OfflineI told this story before in reply to a post, but I believe it needs repeated here. I was from the "Big City"... I loved to get-away & camp & hunt & fish...I was basically run over while riding my motorcycle, long to short of it is, I took $12,500 of that money & bought 80 acres w/legal access & some trees from an owner who would have took a down pymnt. & monthly payments of a few hundered on a simple land contract. Now I'm not Mr. RE, but when I came back from camping & showed the video I took of my new property to my city pals....to my amazement, and even though they had no idea what I had payed for it... they were clammering to "Buy some camping Land too!" Well 1 of them had this monster truck,(I mean built to the hilt, 50K invested in it) that he got at a police auction a few yrs. eairlier, he soon decided he'd offer it to me for 1/2 of my 80 acres! Wow! I was floored, I checked w/the County, it would cost me $1,500 to break it up into 2 lots. Of course I did the deal, I still had 40 acres to play on! After another trip up, 1 of my buddies couldn't stand it any longer & offered me $20,000(an offer I took, & gave him great terms too)for my other 40 acres...Amazing, I turned $12,500 into 20K & an awesome truck in less than 6 mo. while not even trying to do so. Anything can happen for sure. Now ....how to use this story, Say you see an ad.... like, lets say,(Think Big now)... 2,000 acres w/nice ranch facilities.....(lets say) for $600,000. Could you, in your wildest-dreams....put together a deal with say 5,6 or maybe 10 (investors/buyers, or other) interesed parties, where "You" control that ranch as maybe a monthly timeshare/Retreat for other's??? with each investor/client getting a entire month w/Family at the ranch every year...for life(& pay a yearly mantaince fee to pay to you of course)w/transfer powers included. Now you just created a service! Say you got 6 buyers each w/100K to drop on their family for a nice retreat like you have! You might even see yourself choosing to live there full time yourself to run the ranch, 6 months of booked time would give you a "Free" place to live in style year-round...& 6 whole months of peace & quiet away from client's needs. Nowwwwww....Could you lock up that property if each buyer only had say...20K or 25K each to invest right now, but be able to make monthly payments to you? So we now have 6 peeps X 20K = $120,000 for a down payment on 600K right, any lender would be nuts to turn a down an offer that big!(however I could be wrong on that) Sure you could, as long as there is disclosure, everybody knows exactaly what they are getting, & all local & state laws are followed....it sure seems like it would work to me. It's takes a lil imagination to see this work like I can do I guess, but I'm just tring to spark your thought process to think differently than most others, find a niche & try to fill it. Now I have yet to try this for myself, I believe I'm closer than ever to giving it a shot now we've decided to get serious about RE. It may be included in 1 of our first 10 deals...who knows!
....R & D Allen
....here are a few little sayings I use daily, maybe they can help others realize thier goals too.
"FREEDOM IS ALSO CREATIVITY"
"BE EVERYTHING"
"IN EVERY STEP THE GOAL BECOMES MORE IN FOCUS"
That first goal I ever wrote down & posted on my mirror, somewhat evoloved into this; "I am such a great person....Because I Love Myself!... I Love Myself because I'm such a Great Person". I started out saying it to myself 100 times a day(boy did I need it!) Well, that 1 little line soon began to actually change my life "FOR ME"! ...it was weird... put in a thought over & over again & get out life changing results "Almost Automaticly", and what was even stranger to me was it showed in my actions. I had always wanted to be "rich" just like most people, & I had always wanted to own some property, water-cooler talk through the yrs. left me knowing how much land in L.A. cost for an acre...& how wealthy land had made others in the past. Suddenly I had bought 80 acre's as a getaway, for camping & such. Wow did I actually just do that, Yep I sure did! It was my very first piece of property ever, I had only plans to hunt, fish & camp useing it as base-camp, maybe in 20 yrs. I thought it would be a nice place for a cabin in the woods, if you read my story here titled "Something From Nothing" you already know how that deal all worked out, be sure to look @ the photo. You'll begin to see how stuned I was to go from driving an old 78 datsun B-210 into a ride like that truck....I pinched myself daily!
As I go through my new "REI"-life, I will share more goals & thoughts that may help you too! There are currently 35 different post-it-notes on the mirror I look straight into every day as I get out of bed, still room for more!
Here are a couple for you to try too.
"BE-DO-HAVE" ....simple huh?
"I AM MOTIVATED"
&... "True Wisdom is avoiding ALL THOUGHTS that weaken you!"
Amazing how well these work just by repeating them to yourself daily! When you begin to replace your OLD way of thinking, you too will be amazed at how things change, I don't care how silly I would look to others as I repeat my daily affirmations each morning, they have made me a much much better person & brought me great solice as I make my way through this busy world...I truly enjoy life now!...Good luck to all & stop in anytime.
E-Z....TURN LEMONS INTO LEMONADE!
Interesting ideas and a very creative approach. When you have nothing the mind creates all sorts of ideas. Some good and some not so good. The trick is sorting through and picking out the great ones to implement. Way to think out the box and make something happen for yourself and your family.
Sorry to here you were run down on your motorcycle.
Great story. I always love to hear how people make it happen. Keep on doing what you are doing!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I am working on putting together a deal in that same manner, there are tons of properties here from a major factory layoff.
I am working on putting together a deal in that same manner, there are tons of properties here from a major factory layoff.
I still have a job & even though I happen to live there too, it's not ez to get to the desk to write. I can see this method being perfected on paper(over & over again)first, I always thought the weekly "Trade Magizine" for the actors union would be a great place to look for "High-end Buyers" to put a monthly timeshare this big & bad together, I mean you would want to have a really nice ranch so you could ask top dollar. The piece of property that gave me the idea, was a 2000 acre ranch that Walt Disney owned, It was Awseome & they wanted 1 million for it...(circa 1986)the best part was the 500 to 1000 Bald Eagle's that roost in an open pasture there every winter(& still do to this day), we could see them from the road....lil black dots in the pasture full of snow some 300 feet to the lil valley floor below, truly heaven on earth. This place had it all & I'm sorry I didn't at least try to run an ad, get 10 rich(er guy's than me)to go in together, could have been epic. Now I am just looking to get my next few deals done with all the help here it won't take me long. Best of luck in all u do.
... found a house that will do the trick I do believe. We need a new place to live, but thank God it's not due to any hardship. We just decided we were tired of not living where we "know" we want to live. We are trusting ourself's to be educated and commited, but also having some back up plans in place just in case. Today was a great day but from now on, I will use this topic as our journal....I'd love to explain the deal I'm tring to put together(all cash)here again but it's eaisier for you to see todays post I have left in the forum topic..."Ask Matt Larson a Question" if you would like to look...it should work out great & for sure I'll be writing more details on it here soon.
...now keep in mind I have looked @ 1,000's of homes in this area in the past few weeks. Today, just looked @ comps in the area & the great news abounds! Nothing in the 25 mile radius even close to the banks low, low asking price,(except mobils in parks) it was tough to find a comp less than double the price they are asking for the place... anywhere around this area. I've google-earthed it, & it's almost an exact match to what we are looking for...(dirt cheap that I can fix up), but the location is what makes the comps so high. From what I've been able to track down on this place is it was taken back by the bank 12-09 with an amount owed of almost 90K. Now the pic's show an very brushy overgrown lot, a mess in the yard, the gutters sagging.....1 room painted the ugliest color you've ever seen, "IT'S PERFECT!!!"
1. I need to find a willing party(maybe someone here @ DG!)...& get a cash loan, so I'm now looking for a secured 35/40K cash loan using the parcels of land we now own as security for repayment(...land I could lose if I don't repay). We have our books & are going to try Matt Larson's all cash deal w/the bank that now owns the home & offer them right at 30K & "take this ugly mess off thier hands for them!" Hey all they can do is say no, but I really believe I'll do the deal 1 way or another,(i.e. we love the area & I "would" pay more if I had to). They may counter offer this old-mess to me, & since we will be there in person in 2 weeks from now to personaly inspect the home, I should be able to do a deal w/them face to face... since we know for sure, it's the "Exact" location we'd like to live. I have no problem working w/the banker...(even though I just low-balled him). I may soon need him again, so keeping him on my side while I let him know how savey an invester I am...is a good thing!
2. If my offer is accepted, we should have some extra cash from the secured loan, we also have about 10K of our own $$$ in reserve, remember we are buying a home to live in for the time being, a year or 2 even if necessary (or we may like it so much, we decided to knock down the 1950's home... & build a brand new log cabin home there to access a better riverview from a 2'nd floor deck).
3. Within 30 to 60 days I will look to re-fi("THANKS MATT for that great tip!"). So after 60 days...I have our new home looking ship shape again(& she has family in that area, greatful to get some work, make a lil $$$ & help refirbish the mess)...now I would need to get an appraisal... If I can get it's appraisal up to it's list price the bank was owed 6 mo. ago(or close to it even) I should be feeling mighty-fine, last step is to seek out a 60% LTV bank loan. Pretty sure I got that all in the proper order now! That done, I would have a ck. in my hands from the bank for 51K(real $$$ # in this deal)to repay my secured loan & interest due(30/40K)to my investor & get back my deeds...leaving us maybe 10K more cash to back up my reserves & look for my next deal right???
4. That should leave us w/a very low monthly payment to keep a roof over the heads, eaisly do-able for us. Any suggestions always considered helpful...........THANKS ALL
don't know how to direct you to a link to our journal except it's name is simply "The Allens RE Journal" so you can follow along there if you like, thanks all who took time to read this & learn & a speical hello to anyone who gave us a shout out on this subject!