Laura J's Journal

Thanks for posting, checking out my painting website, and all your encouragement! Truly appreciate it! I congratulate you on the action you are taking as well! Did you get my reply in personal email asking for info on your deal #2 re taxes, age, etc? I can feel a deal brewing for us in the future

Thanks for sharing your formula for rehab costs. Its always good to get different ways of looking at calculating things. My fiance and rehab partner is like you - does it all, from electrical to plumbing to framing, flooring etc etc etc! So I am very lucky that between the two of us we dont miss much when walking through and doing our estimates. We take pics, videos, notes, etc. Then at home we go over things very carefully. Once we arrive at a rehab number I add on another 25% for unforseens, permits, etc. Gotta have that cushion! I then work very hard keeping us UNDER budget. If we can do that then the 25% cushion increases our profit in the end. Sweet

Great news! The addition passed the framing/foundation inspection. This means there are no more inspections to wait around for - hooray! Just a final c/o once its totally complete. What I have left now is sheetrock/paint in the addition, front steps, and landscaping. I can taste the close of this deal coming soon. Love it! AND my rehab is nearly a month under my time estimate!

Hi! Dont know if you ever found the other link to pics but heres the latest. The next ones I post will be the final transformation!

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

Hello there Ms Laura Johnson ....

I miss our little chit chats. Like you, I just cannot get here as often as I would like anymore and when I do, it is a quick check in with little time to browse around.

you wrote: "I must say its good to have some time to sit and browse around the site and catch up on what everyone's been doing!"

I can identify so strongly with this, I am trying to check in as often as I can to keep the connection going!

I know that you have been rolling along lately The hurdle for most people is the first deal I know that the hurdle for you, for a long time, was the second deal, now I am getting the sense that you have surpassed that milestone. I hope to get a little time soon to read through all of the thread and take a look at the pics.

Persistence, Priceless!
OOOooo, I think that this just might be a 'Quote of the Day' moment!

I know that you, of all people, will not mind if I take a second here to say Hi to Rina also- I miss you too!

Angela

Miss you too - I am honored that in your brief online moment you made time to say hi to me (and Rina!) Hope all is well with you and look forward to having time to catch up soon oxoxoxoxox

Congratulation on all the success and trouble you went through, lol. I guess we learn something new everytime time we run into difficulties whether is investing or life in general. Just wanted to stop by and say hello and give you the moral support even though you don't need it, lol. Good luck with what's left on your renovation project and much success! I posted some info on my latest deal.

Lloyd

How funnny - I just finished posting in YOUR journal I will repeat what I said again here - that you are a true inspiriation of what we can accomplish by not being afraid to just ask for things. This morning I am on my way to meet my local banker for the first time in person. (we've been chatting back and forth throughout my rehab project) Now I am going to practice my favorite motto when starting real eastate "fake it till you make it" haha. I am going to go in and convince him that even though I am in debt up to my eyeballs on paper with this rehab project, that I am still the best investment his bank could ever put money into!!!! Yesterday I read and reread lots of the books and my notes from various conf. calls, the EDGE, posts here, etc etc to get myself feeling confident to walk in there without an ounce of doubt about myself and my future! This morning I am doing some of the exercises Dean taught at the edge to get focused too. Its amazing - I look in the mirror and have to laugh because I see a me I never even knew was in there - and I love it!!!!! Just gotta say thanks again to Dean, my special DG family friends and everyone else on this support site again for continuing to change my life!

Looks great Laura!
Hey, do your contractors do work in Queens?
I am thinking of doing something simular with a place I found. needs rehab but should be a nice profit ARV. Trying to convince my cousin to partner up on it. Great town and can resell for alot less then other houses for a nice profit. quick sale will bring in arv 70k, if i was to list close to other home prices would be 100k.
p.s.nice speach at the edge, I should be posting a deal shortly.

Well, your project looks awsome.
Keep rolling.

I need to know what workers you might need so I can ask. Steve and I do all the work ourselves except framing and sheetrocking. Will you be needing to add an addition like mine? Let me know and I will certainly find out for you. I cant wait to read you post your first deal!!!!!!!!!!!!!!!!!!!!!!!!

Well I havent seen the inside yet, but from the outside I am thinking of adding onto the upstairs and in the back of the downstairs. maybe? I would have to look at the cost of doing that against the profit. Its already 3 beds 1 bath but i dont like the roof because its not a peak roof, SO i may just want to peak the roof and put windows in and update the inside and side it.I can do most of the work myself like siding it and putting in windows and floors. But the kitchen, bathroom and rocking i would contract out because it would be to time consuming for me to do it all and i think i would loose money that way.
I was just curious because you said they gave you a great price so i would let them bid on the job against others I know. ya know keeping all options open.
I will let you know for sure. I have to secure Financing first. The great part is everything in the neighborhood is going for 320k to 600k. I would put it up for 250-270k after repairs and still walk away with 70+ profit.
thanks
Richie.

That sounds like an awesome deal, but you def need to get inside and check it out really good! Keep me posted - I am not averse to becoming an investing partner
ps - what did you mean by nice speech at the edge? I'm guessing there must be something in the dvds? I havent gotten my package yet which i am anxiously awaiting every day!

Final inspection on rehab scheduled for Friday - insulation. No problem passing that. Sheetrockers coming in saturday to finish and just like that its all coming together after what seemed like weeks of dragging along! Finished work at the hospital and am now heading over now to clean/mow the yard, paint front door and flower boxes, and try to get some decent photos of finished rooms so I can get the marketing started. Man I am so excited!

I'm happy for you Laura! Good luck with the last minute stuff and go ahead and sell that baby! Woohoo!

Lloyd

Great laura! I can't wait til you post your closing on that one.
As far as the house i found,I will keep you in mind if I get a good idea on what it would cost.Your not that far from me and it is located in my neighborhood, Plenty of profit in this one to partner on, would be great to partner with someone i know i can trust and who knows actual costs of dealing with contractors. Your LLC or mine lol.
I did all the work on my house on my own so I never hired a contractor. i sided it ran a 220 line for dryer put floors in and all that good stuff.
Go close that deal, well talk again
Richie

oh the edge speach, I just loved your honesty and what you said about Dean when you had the mike in your ah ha moment.

We will def talk more when this deal is under my belt! And I do know a good contractor that works out of north jersey that i'm sure wouldnt mind coming your way. Hey - a free estimate never hurt anybody, right!
Man, I cant wait to get my EDGE package! I was so 'in the moment' that whole weekend I dont even remember what I said!
Have an awesome day!!!

Laura,

I know we have not spoken but just wanted to say hi and introduce myself.

Bob Ross

From Santa Maria California on the Central Coast

Thanks for stopping by my journal and saying hi! This is a great site and I am always happy to meet new members of the DG family! Best of luck in your real estate adventures to success

Sent you a pm

Ok - skipping my Jersey rehab for now (sheetrockers doing their thing) - this post is about my income property in Wisconsin that I purchased on assignment from the fabulous Rina It feels like years since I was there, but upon reflection it was only two months. To recap, Rina locked up the property and assigned it to me. I then did a long distance closing 5/28/09. Flew out beginning of June to see it first hand and take care of some work it needed and see some sights. Its beautiful there! Left it in the hands of one management company, no action so moved to another, who also drove me nuts with their procedures. During recent discussions between myself and Rina she had generously offered to manage it for me, I was about to fire the 2nd management company and hire her but that seemed to put a fire under their butts and they made it happen. So Rina -lets make another deal, I'll hire you and you can start your management business along with all your other talents But the final outcome is tenants moved in Friday. After my expenses it is going to cash flow me........are you ready for this........$550 month!!!! Simply amazing!

$550.00 a month? That is amazing cash flow! I thought three or four hundred dollars a month cash flow is great, but $550.00? That's amazing Laura! I'm happy for you and wish you more success. I also like to thanks Lorina for helping your through the whole process. Great job ladies!

Lloyd

That is awsome!!!!!! great job working together ladies.
I am really happy to see this post, couldn't be 2 better people involved.
good luck and god bless.
Richie.

Hey Laura,

That is an awesome deal and the cash flow is killer, as Dean would say! It's a testament to patience and hard work for sure.

Even better, is the fact that you and Rina made this happen together! Proof for all those naysayers out there, that when "good" people interact with each other (aka DG.com), good things happen!! There I go again with my "laws of attraction" thoughts.

Thanks for being such an inspiration to all of us "rookies" out here in cyberspace. Again, pretty cool deal!

Take care,

I must admit I am soooo excited to have my first income property all set and cash flowing. Now I just need about 10 or so more of those! I have been logging in the hours and miles seeking income property for my next deal. Once I sell my current flip my next deals will be purchased with that goal in mind! Just lovin this real estate adventure and its an honor to be a part of this fabulous DG family

Well, its not quite done, but heres a link to the nearly completed Jersey rehab house!

http://s618.photobucket.com/albums/tt267/laurajohnson49/UnionAveHouse/Be...

The rehab project looks great. It must be really satisfying to have a vision and then see that vision materialize each day you make an improvement to the property. The before and after pictures are also great to reflect back and show others what can be done with a little hard work and vision. Continued success on all your deals! Believe and Achieve! - Joe

Well - the hard work is all done and i had my open house yesterday. Lots of people and I just LOVED talking real estate with everyone. It proved to myself how much I've learned from Dean and everyone on this site since April 08 - just amazing. And to be there and enjoy all the fabulous comments about the work we did is really rewarding. I admit that last night after the open house I didnt sleep well. Its funny how the mind messes with you. I tossed and turned worrying about extending holding costs if i dont sell, if I calculated and logged in all my expenses properly over the past 3 months, if i priced it right to move quickly, etc etc. But even though I couldnt turn off my brain, inside I know its going to turn out perfect and be a great home for someone and turn a nice profit for me to turn around into my next deal. So I look forward to posting that I have a contract

great job on the rehab laura!! isnt it amazing to see something transform into a fresh new look and feeling u get when you look at something YOU created.i am sure you will feel even more excited when it is sold and i am sure it wont be long!! great job!!

Hey Laura...

Congratulations on the open house! Sounds like it went well.... Looking forward to my first open house! lol I think we all understand the worries about the holding costs and when it will sell (I'm sure you will find a way to get it done!). Actually, finding the house and acquiring it is really the simple part and I think if that was all there was to it, every single one of us would be doing it right now. Unfortunately, no matter how good a deal it is on paper, it's only going to be on paper until someone signs the bottom line! You are a veteran, and I'm sure your creative juices will start flowing and that home will be sold in no time!

Take care and I wish you all the best!

Hey Jay and Bomber (as Rina dubbed you ) Appreciate you following my exploits and keeping up the support! I love how we all share in each others journeys here. I would never have believed how much you can get to know people just through the internet if i hadnt experienced for myself here. So thanks to you and everyone - and Jay I hope we can partner up in the near future - I hope you find a way to keep or assign your house up there. Best of luck to all!