Dawn_Dean's Journal

I'm watchin' you, girl!

So, what steps are you taking today? hmmmm???

your noseybody sister,
Rina

Spent the last couple days at the clinic with my hubby. He's falling apart on me! They took x-rays and did all kinds of tests for his neck & Carpol tunnel and next week it's off to do an MRI! Poor guy, guess I haven't been giving him enough TLC...I can fix that!

Talked to the owner of a 4 plex nearby (FSBO). We're having a hard time getting together (HE has a job) but hopefully it will be Friday. He wouldn't give me any info in an email or by phone, said he'd tell me all about it when he shows me the property. Hmmmmmmm. He owns 3 others, I'm curious why he wants to sell THIS one. Guess I'll find out!

Well, that's it for now, gotta find me more properties....investors...buyers....MONEY!!!!

Dawn

Seems the guy selling the 4 unit FSBO I mentioned above has another 4 unit (2/1 & 2/2)....and an 8 unit. HE WANTS TO SELL THEM ALL!I mentioned I have at least 3 Investors that may be interested in this deal "IF IT'S SWEET ENOUGH"! He said his wife just wants him to "get rid" of them because she does the books & cleaning etc. He does all the mowing, painting etc. (manages them himself). I also found out he owns 100 units in another town and a restaraunt in another. So this guy is an investor & he's looking to cash out...hmmmmm.

He gave me the rent roll for the one 4 unit we looked at & will be "getting something together" and sending it to me. His friend is a realtor, could that be trouble? They are in excellent condition and all but 2 units rented. Of course I'm nervous! I'M SCARED TO DEATH but at the same time VERY EXCITED. Not counting my chickens though. I know 2 of my investors would partner on this...can't wait to see the numbers.

LOOK OUT COACHES! I've been re-reading the lesson about Apt/Commercial and it's still all greek to me. I'll for sure be calling!

I found out it will take approx $7,000 to $10,000 to rehab the duplex uptown.
Matthew was thrilled & wants to see it this weekend. Hope it's not too late!
I'll be meeting him for the first time (& his wife)on Saturday. How cool!!
May Partner or just take a finder's fee for this one...nice to have options!!!!

I feel good today! Whooooooo Hooooooooooo!!!!!
BTW, the hubby is gonna make it...I think he's milking it!

More later.....
Dawn

Congrat Dawn. Sounds like a good situation. I hope Dean gets better. If he's like the rest of us men out there, he'll milk it as long as he can. That's what we do. lol

Josh

He'll be fine, milking it is a "guy thing". You all just LOVE the extra attention!

My internet went out last night during the RAIN STORM...if the rain would have been snow we would have gotten 12" of snow. Are ya missing it?

Dawn

Looks like you are rolling along there Dawn, keep it up. You are so right about us. I am Mr. Tough Guy until I get a little headache or stomach ache, then I am whining like a baby asking for soup and a blankie, ;-p

Lonnie...

Exciting, the RE prospects! You're really movin'along!
Keep us posted.

I'm glad Dean's gonna make it. lol. I'm sure he's enjoying the attention.

Have a great weekend, sis.

Rina

You're too funny Lonnie! (I liked the blankie part!)

Appt to see duplex is Saturday at noon. Looks like whole fam damily is coming...wife, mother, father....should be fun! I'm really looking forward to meeting this guy. Could be the start of a great partnership (I hope!).

More later, going to lunch with my X-coworkers today. Fun stuff!

Dawn

After looking at the property with Matthew etc. it seems he thinks he will have to put more money than he thought into it. It's over 100 yrs old and needs to be totally rewired, flooring,doors, windows, repair walls.... That could cost some bucks! I contacted an electrician and rehabber for FREE estimates, waiting to set up a time to go through it with them. Matthew hasn't ruled it out yet, he'll wait for the numbers, so there is stil hope. He would give me equity in the property as a partner...cool!

Got numbers on the FSBO's...
8-unit 685000 Rents 5140 Ins-2720
4-unit 345000 Rents 2745 Ins-1537
4-unit 315000 Rents 2630 Ins-1415
Taxes for all=21818.48
Owner will give 3% discount if purchasing all three
Will carry back second
Tenants pay all utilities but the tenants in 8 unit don't pay water/sewer
Loans are not assumable (bummer)but his baker is willing to help with financing. We'll see. I'm still waiting for balance sheets, rent rolls and income statements for the past three years.

That's it for now...
Dawn

While I was checking the MLS I came across a Property I want to look at. Located in LOW tax district, $112,500 AS IS...looks like an REO but I can't find it in the Tax Parcel search??? I've never come across this before!
Anyway, gonna get a look at it before the end of the week (ASAP). I also got a proof of funds from Coastal Funding...that SCARES me! At least I can put in an offer. I sent an email to Eric to see if/where his Title Company closes in Wisconsin...keep ya posted!!!!!

Dawn

Building quite the relationship with your investor! I feel that prop under contract and a check in your hand in no time.

Is Dean feeling better? We've got to get big enough in our REI so our husbands can retire. They've given the best years of their lives working for their families, I think. They (and we) deserve a little R&R, huh?

Good job, sis!

Rina

Dean will be fine though we won't hear the results from the MRI until the 10th when he sees the Dr. I think his capal tunnel would improve too if he would actually DO the excercises they gave him! (again, the guy thing):

I'm dreaming big these days all right! The more I look at that million dollar deal he seems a little high on it. Aaron may be thinking so as well, I haven't heard back from him yet....we'll see. (besides, the numbers are scaring me to death!) Not to mention I'm a little GREEN when it comes to figuring ROI.

I'd love for Dean to be able to retire, plowing has taken it's toll on the poor guy...I'm all in for the R&R too!

Have a good one!!!!
Dawn

Got an email from Matthew, he thinks the rehab on the duplex is "too big" of a project for him right now (holding cost, time etc). I don't know what to think. He says he'll give me a finders fee or equity in the property if I find something else, he still wants to work with me anyway so that's good! I had to tell my "guys" the deal is off, that was hard, I'm sure they were looking forward to the work.

The million dollar project is looking like less of a deal all the time, it appears he has trouble getting tenants to pay on time or even stay...Still working on the ROI though. That will be the determining factor.

Now that I'm all bummed out, I'm gonna go finish the "new" book to cheer me up!

Dawn

Hi Dawn,
I feel the roller coaster ride your on, I'm sitting right behind you.I keep Bonnie updated on your journal once in awhile.I know we're so close and we need to just stay strong and just get it done.
My focus has been assigning, but I want to get a property for myself to rent out.
How do you figure out the ROI?

That's sucks. Keep your spirits up and keep looking. You'll find a new deal in no time. Spring is coming and they'll be popping up everywhere.

I needed that! I know something will happen soon, I can FEEL it!!

Figuring ROI isn't easy, you need rent rolls, income statements, balance sheets...I will be calling the coaches (even though Aaron isn't interested) just so I learn how. I went over the lesson again in my academy session but it's clear as mud right now!!

So Jason, what does Bonnie think of all this? It's been a while since I've talked to her & it's usually not about what we do. Mostly Family stuff.

Thanks for the words of encouragement, it's appreciated!

Dawn

Just popping in to say GOOD JOB!! You know that with each bit of action, you are one step close to success!! That's awesome that you're following through on the steps even if you're not sure of the end result. Like you said, knowledge is power! The more you learn, the more ammunition you have. And you can't deplete THAT kind.

Way to go, sister!!

Rina

P.S. Been out-of-town most of the week. We'll have to catch up soon. Looks like Spring might actually come this after all, huh?

I'm not so sure spring is her YET! We're getting 2-4 inches of snow today!
I can't wait for it to get here, tired of shoveling etc...

Out of town trip? Hmmmmmm....sounds interesting! You must be expanding your "territory" huh? Talk soon Sis!

Dawn

You should get many estimates, not just one. That sounds way to high. Did you look in the newspapers? You may find a handyman that can do it all for $10K.

The electrician is licensed but laid off, 15 years experience. The duplex needs to be completely rewired from top to bottom & separately metered. My rehab guy IS a handyman. The first investor I took through it said $7,000-$10,000 to get it "rent ready". He's in construction so I'm guessing he would get everything at cost, makes a big difference. Anyway, Matthew doesn't want to move on it.

Tomorrow night I'm looking at 3 more duplex's and 2 SFR's. Two of the duplex's are owned by the same guy.....hmmmmmmm...package deal? I can't wait to see them, one is much nicer than the other though. Since they are owned by people (and not banks!) I may have a good assignment on my hands. I'm hoping anyway! I'm taking action and putting in offers, I'm tired of deals slipping through my fingers!

Dawn

I put in 2 offers yesterday, one on the duplex and a SFR!!!! WOW!!! I was SO NERVOUS!!!! I kept telling the realtor to make sure I can get out of this if my investors turned it down!!

2-2/1 Duplex Asking $109,900 No repairs needed, rented (though the leases are up in May (450 & 550/mo) so I make it contingent on it being fully rented with my approval of tenants)I offered $71,900...my realtor said they aren't hurting for money so they aren't all that motivated, we'll see. The most I would go is $76,500.

SFR-3/1 1200 SF, been sitting for 2 years!!! It's full of crap and the wallpaper....UGH!!!!And it comes complete with a bat in the living room window!!! Asking $94,900 (I laughed too when I saw the place!)
Offer $38,900. My realtor thinks they will both counter, I'll know MONDAY!
I'M SO SCARED!!!! I plan on assigning these, wish me luck!!!

Dawn

You DID it! I'm so proud of you!! How do you feel now? Pretty empowering, isn't it, to take that step? And yet, nothin' to it, right? lol
Awww.. you're a veteran now..

Fingers crossed for you for Monday, sister.

love ya,

Rina

I hope you pull through soon with a deal, as I feel I'm in the same place as you.
I just emailed Bonnie yesterday and told her after my dad's funeral I need to make this happen and plan on getting tons of offers out.We can keep reading and reading, but it all comes down to just making it happen and apply what we know.That would be cool if we both get a deal at the same time.

It felt sooooooooo good to put in the offers, scared as I was, I felt confident as I was doing it. I WON'T GIVE UP! This will happen for BOTH of us very soon. Taking action, like everyone here says IS the key. That would be so cool if we both got a deal at the same time. My realtor wants to be my buyer agent so I'm meeting with her this week to talk about it. She can't give me comps (just sold listings) or advise unless she acts as my agent (becasue she too is a Remax agent).

I hope you and Bonnie work it out. She's a hard worker and a GREAT person. Tell her "HI" from Dean & I when you see her.

Now, Let's make some money!!!!!!!!!!

Dawn

That's awesome Dawn.

I hope everything goes well for you. When you put in your offers, did you do it just like the books say? I guess what I'm asking you is what kind of escape clauses did you put in? In a nut shell, are you using all the stuff from the classes and books to make offers or did you just pick a number?

I'll be looking at 3 properties tomorrow, they are all foreclosures, and I'm just nervous That I won't ask low enough. I'll be reviewing all the classes and books, and website though just to make sure.

I really hope these offers work out for you. You've put in a lot of hard work and you deserve to make some MONEY!!!!.

Good luck

Josh

I used what the books/lessons teach. I figured the FMV & subtracted repairs, exterminator, profit, BAT REMOVAL? You get the picture.
Now, on the Duplex I just offered low because I couldn't find great comparables so I kinda used the assesed value & discounted it 65%. Most of the duplex's I have looked at all needed LOTS of work, this one doesn't. As far as excape clauses, I made the offers contingent on:

Partner approval within 28 days of acceptance-if not approved seller agrees to null and void offer and return all earnest money.

Financing to be determined by purchase price (because I don't know how the end buyer will pay)

Ability to show prior to settlement for the purpose of renting or resellingand the seller agrees to permit access to buyer anytime from acceptance up to the date of settlement.

I put $500 escrow due within 3 days of acceptance. If the deal falls through I still get my earnest money! Way cool huh?

Hope this helps, Josh...Good luck with you're offers. Try to be calm (or at least LOOK calm and you're confidence will show through with flying colors!!!!! If I can do it, ANYBODY can!!! You'll be great!

Keep me posted!

Dawn

and I haven't heard a thing on the SFR! I emailed my realtor this morning asking her what's up with that? When I talked to her last Monday she said they will probably reject the offer since the owners just turned down an offer of $69,000....so where is my rejection? Did the agent even SUBMIT the offer? I also emailed her to look at more properties and got NO RESPONSE....Here we go again, looks like I'm back on the realtor roller coaster AGAIN! UGH!!!!!

Tonight we're going to a REI club meeting, guest speaker Greg Rice, commercial investor/developer. I'm hoping to make some more connections, wish me luck!!!!

Dawn

I finally heard back from my realtor...I guess my offer made the personal rep really MAD!!! According to the listing agent, he wasn't even going to reject it, he wasn't going to do ANYTHING! My realtor told him they better at least give us a verbal rejection, so they did. Says they won't take anything under $79.900 for it. GOOD LUCK WITH THAT! (maybe batman is looking to buy huh?)
We'll see what he's thinking when it sits another 2 years!

The club meeting was very interesting last night. Great speaker. Although commercial is a little too big for my brain at this time, I learned a lot.
The hubby even enjoyed it! (he just loves when I drag him there!)

Well, that's it for now...

Dawn

I got a counter offer on the duplex...not good either. They eliminated ALL my contingencies and only came down $2000! It was a new listing so I'll let it ride for a while.

I have my eye on a house that will be coming on the market soon, I think I said something about it before. It went to auction & the bank has it back now.
It hasn't hit the MLS yet...I think it's a Rina house ...broken pipes & all that good stuff. I'm thinking it will be a great assign if I can get it locked up by using Costal's letter. I'll have to market for a buyer of course!
Aaron isn't looking for rehabs for a couple months and Jim isn't buying...my list of investors needs revamping for sure! I did meet a new one, Michelle. I want to hook up with her to see if she'll partner on something...I'm crossing EVERYTHING I CAN!!!!

Dawn

Keep doing what your doing.Even though it feel like your hitting road blocks, you are learning and it is making you more agressive and cofident.

I meet Bonnie yesterday and signed 11 offers that are going out today.Thanks for hooking me up with her.She's turning out to be a winner.She is totally aboard and is very easy to work with.We are going to put out 10-15 offers per week with and/or assigns.