Dawn_Dean's Journal

I haven't heard from Fred for a few days, kinda wondering if he's done anything yet...contacted the seller, made an offer...gotta give him a call today & see what's up. Feeling newly inspired today for some reason. This is a good thing! No more sitting around waiting for someone else to do this, I'm getting in the game, need to build my confidence and make some money in the process.

I am applying for a part time job at a title company today. Has a chance of going full time in the future. Seems like a good opportunity, wish me luck!

Dawn

Working at a title company would be GREAT!!! Just think what you can learn and what info you'd be privy to?? LOVE it!

There is a saying "Work to learn, not work to earn". Well, you'd be doing BOTH for now, and what a great experience! I'll be picking your brain for sure.

Rina

I got a call today from the Title company and they are accepting apps until next Monday but will meet with me after that....got an email saying "they" are looking forward to meeting with me! Just think! LOTS of useful info there for my anxious little eyes! Exciting...I KNOW!!! It will also become full time eventually but for now part time will do just fine.

Rina's journal and apparently I've got to get to know you because you are in store for a future visit! (I know, I know, you're like WHAT?!)

She's in Wisconsin of course and Laura will be soon, and I told her my husband was from there and someday I would get back there with him and try to coordinate meeting up with them too and she said "oh, we can't forget Dawn either..she's a bit further south but we'll meet up"....so it prompted me to look you up and I'm glad I did! I plan to digest your journal later because it is 1:00am and I'm "DG'd out" for tonight but I can see you are rocking it out with the action, so I will be back soon!

Cheers and hope you are having a great week!
Louisa

Thanks for stopping in! I am really excited to meet with Rina and Laura, though we haven't made any specific plans, I can't wait! Where in WI is your husband from? That's so small world isn't it? Don't spend too much time devouring my journal, you may choke on it! I've had a lot of hit & misses, still haven't got my first deal yet...what's the hurry, it's only been 2 years! This WILL be my year though, I refuse to give up. Guess you can't rush success now can you? (a little prodding wouldn't hurt though) Let me know when you'll be in the state, all 4 of us could get together. Thanks again for stopping by!!

I didn't get the Title company job, oh well. I applied for a couple more this week.
Looking at part time jobs now too, my last unemployment check is Tuesday. May be looking at selling everything I own soon!!!! That's it for now...

Dawn

Just getting back here again, been busy getting my butt in gear! Last week I got a call from a guy whose wife & son have health issues and wanted to know if I was still interested in his (empty) house in a nearby town. Duh! Of course I am! Dean & I went to look at it Saturday. Great bones! He & his son already started gutting it out but there is still a lot to be done, it will be a nice canvas when it's all down.
It was sold to him as a 3 unit, don't know how they did that since the upstairs has no kitchen...well actually, neither does the (walkout) basement. Ceilings in the basement are like 8-9 feet, don't see that very often. I think it would duplex nicely and it's located in a rental neighborhood. I need to find out what it will cost to re-wire, plumb and totally rehab. If anyone out there has any idea let me know. I need to find out the square footage...yadayadayada. I asked him what his bottom line would be if I could make a cash offer and he said "make me an offer". Hmmmmmmm...he is motivated but made sure to tell me he won't give it away and he said he paid 65000 in '06. It's been sitting empty for 3 years! I'm thinking it could easily take $60,000 to fully rehab...it needs everything!

Well, I need to go get some more coffee...this could be a two potter today! Been up since 3 am when Dean got called out...yeah, for 1/2" of snow! Seriously!

Dawn

You keep hanging in there no matter what. It only takes one deal to get going. I see it as people go to college for years & years till they start there career that isn't even guaranteed. Look at how much you know since you started & the knowledge keeps growing. Only 2 years into this & all the sudden you could be making more than a Doctors salary.
Your doing fine & don't let your mind start talking you down. It's all about the journey to get there & we will all have great stories to share when we look back at this journey we were on.

Thanks for popping in! Sorry I had to cut our chat short yesterday, I really want to hear more about YOUR deal(and website)!!!!!! Congrats to you & Kimmy! Give me a call at 608.566.3469 (cell) I'd love to talk to you, If you get a minute. And YES! We ARE doing it and we HAVE learned SO MUCH. I think the biggest thing I've learned is I need to trust MYSELF and USE the knowledge we have. I'm sooooo excited for all of us!

I met with the owner of the "gut job" yesterday and LOCKED UP THE PROPERTY!!!
I AM NOW FREE TO MOVE ABOUT THE MARKETING WEBSITES! I was soooooooo excited when I left the meeting I left Rina a really weird message (sorry Rina)I couldn't help myself, I though I was going to blow up!!!!! What will happen if I sell it? Oh boy! Even if I don't get it assigned in 30 days, the experience is worth the hours I spent chasing this deal down. I built rapor with the owner, HUGE plus as he was going to list it with a realtor, but he gave me first shot!

WHOOOOOOOOOOOOO HOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!

Dawn

Dawn I am SO EXCITED and HAPPY for you!!!!!!!!
I can only imagine the happy times jiberish you left on Rinas phone hahaha!
I'm jumping up and down for you sister
xoxoxooxoxxo

I couldn't be more excited but I don't want to put the cart before the horse, I have to SELL it first! (I'm still jumping up & down though!) I'm working on my Ad for Craigs List and labeled all my pics by room. If I had the money, I'd love to rehab this one for myself, the original hardwood floors and woodwork are still in it, some painted (why do they do that?) UGH! I talked to Rina yesterday and could hardly contain myself! She thinks I should post how I locked it up, I got a 1 page Option to Purchase (from another investor) that gives me 30 days to sell it...no money down, no risk! We just part ways if I can't find a buyer. Sweeeeeeet! I think I'll market it as a SFR, though the walk out basement was once an apartment, they can pretty much do what they want with it, it's partially demo'd already. When I talked to my realtor he said SFR's are selling better than duplex's but it IS located in a rental neighborhood. Oh my, so many options with this place. Rina thinks with a good team, 40K would get the rehab done. I won't be asking for a big fee either, don't want to get too greedy! (although more is better)

Thanks Rina! It's ALWAYS a joy to talk to you. We'll be coming for a visit VERY soon and we (hopefully you, Laura and whoever else gets on the "bus") will have a blast! (Maybe Jon could keep Dean busy for us?)

Well, back to work, gotta go over my comps!!!! Whooooooooooo Hooooooooooo!

Dawn

SOOO excited for you sister! By getting that contract you have broken through a HUGE wall, and there will be no stopping you now on future deals. I know that for certain!

Now, as far as the rehab, remember I was telling you what could be possible (based on our rehabs), NOT giving an estimate, silly. LOL!! (and I haven't even SEEN yours yet). Make sure you get a couple good contractors to give you estimates or bids, to give to your end buyer. Also, if you have a buyer interested, they might want to have their OWN rehab guy go by to run numbers for them. Either way, get some competition going amongst your buyers.
You're gonna do great!!! (maybe you'll find a partner to go in on the next one, so you can start keeping some of them) What a ride, huh???

Love ya!!

Rina

Yes Rina, this is quite a ride! My head is spinning (like the exorcist)but it's time to come down & get busy! I found the card of a construction company on a buletin board in the driver licencing place, think I'll give them a call & see if they give FREE estimates.(I know you were just giving a round house estimate, I wouldn't hold you to it) What about the plumbing & electrical? Do I need to get that too? Should I ask the owner if he had estimates done for those? Here I go spinning again! Well, back to my comps....I LOVE THIS STUFF!!!!

Dawn

Hey, I'm guessing the seller might even have some connections. Just because he's sort of tired of doing the rehabs doesn't mean he wouldn't share some sources with you. Like your hubby said, he enjoyed talking with you and you guys seemed to hit it off. I'm sure he would love to share some stuff with you. You might become his protege, and didn't you say he has like 6 other places (that he might want to sell in the future?)?

Yep, network, network, network. That's the name of the game!

Rina

I'll do just that! Yup, he has 6 properties...MINUS ONE!
I'm giggling like a school girl! Thanks Rina, for the support and well, everything! We'll be taking soon...

Love ya Sis!
Dawn

It's really fun seeing you so excited and doing so well!!!
WARNING: IT JUST KEEPS GETTING BETTER!!!! LOL!!!

Talk soon!

Rina

I'm bouncing up and down on my couch with my excitement for you!!! I feel it flowing through the comptuer! You are going to learn SO much from this there is no price you can put on the value of it - its so great!
Do you know what the value of the property will be once fixed? Then when you get your repair estimates you will be prepared to present the deal and the potential profit to your investor buyers.
You are doing so great and I am SO happy...you have been working so hard for your first deal and you deserve it!!!! xoxoxoxo

Laura, you're so funny! Thanks for popping in, I'm sure you're really busy PACKING!
I'm excited for both of us! Here's the numbers, just estimating, of course.
Purchase price 55K, 40-50K repairs (still getting these), 2K fee, FMV as a SFR 115K, duplex 120K with mid range upgrades, Rents 1150-1175 combined. The good thing about this is it's annexed into a riverfront development project. They have already removed a dumpy building behind the property which improves the view to the river/park across the road. I'm having a hard time scheduling people to get estimates cuz the owner is spending a lot of time with his wife in the hospital so he's not around a lot and his son has dialysis 3 times a week. I wish he could leave me a key but I wouldn't ask him to do that, I wouldn't expect him to trust me (even though I'm VERY trustworthy!). My option runs out the 16th of March and I had one investor tell me he'd be interested at 30K. I may have to let the option run out & renegotiate the purchase price if he's willing to do that. He may end up listing with his realtor friend. Good experience either way!

We looked at an fsbo Saturday, a cottage (no heat but there is a wood burning stove in the LR) on the WI river, well, a channel runs behind the house. It is so cute! No work needed, 95K (but he said he may go down to 90K) on a nice lot with a garage as big as the house! I'll have to get comps but there is a foreclosure right next door too! The owner has a landscape business that is slow and he needs to sell to pay the bills. He said he has 140K in the place but I'm not so sure about that, he paid 76K for it and I don't see how he could have spent another 65K fixing up such a small place (approx 780sf)! Anyway, I'll check this out, he said he may sign my option so I'll send him a copy. Someone could rent it out weekly for the summer months.

We also looked at the house down the street. It sits on 4 acres, 980SF, 3/1, full basement that could be finished off and in pretty good shape, cosmetics mostly! Williams & Williams is auctioning it off on the 25th. The curiosity was killing us, we just had to be nosey! FMV is 143K but this is a little smaller house than the others so closer to 120K, even with the acreage. It will be interesting to see if it sells at auction...or Wells Fargo will get it back!

On a lighter note, the hubby & I went to Madison & got some paint for both bathrooms and the kitchen. I'll have my hands full this week! Not like I don't have enough to do already! I'm going to paint all the rooms this yesr, the house needs it.

Geeze, got a little long winded here. Gotta get caught up on reading, it's a little easier to do when you get up at 3am! Dean is out plowing already and will be out late, I'm sure...more "me" time is O.K.
More to come....

Dawn

Great job n the research!
And don't be afraid to ask about the key. What's the worst he could say? Just tell him you feel bad having to bother him when his wife is in the hospital. If it would be easier for him, you could take a key (or put a lockbox on) temporarily, while you are showing potential buyers.

Can't wait to hear more about the others. You are doing really great!!

Rina

As I read your post Dawn I was gettng ready to type exactly what Rina did above! So ditto on everything You go girl!!!!

Whoooooooooooooooooooooo Hooooooooooooooooooooooooo!!!!!!!!!!

I GOT MY FIRST ACCEPTED OFFER!!!! (and it only took a little under 2 years!)

Listed at 59,500

I offered 23,127...Rejected

Lowered listing price to $50,000 about 5 months later...

I offered $28,187

Countered back at $35,000

I countered with $32,000

ACCEPTED!!!!!! ACCEPTED!!!!! ACCEPTED!!!!! (I'm a little excited, can you tell?)

Contractor & Electrician are coming to give FREE ESTIMATES Saturday, I can't wait to see what the rehab will cost. This will be an assignment...after I get a buyer on board! I'll market the hell out if it as soon as I figure ARV...I'm goin' fishin' for a CASH BUYER!

More to come, I have to get on the oxygen now!
Thank you Rina for sharing my special moment!!! You're the best friend ever!!

Dawn

You go girlfriend! Can you give us more details about the property once you have rehab info?? Details - I love details LOL....but for now celebrate the fruits of your labors my friend - cya soon

CONGRATULATIONS on your 1st deal! How exciting and I am happy for you. I haven't read your entire journal yet. I wish you continued success!

Lea
SPR Property Solutions, LLC

Thanks Lea & Laura! I will be ab-so-lute-ly sure to post the details!
I COUDN'T BE MORE EXCITED! Now I just have to assign the thing! I was looking at my spreadsheet and didn't realize how many prospective buyers I have, what a great surprise!

The Contractor and Electrician are coming Saturday morning so it won't be long before I have numbers to work with. I'm getting revised comps from my realtor today too, mine are from a while back. Here is a link to the listing...you'll have to copy & paste it, sorry.

http://www.firstweber.com/vp/ListingServlet?SITE=FIRSTWEBER&ScreenID=LIS...

Laura...I WILL be seeing you SOON! Rina is meeting me in the Dells one day, she can't leave you there all alone! Can't wait to finally meet my sista's! Maybe we should post it and anyone in the area can come too! (and if you want the house, I'll give you a special discount!)

I LOVE REI!
Dawn

Hello all! Saturday the contractor came to the house and looked around. The house needs new drywall, floors leveled downstairs (upstairs ok)to make them uniform, windows and a kitchen. It's really funny how many MORE things you see the 3rd time through! I called "Tim" and asked him how many guys he had & how long it would take him to get in & out. Well, it's him and maybe 2 others and it will take 2 months. Is that reasonable? Seems like it should be faster than that! I'm calling a few "larger" construction people today & have them do estimates. I think I may have gone overboard and told him to take out doors and enlarge the kitchen by taking out a wall...although the house would flow better that way! The electrician couldn't make it Saturday so he's coming tomorrow morning to look at it. I have an intersted buyer but she wants the ARV comps...I figure the FMV is 115-120 after repairs. I'm waiting on my realtor to send me updated comps today, if not my buyer will get them she said. She want to work with me too!!! I'll be looking for shorts for her in this area. I'm really excited about that. She'll give me $500 for each lead (birddog fee) if she closes.
Hey, that's ok with me!! She's a really motivated person and wants me to be successful too. Can't beat that with a stick, now can you? I've talked to her quite a few times on the phone but we've never met, but we will soon. I'm excited about that. And did I mention she has access to UNLIMITED PRIVATE MONEY? A win, win for sure! Of cours I'll still continue to bring her deals (and anyone else that wants them). Whoa, I'm a little long winded this morning! Gotta go make some calls now, I'll keep you posted!

Dawn

Well, you have made it past the roadblocks girlfriend. Congratulations! Nothing stopping you now.
How cool is that networking??

Can't wait to hear more. Have an AWESOME week! Good job on geeting the contractor estimates. Yeah, the faster they can do the work the better (with quality of course). Less holding costs and faster turnover. You'll find your dream crew and then you'll just keep them busy, sister.

Love ya! (And OH so proud! )

Rina

This is a very exciting experience and although it's taken me a LONG time to get here, it's so worth it! Even if the deal goes sour, it's a learning thing and it just gives me more incentive to MAKE IT WORK!! You have been a pillar of inspiration for me Rina! Your more than just a mentor, you're my FRIEND! I truly value that friendship and I can't wait to see you (and Laura) soon! Enjoy the B-day celebration with Anita and Laura...you guys behave or I'll have to come up there and play hall monitor!

Love ya!!
Dawn

Great job on deal hope it won't go sour.just keep moving foward. good luck
Steve G.

Love the pics of the place...what a great home it will be. You mentioned a price as a duplex?? How can that be - it only has 1 bath I thought...anyway.....VERY excited for you. I would definitely check with other contractors for time frame on work...especially the sheetrock. My guys sent in a crew in both my rehabs and it was up in a day - taped, spackled and sanded ready to paint 6 days later. Time is money in a rehab
By the way - what is the Dells?

You are in for a treat if you haven't experienced the Dells yet! I'm just gonna let Dawn tell you seeing how I'm from Minnesota and not Wisconsin.

Cathy

Gee, Thanks Cathy! It's a tourist trap pretty much Laura, they have lots of little shops. You can get T-shirts and there's about 8 fudge shops! (I think that's why Rina likes it so much) My personal favorite is the Duck rides, boats that go on land & sea (actually river). Then theres the Tommy Bartlett water show, that's cool too...TONS of stuff there!

I had a busy day yesterday, another 2 contractors, 2 electricians and a plumber at the house. I was there from 7:45 to noon! It was sooooo much fun! I think my problem is I want it done like I would live in it, I fear the estimates will be HUGE! The first one I got was for $34,600 but that's without the outside stuff & kitchen! Gotta have a kitchen. The other contractors are bidding on leveling the floors, all new walls & ceilings, windows (24 of those suckers!) flooring, doors, redoing the (soid oak) staircase, trim and a full bath up and a 1/4 bath in the Laundry room, shelving in the HUGE pantry and facia/soffit. It's pretty much a NEW house when they get done. i ran the comps again, ARV 123K. Oh yeah, new pillars on the front porch too. I told them to quote hardwood floors in the LR, DR, Master Bed (downstairs)and tile in the Kitchen, laundry room, pantry, master bath and entryway. My investor said we can always cut it down but I'm thinking it will be a "Parade Of Homes" house when they get it done!!! I must admit, I have expensive taste. It's such a cool house it's hard to NOT get carried away! The plumber already said it would be around 13K for his job...he's a cute little guy!

While the contractors were there I got a call from a construction guy who's investor wants to look at the house. One of the guys mentioned it to HIS investor & she did a drive by last night. My investor called me 2 times yesterday to see if I sold it yet! Her guy can't be here with the earnest money until Monday...I'm putting it down today though to hold it. When I got home there was an email asking for pictures! Wow! I LOVE CRAIGS LIST! I told the guys if they have 40,000 cash, they can have it but they just laughed...

So today I have to drop off the check for earnest money and there's a guy in my bedroom fixing the crack in the wall and shimming my bathroom door. (It's not Dean either!)

Gotta go, there's no food in the house either!
Dawn