OfflineDay 1 - Journal Entry
I have to laugh at myself. The old F.E.A.R monster is bubbling up inside me. False Evidence Appearing Real. I just setup the free website. Nice touch Dean! It made my life easier. I ordered the COA telephone number. I got an 866 number. I am page 196 of the "Profit From Real Estate Right Now!" book. Not a bad day considering I am taking 12 Credit hours of college, working full time, and raising a family. Please do not think that that is an excuse as to why I am not fully up after having the materials for 3 weeks. I am working on learning everything over the past 2 weeks. It is scary for me. So were a lot of other things in my life that I have succeeded at accomplishing. I will make this work. I have to order my business cards next, work on the Bandit signs (ala Terry Vaugn), and get my Success Academy assignment finished. To quote/misquote, "Damn the torpedoes! Full Speed Ahead!"
The good news is the wifey has seen the website and rendered her opinion ( it needs to fleshed out more). I finished another chapter in the book last night. Business cards are the order of the day for tomorrow. I was extremely tired last night. This journal documenting your progress is a great motivator to get things done. I highly recommend it. It keeps you on track. I have notebook as well that I am using to keep track information and goals.
Hi there,
I started January 18th and was nervous too! But now, I am pushing, pushing, forward my friend. I too am in class and am still very motivated. I attended my first REI club meeting and got too excited.
I found that if you do something everyday it will keep motivated.
Pump, pump, pump it up!
Many Blessings,
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
Thanks for the posting and the encouragement! I agree with the doing something everyday. I just listened to one the Charlie Fuller CD's I got from the Success Academy and almost finished the second one. It is funny how folks are telling me that it cannot be done and they have no idea what I am doing. Onward and upward!
I went online to Realtor.com and decided to see what properties were out there for less than $85k in my market. To my surprise, I found several. Most are in a war zone that I wouldn't want to get near. However, 3 were not. 1 REO, 1 VA, and 1 out of state owner. Hmmmm, let's go take a look. 1 out of 3 was still in a not so good area. That leaves 2. I need to write the offers and get them submitted. I doubt the VA one will take my offer. Too much interest and the price needs to come down to match the amount of work it needs. You have to start making offers to get them accepted. Action time!
I am ashamed. I have just finished the Profit from Real Estate Now book, but I did not spend my time with the Success Academy. I am working on reading Be A Real Estate Millionaire now and I just started listening to Think A Little Different. That last program is very powerful. I will finish my 3 first videos this week. I got lazy. Time to get back on track!
WOW!
What an absolute gold mine of information. The "worst" presenter according to himself(Talmadge Bell) was an absolute goldmine. Some of the folks I ate lunch with did not get the concept of the carry back note. So I used Equal packets(8 of them) and 2 Splenda packets. The idea is simple. My friends when they saw this were astounded at how truly easy the concept was.
What is a note in its basic form? 3 piece of information.
1-The amount financed
2-The term or length of time
3-The interest rate
Talmadge showed us how to profit from it by using an 80/20 strategy versus a 95% refi. This does a couple of things. It gives us more monthly income. It gives a stream of income payments over the next 2 years minimally. It allows the option to sell the note for cash in 2 years. You become the bank over time here without having to keep working.
Anyway, back to the packets. Each one represents $10,000. We buy the property for 6 of the packets with hard money. Our buyer refi's the property for 80% LTV. So we get our payoff of 2 packets. However, that leaves the last 20%. The "down payment" or seller carry back financing. This is a second position note. That means if the buyer gets foreclosed on by the bank, our note is worthless. We already got paid with those other 2 packets. Who cares? This second note has a higher percent interest rate, shorter term, and a monthly stream of income. Great. After 2 years of payments, we can sell the note to a note buyer and cash out. You mean we can make a 3rd payday? Yep. He may have said he was dry and boring, but I disagree.
That was the first presentation.
If you have any doubts about Greg Murphy, let me dispell them now.
He rocked!
His overall message was do not overthink it and do not over complicate it.
I am guilty of trying to over think the deal. He made it simple and taught us about his sandwich lease/options.
He is down to earth and easy going. He showed the "Power of 20" and the "Power of 50". What he was showing was how to get to a million dollars with a lot of small deals. 50 divided by 12 = 4.2 deals per month. He also blew away the preconceived notion that people that are upside down on their mortgage cannot be helped. His method allows you to still do that deal.
Dean warned us at the EDGE that life would try to beat us down. I am using one of his latest techniques here at home. I believe he covers it in his #77 video blog. That is before you complain about anything, you have first tell 3 good things that happened that day. My son who is 5 years old did NOT LIKE this new system one little bit. The funny thing was is he was so adamant to complain, that he did his 3 good things and then I listened to his complaint. When he wanted to do another complaint, I told him he to talk about 3 more good things that happened to him that day. He had no more complaints at that point. I was amazed at to how effective this technique worked. And yes, I apply to myself as well. It really helps me to stay positive.
Hey Cozybldr!
How's it going in the beautiful Carolinas?
Glad to hear that the complain technique is working for your family and I am thinking of using it in my own, especially with me (since I can complain rather loudly and profusely!)
It was great meeting you and the others at the EDGE, and once the jetlag wore off in a few days, I was back on track. Keep us posted on your progress and hope all is well with your family.
Kristin
It was great this weekend. I spent it at Atlantic, NC with the family. There is a property there that I tried to figure out what to do with it. It is an old fish house with a dock. The problems are very small population, the seawall needs to be redone, the owners are asking over $1M, and not much to support an income stream. It has been on the market for 2 years.
Kristin,
It was great to meet everybody at the EDGE. It got me on track like nothing else. And yes, even my wife is starting do the 3 good things before a complaint. It really does help the family. It is wierd how simple it truly is.
Rick
I sent my EDGE questions to my realtor. Now all I have to do is wait for the results.