Also, on top of that, been going through homes that are on the mls and going to figure out offer prices...Gotta get going with more offers...The sooner the better...

went through probably 100 houses today on mls, and took 40% off the asking price off all of them...Well some at 50% actually...Should have done most at 50% and some at 40%...Either way, I am ready to send those in so we can put those offers in...

Also, waiting for attorney to get back to me to see if his broker could possibly help me out with financing for the multifamily...He said he works with a good broker, so we shall see...He mentioned he would run it past his guy, so hopefully I will get an email saying he may be able to help...

As well as doing everything that I have talked bout, one of my main goals also is to better my credit...And talking lately with bankers, and brokers, I have gotten some tips to help that...Other than the other stuff I have read on here and gathered from other people, and what I already new...One thing I am doing is becoming a member of a credit union, and going to attempt to refinance my car through them...I got financing through the car place, and of course they hammered me with the interest rate...So my payment for the car is up there...So that don't help at all...So refinancing should help...

On top of that, I am going to have a certain amount of money taken out of my check per week and deposited into the credit union and sign up for the bank to take it out of my account every month when it is due...So won't see the money in my paycheck, my car will be getting paid, and it will be cheaper than what it is right now...When I was younger(a year and half ago and never ever even thought bout real estate)I bought a new mustang...Of course now, it makes things more difficult cause payment is high...Just gotta work around it...thats all...

Talking with an awesome broker right now also, so hopefully things will happen...He is kicking butt and got back to me quick and told me exactly what needs to be done...Things are going well...In the process of getting a pre-approval right now, and said he would get back to me...Makes me feel so good...

Congrats Marc.
If you join the CU and get the loan through them it is a great idea to put it on automatic payment. I did that with my CC that i have with my CU as well as my loan.
Its always paid on time and i dont miss the money.

Trying to be smarter...No more being dumb...I have the chance to get a debit card also, but no way...That will only tell me I have money, and can grab it...So going to set this up so basically I don't see the money at all, and the car is being paid...I can deal with that...

It is so exciting, and so scary when things are rolling like they are...Exciting for the obvious reasons...Scary because things are becoming a reality...With everyone help and support from here, and the academy, I know things are going to continue going well, and I have nothing to worry bout...And a few more bumps in the road aint gunna kill me either...Just set me up for even better success.

Marc,I still say...Great J ! Twenty- three is a moment you will never forget!
I am forty-three and i never missed a...minute!
I like the saying... Bigger can be better! Still, I like the saying...
"It is not the big things---I fear!...It is the small things---I don't under-
stand!
randdee813...In the house.
My goal is to be...Honest...That,Means alot to me!
Marc, Stop mentally playing with yourself and...Get that deal...DONE!

Randy
2birds---1stone!!!!!

WOW!
Proud Mama right here!
You started this thread less than a month ago and LOOK how far you have come!
WOW!
You are so much closer to your 1st RE deal than you were literally 30 days ago! Amazing!
You are a Dean Graziosi success story on the verge ... I am thinking that you will be in the next book!

I am most impressed with Billy! He is really looking out for you. You wrote:
"Talked with billy...He is going to run the whole covering down payment with the owner of the multifamily and see what happens...He also said he passed a fsbo home earlier, and the sign on there said the name of the bank and 100 percent financing"

I think I might like to talk to him myself and I know many people in our area who might also like the referral. Please PM me with his contact info.

Keep up the fantastic effort, this is going to pay off soon. You are really working at this and putting in serious effort, you just can't fail! I just know it!

Angela

Well I thank you guys very much for all the help and support...Talked with agent through email today, and he said hasn't gotten a lot of responses with the offers yet...Although he has gotten a few "are you crazys" back...So kinda laughed at that...Aw well...

Also, he wanted the lenders info so he could talk to him so he could probably figure out a few things...So that is good too...

The owner did say he is willing to do whatever he said when the agent talked to him, but billy isn't sure if the lender will allow the seller to pay the down payment...

Just trying to be creative...Thats all...And use everything I can to get this house of course...but guidelines are guidelines, and if it can't happen, then gotta find another way...

Billy also said, more offers will be going out today too...So that is good...Somebody has gotta bite on one of these offers eventually I would think...

Marc wrote:The owner did say he is willing to do whatever he said when the agent talked to him, but billy isn't sure if the lender will allow the seller to pay the down payment...

Mark is it possible for you to cut the check for DP and have the owner cut a check to you at closing? You would then have to deposit it after closing to cover the one you cut.

I will also bring that up too...Is that risky, or should I be ok doing that???

Posted this subject/post in another forum cause needed to figure things out...

As for offering 30 to 50% off the listing price, that isn't working in my area...It may work for others in certain areas, but right now, not mine...So gotta be smart, and play the game the right way...If one thing isn't working, figure our another way to make it work...

Alright, going to change it up...If one thing isn't working, its time for a change...Going to attempt for the next month to check out 3-5 properties per week, get comps, doing the inspection part, add in the profit, and come up with an offer amount...Gotta be smart about it...That strategy may work in some areas, but right now, in my area, it isn't...Sent an email to the agent, and hopefully he will be willing to do that instead...

Marc,It is truly great how our life's work! Our goal is to be secure in our
life,Altough...Here comes the coin flip...BAM! After i have flip the coin,
Staying in one place is not the safest place. If your area is that hot...
That area you are looking to invest.That tells me the surrounding area's
are just as hot...With alot more wiggle room!

Randy
P.S. I want you to carry a coin in your pocket to remind you...
There is always...A way!

I have said to flip the coin! Correction...Turn the coin! By turning the
coin does remind, That there are two sides...To the story?

Randy

P.S. (Saying) The grandmother gives the grandson a dollar. The grandson ask's,
What is this for? The grandmother says...It will keep you HONEST!!!

Alright, got up, my day off, figured I would check my email, and got the pre-approval(for the multifamily) from the lender in my inbox...Got me excited...so next step, instead of waiting around for the agent to get back to me after talking with him, I decided to ask the lender if there is any way the seller could pay the down payment(since the seller said he would)So he is checking into that(said there has gotta be a way) and hopefully will have some more good news in my inbox later...Keeping my fingers crossed...

Of course, even if he says yes, gotta make sure the numbers work, and not paying to much and not going to make a profit...Cause that would defeat the whole purpose...So on the right track...

UPDATE - in middle of writing this, and lender called...Said if I can borrow the money, or come up with the money, just to show reserves, the seller can pay the down payment...So close I can taste it...if I can get this, the mortgage payment gets paid by 2 of the apartments with 200 left over and then the 3rd apartment pays an extra 550...So looking at about 750 profit per month...How sweet would that be for a first deal...God please let this happen

Awsome Mark!! Get it done. You are in the door.