Dawn_Dean's Journal

I DID IT! I DID IT! I DID IT!
WHOOOOOOOOOOOOOOOOOOOOO! HOOOOOOOOOOOOOOOO! MY FIRST DEAL!

I assigned the 4/1 I had under contract to a local investor for 4K! I haven't felt this good since my (2nd) Wedding Day! No word on the closing date but sometime before April 30th. The buyer partnered up with his contractor, they'll rehab and sell. I was hoping to get a minimum 5K but he threw in his flipping houses program which retails for 1K so it works out. Hey, the more info the better, RIGHT? Not to mention he has connections and he is such a nice guy! Hubby wanted to get 8K (that's what I was selling it for) but I told him not to be greedy....THERE WILL BE MORE DEALS!!! He's ok now.

Thanks Rina for the occational push! I still have a couple LC's in the works that I may have to bug you with! (you've been warned!) And yes, meeting in the Dells after the Edge will be great...I think we should get one of those old fashion pictures taken too, and ride the ducks, eat some fudge, shop til we drop then sit down to dinner and talk shop! (maybe a nap in there somewhere or a bowl of wheaties..hehe) Love ya!

Off to find more deals!
Dawn

Way to go!!! Ain't nothing wrong with 4k in your pocket. Love reading about fellow midwesterners. Where in WI are you? I'm in Minneapolis.

Thanks for the Congrats! I'm in Portage, about 30 minutes north of Madison. Small town but nice. I live out in the country a little, LOVE where I live, lots of animals to help weed my garden!

I've read your journal (I've been away for a bit though) and saw you on Rina's too. I was thinking you were in MN for some reason. I hope all is going well for you too, I'll have to get caught up in here... Thanks for stopping in Cathy! Great to hear from you!

Dawn

Yesterday I called my realtor to tell him we're good to go, let get the closing set up! He said ok...Later in the afternoon he called to say the listing agent sent him a short email stating she attached a right to cancel as I did not meet the POF contingency...5 DAYS AFTER IT WAS DUE! And to have me sign and send back ASAP! She is saying she never received it and my agent upgraded his outlook so he has no proof he sent it, however...I have proof my buyer faxed it to me on the 25th and that I sent it to my agent via email on the 26th (when it was due!) Talked to my buyer, not signing ANYTHING! We'll tie up the property until the seller comes to his senses or we have to go to court! I have a legal contract with the seller, he's not going to get out of it, I WON'T LET HIM!!! My agent also told me they have a secondary (higher)offer, Hmmmmmmmmm? Maybe that's why he wants out. YA THINK! I'm was really angry about it at first, I'm ok after talking to my buyer though. I know for a fact that there were at least 3 investors waiting for me to fall on my face so they could get the house. TOO BAD, IT'S MINE! I called the coaches, they said "tell them you'll sign the paper if they pay you 5 Thousand". The Hubby said "I'd ask for 8 thousand!
He was just a tad upset! The buyer said it isn't uncommon for a seller to try to get out of it and sometimes you have to play hardball to make them honor the contract.
This begs the question about the listing agent...Is it one of her client that offered higher? How do we know she really DIDN'T get the POF? It's only her word. I met my contingencies. NOT MY BAD! If they think I'm gonna lay down & die...well, I guess they don't know who they're messing with! (sound pretty tough huh?)

I'm exhausted. I'll call my agent today & give him the good news...even HE thinks there is something fishy with all this.

On a lighter note, I finished painting our Master Bath yesterday. That makes 2 baths and my kitchen all done! On to the next room...

Dawn

Guess I was kinda excited, I messed up a few words in here!

Had a conference call with my buyer and REA Monday, discussed a number of things but agreed to send an email to the listing agent stating believe we have a valid contract and we're ready to go to closing.
The response back is "this has already been turned over to the sellers attorney, I suggest your buyer seek counsel as well". I have no clue what we're going to do now. Is this just a scare tactic? Is the seller really willing to lose money on an attorney? What a mess!I hope I hear back from my buyer today...

I'm going back to bed, sick with a cold...
Dawn

I have had the same to happen, It all turned out good. Sometimes this is done to protect both parties.

Randy

Thanks for stopping in. Do I just wait to hear from the sellers attorney? I haven't heard a thing since the listing agent sent this email to my REA...it's all up in the air now...I'm hoping it doesn't come crashing down on MY head!

Dawn

I don't see why it would hurt to call. If it was me I would or better yet if you have a attorney that you wok with have him do it for you.This would probably get them to move a little quicker.

Randy

Just caught up on your journal....now I'm itching to know whats new with the situation???? This real estate is a crazy roller coaster ride and sometimes when things seem the worst it all turns around and you wonder what you were so tense about....hope thats the case for your deal. But just remember no matter what we always learn from everything we do and it makes us better, stronger and more confident as we move forward! By the way - I'm ready for fudge and duck rides with ya

Well, just to cut to the chase....
I contacted my friend (the real estate attorney) and he said because my agent can't PROVE he SENT the POF to the listing agent, I'm SOL...I signed the release and sent it to the sellers attorney & my (used to be) agent! HE'S FIRED!!!! He cost ME money and my buyer money!!

I learned A LOT from this. Although it would have been nice to put some cashola in my pocket, the experience is PRICELESS!! This will NEVER HAPPEN AGAIN. (Hell hath no fury like a woman scorned!)

My buyer still wants me to find something so all is not lost. AND BELIEVE ME, I'VE BEEN BUSY LOOKING!!!

Dawn
(still smiling!)

Wow Dawn you went through HEll on this one. but like you said you learned alot from it. I would have thought your REA would have faxed the POF and kept the confirmation that it went through. I learned to save everything in writing and put it in a folder until its done, nothing is too small.
Now go out and find another one
good luck
Richie.

Richie, that's the same thing my attorney said, my X-agent was very sloppy. I guess he didn't think it was important to be certain they received it. He's a big "emailer" kind of agent. From now on I'll make sure the agent sends via fax or I'll send it to everyone myself!

Thanks for stopping in Richie...I suppose I'll be seeing you in WI one of these days huh? I'd love to meet up with you when you come for a visit. I didn't get to meet Laura as she drove straight through (the cats/motel thing)so if you come to WI let me know...maybe you can come for the "Dells" trip.

Dawn

Whats shakin girlfriend! I cant believe how the days fly by without getting on the site to check in with everyone. We shall have to make a plan to meet REAL SOON. Cant wait for fudge hahaha. Keep up your spirits like you are and keep on moving - onward and upward xoxo

Well, the other deal may have fallen through but I'm not quitting! Going Monday afternoon to look at another house for my buyer. Cute little thing, has promise.
Dean is having Carpal Tunnel surgery on both his hands, the first on Friday the 23rd so he'll be off work for 6 weeks...I plan to drag him around to a bunch of houses during this time! What fun!

Working with a "new" agent that knows the market well and is investor friendly. He is like the 5th realtor I've worked with now,Geeze! It's true what they say...good help is hard to find! Wish me luck...I'm off & running again!

Dawn

Whats new? Where are you??? I know I havent been on as much as I like, but when I do I like to catch up on everyone......guess you're busy hunting deals. Tell Dean I send best wishes for a quick recovery!

Hi Laura,
Good to hear from you Sis, I'll have to get on the horn & give you a call huh?
I passed that on to Dean, "Thanks, that's nice of her". (yes, it is!) He's recovering well, today I get to "undress" him! He'll have to wear a splint kinda thing with just gauze underneath, a LOT less bulky! So the babysitting is going well!

Monday we're meeting with a new agent...yes, AGAIN! The broker hooked us up with her and he knows what we need done so I'm hoping this one works out! We'll be looking at 4 props, one's a 3 unit for 149K...not bad, the other 3 are SFR's. Been busy researching owners, couple out of towners and a preforeclosure. Looking good! The short is going for 59,900 and the owner of that one is in PA...can't wait to see this one!

I have an REO in town I want to look at and condidering a few more on top of these 4.
I am soooooooo gonna get my buyer a new project! I'm loving it!

Gotta go for now but I'll be back!

Dawn

Wow, It's been 2 months since I posted?!!! Well, the hubby is all healed up and back to work. I got a part time job, 30 hrs a week so my real estate ventures have been on hold (sorta). Also my best buyer just got a project on his own so he isn't looking for another deal just yet. That's ok, it gives me time to find more!!!
I need to go to the bank to see about financing again too, although I would at this point prefer to wholesale. Keeeping my options open.

No word on the LC in town. I need to contact them again as they are 3 years behind on taxes...last I spoke to him, he was going to pay part of the taxes so it doesn't go to a tax sale. His friend used to invest so she knows how it goes. Looked at several houses, most had bad foundations...tilty windows and all! Gotta work a little harder now that I have this job but lots of people here are doing it, so can I!

Still pushing...
Dawn

Glad to see you are back and good luck.

randy

I was just gonna plan a road trip to come and find you! Glad you've resurfaced and that all is well with you! You are one tough cookie and I know you'll find your deal in there somewhere! With your part time job you'll just have to really plan to set certain times aside for RE only Plus when its girls trip to the Dells soon we are going to have to kidnap you! Glad you're back!

I wrote in here the other day but the storm knocked out my internet! UGH!

Thanks Randy, it's good to be back. I won't let a little part time job hold me back.
I will have to dedicate special time for my REI!

My new realtor seems to be working out nicely...so far. She's really nice and is pretty much on board with what I want. We're looking at a house this Friday or Saturday, HUD house going pretty cheap at 69,900. No pics of the bath or bedrooms so I'm hoping it's not in really bad shape.

Laura, my friend, June is slipping away quickly! We need to get our plans in order girlfriend! I can hear the Dell calling us! Wasn't Anita coming to WI this month? I haven't heard anything lately, whaz up? Maybe I'll just give you a call so we can catch up and talk about the trip, K? I'm really excited about meeting!
Looks like things are going great for you, Congrats Sista! You and Rina are reallY Rockin' it! Wow! We'll talk soon!

Still Truckin',
Dawn

Way to keep working RE! I've been super busy since the EDGE - with RE deals and some traveling too. Going on a road trip next week as well. Then I am free till end of July when I'm spending a week back in Jersey! Rina is off fishing this week - but when she gets back we'll have to talk to Julie and set some dates for all of us to get together. I thought Anita was coming but havent heard anything from her lately. Well, keep on keeping on and we'll be all sitting around laughing and eating fudge before you know it

What's going on? There are 2 HUD houses in my town, one for 26,100 and one for 69,900. Of course they will be offered to 1st time HO first but if I had the cash I'd be all over that! My realtor can't show them to me either...Whaaaa?

New job is great, I love it...what's not to love, I talk on the phone all day!
Still trying to get a money partner, private funds and need to get an appt to see what kind of financing I could get. One of the duplex's I looked at (was fsbo) is now listed with seller financing, and a good downpmt. I talked to the owner before, he's a nice guy & said he'd work with us, alas, we still have no downpaymet. If anyone out there wants to partner up or lend me the downpayment, let me know. I'd be happy to work it out!

Well, that's the poop for now...oh yeah, I found out my son's test was positive, I now have a grandson officially. I'm excited, but is he? Guess we'll soon know!

Bye for now...
Dawn

The 4th was a ton of fun! Celebrated my daughters 26th b-day with a camping party and a little (ok, a lot) of livation! Everyone had a great time, I love having both the kids here for the weekend!

I emailed a guy about his duplex, I saw he is offering seller financing on his duplex in town. He showed it to us last year and we had some really good conversations. Well, he called me and wants to talk again. Rina, Laura, anybody! if you're out there, I need your help! I will call him back today to see what he is looking for, before he offered to work with us so I'm hoping he is still in that frame of mind!

I'll keep you posted, gotta go to work now!

Dawn

Nice to see you here (not that I'm all that present lately either haha). Very exciting about the owner financing. I was just reading over my info from the EDGE on that subject. There are so many great creative ways to do that. Especially by factoring in interest payments, you can lower the selling price but in the end the owner will get full asking price, and maybe even more. I'm not the pro at this but you should definitely research as much as you can into different formulas to make it work! Find out the lowest price they will take, and then (if numbers work for cash flow of course)you can say "If I give the price you want, will you work with me on the terms?" Then from there you can play with the numbers. If you cant find a good resource for this I can actually type Talmadge Bells examples and send them to you. Its genius

Hey Sis,
What is Talmage Bells? Did I miss something? Do you have the same phone or did you get a new number when you got here? Maybe you could give me a call, anytime after 4:30 (when I get home from work).

I talked to the owner, he said he will do whatever it takes to make it a win/win for the both of us. His priority is to retire and not have to get calls from tenants anymore! He's willing to do LC or Lease or maybe even subject to!!!!! I feel like a kid in a candy shop, even said he may accept as little as 2K for downpayment! I really need to brainstorm with someone...any help (from anyone) would be appreciated.
I just have no clue what would be the best option. Her are some numbers...

Asking $99,500
Rents with $25 incentive $625 & $575= 1200/mo & 1150/mo if late
water/sewer $60/mo
Tenants pay elec/heat

Last time we spoke he said he owed 72K on the duplex yet
He's been trying to sell for over a year so he's motivated!!!!
I told him I'd get back to him soon with an offer/plan, wonder if I'll be able to get any sleep tonight!

More later!!!!
Dawn

Dawn thats funny - you must be thinking Wisc Dells....Talmadge Bells....
actually Talmadge Bell is one of Dean fine coaches who specializes in Note buying and selling...but also gave awesome info at the EDGE regarding creating notes through seller financing.
Sounds like you have many options to make this deal work! Motivated seller - will do anything to make the deal work...Randy is the king of subject to. You should send him a pm.
You need to find out what his payments are, because that will give you the info you need to know if you can cash flow with putting a renter in if you take over.
Best of luck with this one! Seems like nothing should hold you back girlfriend

It sounds like with this guy you might be able to do a subject to. If I can be of any help let me know.

Randy

Thanks Randy, be talking to you soon. I love the way other on this site are so great about sharing what they know with those of us that have no clue! I let one deal slip away, this one WON'T! Getting a little resistance from my hubby but I usually get what I want so I'm not worried about it. He doesn't rellish the whole landlord thing, he worries about calls, repairs etc...like he'd be the one they call. heehee.
The opportunity is exciting! I told him this is a GREAT deal, no bank financing! He's coming around...just takes time I guess. He just wants to wholesale and get cash, which is good too, but it's not the only option, now is it? Honey, please, climb out of the box!!!

Laura, we have got to get this trip planned soon girlfriend. I'm sure it's hard to pin down Rina but we should just set a date and do it! Yes, I have the Dells on my mind (having fudge withdrawls) can't wait to meet with you guys and get some details on your ventures! You guys ROCK! Love ya!

Dawn