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

as many of you know, as long as you followed my journal so far, things have been very crazy with one particular house...It is a multifamily home...
3 Units...
Rents
-900
-600
-550

I think I am going to live in the 550 apartment for a while and then put somebody in there down the road...Either way, the mortgage is going to be 12 hundred and something...so the 900 and 600 that are already rented out will cover that and then some...

So ultimately, I will be living there rent free, and making a few hundred dollars in the process...And when I decide to rent the 3rd one out instead of living there, an extra 550 on top of the 2-3 hundred that I will already be getting...

We are getting close to closing...Many obstacles were in my way for this one, but gotten over them so far...Amazing looking back how far I came just on this one property...

Mark, you said the mortgage will be 1200 per month, the 2 appt come to 1500, I hope they are paying their utilities, electric,heat. and did you figure in your taxes, water bill,homeowners insurance? Not trying to discourage you in any way, just trying to make sure you figured in everything.
good luck
Richie.

thanks for checking in...

all utilities are paid for by the tenants...

and the 1200 per month includes the insurance, taxes...

I am going tomorrow to sign the new paperwork since the price/numbers changed cause of the appraisal coming in lower...

the seller is paying closing cost, which is real nice...I also will get a credit for the appraisal and the 1st year of home owners insurance at closing...

so outa pocket, I am paying for the Down payment...Which is actually not my money...and if closing ends up being before a certain time period(8 or 9th of a month-or something like that)- I believe(which it should be) the first month in there, all that money from rents is extra cause the mortgage wont start till the following month...

But I am working something out, to pay back the down payment, so that first month thats free, is actually going back towards paying back for down payment...I had to get creative in order to make this work...

Hope that all makes sense for ya...

AWSOME Mark!!!
I was hoping you had that all included. just lookin out
can't wait for you to close it out!!!!
You worked you rear off on it and it will now pay off.
good luck
Richie.

alright...New paperwork/application is done...

The broker said it takes about a week to get the approval from the bank...Then after that, it takes another 2 weeks to close...

So looking at 3-4 weeks till closing...Which when that happens, its gunna have to be party time cause this has been months in the making...Can't wait till I post about this deal happening...

Hi Marc

Glad to hear of your upcoming closing. You have worked so hard on this one. I congradulate you on sticking it out, with all you went through with this one most people would have given up a long time ago.

Sue

I am so happy for you! You are one step closer to quitting that aweful 9 to 5! Let me know when you close and the deal becomes final

Congratulations! You msut be so happy about this!

Lea
SPR Property Solutions, LLC

Don't get me to excited yet...It hasn't closed yet, and with so many crazy roadblocks, don't want to get ahead of myself...

But as of right now, I am very excited...

A few different homes on my radar...

may have a hard money lender, and should be able to get set up in the next few days...

going to start making cash offers, with coastal funding Proof of Funds...
Even though they are down, I went through my email, and had one from way back, that I just changed numbers and addresses around on...

talked with someone at work who is selling there house, and explained about assignment contract, and she said yes...so having my agent put in the offer ASAP...I checked the comps that are on Deans analysis tool that he brought out during the blitz

With what they are asking(179,900) and the comps coming in at
-$222,000
-$245,000
-190,000
-210,000
and some others also, it is def a good opportunity...not even looking to make a lot...just get the deal done as far as I am concerned...

A deals a deal...Right?

It does need updating, but already has ton of new stuff though...Roof, siding, all the bigger stuff...So mostly updating and cosmetic type stuff, and nothing big...

Sorry if this gets confusing

talked with another girl at work, told her we put an offer in on her house, and she just wants to dump it cause to much stuff going on for her...so basically 2 people/2 offers accepted...thats def a positive...I explained assignment contract to her, and couple other things that are possible...

Also, on the post above this one, Chris and I are getting together in an hour or so to sign the offer for that one...I gave her the heads up also that the offer should be going in tonight, or tomorrow...

Def made both those girls days...The girl I talked with today about the offer we put in said she NEEDS to get out of it...to much stress, and she had to take a lot of time off from work..

and the above one had a big smile and was excited and was like WOW when I told her the offer was going in with in the next couple days...She was like, you don't even want to look at it before you put the offer in...I said no, we will have the agent set something up to check it out after its accepted...

I explained that we put offers in most of the time and when accepted we check it out...Also, we know her, so we can go basically whenever she said...

-so anyways, 2 offers, 2 will be accepted...and then Chris and I gotta do what we gotta do to move the properties...HECK YEAH!!!

some info on the 2nd offer that will be accepted...

OFFER
130,000 - should get accepted at this from what I was talking about with the girl from work-

COMPS
200,000
191,000
163,000
186,000
165,000

so def some wiggle room...needs work, but again, mostly cosmetic type stuff...But also, market here is going up a little bit also, so probably worth more sooner than later. Plus, before the market went DOWN, prices were so much higher...and actually, most prices in the town are 200,000 and up...

That's awesome! Sounds like those to offers couldn't have been easier. Do you have any buyers lined up already?

Awsome work Mark!! That is really something that you were able to run into some people you know that need out, makes it alot easier to work with.
good luck on those deals.
Richie.

Yes, I do have a list of buyers!!!As soon as they are officially locked up, I will advertise like crazy, and also email everyone on the list...If they want the properties, wonderful...If not, I am sure I can find somebody...I am confident that I can...

Marc I believe you deserve this Labor Day off as you have truly labored! How fantastic! You've been putting in all of the work, not letting things stop you and look how things suddenly start happening one after the other! I am so happy for you! And I am so glad you wrote to tell me on my journal. Now that it's Friday evening and things are quiet I had planned to read your latest journal entries but first I first saw your post to me with your good news. It made my day! It's like a soap opera in that I can't wait for the next installment!

All the very best to you,
Nancy

time, effort, and passion fueled my fire...so many ups and downs its crazy...But all such a great learning experience and fun times...

so now that have the deals just about locked up, time for step 2...Assign, or do a double closing...those are the 2 options...I have both things that I can do through the offer that we submitted...

And it is great that I know the 2 sellers, so it is kinda less pressure, but at the same time more pressure...I like pressure though...Pushes me to my limits, and makes it feel even better when getting things done...

Also, ANGELA, if you get a chance to pop on here, just wanted to say I miss your postings and energy and hope things are going better for ya...Give me a call if you need anything what-so-ever!!!

advertised one of my properties...Got somebody to respond...Looking to possibly move from one town to the town where the house is...I told her Chris and my intentions...She will either take it, or leave it the way I look at it...so made me feel great...who knows what will happen...here is the forum that I started as far as looking for help for advertising...so this may help others too...

http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

so these 2 offers don't get confusing...offer one is on a somers home
offer 2 is on a stafford home...

Stafford home right now, we are having problems getting past her agent, even though we know the girl through work, and are keeping her updated with everything(even though technically we aren't supposed too)
-anyways, her agent wants a 1000 dollar deposit, but we are going to tell them no flat out...either except 100, or deals off...knowing the girl who is selling this house is a HUGE help...she wants to push to sell, and we don't want to put a 1000 down...so kinda the whole magic button type stuff...so she has to get her agent to relax...the whole thing is, this agent WANTS the straight forward easy sale...everyone wants the easy road in life, and aren't willing to go a little bit out of the ordinary...

anyways, on top of that, there is so much land, so I am calling the town hall to figure out subdivision rules and and all that...how much land is needed...the house has 8 acres of land, so it may be able to be subdivided into separate lots, and somebody could make a killing...so that is def going to be in our advertising once I figure that stuff out.

Somers home - this home is going better...Agent is more willing to work, the girl just wants out...So trying to figure out good ways to advertise that get this house sold as quick as possible...so working at it.

also, we have another offer going in on a bank owned property...Real Low offer...but been on the market for a long time, and if accepted, leaves lots of profit room...

so things are swinging now...for a while, it felt like things were slowing for me, and now all of a sudden, to offers accepted, in the process of turning them into deals, and hopefully we can get more accepted, and keep moving forward...

2 offers I have talked about are locked up...good to go
We made fliers, advertised on craigslist and all that good stuff

Possible 3rd offer in the works...Another girl at work been trying to get outa her house for a while...Well sell it anyways...the house is currently vacant...Not sure of the whole story, but for some reason, she NEEDS out...I don't know if she is behind on her mortgage or what...But been on market for 4 months...So anyways, working on this new one...

I tell ya, when things start happening, they really start happening...

and as far as multifamily, I had to clear up a few things with the bank before they approve the loan, so took care of that...Should be hearing something by middle of the week, and hopefully closing in within 2 or 3 weeks...Just a matter of getting the approval...Been forever in the works...

ALRIGHT...2 homes locked up...3rd home looking good as far as locking up...

and I get a call from broker saying looks like in week and half to 2 weeks, Ima be a home owner...HECK YEAH...The house that never dies never died, and is looking really good as far as closing...As long as the title comes back clean when the attorney does his thing, and couple other small things get taking care of, the 3 unit multifamily is mine...WOOOOOOOO

so at a 99 percent chance I'd say of closing this deal...

Thats great! You will soon be a homeowner! Can't wait for that feeling! Good work!

I can only imagine how happy and excited you are. Looking forward to hearing more about how this goes.

Lea
SPR Property Solutions, LLC

got the hundred percent approval today!!! It is looking like 7-10 business days it will be closing...So i would say by Wednesday the 30th, I could be a home owner...Awesome stuff

The multifamily stuff!!!its long, but posted about some ups and downs...Didn't hit everything, or else it would have been VERY long...but for anyone that is interested...Thanks everyone for all your help along the way to make this happen

http://www.deangraziosi.com/real-estate-forums/my-deals/30702/multifamil...

Hey marc! My computer's been down so I havent been on much. So I thought I'd check out how the situation with the house is and WOW! I mean WOW! What a trip! You've gotten so much more out of this deal than just a house. I cant' believe how difficult it's been and how tough you've been to stick with it! I'm proud of you and will be waiting for the Deal CLOSED post!! : )

Rachael

here are my two postings...1 just about the multifamily, and the other has to do with the multifamily and 3 other locked up deals that looking to double close and or assign...Whichever works better for everyone...

http://www.deangraziosi.com/real-estate-forums/my-deals/30000/2-deals-lo...

http://www.deangraziosi.com/real-estate-forums/my-deals/30702/multifamil...

Meeting with a potential buyer on one of the houses that is locked up on Thursday possible...Depending on his schedule since it changes all the time...Anyways, he is looking to buy it for himself/family...
-also, he has potential "money" people who are looking to let there money talk...So possible money to back Chris and I now...Very cool...So Thursday can potentially be very important...

Also, another possible deal...Seller of a 2 unit home asking cheap...He is willing to get creative...I asked him flat out if he would be willing to hold a note, or anything...He said yes...Possibly hold the down payment, or lease option it out...So calling him in a few minutes to set something up to check it out...He said he would bring a lap top and we can run numbers and all that when we meet...So another potential...if so, this could potentially be little to no money if we do like the place and can work something out...We drove by it a few minutes ago, and from the outside looks good...And after talking to him over the phone, it sounds pretty good.

Met with the guy to check out the house we are looking to double close/assign...He wasn't interested because it was to small for him and his family...

Although, he does have possible cash buyers that will put the money up to buy the place, fix it up, and then sell it...So as I am looking for potential deals, I may start sending some his way and can maybe get some financing...The guy said they like BIGGER projects though...The bigger, the better...So I am assuming these guys have MONEY!!!So even though he isn't buying the place, it is a good contact to have...

Also, having another guy that does rehab projects checking out the place tomorrow after I get out of work...So hopefully can come to a deal with that...

Then Friday, meeting somebody who is selling a 2 family home, and is willing to get creative...So a busy week, but nothing wrong with that...Feel good being busy...

Sounds like you've got yourself a great potential deal with that owner willing to be creative. Hope it pans out well.