Success Academy Journal

Hey SPORT I appreciate the journal entries. I was curious about your "ghost AD" what are you recording this for? I mean where will you place this ad?..Do you have a 1-800 number set up to obtain potential leads? Thanks

Sport, you are TAKING ACTION and doing an excellent job. Keep up the good work. It will pay off very soon, trust me on this. Also, I recommend you do a direct mailing list to people that have inherited their homes. I have a company contact for you to obtain this list if you are interested. Typically, they only sell to 1 or 2 investors for a specific area. Also don't forget about bandit signs.

Jordan,

Your right. If I can't buy the REO, I'll Bird-Dog it to an investor who can.

Sorry guys (and gals),

Much has happened lately that has left me swamped. Suffice it to say that I've been re-assigned to a new position that has sucked up much of my free time.

I'm looking at a slightly different approach. I currenty have 2 interested buyers with low credit scores that I'll find homes for and lease to them. So my goal now is to locate FSBO's with a given profile and try working a deal with those owners to purchase their home, then lease it to my waiting tenants.

I'll write more as time permits.

hello Rick

Hopefully you will get system that will fit with your new position

another thing you could do for the low score tenant is to find a lender to take a look at them and find what it is they need to work on to improve their score. a lot of lender have some one that does some type of credit repair

Later Fred E

Sorry gang, To make a long story short, after a 2 month leave, I've returned to the same job, just a different position requiring a learning curve. Moreover, I had numerous and lengthy discussions with the wife regarding my decision to 'buy into' the Success Academy.

Nevertheless, I'm back on, and ready to move forward. We've been given a pre-approval letter for up to $150,000 loan and have scheduled 1 walk through today and hopefully another tomorrow.

I have two families looking to buy a home but can not get financing. I'm hoping to change that for them.

SFR 3 Bed 1 Bath with unfinished basement. Attached carport
Asking $76,000 MV around $120,000

REHAB costs >$25,000
Needs floor repair, drywall repair in multiple rooms, Roof replacement, Air conditioner installed and Insulation. Needs kitchen cabinets, counter, cupboards, sink, dishwasher, and fridge. Needs bathroom cabinets, sink, shower, toilet, mirror. Needs doors throughout.

Might be do-able if I had time to play handyman....but I don't.

On to the next property...

It did not sell at an auction and is government owned.

I'm offering $20,000 for the 3/1. Low ball I know, but it is in BAD shape!

Come to find out the gov't has some special thing going on. You must have a gov't issued CC card to be part of the auction and the cash must be on the card to place a bid.

So that deal is gone.

Came across another and viewed it today. 5/3 4,000 SqFt!!!! with an over-sized 2 car garage. Asking $69,000 and will require $35,000 in repairs. Not too sure because MV is only about $110,000. Not much profit margin. but I do have someone lined up who wants to live in it... I'm taking my Sub-Contractor through it Sunday.

There is also another deal that is close to the inner city (which raises a concern for me). 5/1.5, 3,000 SqFt. What's nice is that the MV is $90,000. They are asking $35,000 and only needs $20,000 of rehab. That's potentially $30,000 profit margin! Need to do more research, but it's definitely one to consider.

what city are these properties in I am unemployed and would work for min too sad they arent closer just looking for something to do before school starts

later good to be you back on task

OK. So I found a good property (row home) for my potential buyers at a good price, but it's borderline inner city. Need to figure out if it's a potential money maker or money pit. That is, if they should bail on the lease, could I rent it out? There are two other properties several doors down, one for sale and the other for rent. Is that a bad sign?
Sale price $30,000.
Rehab $10,000

FMV $62,000

However, it didn't sell when listed for $42,000 last year.

Thangs that make you go...Hmmmm?

I've been a little sour (OK, actually, a lot) with buying into the Success Academy as their methods are not working in my area. I've finally requested another coach who thinks he can help.

On a side note, I've began working another angle to stepping back into Real Estate that will require me to get an LLC up and running. I have three potential buyers lined up for a Rent-To-Own strategy. Now I just need to get seed capital to begin. I personally have A+ credit and wont have problems getting loans..aside from a down payment. this is where I'm running into problems. The LLC may offer me the opportunity to accrue commercial lending abilities, thus seed money to begin.

Filling out the LLC App. Any suggestions (other than visiting an attorney)?
For example:
On the Certificate of Organization:
Q#2~ The address of the LLC. Since I'm working out of the house, should it be my home address or left blank?

Q#3~What advantage/Disadvantage is there to adding the spouse as an organizer?

On the Docketing Statement Form:
Q#5~ since I do not have any employees, will I still need an EIN #?

Thanks in advance.

Rick

you need an EIN # and it's free to get it, employees or not. i got a P O Box at my UPS place and they let me call it Suite #883, so i don't list it as a P O Box and i can have stuff delivered there and they sign for it. according to Darius Barazandeh, it's better to have a 2-member LLC because if you are sued and someone gets a charging order against your LLC, it's easier to work around it. that can't happen if it's a 1-member LLC. you can check out his course: The Wealth Building LLC. he is an attorney and seems to be a good guy. a friend of mine used it to set his up and he is a full-time investor and was very pleased. hope that helps some.

Thank you Linda.

I have a hard time paying attorney's; even though it's probably a necessity in this environment.

I'll follow-up on your advice and let you all know how it turns out.

Peace