Rina's DAILY JOURNAL: Chapter One - The Beginning

Usual start to the day.

DG site, checked new listings, called realtor to look at a HUD house.

8:00am-12pm volunteered as test moderator at HS.

12pm-4pm worked regular job. (I can only count 1/2 the time though, I spent so much time on here.)

Did a LOT of thinking about Alabama. Hm hm hm.

Have to run to town, then I'm sure more DG later. Want to get in on the Real Estate Current Events tele-class tonight. (mentor program)

6:00am Checked new listings

Spent some time on DGsite/ answered PMs

work 4 hours reg. job

attended niece's graduation

Attended a wedding/reception (spent my time in line talking about properties with a friend.)

Home & on DG at 10:00pm

Not much REI today

Checked out my favorite RE/MAX site for properties in Tulsa. I'm impressed. They now have foreclosure listings (some current/some past date, but I'll be watching) with aerial photos of the properties and surrounding houses. Plus judgement amounts and foreclosure sale dates.

Also called local contractor (brother-in-law) to look at a house I think we'll go ahead and pick up next week. Not enough time to do the work ourselves, so we'll hire it out and still make a ton of money. Will rent that one out too, unless the market goes up soon.

We're getting the boats ready today for fishing.
It's my respite care weekend, too, so not much time to run around.

Will update later if I have more REI stuff.

4:00am DG site. Answered PMs
Looked through new listings. (went back to bed)

7:00am - 8:30pm

Drop-off
Church
Daughter's vocal recital in neighboring town
Did music at another church Coffeehouse/Pie Auction
Came home
Discussed this month's REI plan with husband
10:00 or so DG for awhile

Developed fool-proof plan for winning Dean's challenge.

hey you, , SULLY.

How's it going on the tri-plex? Sorry I haven't posted on that one, but I don't have any great advice to give. I'm watching, though. Keep up the good work.

spread some love , how are you doin' today anyway? SULLY.

Do you mind if I share the news about tomorrow?

yeah of course, i don't care.. SULLY.

Enjoy the rest of your day.

4:00am dg site Wished Sully Happy Birthday.
7:30am - 1:20pm Spent the morning volunteering at school. Did a big BBQ for the elementary. It was Track & Field Day.

Drove by an FSBO on the way to town. Great neighborhood! Called & left message.

2:00 - 8:30pm First Coat primed the interior of foreclosure house.

In the meantime heard back from the FSBO owner. Set up time to look at it tomorrow, 4:00pm. 4bdrm/1bath w/screened porch. 5 city lots. 32X40 extra high garage. Were asking $129,900 when listed w/ realtor. Now trying to sell on their own, asking $123,900. She & he each had a house when they recently got married. Decided to live in hers in the country, sell his in town (this one). Is vacant at the moment. Could be a good scenario. Will keep you informed. I might try to do an assignment on this one for my niece, since I haven't done one before. Would be e good first experience.

Another call I got today. My mom called & said the property of one of the neighbors that passed away was going to be for sale. (I guess I didn't realize I had a bird-dogger working for me. lol.) The family had wanted to keep it, but has now decided to sell. 7 acres of beautifully wooded property close to town, with a small house & garage on it. I have no idea the condition, but I'll check into it. She thinks they were wanting $50,000 for it.

Anyway, home at 9:00pm. On dg a short time, then to bed.

I forgot, I have had a breakthrough with my husband. I think I FINALLY convinced him that we can STILL make money if we hire out some of the bigger rehab jobs. He actually met with another contractor today on an REO that we are very interested in. Yay! It's so cheap that even if he overcharges us it will be worth it. You don't know what a struggle it's been to overcome the Do-it-yourself mentality. Even for me. I've had to pass up a lot of good deals recently because we are swamped right now. This might be the start of a good thing! Maybe I'll post this in the forum and thank everyone for their continued "prompting" to change that way of thinking. cbr, especially.

I am a big do it yourselfer also...

Click here for some of my work

Nice work, D !! It's beautiful.
You know what's really sad. We've lived in our house for 22 years and it STILL needs finishing touches, plus we've already started replacing things (the roof last year, siding this year). We just keep "investing" all our extra time & money. Ugh. I've got to change this before we have grandkids.

Thanks I spent a lot of time working on those houses. There is so much more work I have done to the current house that I never shot berfore pcs of.

But that just how it is....it never stops, there is always going to be something you want to change or update, or have to do (roof, hvac, hw heater...ect)

Life. We've got to get our teams going to make the money in REI, and just do enough projects on our own to keep that sense of pride and not lose our "edge", and get out there and enjoy the rest, right?!

Well, gotta run. Another long day. Talk to you guys later.
Feel free to give me any advice on the scenarios I posted from yesterday.

Rina

First of all, I am enjoying reading these posts and they help me to plan my days better.
Anita, how did you go with the neighbors house?

Tuesday May 20:

Called the city planning manager to inquire about the new city Charrette where they are planning lots of growth in my small suburb. He told me that growth in our area is eminent and that the mining that has been closed down for many years will be re-opened within the next 3-5 years and my area is the prime area for the growth and development.
He said that the plans are now on display at the city hall and I can make an appointment to meet with him and discuss the city plans.
This may be something to look at in deciding on property's?

Please tell me what you think of this kind of information.
It surely holds some value in determining future property investment but what other signs do I need to look at?
I have a long way to go but thanks for your help guys!

I also spent about 4 hours reading 'Be a Real Estate Millionaire', fighting off my fear and negativity, and spent a lot of time reading Real Estate News and posting/reading on the DG site

Cheers!

It's so great to have you joining in the site so much! Sounds like you're really giving it your all. I know I've had my share of obstacles to overcome, and continue to do so each day. I agree, having everyone on this site to give support is a WONDERFUL thing! I know I never could have grown so much myself in the last month without everyone here.

Consider starting a journal in here, Debbiejo. It would be fun to have another person posting their daily endeavors. Looks like you already have a lot you could put in.

Anyway, best wishes to you, and it's great to have you here!

Rina

Checked new listings, spent time on DG site, worked 1/2 day at school, helped husband insulate attic for 2 hours.

Met with owner of the FSBO. 4 large bedrooms/ 1 bath. Downstairs is a little dated but very nice. Upstairs has the 2 largest bedrooms with a huge walkthrough closet between them, which could easily be made into a second bathroom (it sits right above the laundry room). Also the upstairs is all new. Sheetrock, trim, paint, carpet. I forgot to look at the windows. Asking $123,900. FMV according to assessor's office is $138,600. Has been vacant for about 2 years! But they have kept it up and heated in the winter, and still use the 32x40 garage. I asked if they would consider partial or full seller-financing. She said yes to full, if downpayment was large enough. And yes to partial, if it wasn't too much. That's a plus. I mentioned that my niece and her husband were only qualified for $100,000 to see what she'd say. No bite. She mentioned the oil refinery expansion that is going to be happening (which it is), and that prices would be going back up. So they apparently are willing to keep waiting to get what they want for the place. I have to think about this one. It wouldn't hurt to make an offer, though.

Anita, if you're reading this, what would you do, my aggressive friend? I love reading all your advice.

Will hear back from contractor tomorrow about other house.

Ordered windows for duplex. Should be ready in 2 weeks (custom made locally). Building is ready to go when they come in.

Rina,
Even though I am new to this, I can see no problem with making an offer on the house and even if they don't react right away, leave it with them to think over. Food for thought is always a good thing. You will be planting something in their minds and they will at least weigh it up. No harm done!
It seems to me that a house that has been on the market for that long and empty would be weighing heavily on them. I know it would on me anyway.

I will take your advice into consideration
Very good start on your journal, too! Now, go to the forum "Investing Journals" and start a new topic to have your very own. Name it whatever you like; "DEB'S JOURNAL, DEB'S DAILY JOURNAL, DEB'S REI JOURNAL, DEB'S JOURNEY TO BECOMING A REAL ESTATE MILLIONAIRE!!!" lol. whatever you like. Then we can check in on yours each day, too. It's kind of a fun spot to put whatever you want.
If you need help with anything let me know. Once you start that topic either you or I can move your first day's info from here to there.
Good luck.

Rina

P.S. I'm glad your cat came home.

Wouldnt hurt to make an offer... but if it's OO dont expect much. THose houses aer just sitting on (or off) the market.

Thanks for the guidance. I transferred the journal and left the rest.

And thanks, Mark. I'm going to have my niece go look at it with me. Make it look like we're very interested. (maybe they will be, I don't know) Play it from there. Wish me luck.

I don't remember what I did Thursday, so I'll have to start here.

usual morning of course. 5:30 -7:00
8:00-11:00am HS Awards breakfast at Perkins
11:00am-1:00pm Picked up supplies for graduation reception tonight.
1:30-3:00 Bookkeepng at school
3:00-5:30 Decorated & got food ready for reception
6:30-9:30pm Graduation and reception and cleanup

some DG

Called the number my Mom had given me for the neighbors property. Colorado number had been diconnected. Will have to contact the owners a different way.

4:30am DG site, checked new listings.

morning, cleaned house, picked up paint supplies

Painted at foreclosure house most of the day.
5:30pm went to sister's to visit her kids from out of town for about 20 minutes.
Back to painting.

Got estimate back from contractor on Missouri Ave. house.

Late: home, on DG site for awhile.

Did absolutely NOTHING today! Felt really good. Just spent the day with my hubby.

Put an offer in over the phone for Missouri Ave. house. Probably won't hear back 'til Tuesday.
Bank has come down from $109,900 to $74,500. We went up $5,000 from our original offer of $50,000, to $55,000. Contractor price to repair foundation $5,600. Won't need much more work than that, MAYBE $1,000 in carpet, paint, etc. 4bdrm/2bath, HUGE fenced-in lot with beautiful trees, garage, workshop, excellent neighborhood. Will fetch $850 month for rent at least. I think insurance will be aound $400 year. Taxes are $2200 year. (assessor's FMV is $113,300)

I need to figure these numbers into nstreet's formula to see how I'm doing.

Value of the Property
- Profit of at least 10%
- Fix up costs
- Holding costs (value of the property x 1.2% x number of months I will hold the property to sell or rent)
- Closing costs (3% of the value)
- Realtor Fee (6% of the value)
= the most I will offer on the house.

OK
$80,000 AT LEAST! (after repairs, right now)
-$8,000
-$6,600
-$960
-$2400
I'm not going to figure in realtor's fee. Don't plan to sell.
=$80,000-$17,960= $62,040. That's what I can go up to. But I hope to get it at $55,000. By the end of this year it should be worth over $120,000. THAT I'm just basing on my gut.
I still need help with comps.

www.homegain.com
www.housevalues.com
www.blueroof.com
www.zillow.com
www.electronicappraiser.com
(I had to put these here so I would remember where they were.)

so how do you know how much it will cost to get foundation fixed? How were you able to get your contractor inside the REO to give you an estimate?