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

sending a package in the mail, I gotta fill it out, and send it back...I guess it kinda like a formal application since we have done it over the phone completely...Should receive it by Monday at the latest...

I should be able to borrow the money also from my mom...Once again, mom is coming through in the clutch...I owe her big AGAIN...Granted I am not spending any of it, but still...I hate asking my mom for things...

Talked with billy again, mentioned the checking out 3-5 houses per week...So going to meet with him next Thursday, talk more about it, and check out some houses also...He is willing to keep putting low offers in(on houses that make sense) also...So maybe things will work better this way...

Getting closer and closer everyday...Just never fast enough...

I previously mentioned earlier that I wanted to refinance my car since the intrest rate is high...So talked with the Credit Union today, and she said she would probably call me Monday...

So hopefully will be getting the package for the application for the multifamily house by Monday, and also a phone call from the lady at the Credit Union...So hopefully Monday will be a big day with good news...

Refinancing the car through the Credit Union is going to work for me...Got the call, and going to sign the papers tomorrow at some point...They got the pay off info from Ford that I dropped off earlier, and I am all set...It is 8 months less than the original loan, plus the payment is bout 30 dollars less per month...So going to set it up to be automatically taken out of my account...Not a huge difference up front, but in the end, it will be saving me a lot of money...

Also, my moms name was on the original loan, and now she is off...So that is good to know my credit is good enough to get the loan myself...And the loan was bout $18,000 for the pay off...So that makes me feel really good...Working on my credit alone makes me feel so much better...Plus, the approval for the 185,000 for the multifamily...All on my credit...Granted, I have always kept my credit pretty good, but I continue working on it all the time...So hopefully pretty soon, Ill be buying properties left and right...

Feels good that things are going well...Only a matter of time...

Marc you are doing great,Hands down! Marc i will be the one to do it! No money down...I promise! I mean no money!!! I understand we always work inside our means of what we can do...So many people that have money out there! Lose the ink and remember...You did not make it / So how can you break it, We always use somebody's else currency. I just want to be able to go home for the holidays...Just in chase i am wrong!
The ink thing,I am totally against / Still wear your color's

okrand
2for1
P.S. I am going to get true no-money deal/Great almost "J"

Checking out some houses today...Don't know exactly how many, but hopefully at least a few...Meeting with agent at the first one...He is supposed to bring the comps for a bunch of properties today, so that will be good...As much as I really don't want to go house to house, if it will get things rolling and help me understand things better, I am all for it...It can only help...

Deposited 6000 for the down payment(that I am not spending-it is just in there to make the bank feel better-)The seller is actually paying the down payment...

I guess the broker and the bank had a mix up of where to send the package/application, so it ended up at the brokers office...So he said sorry, and sent it out yesterday...So hopefully have it by tomorrow, and can get that part done...He said he would walk me through the package...Then hopefully I will be good to go, and get that first deal done...NO MONEY DOWN...Using other peoples money

scratch the last post as far as checking out houses...The agents mother ended up at the hospital, so it got canceled...He mentioned maybe Sunday doing it...Hopefully everything will turn out well for his situation though...

Checking out houses Sunday...Putting off going to PA for a friends birthday, but right now, this is very important to me...Hope she understands, which I am sure she will...Supposed to have a bunch of friends there...Aw well, maybe next time...

Plus need to sit down and go over some more numbers on the multifamily as far as what is needed money wise, and what is worked into the deal...Gotta get a formal offer/contract for the banker that is approving me...We have a verbal agreement(which means nothing technically), but the seller is a man of his word...Hard to find people like that, but thankfully we did...

After checking out a house today, things are def moving...We have had our eye on a single family house a couple towns over...Finally the bank is willing to except offers, so...

Possible 2nd deal in the works soon, and it will be short sale...Guy is bout a year behind on payments...Lost his job, and couldn't make the payments...That also means taxes haven't been paid more than likely also...So Billy(agent) is going to talk to the bank and see what we can do...

Billy - "It has been an on going pain in the butt with this house and the bank has been jerks and not willing to work with myself or the owner of the house at all, other than the fact that they haven't foreclosed"

So that being said, we are waiting to hear back from the bank about that...And we have a couple options...It needs work, but lot of it is cosmetic type stuff...The major part is the heating system...So that will be the most expensive part...We could go for financing and try to buy it, or do the assignment contract...We would def get more buying, fixing and selling than the assignment, but at the same time, gotta look at it from time and money wise...Assignment is our first strategy as of now, but we have a back up too...

Then again, maybe if the multifamily closes before this gets going(since short sales take a while cause of dealing with banks), maybe can refi the multifamily, pull the equity out, and use that money to fix and use as a down payment for the house.

It all depends on what bank is willing to except...The house is def nice, and I wouldn't mind living in there after it is fixed up to be honest...So if I hear anything else, Ill keep posted on here...

Been AWOL lately, as you know, thank you 1million x infinity for your emails though, they have meant the world to me, kept me going, and brought me back here, appreciate it more than you could ever imagine!
Oh, my goodness, there is so much going on for you, really nice to see that Billy is coming through!
Looking forward to the updates here.
Good Luck! rooting for you as always!
Angela

Waiting to hear what the bank has to say about the short sale just checked out...Told Billy if anybody at all puts in an offer(his listing) put one in for me and chris right away...No matter what!!!We have our excape clause all set up, so even if we decided we didn't want to go through with it for whatever reason, we are covered. So we should be good for that if the bank is willing to deal like they said they were!!!

Signing the contract for the multifamily to make it binding tomorrow...Excited as heck to do that...So great...We haven't rushed signing the contract(it is his listing also) and the seller is straight up...He has had a couple people interested, including a friend of his, and he said not unless things don't work out with me...But now things are getting closer, and don't want to take any chance, so signing away my life...So to speak...

Went to another event tonight, and it was actually pretty good...The only thing I was annoyed with, was the speaker kept bringing up a 3 day event in a couple weeks that cost 1500 dollars...So he was all about trying to get people to buy into it...Granted, this guy new his stuff that he was talking about, but still...He must have mentioned it 12 to 15 times in 90 minutes...I did pick up some tips and things like that though...So excited bout that...

One of the tips I did pick up from him, I am going to start trying tomorrow...I have heard it before, but for some reason it sunk in even more...maybe cause I am further ahead then when I did hear it...So I will let ya know how that goes, and if it works, which I really think it may...

And like everyone else, and especially DEAN says, TAKE ACTION...ACTION CREATES RESULTS..

Also, started reading his Totally Fulfilled book(have read be a real estate millionaire/profit from real estate right now), and it is a really good book...Read it if you get the chance, or never have before...Im about 60 pages in, and had trouble putting it down...And I was reading at work in between things...

I also, got a personal loan from the credit union to pay off a couple things, and with the interest rate lower than the other things being paid off, it is working out well...And also, I am going to have that taken out directly from my account also...I got approved for the refinancing my car, and basically consolidating a couple things so I can pay them off a lot quicker...So i think things are going well right now...I can feel it...Granted, I still am not excited waking up every morning cause of work and the crap that that brings, but I am getting better...I feel much better than I did even a month ago...So that is good...

multifamily house is officially off the market/under show...Which means they can show it if they want, but only way their offer gets excepted, is if I fall through with the deal for whatever reason...

Also going through the loan app and signing my life away on that stuff for the lender...Got to get together w2s, and statements, and check stubs and all that stuff...FUN FUN!!!

Also came up with an ad that I am going to put at work...It goes like this(feel free to critique it)I wrote it by hand/crayons to stand out/different colors per line!!!Didn't want it computer generated cause those don't stand out cause everyone does that...Was struggling a little bit for a while about how to word the ad, so it sounded professional, but simple too...I LOVE simple, and I think other people do too...
Great opportunity
Are you or someone you know looking to sell their home???
Refer them to us!!!
EARN $2500
subject to close

So we close a deal, we pay them $2500 for bringing the deal to us...So we may have to pay $2500, but may make $10,000...Plus, if they didn't bring you the property to begin with, you would have made nothing...Think about this too, what if 3 people brought you a house a peace and you closed on them all...Paying $2500 per deal isn't much compared to the profits that are possible...And if you build great relationships with people, word of mouth can be the biggest thing going for ya...

Also, we are putting in an offer of 125,000 on the house we checked out where the guy is a year behind on payments...It will be a short sale...Which I actually didn't want to do originally starting out cause it sounded really hard, but so far, I am all for it and enjoying everything...Granted give it time, it will probably be a pain in the butt...Anyways, always start low with the bank...If they except your first offer, then you are always going to wonder how much lower you could have went...so if they don't except it, that isn't a bad thing necessarily.

And going to put in a bunch of offers on REO's within the next week hopefully...I say what the heck, just do it...Offer 50% off asking price and if it gets excepted, great...If not, aw well...Plus making the offer to the bank is a lot easier than somebody going through financial trouble where they are facing foreclosure and ya don't want to offend them...

As you know, I am your biggest fan.

Reading your posts here, and seeing that you are taking action all over the place, great things are going to start happening for you any second now!
I do not have as much time as I would like to be on the site right now but I check in on your unofficial journal whenever I can and I am SO impressed with what you are doing right now!
Keep up the effort, nothing but success can come of it!
Angela

PS: Thank you for the emails, they mean the world to me right now

Thank you Angela...I hope all is going well for you...I look forward to your emails too...They keep me going and motivated and wanting to action...

I love reading your posts. You've made such a turn in your confidence level since you started this. Can you see it? You've got this RE investing strongly in your grip. Very inspiring.. When you get that first deal done, I see you just taking it all in stride and leaning back and taking command as you create many more great RE deals in your future. I will enjoy watching it.

Angela, thank you for being such a support to so many. I know you, too, are on your way to success (yes, it's yours too!).

(hope I'm not intruding in your journal. )

Rina

LOL...of course you aren't intruding...It makes me feel good when people "intrude" I can honestly see such a HUGE difference in me personally as a person, never mind just with the real estate...I am happier now, I have goals again, and I have been learning and meeting great people...Makes me feel great as a person and I know this has had a huge impact on me...So thank you!!!

Have work tomorrow morning, but after work, maybe checking out a home 2 minutes away from where I work...Its asking price is 150,000 the area that it is around, houses go for much higher than that...Lower end usually 180,000...Of course, after we check into it more, we will have a better understanding and all that...Plus we are going to throw an offer at another house that has been on the market for a long time...Figured what the heck, throw it in, and see what happens...

It is all depending on billys mom, and how she feels tomorrow as well as him...Been going through alot, so I told him not to worry about it, and if we can't meet tomorrow, no problem...We will figure out another time and all that...

I also sent in all that information that the broker needed too for the multifamily house...So excited bout that too...Atleast making steps and that is what matters..

I have also been able to help a girl at work who is looking into buying a home...So that made me feel great too...Even a month ago, I probably wouldn't have been able to help her as much as I was the other day...

And my cousin and her bf are looking into a house, and they came to us to try and help them...So another reason to be happy and excited...I don't even care if I make money on anything or not...Just being able to help them and the girl at work is good enough...makes me feel good inside...So not a huge update, but progress is progress

You have come a long way Mark, Helping someone who is down or needs direction to me is a reward in itself. So congrats on that!

The multi sounds like it is getting closer to being completed . I know how hard you have been working on that one in particular, but the reward will be well worth it. keep moving forward you are getting there.
REmember ,the harder you work for something the more successful you will be at it.
Richie.

things didn't work out the way I was hoping...The listing agent on the house never got back to billy bout us checking out the place...So that kinda stunk...We are going to try again tomorrow, and if so, we should be able to get in there in the afternoon at some point...Hopefully anyways...So if so, Ill update how that goes, and if it is worth pursuing...

Hey my friend, you sound a little too down in that last post.
Stop that, keep your chin up!
There are so many of us checking in on this journal of yours waiting for your first deal, ME at the top of the list, RINA checking in all the time, Richie (BC) always there, always supportive!
Dig your heals in man, you and Chris are SO on the verge
I have 3 things possible deals going on and sometimes the waiting will drive you crazy.
Worth the wait, worth the persistence, worth the time, worth the effort -everyone on the site who has has success in RE will tell us this!
Angela

I agree that the waiting DRIVES ME CRAZY...Waiting to hear bout houses, offers, potential buyers, meeting, everything.I hate waiting especially when I want to go a million miles an hour...Your right, I need to keep my chin up...Just a pain in the butt when things fall through after looking forward to it all day...As long as things keep moving forward, I should be happy and excited...

And I still have the multifamily stuff happening...THAT IS A PAIN while WAITING...Waiting to hear back from the broker now as far as if he needs anything else, or what the next steps are...What is needed and all that to make this happen...It is at like 95% chance that the house will be mine...But that 5% scares me too...Anything can still happen, but it looks really good...I think I am good as far as the house goes, and the rest is going to be a waiting game...

And just so you know, if for whatever reason it does fall through, IT IS NOT GOING TO STOP ME!!!

Lets see...Billy talked with a lady at the bank, and she said they most likely will reject the offer if it has and/or assigns...But she said to submit it anyways just incase...So we are going to do that...So my thinking is a couple things...

One, try to get financing...But I don't see that happening considering that I am going for a loan for on a multifamily house already...So very doubful...

Two, Use coastal funding, which is basically the same as a assignment contract, except they buy it for you, and you sell it to the end buyer on the same day...So it will accomplish same thing, but possible can make even more...So that wouldn't be a bad thing...

Three, Private money maybe...So maybe I should get on top of that just in case this is the route I end up going...

Four, call the academy and see if I can get any suggestions from them, and maybe get more options that I am not, or haven't thought of...

And five, of course any help from anybody on here with suggestions, I am always willing to listen...So feel free to jump in with anything you got...

And on top of that, got a couple houses want to put offers in without even looking at them...One house is asking 130,000 but been on market for over a year...I think like 450 or more days...So going to offer between 80,000 and 90,000...

The other house is asking 124,000, but has no floors, no plumbing, and needs a new kitchen from what I was told...So all that considered, 124,000 isn't going to happen for anyone I don't think...So probably going to throw in a fairly low offer, which will probably get rejected, but still...Why not, nothing to lose...

As far as checking out the house a couple min away from where I live, the weekend did not work very well, so going to try and set another day up...So nothing as far as that...Grrr...

And meeting possibly with the attorney Thursday to go over some things, and get on the same track, and hopefully continue to build a good relationship...So far, so good with him...

And REI club meeting Wednesday that I plan on going too...So a little bit here and there...Plus a couple other things, but not so big, but has to do with real estate...So things are still moving...

As of right now, we are checking out the house that we have been trying to for the last 5 or so days next Sat...And after talking with Billy, should have 3 formal offers we are going to sign on Sat also...So that is good...

As far as the multifamily house(been feeling like a long process)the broker received all the information he needed...W2, bank statements, etc...Billy is supposed to be calling him today so we can get the contract written up so that part is out of the way...

So I believe the next step on that house if everything is still working out on the banks part is the appraisal...And then if we get to that step, as long as it appraises more than I am paying(which I am certain it will) then I think I will be all set as far as that house...So hopefully Ill get some news about that...

Mark, I had found a post from Anita on the and / or assign. try this.

From Anita's post: The addendum is there for you to use so use it. make the sale contingent upon the addendum for re-assignment. It works!
Keep working it, you will be fine. I know the multi is going to happen for you , I can just feel it.

Your doing great, WHAT Rina says is true, I can see the confidence in you not to mention the experience you are gaining through all the processes.

Remeber our motto- NEVER EVER GIVE UP.
Richie.

So instead of putting and/or assigns, make an addendum with it being contingent upon assigning it?

Bed time now...Almost 9:30, so figured I'd update and then bed...So lets see...Tomorrow's agenda so far
-work 6-2(not cool)
-Call Billy at 11:00 to figure out a few things we have going on
-meet attorney to go over some questions, and a few other things at 3:30
-Meet Billy at some point to sign contract for multifamily house so when he meets the seller on Friday, they can sign it and we will be all legal and stuff

-VERY IMPORTANT SPORTS NIGHT AFTER ALL THAT-Boston Bruins vs Carolina Hurricanes
-Game 7 of playoffs in Boston(wish I had money to get tickets)
-Series tied 3-3
-Whoever wins, advances

Ever since starting this, I have learned a ton, have grown as a person, and have enjoyed everything...And I enjoy helping others too...That brings me to one of the girls I work with and how I helped her...Makes me feel good, so gotta share.

She has asked me questions a few different times about what I am doing and all that...So I explained what I want to accomplish, as well as what I am doing right now...She has been looking for a multifamily house...With 2 apartments...She wants help with the mortgage so its cheaper...I don't blame her...So after talking a few times, she was saying she was having trouble getting approved even though she has good credit, and gets paid pretty decent...She has a car loan that the banks were saying was hurting her...Her credit cards are paid down a lot also she said...I told her, who cares...Not a big deal, cause thats the same as I have been told by banks...

So I said hey, let me give you my brokers number who I am working with, and I am sure he can help ya out...He is easy to talk to, a good guy, and knows what he is talking about...So gave it to her, she called, and she got approved for right around the same amount as I did...So that is accomplishing something, and makes me feel good...The next thing I did, was hook her up with Billy...

Gave her his number, called billy and mentioned she was going to call him, and what she was looking for, area, and price range she got approved for...I told her he will help ya with anything, and he can give you advice and all that...So to make a long story short, they are going to be searching at some point for what she wants...

Granted Im not making any money, but to know I helped somebody cause I kept searching, and learning, and doing, and was able to pass off what I learned to her, and help her get approved...Makes me feel really good...She had the same problem as me...Couldn't get approved for more than 100,000 I think she was saying...Her and I had the same problem as far as that...I think the most I got approved for was 130,000 before talking with the broker I am working with now...So JUST DOING does work!!!

Makes me feel good...

Grrr...Getting so close to closing the multifamily...Another thing came up though...The bank wants to see $3000 more in my account to show I have extra funds just incase...On top of the already $6000 I already have in the acct...

Other than that, I guess things are going well with it...Billy is meeting with the seller tomorrow, so I am sure I will find out more tomorrow at some point about how the seller is doing, and if he is still on board...The contract is signed however on my side of things, so as soon as he signs, we are good to go as far as that is concerned.

I also found out, as of right now, I believe I have to cut a check at closing for the down payment, but the seller cuts a check to me too...So technically, no money out of pocket as far as that goes...so that is nice and still on target to happen...

So still kind of a waiting game, and doing whatever I am told so I can close this property...So close, but figured something else had to come up...Aw well, Ill do what i gotta do, and Get It Done!!!

My team has def come together...I am just proud, so i figured the journal is a good place to put it, and plus I have a few minutes before I have to pick my sister up from dance...

Have a great real estate agent
-very helpful
-willing to put offers in
-willing to take cuts in commissions to get things done(not cause of us, but he himself does it to help people and to make things happen)
Great Attorney
-Knows his stuff
-Real estate attorney(only deals with real estate)
-starting his own real estate ventures with partners
-wants to become a hard money lender at some point
-willing to help out with anything
Great Broker
-Extremely helpful
-knows what he is doing
-helped me get approved for much more than I could through other banks/brokers
-sent somebody his way, and is taking care of her
-keeps me posted with everything
Good accountant
-only met up with him a couple times(so can't say great)
-very helpful though
-willing to help us with whatever
-willing to help us out tax wise whenever we need

Ugh...Nothing can ever run smoothly can it...On top of the $3000 more needed to show reserves, Billy talked with another bank he has used in the past, and he was saying that there is no way for the seller to pay the down payment with the type of loan I am getting...So now, I'm nervous as heck, and waiting to hear back from billy after talking to the broker that I am getting the loan through, and can figure out what is going on, or what we can do to fix it...So now every minute I don't get a call feels like forever cause we are getting so close, now this pops up...

On top of that, if this gets drawn out like it kinda has been, then I am going to lose the multifamily house cause the seller is going to say enough is enough...He has had other people interested in it, but been nice enough to hold off and wait...So getting down to the end, and things either need to get clarified, or Ima lose this deal I have been working hard to get...