Moundman's Journal

Well tonight I went to my first Real Estate Investors Association. I really didn't network much just because I had to go through orientation for the first bit. After that there was a guest speaker named William Tingle. He was a master of the "subject 2" deal. I learn quite a bit from him and he had a really good presentation. Just like us he started from nothing and after 1 year he quit his job to become a full time investor. He purchased Carlton's package back in 1999 and so on and so forth. Again it's just another person that has made it in real estate.

One more thing is I bought Dean's new book and can't wait for it to get here. The mail must not be working. So by my count I will have read 9 books in my life and 2 are by Dean. Keep up the good work Dean.

Have a good night everyone.

Josh

Well I just got a call from Sarah, from the Academy, and she'll be calling me back in a couple of hours. I ready to take the plunge. I'm probably gonna get the mid-range package. I'm pretty excited and nervous still but with the success that people have had here I know I can make it work. Wish me luck.

You won't regret it. Be ready to give it your all. It can only bring you as far as you're willing to go. The sky's the limit!!

Looking forward to hearing great things from you.

Rina

Glad to see you started a journal...now I can check up on you! LOL!

Keep us posted on your progress, you're gonna love the attention you get from the coaches, they're great! You'll see!

Dawn

Def a good choice if you are willing to continue to do what you have to...Can't let anything stand in your way...And I think you will realize that the only person that can stop you is yourself...And then again, maybe you already realize that...With anything, not just real estate...So give it what you got, and even through the hard times, do what you can to stay motivated and keep pushing...I myself am not a big talker, especially when I don't know what I am talking bout...I can tell you that it gets easier...I still don't like making phone calls, or talking to other people when i don't know exactly what I am talking bout, but through every phone call, every time I have talked with a realtor, talking with the lenders, lawyers, CPA's, even the coaches, it gets easier and to the point where i know how to word things a little better and understand more of what they are saying...You have to realize, without calling, or asking, you won't get to where most people only dream of...Now you have the opportunity to not only dream, but make those dreams happen...believe me, the first 8-10 phone calls, it took me forever to pick up the phone and dial it...it sound pathetic, but i would open my cell phone, and start to dial, then close it...and would tell myself to cut it out...then do the same thing 30 seconds later, and then finally after a while I just did it, and it has never been as bad as I thought...Granted I haven't always gotten the best people on the other end of the phone, but i just move on...I even find myself doing that a little bit still, but not nearly as bad or as much...Just gotta step out of your comfort zone a little bit, and you will be able to do that the more you push yourself out of it...Just keep your goals in mind, and be strong for yourself...You can make things happen if you believe in yourself and want better.

Well I took the plunge and joined. I have to say I really feel relieved now. I thought I would feel sick and nervous but in all actuality I feel excited and ready to go. I just wish my orientation was sooner than Tuesday. Oh well. I was wondering, do I need to get a Lawyer? Do real estate attorneys charge a retainer? I've actually never had to get an attorney for anything so I have no idea where to start.

Well, let me get back to work. I have 11 more hours to go.

as far as a lawyer, it would def be beneficial especially starting off...they can help keep you on track as far as state laws with what you can, and can't do...You should be able to get a free consultation(which you can ask up front) Find an attorney that deals with real estate, and tell him or her what you plan on doing...Whether it is wholesaling, buying and fixing, renting out properties that you buy, or whatever strategy you decide...You will figure out as you are going through the courses, books, or whatever with where you want to start as far as real estate, and then you can make the phone calls and talk to an attorney...You will get to that point...For myself, I read be a real estate millionaire, jumped on this website and signed up, and just started making phone calls and sending emails to lawyers, and real estate agents till they got back to me, set up appointments, and just rolled with it...I luckily got a few trips back and forth trying to figure things out for free with the lawyer...So didn't get charged anything and got quite a bit of info from him...As far as the real estate agents, i new right away that the first agent wasn't going to work...And actually posted in one of the forums bout the meeting just to make sure what I was feeling was right...Which was that she wanted to much and was to "old school." So I continued looking and asking questions, and found a couple good agents to work with...I guess the only reason I did all that was cause I didn't know better...plain and simple...And the only way to learn is to do, so that's how I keep playing the game...JUST DO!!!You don't need to know everything in order to take action...Cause reality is, you will never no it all, and action creates results...And you learn a lot more by actually carrying out what you learn...So learn as you go, but don't let lack of knowledge hold you back... Had no clue at all what I was doing, but I new had to do something or nothing would happen...Hope that makes sense...

Thanks Marc for your help with the lawyer stuff. I think I already have a Realtor that will help but I'm sure time will tell. It's a good thing I don't need to know everything, because I've got that down pat.

Rina,
I have nothing but positive reinforcement all around me and I know I can make it happen. Thanks.

Dawn,
I'll definitely keep you informed. I'm addicted to this website.

Great...Just take all the good stuff, the not so good stuff, and learn what works and doesn't...The worse thing that can happen to you, is you learn a lesson...That is all...and if that is the worse thing thing that can happen, then you are golden...It is a beautiful thing when even if you mess up, you learn from that and you just don't do that again...I am routing you on...Ill keep checking in and seeing how things are going for ya...All you have left to do is break the walls down and kick butt!!!

whoops

I was sitting at work about 10 minutes ago and one of my employees came in my office and asked what I was looking at on the computer. I told him I was just searching CL for houses. He knew I was starting to invest in real estate from all my babbling the past month and he said to me "You're really serious about this aren't you?" I told him I have to be with the money I just shelled out for the academy. He said about 3 years ago he signed up for a class and spent $1500 and they gave him some tapes and a 24 hr hot line. He went home all excited and talked to his dad about it and his dad told him he was crazy and said the practices sounded pretty shady. I asked him what kind of practices they were telling him about and they sounded to be pretty much the same stuff DG teaches but not nearly as good.

We talked about the different strategies for about 30 minutes and I just nailed it. I talked about pre-foreclosures and how to acquire them, double closings, assignments, Lease options, rentals, HML's, and more. I was so surprised that I new what I was talking about(I think). After all was said and done, he said that the way I explained it was a lot better than the class and tapes.

I guess the info from the book, all you helpful people, and my constant reading of the forum is sinking in. Now I just have to go out and make a deal happen.

I can't wait until Tuesday for my orientation to start and for my prop-trend software to get here.

Thanks for all your help so far.

a couple of days ago and have done the orientation and the assignment of contract lessons. So far it's pretty much what all of you guys have been saying, with a couple of extra pointers. I called my Realtor and told him to copy me off some purchase, and assignment contracts so I can look them over and practice filling them out like the lesson says. Still waiting for the software package from the academy. I think Friday I'll get with him and look at the MLS in the area. Should I ask him to print it out for me or do I just look at it in the office with him? How do ya'll do it?

Thanks,
Josh

if you go to the agents website, a lot of times they have the properties you can look at that are on the MLS...Most of them don't give the actual address or anything, although the agent I currently am working with, actually does have the address on his site...Most don't cause they don't want you to actually go check out the property yourself, and possibly cut the realtor out of his or her cut that they can possibly get...Also, the MLS is a free service, so you can type in in a search bar MLS... http://www.realtor.com/ here is a website that you can check out whats up in your area, or anywhere for that matter.

Hey Josh,

Glad to see that you took the plunge, good luck on your deals. I am at the point now where I am tentative to pick up the phone and call the sellers, not sure I know what to say. I feel like an idiot, lol.

Good luck again,
Lonnie...

I'm looking at a house in an area where a lot i=of investors are buying right now. Here are the spec. I think it's a good deal but I need some of your advise.

year built 2003
900 - 1100 sqft.
3 bd / 2 bath
Price: 33,000
Tax value 95000
in 2003 it sold for 108,000
Comps in area (investors are buying so they are low) mainly in the 40000 - 50000's high being 80000 low being 35000

I'm thinking about keeping and renting.

A question I have is, if I was to buy it and refinance it, will the bank value it to what the comps are or to what it apprasises at? I want to be able to pull some money out of it to fix it up and to be able to make sure of the rent until I get a renter.

Thanks,
Josh

Lonnie,

I feel the same way. Not quite at that point yet though. Good luck and let me know how it goes.

Josh

Last night at work I was searching the www and found a couple of props I thought would be good deals. 3 of them were already spoken for by investors, so I'm down to one now. I talked to my realtor and he got me some info on it. They are all Fannie Mae homes so I'm taking that they were foreclosed on? On the Fannie Mae offer instruction sheet it says that "Loan commitment is due 14 days after contract" Does that mean that we closed 14 days after we agree on a price?

I also got a copy of the NC purchase contract to look over.

Josh

Thanks Marc for the info on the MLS. My realtor seems to helpful so far. He actually is wanting to get into the rental business himself.

I also got Dean's new book today.

Finished another lesson today. I received the proptrend software today. I busy playing around with that. Looks pretty cool. Not exactly sure what I looking for in the property yet, but I'm sure it will come.

Set up an appointment next week to look at some properties with me Realtor.

Finished a lesson last night right before we lost power. We had about 6-8" of snow last night and lost power because of it. I can't stand winter!!!!! It's sad when I have to go to work to use the internet.

Today I will be calling title companies and I will also be calling a coach for some help on a couple of houses I want to buy. I will also be calling some HML's in the area to see what I need to do for that. Busy day!!!!

Josh, have your agent set you up to receive all the listings that fit your criteria sent straight through to your e-mail. All he has to do is plug in the criteria (such as SFR, up to $$$K, beds/baths you're looking for, even age, etc.)and they come through automatically when one is placed on the MLS or drops in price. No extra work for him, and you get them in a timely manner. (Just make sure you then use him for any that you are interested in).

Rina

Sound like a REALLY good rental opportunity if the area is good.

Comps and appraisal should be the same (or close). The appraiser uses recent comps to do the appraisal. BUT sometimes if the lender chooses the appraiser, they will come in around what you are asking for. I like appraisals on refis that I've paid cash for and done some work to, because they have a little more freedom to give them the added "value".

Hope this works out great for you. Keep us posted.

Rina

Thanks Rina for the info on the MLS. I'll have to talk to my agent on Thursday about it when we go looking at some houses.

On the comps/appraisal thing there has been a sell off to investors in the area so most of the props are going to probably come in low which will really suck if I want to refi and pull money out. Although the price will be good still for renting. I'll have to think about that one.

Again thanks for the info.

Josh

well, I went to my realtor today hoping to look at 2 houses but the are under contract as of yesterday.

After that I went to the court house and got some info on foreclosure houses that are going to be auctioned off this month. I talked with some people there and they didn't know of any lists of homes that are in the preforeclosure stage.

wouldn't that be the soon to be auctioned list or am I missing something.

Josh

They ARE preforclosures! They aren't forclosed on until after the sherrif's sale/auction & the bank buys it back or someone else buys it. The homeowner can work with you right up until it goes to auction. (
Good Luck!

Dawn

Dawn,

They only had them through April. That's why I wasn't real sure of it. Thought there would be more. Thanks for the help.

I made my letter for the pre-foreclosures and will be sending them out next week. Should I send them or deliver them? I'll send them. Wish me luck!!!

Tonight I'm going to use Dean's (Matt's) technique to find a motivated agent. I was a little upset that my agent didn't tell me ahead of time that the houses were under contract. Just not sure he's right for me, along with reading the chapter about RA in Dean's new book. I'm going to write a letter and fax it out tomorrow. I've search some sites online and can't really find one that lists the agents in our area too well. I'll keep searching anyways.

Called about a house today. I set up an appointment to see the house on Monday. He says it needs some repairs so I'm hoping to take a friend who knows about that stuff.

Now I have to get my act together and think about my questions for him. Nervous, but not because of buying the house. If the repairs aren't major I will make money on it. I just don't have very many buyers yet. I guess I need to get some more. Then again I could always refi, pull some money out, and rent it. Oh the possibilities. :)

Looked at the above house and was shocked. It was in a neighborhood that has seen better days but this house was horrid. We walked in and was greeted by a addition that was built wrong. The water damage was all throughout the addition and what used to be the back wall. There was termite damage and mold everywhere. The bathroom floor was soft and the rook leaked allover. What a nightmare.

I'll keep on looking.

Contacted a couple realtors through email. No response back yet.