Laura J's Journal

Hey Richie- sorry I never replied to your post. Appreciate you reading my journal and encouraging me. I've been traveling for the last 10 days. Went to Wisconsin to see the amazing Rina and the investment property she assigned to me. It was a great, exciting trip. I kept walking through the house thinking how amazing it is that I own it! I worked on it for 3 days getting it renter ready (with Rinas help, of course )and it justs really, really cool to see it all come together. Actually had someone interested in buying it, but I have decided to hold on to it as a rental. With all Rinas connections in town I had quality work done, have a great 'handy man' to call on when repairs might be necessary, and hired a management company to get a renter in place. Anticipating someone being in there real soon. So then I traveled from there to visit my Mom in Missouri. Wow - from 40's and raining in Wisconsin to 90s and humid. It killed me! And all the while I was away I was managing my jersey rehab via phone/internet. Multiple investments - simply blowing me away where I am! Now I'm home in New Jersey. Seeing all the work that got done on my house here while I was gone is also really exciting! Incredible transformations happening. I will post pictures in the next few days. Now need to unpack, do laundry, and vacumn up 10 days worth of cat hair - yikes haha

I was wondering where you were! I haven't seen you around, but thank goodness you were traveling and enjoying yourself. Not only that, you got to see our friend Rina again and finally get to see your new house. Wow, sounds like you have a lot on your plate. I just want to stop and say hello and say thanks for being a good friend and thanks for the encouragement. You and other alike have inspired me and i just keeping moving forward until we reach our ultimate goals. I wish you the best and good luck with all your REI deals, your friend.

Lloyd

Glad to hear everything is going great for you. I knew you were going to see our friend Rina, sounds like you had a great time with her.
Maybe we should ask to change her name to AMAZIN RINA.
It fits

Welcome back home and I am glad you had a good time with Rina and doing business with her and she has a great heart helping others and she and I do email back and forth and she is amazing woman. Maybe someday she will help me out. LOL Best of luck !!

Warm regards,

Paul

Just wanted to pop in here to say "HI" and sorry we couldn't meet up when you were here.(maybe next time huh?) That would have been so much FUN!! Too bad you had to experience the crapy weather, it wasn't much nicer down here either! I'm so happy your house is finally finished and you decided to keep it! Have you got a renter yet? Keep us posted and congrats again!!!!

Dawn

I must say its good to have some time to sit and browse around the site and catch up on what everyones been doing! There are so many new people here I almost feel like a stranger. Its great how much this site is growing and how many people are changing their lives with real estate! I have been sooo busy, wow. How to catch up....lots of phone work back and forth on my Wissonsin house. FINALLY coming together and the management company has a lease with someone who wants to move in the middle of this month. Hallelujah! I'm so happy - and believe that cash flow will be a blessing! My jersey rehab is coming along great. Just wish our building department didnt move so slow with permits. The house would have been done by now if not for them. I am going to upload and post some pics once I'm done with this post to show progress. But I think in the future I will definitely avoid any additions. Too much time involved in applications, permits, inspections, etc. And they love to wield their power over you! On the bright side - my friends son and fiance want to buy it...they are working on preapproval right now. I was really hoping for another hold and rent, or lease/option - but hit a snag on that. I bought it for cash, and between that and the rehab have all my money (and some hard money and some maxed out credit card money at 0% interest) tied up in it. Well, turns out the banks will only refi 75% of the PURCHASE price, not the fixed up market value price when you own less than a year. No way that gives me enough cash to pay off what I'd need to. So while I'm happy its going to sell, I'm bummed not to add it as a rental as my goal is to build my investments and create that great cash flow income. So I will flip it and use better strategy on my next deal. Which is another little lesson learned doing a cash deal like this - is that there is no way I can put out other offers right now because any bank would look at my debt to income ratio and run screaming haha. So I'm just hoping to get this one flipped as soon as possible and plan ahead for a buy and hold on the next one. I do dream of being one of those people that do 6 or more deals in less than a year. I've gotten the books back out and plan to re-read and reset my strategies because holding onto one house for 3 months while you rehab and sell is not the way to accomplish that! While this is my 4th deal - I only have one as a rental. So while I'm lovin it, def going to move down a different path. Enough rambling - I'll go post some pics for anyone who is interested! Much success to everyone!

Not too good at this icture thing - hope it works:

http://s618.photobucket.com/albums/tt267/laurajohnson49/Jersey%20House%2...

http://s618.photobucket.com/albums/tt267/laurajohnson49/Wisonsin%20House...

Hello everyone ! Just needed some encouragment from fellow investors out there. Trying to work out my very first deal, I found some homes that are terrible but i see good in them, and pulled profiles on them to get started. I will be hunting down the owner/s to make offers, i'm a little confused where to go from there, but reading some of you journals is helping to make things clearer and clearer for me. Any staters out there ? HELPMEWIN bless you all !

Great start for you! Track down the owners, and run all your comps so you know what the neighborhood is worth, and what the home would be worth when you are done. Start from that number, and deduct your rehab expenses, holding costs, closing costs and realtor fee (if any), and what profit you would like to make. This will bring you down to the number you can offer and come out in a win/win situation. When I first started out I wanted to do a deal so badly I tried everyway I could to make the formula work - but the numbers dont lie. Be patient and when you find the right one you'll know! My first flip was a complete rehab, as is the one I'm working on now here in Jersey. There are some pics of it a couple posts above - to me there is nothing more exciting than taking a sad, ugly house and giving it new life to become someones dream home! Keep up the good work and before you know it you'll be posting your first deal!

FINALLY! After 3 weeks I got my building permit! Immediately scheduled footing inspection since that was done and waiting for some time now. That will be Wednesday. Then foundation will go in, framing, sheetrock, siding, roof, etc etc....the work wont take long I can only pray they dont hold me up forever inbetween inspections! The back half of the house (kitchen, bathroom, 1 bedroom) is nearly finished, so once framing done I will start to show it. I posted some pics a few posts above if anyone wants to check them out. It will be nice to see some action on this house other than myself painting, grouting and caulking and Steve installing cabinets and appliances haha.

CONGRATS!! on all your deals!
I don't know if it's me, but I can't get to the pics on Photobucket (the links above). Is there a password?? Can't wait to see them.

Good job, sis!!

Rina

P.S. You would make a great RE action figure. You work hard and really know how to get things done!!

I couldn't view them, neither. @laurajohnson: you have to copy the url link that's created (after you've chosen which size thumbnail you want for your photo) to paste here for use in the forum.

Here are two links - one for each house:

Jersey House: http://s618.photobucket.com/albums/tt267/laurajohnson49/Jersey%20House%2...

Wisconsin House: http://s618.photobucket.com/albums/tt267/laurajohnson49/Wisonsin%20House...

on those two projects; have really come along. Big thumbs up Which grade (medium or high end) of cabinets are you using to replace for renovation in your two properties? How much did they cost a piece? When redoing a bathroom; does the green board go in the shower/tub area and the hardiebacker board go on top of that or do you just use the hardiebacker board by itself in that area? What kind of "mud" or mortar do you use for which tile when setting it in place?

Appreciate you reading my journal!
I did not have to replace cabinets in the Wisconsin house as they were already done. In my Jersey house I put in what I guess you would call a medium end cabinet. They are all wood though, no particle board. I have a great surplus place I buy from. They range in price by size, of course, but that kitchen had 14 and it cost me 1500.00. As far as the bathroom, wonderboard in the shower/tub area and greenboard in rest of area. As far as the tile I will have to find out what Steve used this time around. Not sure. But I know he mixes it himself rather than the premixed kind.

Well, all replacement windows are in - yeah! What a difference! Also, today the footing for the addition got poured. Now this little house is really gonna move along. Once the front wall is gone and the framing is done I am going to readvertise on Craigs list because then I can start to show it and people wont have to imagine how much bigger its going to be, and, they will be able to see the quality of the work because the kitchen, bath and back bedroom are all done. So even though I have two interested parties I am not taking any chances by not advertising. Still waiting on the gas company to come and run the line in from the street...hmmmm...will have to call and follow up with them tomorrow. Anxious to come down the home stretch - already have my eyes on some places for my next deal

Is that where alot of contractors shop for their supplies? If so I may know of similar local place like that here that I see advertise on TV all the time. LOL, I'm not talking about Direct Buy, either. I wondering how would the tile fit on the greenboard on the other walls and sink area in the bathroom. I guessing lower half of wall would have to be wonder board as well in order to tile that part of wall. Am I correct? I don't know whether I'm going to use porcelain, ceramic, stone or glass or combination of two or more yet. So that's why I'm confuse as to what mortar bed to use with which tile.

Well, today all the block was delivered and foundation going in tomorrow. Framing next week! Got suprised by the gas company coming today to put in the gas line. I'm sure lucky none of the construction supplies were in their digging path since they didnt give any notice. But one more big job complete!
The one couple who wants the house badly will find out about their approval next Tuesday. But thanks to Margie reminding me in another post about the no seasoning refi company we learned about at the EDGE I may still be able to hold and rent! Cant BELIEVE I forgot about that - way too much multi-tasking haha.
Alana - I am sorry I dont have your answer yet but I will.
Laura

Congrats Laura. That is some project! I didn't think you were doing all that work to it.I would love to see before and after pics.
good luck
Richie

Hey, Laura.
I only had 3 pictures on my camera. I'll leave out the blackmail one, but here are the other 2.

The Lovely Laura Johnson showing how two determined females transport 2 room-size area rugs when time is running out and there is no delivery truck:
http://i659.photobucket.com/albums/uu319/RinaK/LaurasVisit001.jpg

Got to spend an hour sight-seeing together before Laura headed back (she spent the whole 3 days working on the house and lining things up. That girl is a go-getter!)
http://i659.photobucket.com/albums/uu319/RinaK/LaurasVisit003.jpg

way to go ladies! you both are unbelievable and proof that hard work and determination to make it happen is all that is needed (besides Deans teachings)
You both are an inspiration to the rest of us.

hi guys! Rina - love those pics Sure had a fun in with all the hard work, didnt we Richie - thanks for following my projcect - there are a few links a couple of posts up with pics so far to date....I will posting more this week. The couple who were interested didnt qualify - but I have no worries about selling it. Am going to get some good pics tomorrow and put it back up on craigs list. Also, my realtor said if I cant FSBO it she can sell it easily and quickly for me at 250,000. So I'm confident. Am still going to try to refi, but more and people are buying now cuz they can get a mortgage for as low or even less than going rents.
Alana - Steve uses a thinset on the floor that he mixes himself, and a mastic on the walls. If you use glass tiles most come with a backing that helps them grip, but if not - there are special mastics to use with them. Ask your friendly Lowes guy

Does Steve mix up the mastic himself or buy it from Lowes (and/or HD)? Also what, exactly, does he use for his thinset mix?

Seems like forever inbetween posting - but here a few more pics of the rehab house. all windows, siding, roofing actually done now. Will get some more pics next few days. Will be pretty much wrapped up and ready to market in a week or so! I am very excited. So far its been 2 months of work. Things have actually gone alot smoother than I thought with permits and inspections. All I have left is sheetrock/paint on inside of addition, a few misc. light fixtures, driveway, and of course the 'curb appeal' landscaping. Kitchen, bath and back bedroom all complete. Meeting with banker to see if I can get an interest only ARM since I have a couple who want to lease/option, but I have too much cash and hard money tied up. So hoping that goes smooth as well. Thats it for now, I'll post the fully finished house soon

http://s618.photobucket.com/albums/tt267/laurajohnson49/Jersey%20House%2...

passed electrical inspection today, framing and footing scheduled for thursday. after that the rockers can finish inside. then all i have left is the landscaping and curb appeal which i am doing myself and will start as soon as the foundation has been backfilled! Yahoo - time to start marketing :)Finishing a project is as much a high as getting started. Its the inbetween where you sweat it out. Already feeling my head getting focused on the need for my next deal!

I understand all the rest of the amount except the sale price. How sure are you you cal sell it on that amount. How about it no one will buy it at that amount then you will freeze your money...right..just a thought dom

just read all your journal. what an amazing journey you are having!!i am tired out just reading all the things you have done !! great job!! i have just recieved deans think a little different set and listened to #1 cd and after reading your journal i cant help but thinking of the "seeds" that we all plant and you are one who is working your tail off to grow these seeds into the biggest and brightest tomatoes u can get!!awesome work laura.great job on each of your deals.it is also amazing to read about your dg sis rina and your deal in wiscon keep up the great work .you r an inspiration!!! would be fantastic to work with you on a deal in the near future!!

laura,
I live in the middle of texas, and when i do work of a construction type for someone, i figure the cost of materials, then i double it for labor, and add 10% for profit. Usually this works well for me. I am not a professional in any one field of construction, but can work in almost any part of it. This formula is a general way that I make my bids to cover all of my costs and still make a little room, just in case, something comes up that I missed. Also, make sure that if you have to do any work that has to be inspected(elec.-water-sewer,etc) make sure that you add in the cost of the permit and the help of a lisc. expert. Again this is just one way of doing this, and it has worked for me. Great to hear that you have had so much success. Keep looking up and it will work out.

First, thanks for reading my journal Doncar1023! I am totally confident in the sales price of the home for two reasons. I know this area inside and out and follow the market and comps daily. Second, I am totally confident in the advice of my realtor who goes over this in depth as well before I ever make an offer. I always start from that number and work backwards. As long as I can rehab in a couple of months I have no fears of the market changing too drastically as to alter the price we arrive at. Hope that answers your quesiton!