Dawn_Dean's Journal

The family reunion was GREAT! It was so cool to have everyone together in one place at one time! There were no fights and everyone got along just fine. We all went to dinner Friday night and surprised Mom when Carol walked in behind me...SHE CRIED LIKE A BABY, she was so happy! Awesome weekend...I posted pics on my facebook to share.

As for the RE adventures...I sent a registered letter to the broker stating he was in material breach of our contract and our agreement is terminated upon reciept of the letter. I confirmed with my agent that the counter offer was never made (the listing agent told me too). Tracey told me the reason it was not submitted is becasuse the broker said it wasn't a "proper" offer. Whaaaaaaaaaaa? No matter, by law he has to submit it...Gotcha! As soon as I get the reciept (via email), I'm FREE to move about the RE world again! Whoooo!Hooooo! (Seems like forever since I looked at a house!) My attorney friend said if he tries to sue he'll be there for me, cool huh?

So that's the poop. Got through the first DVD of the home course last night with the hubby. He's pumped already! (he didn't read the books) I'm happy he's enjoying it and wants to watch it again! More to come....

Dawn

I received the "delivery receipt" from the registered letter I sent the broker! YEAH!!!!! I contacted my attorney friend and asked him if I can move forward NOW. Waiting to hear back....

Going CRAZY...already checking the MLS and legals for props and looking into HML for purchases...Can't wait to get back in the saddle!
Dawn

I know you'll be covering lots of ground now! What an ordeal. But all we can do is set our sites on the future and move forward. I am waiting for my EDGE dvds - cant wait to share them with Steve (he didnt read the books either) ha. The only things he reads are Lowes and Home Depot sales ads

Hey Laura,
I hear ya sis! Sounds like we both are in the same boat! I can't wait to go through the rest of the DVD's! I though you went too? Next year we'll sit at the same table talking about our GREAT DEALS!

Onwards and upwards (I think that's how it goes) OH! while I have you here, did you say you used a HML? I could use some info on using them..pm me if you have something you can share ok?

The other WI Sis...
Dawn

It's been 2 weeks since I posted? Wow, I'm slacking!

Found a potential property, actually, Dean found it when he was driving around for work. Went to Sheriffs sale, bank bought it back for $131,000 and the hearing was yesterday (have to look it up today & see what happened)anyway, Dean says the windows are broken but it's nice and near Lake Wisconsin, has a fenced in yard that's overgrown. I looked up props in the same neighborhood and they are assessed between 176,000 and 225,000. Lookin' good! I called the agent that had posted his card on the property & he said it won't be available for viewing until October...I'd love to submit an offer BEFORE it gets listed but can't find the contact info for M&I Bank! Can I do that? I think we'll go back & snoop in the windows to see what kind of shape it's in inside.

Just down the road from me is an abandoned house that forclosed. 4.33 acres on a hill and great shape outside. We noticed there were a couple windows open when we poked around...grass it as high as my butt! They are WAY upside down, owes 171,000 and FMV is 149,000. I'm looking into this one too.

Lots to do....

Dawn

Dean & I are going "window shopping" today! Gonna check out the foreclosure near the lake (actually river).

New listing for a 3/1.25 Ranch $59,900 short sale...contacted the listing agent for a showing today...waiting to hear back! Can't wait to see it, good neighborhood too! Wish me luck! I'm offering on this one!

Rina, that guy did take his house off the market (the 52,900) bummer!

Dawn

Have fun window shopping! Nice day for it??

Bummer about the listing being taken off. Can you still call the owner and get a little info? There may be a whole number of reasons he made that decision. The answer COULD be in your favor?? Maybe you can provide HIM an answer, ya never know.

Hey, I've got a call in to the bank to get that answer to our question. i'll let you know ASAP when I hear back.

Have a great day, sis! And I hope to hear about some offers?

Rina

Went to look at the "nice" house by the lake and found out M&I sold it as part of a "package" to a CA investment group. I gotta find out who that is, maybe I can still get a deal on it! I'll be going to the title company to find out or the courthouse.

The realtor never returned my calls yesterday to view the ranch house. What's up with that? We drove by and she was THERE! I think showing it to someone else! I'm a little angry about that, I called her 4 times yesterday! No word yet today either! Geeze!

Onwards & upwards...see another 3/1 that would make a great rental going for 55,000 and it's been sitting for quite a while, wonder what's wrong with it?
Gotta check that one out too!

More later......

Dawn

I think I would have stopped, gotten out of the car, and said "Oh, good, you're here!" and just walked right in and looked at that house. Might not be the way to get a sale, but it would show her you're serious. Man, she's got nerve.

Oh, I called the bank. They only use that loan within the Douglas County area, sorry. But check with your local banks to see what's available.

Good luck on the new prospect, sis.

Rina

I'm meeting with an Investor/Realtor on Friday!!!! I'm excited!!!! We're going to discuss "opportunities"! I'm hoping she can mentor or partner or share some contacts! SOMETHING! Opps, didn't mean to yell...more later!

Dawn

The meeting with Amy went well on Friday. She's young and ambitious too. It was great to find out she wasn't a NR student! (Everyone at the club is!) She is willing to help us out on the first deal and maybe partner up depending on completion of my "homework"...I contacted 2 local banks today to set up appts to talk to the "decison makers" about financing multi-family units....I'm so scared! I know I shouldn't be, all they can do is say NO! Right? So I'm waiting to hear back from them. She also asked if I would consider getting my agent's license, hmmmmm? She's looking to expand her realtors business. I really don't want to be a "realtor" & work FOR her or tie my hands like that but still, there could be advantages, right? I'd appreciate any feedback on this one! I'm a little undecided at this point & classes start in October.

Rina, I hope you had a great time with the kids...I'll bet Jon is throwing you a welcome home party huh?

More later!
Dawn

It sounds like your making good progress with networking. The decision makers at the banks are the best people to deal with. I hope things continue to progress for you. Good luck on all your future real estate deals. Believe and Achieve! - Joe

Dawn, my husband suggested the same thing to me that Amy did to you, and I feel the same as you I don't want to be a realtor and work for someone, but I look at it this way; The knowledge that you gain in acquiring it will be very helpful in our REI careers. You will a have a better understanding of how things work and the terminology. I think the new knowledge will be worth it, so I'm going ahead with it. My class starts at the end of Sept. I say go for it!

Cathy

Thanks for stopping in! Amy is calling me this afternoon, I'm not sure if it's about a property or working for her! Since I am unemployed, it probably wouldn't hurt any, I could always fall back on that...trouble is, I WILL be SUCCESSFUL and I won't need it! I'm still on the fence but since nobody is beating down my door to hire me this is an option for sure! All I need is the money to do it...guess the hubby will be working overtime!

Good Luck Cathy!!

Thanks Joe, I have been dragging my feet long enough! I emailed the vice presedent of one of the local banks & called my personal bank to see who I need to contact...no word yet today. If they don't get back to me soon, I'll be marching in the door tomorrow! Time to roll like a stone!

Dawn

Amy is looking for agents to work for her so she can concentrate on INVESTING!
Soooo, I'm putting the agent thing on hold for now. I don't want to be a realtor...I'm an INVESTOR! Although the education wouldn't hurt!

I have an appt with the local bank Friday (with the VP) to see what they can offer us. I'm really pretty nervous! I'm sure I'll get through it just fine. I just hope he's seen begging before! JK! Still waiting to hear from the CU, but I have her 800# so I can call her today too. I don't know why I waited so long to meet with the local banks....must be that fear thing again! I'm gonna need a shot of confidence before I go in!

Wish me luck!

Dawn

So how does that go?....banks compete for your business? I just got a call from the CU...nice lady but she only handles residential loans. She is refering me to the commercial lender...and get this...he used to work at the OTHER bank I'm meeting with tomorrow! LOL!!! She sent him an email while I was on the phone to contact me asap, before I meet with the other banker! WOW!

I'm looking at a REO, $114,000, as is, Assd = 164,800, local bank has it. Maybe someone knows this but my realtor said if it's a doublewide (which we're not sure if it is or just a slap together) the banks aren't financing them. My solution is to see if the bank holding the mortgage will finace FOR us!

Feelin' Good!

Dawn

Wow, haven't posted in a while again, naughty me!
The REO we looked at needs to be totally gutted!Yes, it's a doublewide, so financing is nearly impossible (although CASH would do nicely!) Beautiful 1 1/2 acre lot! Wish it was cost effective to wreck & just put a new doublewide on it. Great location (near my house)and homes sell quickly here becasuse the taxes are low. Oh well...

I have had my eye on this REO, just listed, showings start today. Good neighborhood, nice ranch, waiting for the realtor to get me in it. We drove past it the other day and someone was there cleaning it up. There was garbage STACKED in the garage! Makes me wonder how bad the inside is! Asking $71,900...this is the 3rd REO in this neighborhood but smaller & not as nice as the others. Gotta go see this one today!

Feeling a little confused about what to do. A couple of investors I met with said I should concentrate on multi-family units, bring in partners to finance the downpayment after I do all the work. I want to build capital so I think assigning a few would be the way to go. Maybe I'm not looking at this the right way? I don't know. The bank is excited that I want to buy multi-family but they will only finance 80% of the purchase price @ 6.5% and a 3-5 yr balloon...gotta that downpayment first!
I'm not really fond of banks at this point. Although, I did get him to say he would negotiate the rate. I have a couple more to check with so we'll see what they can offer. I haven't given up yet, just a little slow going these days. I sure wish I had a rich Uncle!

Last weekend we cleaned the garage, threw away a bunch of junk and I organized the hubby's tool box...what a chore that was! I'm such a good wife! A woman in town is giving us her old cabinets, she's remodeling her kitchen, we pick them up today. Yeah! A place to put the rest of the odds & ends! Well, that's it for today.

Dawn

Well, I have a job interview this morning. If I don't sound real excited about it you're right! I love staying at home and looking at properties but the reality of it all is that I have to work to get financing for REI. For that reason (only) I hope I get the job. I guess only good things can come with employment, it's a means to an end....an happy ending I hope! I'll be just as busy as everyone else here that has a full time job and working REI. I'm looking forward to my dreams becoming a REALITY! Then I can retire like Rina!!!!

Dawn

YAY, Dawn!!

me

Dang! It's been a long time! Needless to say, I didn't get the job (oh well...)
but I have been busy! Finally finished the cabinets in the garage, they look nice! Now there is a place for everything...not like the hubby will ever put it back in the same place anyway! LOL!

Working on a 2 house deal...yes, you heard right! I went to see one of these houses that I found on CL, 2/1 with 1 car garage, $70,000. In speaking with the owner, he told me he owns the house next door (and a duplex around the corner) so I asked if he would consider selling both? His answer is yes! I'm looking at the second house today, then I will do a little more work & see what I can offer him. Still looking for downpayment money...private or money partner would work too! Well, I have to go call the guy...

More later...

Dawn

Hey Dawn!

I'm sorry to read that you didn't get the job you spoke about earlier...but glad that you did get the cabinets!

I'm curious as to where the properties stand --the ones where the man owns three properties he said he's be willing to sell (if I counted right that was three). What kind of condition were they in? Any luck yet on finding downpayment funds? I hope it's all working out for you!

Nancy

These houses are located in Poynette. I only saw the one but it is very small & has no closets in the bedrooms. Nice condition but this is a drawback. I never got to see the house next door but I can tell it need a little outside work. His duplex is VERY nice, he won't give much of a deal on that one, it's assed over $200,000 and he only gets 750/mo rent-won't cash flow. I haven't contacted him lately as he wouldn't commit to a price for the 2 little houses so it's hard to find funds without knowing the sale price, right? He's asking 70,000 for the one I saw without closets (or basement). Way too much, he didn't give me the impression he would budge. Too bad, he's offering a 10 year land contract. So that's where I'm at.

Working on finders fee for 6 props in MILW right now. I posted them on facebook on-post a deal, find a deal- check it out. Talk later! Thanks for popping in to read my journal.
Dawn

I just don't know where to start. I really want this duplex in town. It's in great condition and needs no rehab. The bank won't finance with a seller 2nd...no big surprise but I thought I'd try. The Seller won't finance the entire amount on LC either...tried that too! I'm sooooooo bummed out! Asking 119,900, rents 1150/mo and tenants pay utilities. Rents are a little low & could be raised. This is the nicest one I've looked at in town too. All brick outside w/2 car garage. Nice.

So depressed today. Seems everyone is leaps and bounds ahead of me and I just can't get done. Now my realtor wants me to sigh a buyers agreement. I guess we all know what the answer to THAT will be! I have an interview at a pizza place for $7.75/hour this morning...how depressing is that!? I make more on unemployment...like three times more! Guess I'd better get ready and drag my happy @$$ down there. More later....

Dawn

I sure sound depressing don't I? Enough of that!

Contacted the owner of the duplex, well the realtor did. No Lc for entire amount so that on is on hold unless a money partner wants in (hint, hint!)

I have been trying for over a year to talk to the property owner of a property I thought was abandoned in town...well run down to say the very least! Out of town owner but brother lives there. Anyway, Sunday I got a call from the guy that lives there and said he wants to sell the house but he wants to fix it up a bit (he told me this last year as well) and that he needs to live in it this winter. He said he'll keep in touch and get back to me this spring. Also said his brother is signing it over to him soon.

Yesterday I get a call from a family friend that lives with the OWNER but knows both brothers well (she promised the mother she would take care of them). She gave me tons of personal information concerning the situation. Some other guy that is doing some work on the house wants to put a lien on it and be added to the deed. This woman used to invest so she's no dummy! Because she is afraid the local brother may just get stolen blind, she will not allow the house to be deeded to him. To make a long story short (she gave me all kinds of tid bits!) she will not let the brothers sell to anyone else (I think she likes me) AND...she will try to talk them into seller financing it to boot! I'm really excited. We talked for nearly an hour, I feel like I know her! Now...I need a plan! I want to hold it as a rental for a couple years but I'm having a little trouble convincing Dean it's the thing to do.
Can you assign an LC? The Owner is thinking $82,000 for the house & extra lot (which isn't buildable according to the city) but "my friend" is thinking around $60,000...she's getting closer. It needs 15-20,000 in rehab. whew!!! That was long winded huh? Oh, and the brother has been living in it for 4 years without heat, yup, replaced the water pipes cuz they burst. Guess he heated it with the stove. Kinda sad really.

That's it for now...more to come!!!!

Dawn

Congrats on keeping an eye on that one.
I don't know if you can assign a LC (anybody??..), BUT you certainly wouldn't have a bank to call the note. So you could do a lease/option or subject to with another buyer. If this turns out to be a really great deal (?) you could play it by ear once you have it locked up. Are you already talking to your buyers??
Just my thoughts..
Oh, and the haircut must have worked!! lol

Love ya!

Rina

Hey Rina,
The friend says it probably won't be until Feb or March. (I'm thinking she pretty much runs the show or at least has their ears!) I have no idea what the terms will or should be but they owe over 8K in taxes and the 3rd tax yr is in January. The roof, siding, carpeting, windows and most likely some of the walls will need replacing. The furnace is OLDER but will work if he puts the part back on it. I guess if he's not working how can he pay for heat? Water? I would think selling soon would be better than later. BTW, have you ever heard of Energy Assistance insulating and replacing siding & roofing? He is being misled to believe this is true as well.
I'm open to any suggestions on how to handle this. Like I said, She used to be an investor so she knows how it works.

Guess I'm so scared, I can't think straight!!

Dawn

I went to see the "twin" duplex's...they're really nice! They need some new carper and a few cosmetic things but really great shape, built in the 70's. Asking $370.00. Guess that makes them $185 each, not bad but only assed at $287,900. Rents = $2800/mo which is a little low, could be raised $50/unit easily. Owner has had health problems, serious ones, taking it day by day, his wife just can't take care of the duplex's anymore. I learned they have taken out "a couple" mortgages on the property to pay medical bills. Tried to find out what they owe but they wouldn't say, neither would the title company...weird. I also know they paid $135,000 11 yrs ago. Need some help with this one...struggling on where to go from here. I really want to help them. Looked up their record and they had almost lost their house due to forclosure. He is a carpenter by trade, built & sold a few homes & had a few lawsuits but nothing out there that's pending.

I also found an abandoned property in a neighboring town. Outside is great (already sided) but the inside may be a different story...couple broken windows & the neighbors said the cats just LOVE it in there!!

More later....gotta do more research on the twins!

Dawn

OK. The "twins" are out, they won't go down in price and said they will actually ask MORE if they list with a Realtor...good luck with that!

Moving on, I did send a letter to the owner of the empty prop but no answer, need to follow up on that one.

I answered an ad on CL looking for a buyer. This guy we'll call Fred, invited me to meet with him last Wednesday (8th) at 6:30. Turns out he's a mentor for New Rich...no, I didn't join up ($600 sale price) but all is not lost. I kept his card as he's looking to expand in my area. Sounds good huh? Well, yesterday I found 2 duplex's, same owner, in a tough situation...has been in foreclosure before and one of these is subject to seller & bank approval...funny thing, he's not on the foreclosure listing. Anyway, I give the listing agent a call, going to see them Saturday. Called Fred & asked if he would be interested in something like this and he said sure...I'll partner up with you, I'll work with you on this one. I am so excited! As hard as he tried to get me to sign up with Nuveou Riche (sp)I really didn't think he would still work with me. Must me my sunny disposition that got him! LOL! So he is looking at them with me on Sunday, I told the realtor my partner couldn't make it on Sat. Whew!

I am also looking at a SFR 2/1 totally rehabed house in town. Sellers have put a lot of time & money into fixing it up but need to sell so they can build a new house. Rents for $725 and Asking $74,900. I asked owner how much they would take with a cash offer, she need to ask her husband so maybe Saturday he will say. She tried to convince me that they can still make the payments on it if they build but her family member/bank won't finance until they sell. She's ready to let go, him...not so much! We'll see.

I'm really excited to be DOING SOMETHING! I have been so frustrated and finally told my hubby it's do or die! THIS IS MY YEAR!!! (ya, his too)
No more doubts, dragging my feet or feeling sorry for myself. Time to (you know what)or get off the pot! HeHe!

More to come....
Dawn

One of the Duplex's was really a 3 unit (my bad). Anyway, lots of work to be done on the 3 unit, roof, windows, updating...yada, yada, yada. The Duplex is not nearly as bad but has "the wave" going on. I called Fred and he said to offer on both as a pkg for $50,000. He asked if I was shocked...well, kinda but I SAW them and the 3 unit is not so...well, let me put it this way...Dean walked through the door and said "I've seen enough!" It stunk sooooooooo bad!
The Cat really has no clue what that BOX is really for!!
Anyway I put the offer in and the listing agent said I shouldn't bother but I told him to submit it & if they reject, I want it in writing.

The little house is really nice. Nothing to rehab! The owners husband said "make an offer" and wouldn't say how low he would go. Even if they take what they owe, it would only cash flow about $100.

Been a fun day, I'll post again soon!
Dawn

I'm sure it's no surprise the seller didn't bite on the offer of $50,000. As a matter of fact, it made him really angry. I was hesitant to submit such a low offer but Fred said submit it and see what happens. I don't like the idea I insulted him, I feel bad, and it's MY name on the offer. I think now Fred is going to contact the owner personally and find out what he wants. We never did get a bottom line either. Fred will make an offer without the realtor this time (I think).

Trying really hard to build the list, still working at it. I have some buyers but they don't seem very active of late. I'm going to the Auction Monday & see who shows up.

That's it, except that Laura is going to be in WI soon!! Very excited to have two DG sisters in my state! Time for a road cruise!!!!

Dawn