John Ingram REI - Small Town Investing EVERYDAY

go get em John

Later Fred E

just wanted you to know that as a newbie at this also reading your journal is very motivating.
I have bookmarked it and enjoy following your adventures.
Best of luck,
Bob

Sorry I would have updated a little bit sooner... I got a bad case of the flu. On top of that, I was at the hospital having a grand time with my son being born. Of course all while being sick...

So I finally get home and check everything out... 34 in my inbox for renters... geez... SLAP!!!

Man that's gonna take a minute, plus I have to aplogize for being sick.

More to come...

Knowledge is Power
- Pimpedoutgeese

John, congratulations on your new baby boy!!

Hope the flu ends for you soon.

Lea
SPR Property Solutions, LLC

Congrats Dad

it sucks bein ill

Hows the biz goin

Later Fred E

fracarell789: fredewillet:

Thank you both, the flu is pretty much gone I'm feeling a lot better...

Unfortunately I have to go to work this morning, and I hate that because I would love to do nothing more but to look for Houses for my renters list... when I first read PFRERN, I wasn't too sure what he meant by the "sift and sort" method, but if you do any advertising online you HAVE to do this, I mean you get people that say they are good but then they say something like we would like to rent a home for specified amount, if any.... Hm... If any? ::shakes head:: and sometimes you get people that say they have been laid off for a few weeks and only have this much to pay ::shakes head:: it sucks to be laid off, its happen to me, but I dont kno how u can pay rent with no job.

But for the most part everything comes together, and the list get BIGGER.

Friday is my investing day, no ifs ands or buts.
Wish me luck

Knowledge is Power
- Pimpedoutgeese

What's the best way to find REO's. Use Dean's Foreclosure alert, check out multiple bank websites of their properties or use the MLS. I find the MLS hard in New Jersey because the deals go so fast. Any suggestions to find the gems before others do. I have also tried sending postcards to the names on the preforeclosure list as well, still waiting for responses.

renda4:

If you can, try and get an agent so they can email as soon as the MLS is updated with a new REO, other then that, to my knowledge, those are the best ways to go.

UPDATE:

My goal today was to ask a few people if they were willing to be flexible with the financing. My goal was met!

Surprisingly only one said no, but the rest either wanted further questions, or yes all together. All from Craigslist. Now the question is how to effectively use Foreclosure Alert to it's fullest potential... That's ok, will be calling the academy tomorrow to see my options further.

There is another investor in the area who does have a few houses for RTO some very nice... now I wonder if there is a way he can lower the payment 100, if so I'll sandwich that out to someone on my list... but won't know until I ask.

I'm so close, SO CLOSE!!

What about when they want to VIEW the property?

I was thinking what I could do is do TWO due diligence... One for me and one with me and the tenant... What I could tell the tenant is that I was thinking of picking this up in my inventory but wanted him to see it first. I'll be running that by the Academy as well...

Welp.. can't wait til 10 tomorrow
Get most of my questions answered!

Knowledge is Power
- Pimpedoutgeese

hello John

I like that sandwich idea but as I was advised before make sure your end guy is very good but if they dont pay it will be tough for you to pay. I need to call the academy too. just have to make time and do it and quit the moping and procrastionation

Later my friend

Fred E

fredewillet:

Yea I try to make sure they can afford to pay. I designed a little screen test in my own head. What I do is before they move it, I want references and check stubs (they can white out SSN and such), I also tell them that since I'm financing them in a manner, that I'm not so forgiving about a missed payment and that I can and will exercise action after one miss payment without good reason for miss payment. Knowing that if they are willing to move in then I would feel confident that they can cover the payments. Thanks for the post, like usual. Love them.

Callin the academy in a bit... oh you call them to!!! Today!!!!

Ok just a small little update on how life can, and WILL, kick you while your down.

Anything that COULD go wrong DID go wrong today and it stopped me from making calls earlier today, and I hate calling around 5 for the homes that I could possibly be getting... but i'm going to make a few calls and one told me to txt him to see if we can get the ball rolling on a duplex... I know I know this is a quickie but things have been so rough lately

No one gives up hope!!!!

Knowledge is Power
- Pimpedoutgeese

UPDATE:

I made a few calls today and I was surprised by a few of them.

A couple were no, no, no, and no.

There was this one house, a 3 bedroom 1 bath for sale in the paper for a reasonable price, lower then what most 3 beds are. Anyways I talked to the lady and asked her if I paid her asking price would she owner finance? (BOY was it HARD to do!!! JUST ASKING is tuff) She told me that it was her moms property and she was just doing the middle man stuff BUT she doesn't see how her mom would object to it.

GREAT!!! It doesn't need a flip so I'm just going to make it HUD ready and section 8 it out, or rent it, or rent to own if they want. BUT I'm not going to put the horse before the carriage, I go to look at the home tonight at 5:30. They said it was renovated so hopefully it's turnkey. Ask a few questions and then see where it goes.

I'll post up what happens!

Knowledge is Power
- Pimpedoutgeese

UPDATE:

Semi GOOD NEWS!

I drove to the house and it was actually turnkey, no repairs what so ever are needed on the home, inside or out.

There's only 3 things that I seen that were an issue, and not major issues just ones that can easily fixed.

1. There is a side fence, almost the size of a picket fence, that needs to be repaired, easy fix, probably would only cost about 100.

2. Coming up to the house, I noticed the front side of the home actually looks like the back... weird. However most people just come around the side to the "back" of the home and act like it's the front. (Where the fence is) Which has a nice quaint built in porch.

3. All the carpet is new in the home, but it's one step above outside carpet. You can tell that even though it's new carpet, they did some patch work in the living room with the waste from the new stuff... OR ...it did exactly what it did in the other room, it needs to be stretched I cant exactly remember. You can tell whoever put the carpet down just threw it down and did what needed to be done to keep it on the ground. Easy fix for both rooms though.

I want to hold on to it and rent it out, I think I'm not going to touch any cash flow profit from it until the deal is paid off. Which I plan on doing it in a few years tops.

BUT I WON'T PUT THE HORSE BEFORE THE CARRIAGE!!!

I will wait for the there response, I should get it today.

I don't want this one deal to be my focal point, so I'm going to jump right in and find another home someone would want off my list.

LET'S KEEP GOING WE'RE ALMOST THERE!!!!

Knowledge is Power
- Pimpedoutgeese

Best of luck on this deal I hope it works out for you.
Bob

B Benjamin:

Thanks for the support!

UPDATE:
Ok I can't just focus on this ONE property. So I was just LOOKING around tonight and I found a couple of houses that I might be interested in.

One is around the corner from one of the first homes I looked at, i'm not sure of the purchase price, but they were asking 700 down 400 a month and the property has been vacant for awhile. So I will make some calls tomorrow and see whats goin on.

The second one is actually quite ironic... I remember the FIRST time I seen the home up for sell, an acquaintance used to live in this particular home, and I wanted to jump on it before any investors did when I first started out. Well, needless to say, they did grab it. And it was one of the more dominant investors in the area... well I was driving by it, everyday when I go to work I pass it lol, and lo and behold... the FSBO sign was back in the window... So I immediately get the number and run back home and look at the investors website... and he doesn't have the home on his website anymore... I think he tried to do an IEE or Assign it and it didn't work. That was well over a year ago... so his home has been on the market for a YEAR! I'm hoping just that alone is enough for him to say yes to owner financing.... but we will see.

As with the first house I'm still waiting on a reply to them.. i will be calling back this saturday afternoon to see if they have an answer for me on that home. LETS GET THE BALL ROLLIN!!!!!

Knowledge is Power
- Pimpedoutgeese

hello John

I dont have any deals going yet but i do have the ball rolling

I will be making three offers tomorrow

Still reading the books and ordered the new one

still trying to visit this page daily

Dropping the ball so to speak on calling the coaches

thats about it for now

Later Fred E

fredewillet:

I hear ya, I actually had to call the coach yesterday at work because I was feeling down and out about a lot of the no's that I've been getting... He taught me a different approach to maybe getting them to say yes to owner financing. Some of my probing questions were off i think. That's GREAT on the offers, you know, even when they say no, you still feel SO EMPOWERED because you took the chance of just asking... something we've never done before so it feels like we were successful even with the no's.... or atleast that's how I feel about it.

UPDATE:

Still haven't heard from the potential 3 bedroom... maybe they are waiting to see if they can get any cash/approved buyers? Not sure... but I DID do something that was just as great. I increased my team.

So far I have:

1. A Credit Lender - Someone who will take loans out to let me borrow for a small amount of interest.

2. A Mortgage Broker - Awesome guy! I met him through a friend who got a loan through him with a low credit score... I think a little under 600 and able to possibly get me approved with my low credit score... which is under my friends We talked and I will be sending all my potential buyers to him to get loans through.

3. A Realtor - I know!!! I was blessed with this one. I met the realtor from... on here. A fellow investor told me his wife was a realtor and she said she would be willing to help me, and I will cut her into my profits to keep her motivated. Kudos Rob Clay!

Things are looking up, my ad is STILL bringing responses in.. I'm going to try a different type of ghost ad and see what happens.

Only thing I need now is to secure a darn house... it's only a matter of time. I just need to KEEP WITH IT!!!!

Knowledge is Power
- Pimpedoutgeese

UPDATE:

I just got Dean's new book today, and I will be watching the DVD's first and then reading the book. I have this small problem.

After reading the insert I went immediately to the forward of the book and I realized I can't stop reading it, Dean just writes these books from what seems like such a personal standpoint! Just reading the damn thing is inspirational and its not even information lol!!!

So I had to stop reading it, or I won't be able to put it down.

I'll pick it back up after the DVD's.

I want to get that Think A Little Different package now.
Anyways if you haven't, GET Dean's Book, APPLY it, JOIN the academy for extra help and security, BE successful!!

Knowledge is Power
- Pimpedoutgeese

I also got the book on Saturday and had a hard time putting it down.
Was up till midnight reading.
Bob

hey I just wished the phone was as easy to pick up as the books are

I still havent called the coaches in a while

Its on the list to do this week

Later

Fred E

fredewillet:

Hey Fred I don't mean to pry but I was just wondering why it's so difficult to pick the phone up? I mean you don't have to answer but I'm just curious.

B Benjamin:

I hear ya good read!

UPDATE:

Got an email from a seller after I sent them an email asking if they would be flexible with the financing. So never know. I work today, I will be calling that number and the 3 bed and see what happens.

Knowledge is Power
- Pimpedoutgeese

SEMI UPDATE:

I figured I'd do each action step from Your Town Your Real Estate Profit and see what comes about it, put the book to the test.

What I'm going to do is push each action step and get results.... I won't read another page until I get results from each action step..... ... well ok I MIGHT read another page but I won't do another action step til I get results from the previous step. Hope that makes sense...

The first step is to list 3 things that made today perfect.
Well the day just started but if I had to pick 3 things already for the day it would be:

1. Sent my daughter to school, every time she goes it just makes me so proud!!
2. Being up early before work, I like that. Give's me time to get ready for the day
3. Kissing my sweet son on his head and thinking... I'm doing a good job raising my kids.

Let's push the envelope!!!!

Knowledge is Power
- Pimpedoutgeese

hello John

it could be numerous things. fear of failure procrastination or perhaps just bein down right lazy

Thanks for the support

Fred E

Wow... has it been that long since I posted?

I got the book and almost forgot about everything... I haven't read it all but I love the Greg Murphy section, I've been tryin to do that ever since I got into this... I still have buyers..

I found 1 house I'm calling tomorrow morning after work... Things have been kinda crazy around the John house... but I need you guys to help me lol.

KEEP ME MOTIVATED!!! I need to continue looking for homes, also take action and call.. wow.

Ok, here we go.

Knowledge is Power
- Pimpedoutgeese

hey John

I did it I picked up the phone and talk with a coach today

you keep goin man we both can do this

Later Fred E

PS or as Dean would say "dont you dare quit"

Long time since Update

UPDATE:

Well I've discovered a few things.

You have to really screen your sellers lol! Just because they say they will consider Owner Finance doesn't mean they will. I called about the 3/1 and they just won't answer and won't return my call. So I'm just going to consider that a dead deal.

But I gained a few more things in its place.

First an appraiser... interesting but shes pretty good at doing what she does. But I want to look for other Appraisers and see if they do anything different and so who is the best to work with.

Second I'm such an procrastinator lol I actually HAD to get a partner to help keep me accountable... but since the last post I DID actually do some research on a few homes and ran numbers and what not... Now whats the really good thing about this partner is that shes strong suited in what part of the whole investing that I'm weak in... The actual finding of the homes... well kinda. But the COOL thing is when she starts lookin for the homes, my noodle just starts cooking and we can come up with all sorta things!!

We found a house.. not bad for a rental, but there was no equity. We are trying both the Fast Cash and Lease Option type deal. Right now we are focusing on Fast Cash however and with no Equity in the home, which needed a little rehab BUT livable, but I'm trying to get a decent profit and it just wasn't there... with assign fee just would be more then the home is worth.

We continue our search... our Cash Buyers List is building... slowly but surely. We just need to edit our ghost ad to seem more attractive for other CASH buyers.

Either way we are still, STUCK... on the FINDING homes part... its ok, statistically it'll come.

Ok I have work tonight. Atleast I'm off tomorrow, putting forth most my efforts that day towards real estate.

I'M GOING TO FIND A HOME TOMORROW...

Knowledge is Power
- Pimpedoutgeese

Hello John

I srent about three hours today driving through an area thats of interest too me

I have about 35-40 addresses of property for sale

I will digest the information and see what I can do to structure a deal or three

I am still unemployed but I am not going to let this stop me

Later Fred E

All I have to say is WOW... what a week and a half

Life beats you up SO BAD, it's terrible...

Everything was going with such an INCREDIBLE MOMENTUM!!!

I had a VERY interested buyer... we talked almost on a daily basis. I was looking into the properties he wanted. He asked questions, I answered... which amazed me lol. We ran numbers and decided on how we were going to deal with this thing. We knocked a few houses that he wanted originally and finally decided on which home he could best afford. At this point we contacted the bank, which told us to contact the listing agent. Well we couldn't get a hold of her so we contacted another Agent and decided to see if they could submit the offer.

Then the worse happens...

My 6 week old son ends up having trouble breathing, gasping for air, wheezing, the whole works... All this happening before I had to go into work no less...

So we did what any good parents would do, drove up to the hospital. Well unfortunately this hospital wasn't really equipped to deal with children so we had to take him to Pittsburgh Childrens Hospital. We had to take him by ambulance and had to wait about 3 hours for that.

Up at Children's Hospital in Pittsburgh, we waited another 2 hours just to get out of the ER. My son had RSV and Bronchitis... with the phlegm stuck in his throat and nose, he just couldn't breath.

Thank God eventually he got better... but by this time it was about a week later. He was admitted on the 17th and discharged on the 23rd. It was a little hard to get back in to the swing of things after that... But today something happened.

My partner was looking at houses and as I was sitting on the couch I noticed it out of my eye... I realized, man I'm losing money lol. I stood up and said lets submit that offer.

We got ahold of the agent that we originally seen the house with... and I emailed her. She called me back a little later on in the day. She wants to get together tomorrow morning so we can submit an offer.. I don't necessarily have a problem with that... but should I?

Can't I write the contract myself? I hate the thought of giving her such a huge commision... I would rather pay an agent I know personally (HINT HINT ROB CLAY) who could help me out rather then this other agent.

Now I have a proof of funds letter available... I'm just scared lol... not sure how to do this.. better call the academy.

Now what I plan on doing is getting it locked into a contract with a closing date within 60 days and TRY and REFI it. Then Lease Option it out to the buyer who can get a mortgage through my broker. Reason why he cant get one right away is he lost his job and hasn't been working for a straight year... maybe I can talk to my broker and see if we can get past that.

ANYWAYS...

Questions, comments, concerns...

OH!

A couple of exit clauses I wanted to use are refunding the earnest money and contingent upon satisfactory inspection that way there is no risk and no money out my pocket right away...

Knowledge is Power
- Pimpedoutgeese

I'm sorry your little boy had such an awful thing happen to him but am glad that he is doing good now. That must have been pretty scary.

I wish you the best with the property you are working on and look forward to hearing how this progresses.

Take care,
Lea
SPR Propety Solutions, LLC

fracarell789:

Thanks I appreciate the support...

GOOD NEWS!!! FINALLY A BREAK!!

My partner has a friend that is pre-approved for a mortgage! Just seen the proof of funds letter...

And he wants ME to find him a house!!! Double Close on my first deal possibly???

I did submit the offer on the other property as well, now we will wait to see what happens.

I will now continue to look for homes for him, preferably Foreclosures that are almost turnkey.

Knowledge is Power
- Pimpedoutgeese