Dawn_Dean's Journal

Dawn,
you are a sweetie. I can't wait to hear the REI adventures you write about in here in the future (the NEAR future!). I am so jealous of your getting to go to your "almost" REI Club meeting. That is SO awesome that you've connected with some real live investors in your area. Maybe you'll end up with your own personal mentor.

I am very happy for you! And I know what you mean about the learning. A person grows so much every day here (and through the coaching program) without even realizing it! When you start talking to someone else, it's THEN that you realize how much has sunk in and the level to which your confidence has grown! I think that's why it's so easy to be a DG addict.lol
It's like a morning cup of java to those coffee drinkers out there. Just gives you a boost to your day.

Well, Dawn, I am SO proud of you. Glad to share this great state with someone of such character.

God bless,

Rina

You're making me blush!

I can honestly say, last night was the first time it really sank in, I AM an INVESTOR! Feeeeeeeeels good! And just for the record, I created our cards and they are much nicer than the ones I got! LOL!!

So did you buy a killer dress for the wedding yet?

Thanks Sis!
Dawn

You're gonna be the envy of the town when you start making those deals, Miss Investor!
Hey, good job on the business cards!

And thanks for reminding me about the dress. I forgot about that!!

your sis,

Rina

Yesterday I went down to the courthouse for an auction...it was done before I got in the door! I talked to one guy that owns a construction company, and he said the auction lasted a whole 5 minutes! I guess I learned something, GET THERE EARLY! Not like I was going to bid but I wanted to SEE the process. They have one just about every Monday so I will definetly plan ahead!

I'm putting another ad out on Craig's list to build a buyers list and checking out a couple FSBO's. Gonna be a fun day!

Dawn

Dawn, Oh yeah. That sounds like here. Even when there are several on the block it takes just a matter of minutes, especially if there are only a couple people bidding. Get there like 10-15 minutes early. It's fun to talk with the other investors ahead of time anyway. Most of them (like us ) are very busy, and usually are off shortly after the sale to move onto the business of the day.
Just curious, did he say how many had been in attendance or how many properties were bid on?

Have fun with your FSBO tour today. lol

Rina

Hi Sis!

There were only 2 properties, one in town, one out. There was an attorney, another couple and 3 others. Two guys were there just to observe (like me)and the construction guy. The other observer seemed confused about the difference between MV and assed value, ha! I didn't have the heart to straighten him out, maybe I should have helped him out huh? I don't know about your neck of the woods, but down here one house can go for $127,000 and the one next to it $74,000. It's nutty! Not to mention it makes it hard to determine FMV! My answer to that is Price to SELL! I'm hoping to run into that construction guy again to chat and get his card!

Got my ads out on CL...put one in the housing/rent for retail buyers and one in the Real Estate for (hopefully) investors looking to rehab. Check it out and tell me what you think! Later.....

Dawn

Oh, my word! There's so many, I can't tell which one is yours. PM me the wording of your ad heading so I can check it out without having to look at every property in the Madison area. lol

Hey, good job on your progress!!

Rina

Yesterday I got a response from the ad I put on CL in the Apt/Housing for rent section. She's looking to rent or possibly lease/option a property for $600/800 a month but needs a place for a horse! I think it would be hard to find her anything to "buy" at that price (or even rent) especially with a horse...a nice farmette would do it but they don't come cheap! I also got an email from someone asking me if I work with people with bad credit...this will be tough! I asked for more info, sometimes it's not as bad as they think according to my broker. The good news is...people are reading the ads!
Whooooohooooo! Makes me want to post one EVERY day! Now if I can just get the ones with GREAT credit, I'll be in business!

Never got to the FSBO's yesterday, the lawn needed a lot if attention! It's on my to-do list today! Even if I don't find a deal, it's good experience!

I'll be back!

Dawn

The REI Club meeting that was canceled last week was rescheduled for last night, of course I went! Subject was "protecting your assets". Very good information and fun too! I talked to a "rehaber" that is just finishing a project but would call me if she's looking in a month or two (I gave her my card). I talked to Ginger for just a minute only find out that the "market" in my area is VERY SLOW. That kinda took the wind out of my sails...especially when there are some great possible rehabs here. I guess it would be easy to rehab, just hard to sell (especially now). Bummer! I would really like to put together a deal to take on Oct 9th, the "first Thursday" meeting.(I know it's not the FIRST Thurs, someone else is scheduled at the bar). May be a hard sell if nobody wants to invest here. Maybe we'll have to find "another" market to tap into.
I'm gonna look at some properties this week, that ALWAYS cheers me up!

Dawn

Hi all,
I'M A BIRD DOGGER!!!!!!!!!!!

I just got off the phone with an investor down my way! I AM SO EXCITED!!!! He is even going to put a space on his website for me to send deals his way (for a fee of course, we still have to work out that detail).
It's funny, we talked for over an hour and the advise he gave me sounded very familiar...Thanks DG!! and the coaches! This guy has done EVERYTHING you tell US to do! I'm on cloud 11! He is excited about our new relationship as well, he's getting too busy to look for himself. Good for ME!!

Thanks for listening! (reading)
Dawn

I am SO thrilled for you, sister!! You did it!
Today, bird-dogger. Tomorrow, RE MILLIONAIRE! It won't be long now.

Have fun with your new endeavor! Make sure you get that agreement in writing, and make sure you're fair to yourself. The more well-known you get to be, the more control you will have, I believe. This will give you the opportunity not only to make money, but be paid for your "training"! THEN it's on to bigger, more profitable things!

WooooWhoooooo!!!!

Rina

I've been pinching myself all afternoon! Yup, it's real!
I WILL make sure I get it in writting. I'm thinking because he asked if I had anything "under contract" he is willing to do assigns?! We'll see, he's thinking I can get a bigger piece of the pie if I find something more than one investor would be interested in...large commercial props. Whoooa Nellie! One thing at a time (but I'm dreaming BIG today)!

Thanks to you for all the encouragement and well wishes...it means a lot coming from you Rina. It really does make a difference when others boost your confidence. Pretty soon I'll be right up there with you!

And thanks to everyone for sharing their deals, ups & downs and bumps & bruises. Without all Real life stories, I would not be as persistant as I am. You're all fantastic! (This includes you coaches that I have bothered (& will continue to)with all my questions. You're a blessing!

Woweee! That was a little long winded! I'll stop now...to be continued....

Luv ya Sis!

Dawn

Got a response to my ad, cash buyer looking for rural property. How exciting is that? So, today I'm shopping! Going to look at 3 props tonight and still checking listings etc for leads. SLOWLY building the buyers list, I think I need to market more!! My investor emailed me & is sending me some "stuff" to look over. Can't wait to get it!
I also decided to expand my target area to include other towns as well, better chance of finding a GREAT deal! I can't think small anymore, my investor likes BIG investments! WOW! (I'm shakin' in my boots!)
Later........

2 of the 3 properties we were going to look at had accepted offers. That's ok though. Saturday we looked at 2, a WHEDA forclosure going for $89000 and assesed at $123,600. Nice but needs some work (roof, replace ceiling, plaster walls have cracks). The FSBO is in GREAT condition and has a HUGE lot (actually 2) but is off busy highway, not sure about this one...I'll keep an eye on it. Yesterday we looked at a duplex (FSBO)...wow, she added a room over the basement entrance, the only way to get down there is to CRAWL UNDER the addition! The rest of the first floor is good but the upstairs unit looks like a maze! It's priced $10,200 above assesed value. But there is one across the street that looks pretty nice! LOL! I found 2 "fixers" and another FSBO...will be looking at those this week (hopefully). I can't believe how many properties there are to look at!! I'm lovin' it!

Yesterday I sent out 5 letters to homes going to auction in December, hope to get a bite! Going to see FSBO tonight, owner died 5 days ago, very sad. I spoke with the daughter (executor) for over half hour. She's great! She is one of eight children, just like me!! I really hope I can help her out. I believe she said the well is in the basement...hmmmmmmm? It's a 2/1 with 1.36 acres and hard wood floors, sounds nice, can't wait to see it! I don't want to insult her with a lowball offer so I'll have lots of due dillegence on this one! I do know he had a $10,000 home equity loan on the property. Wish me luck!

I also added ANOTHER INVESTOR to my buyers list! WOW!! I love CL!!!
I'll be back, I have to draft a letter to an abandoned house! Later...
Dawn

The executor of the 2/1 on 1.36 acres wants $125,000! It's assesed at $95,700...it has a wood burning furnace and a well in the basement. Hmmmmmmm.
Is that legal? Guess I'll watch this one & see if she comes down on the price.(obviously, she thinks it's worth more that I do)

On the up side..the owner of the "abandoned" house lives in Nebraska. I got a call from his brother that LIVES in it! Wow, wonder what the inside looks like! lol! He is contacting his brother to tell him I want to buy the property, the drawback is, "Bill" wants to repair the plumbing(and a few other things) before selling so it will be a couple months. I CAN WAIT!!! I have a good feeling about this one, I'll get first crack at it! YEAH!!!!
He'll call when I can view it. All I know is it's got an extra lot that goes with it and he's nearly $4000 behind on taxes! Not so good for him, but good for me!

I'm looking at a duplex hopefully this weekend, just came on the MLS, bank owned 2/1 & 1/1...and a couple SFR's too. Gonna make some offers, I'm bored!

Set up appointment to see 5 properties tomorrow. I had to cancel today cuz the hubby is working late and he doesn't want to miss all the fun! Anyway, my realtor didn't see a "sign" in the front of a 4/2 (duplex ready)property so I called the (out of town) listing agent and he gave me the lockbox combination! Is this normal? Now I'm debating if we should go look at it ourselves or ask the realtor to show it to us?

I looked at a pre-forclosure last Saturday (he responded to my ad) to see what kind of condition it was in...NOT GOOD! Assesed at $104,500 (clearly the assesor never went inside) but he owes $117,000. After talking further, he filed Chapter 13 & Chapter 7 already and this is not the first time in foreclosure (which he didn't tell me). What the..? It's going to auction the first week in December...I'm thinking I should let it go. I would love to help this couple out but I doubt the bank would ever let it go for cheap. Our handy man said he would just gut the place (which is out of his league) and start over! Does that tell you anything? I sent pics to my investor, but I think he's going to say "I pass" as well! Maybe I could get it cheap after the auction huh? This would be a "WAY SHORT" sale!
So what are ya thinking?

Back soon!

Banks usually have the property inspected before responding to an offer. When they know the condition of the property, they may decide to accept your offer. You have nothing to loose.

Al

I'll do that. I know I have to get written "permission" from the homeowner, he already gave me verbal so that's not a problem. Is he going to freak out when he sees what I offer? He has to agree with the sale price right? I haven't done a short yet, just completed a "lesson" on this subject. I'm nervous but I want to follow through. My investor is a cash buyer (depending on the price) do I need a proof of funds letter from him before I make the offer since I will be assigning it to him? Then I get everything together to "make my case" to back the offer? Any help is greatly appreciated!!

Dawn
(smiling nervously)

The owner will need to give you permission to talk to the bank about their account. Once you start dealing with the bank, the owner is no longer a part of the negociating. The bank will probably want you to present a short sale package. There are companies that do short sale negociating on your behalf. You might want to contact one of them.

Good Luck, Al

I'd better get crackin! Thanks for your help Al!

You are sounding SO CONFIDENT (whether you realize it or not)!!
I'm very proud of you!
CONGRATS and Good luck!

your sis,

Rina

P.S. Al, thanks for sharing the info about the short sale negotiating companies. I hadn't heard of them before.

I'm scared to death but trying to "fake it 'till I make it"! Al is a great help.(but where do I find these guys?) I can hardly wait to talk to the bank! (I should warn the coaches...they'll be hearing from me on this one!)

I just got off the phone with my realtor, had to move the showings to Friday as her husband is coming home from the hospital tomorrow. She asked if that was ok since I won't be "buying" anything now anyway...don't worry, I set her straight & let her know I am looking for OTHER INVESTORS at this time.
I'm going to let her show us the 4/2 that I have the lockbox combo for. (I felt bad about her hubby so I'm throwing her a bone! Just kidding)! I may want her help with the contracts!

I'll keep you posted on my progress! Later Sis.......
Dawn

I looked at 6 properties yesterday. Three are great possibilities. The duplex is half rehabed, the upper needs LOTS of work but has potential. The 4/2 that's "duplex ready" is nice, same deal, upper needs work, lower is great with huge rooms. What I really loved about this one is the 2 car garage is attached to a "carriage house" type garage that could be restored and used as another apartment! We have a lot of those in town. And I saw a SFR that could be rented now with little work. This one is bank owned, the people just walked away from it. I will be putting in offers for these this week. My realtor has no problem showing us property but when I asked her to run comps she said she "ethically" couldn't do that cuz she's not acting as the buying agent. Am I missing something here? Why does she think I'm having HER show me the properties? May be time to find another agent....she used to invest herself, how can she not know what I want...I told her too! Wow, I'm gonna find me a go getter!

I got owners permission/info for the short sale. Talked to a coach for nearly an hour on this one! I'll be contacting the bank on Monday after he signs the "permission slip" to see if they will accept a short. Found out the owner has found a place to rent & will be moving in slowly...before the auction (or I BUY IT!). Keep your fingers crossed! I'll be looking for a rehab guy to give me a FREE estimate of repairs too. Lots of work, these short sales! Especially when it's your first!

More Later......
Dawn

Good job and good luck on the props! Sounds very promising!

Rina

You got that right Rina! Not only that, she asked me if I "put my name out there"? What the? Why wouldn't I? I WANT TO MAKE MONEY!!! See what I mean?
She doesn't get it at all, nice lady, but not getting it.
She also didn't know why I wanted her to check the "hot sheet", time to move on I guess! Say, maybe you could share your realtor? (heavy sigh) LOL!

I went to the title company yesterday (after voting) and found out there are mulitple judgements against the property.(the homeowner left this part out) The guy I talked to was VERY informative and gve me lots of help. I think I will let this go to auction and make an offer after the bank gets it back! Good thing I did my homework huh? It is such a learning experience! I don't regret trying the short at all, I learned A LOT! I will be ready for the next one! Thanks to the coaches for all the great information and help, you're awesome!

Gotta get outside, it's been in the 70's the last few days! Lots to do before the snow falls on Friday!

Today my "handyman" is driving by the 3/1 SFR (REO) to give me an estimate on what the new roof, porch & siding will cost so I can make the offer. OMG, am I nervous! I plan on assigning this one, wonder what kind of reaction I will get from my "realtor" when I sign it and or assigns? LOL!

Tonight I'm going to the "my deals" night at the REI club...this should be fun! I can't wait! I hope to hook up with some more investors, wish me luck!

Dawn

My handyman hasn't called yet, it was raining yesterday so maybe he put it off until today...I wouldn't want him to melt or anything!

The REI meeting was fun last night! There were about 15 there. Got approached by a guy from my town that wants us to bird-dog/assign for him. My husband and I both got kind of an uneasy feeling from him, hard to explain. It's kinda creepy!! He owns a LOT of properties here already & I'm thinking he may be one of those "stealer" kind of investors!

Have to drop off my app for a job today....don't want to go to work but I have to so I can qualify for a loan to invest for OURSELVES! Wish me luck!

You're struggling Sis,
Dawn

Well, my handyman gave me an estimate of $35,000 to fix the porches, roof and side the SFR. Whaaaaaa!! Am I crazy or does that seem a little high?
It's listed at $79,900. I think they would laugh me out of the office if I offered 44,900 for this house! I'm feeling a little depressed about the whole thing now. Not having a very good day. I may never get my first deal at this rate.