Rina's DAILY JOURNAL: Chapter One - The Beginning

Well, I hope you're right about the investors finding ME, but something may freeze over if I wait for that to happen!lol! Went to the bk to get pre-qual'd yesterday. She told me to get a job (I'm a victim of restructuring)and come back then. What a blow that was! Guess the hubby needs to find a second job..heehee!

Dawn

(And freezing over comes sooner in our neck of the woods than other parts of the country, right? lol)

Dawn, look into mortgage brokers in your area. There's lots of good info in here, too, if you search the threads.
I'm so pleased with the gal I've worked with at our bank. I could see if they work with out-of-towners. PM me if you want the info.

If you get going in REI, you won't have TIME for a j.o.b. Let me rephrase that. You won't NEED to make time for a j.o.b.
So lets get that ball rolling!

Rina

I've been having fun today. Met my realtor this morning and walked through 5 more houses. "Found" another winner for my investor. (had to plug my nose in a couple of others. lol) He's going to make an offer. Hope he gets it. REO. Great cash-flow potential, lots of equity, and REALLY cute.
Got a call from my banker. Looks like 100% financing on the farm BESIDES my mom & dad carrying 20%, so we'll have extra cash to work with on the Foxboro house at a great rate.

Walked through an FSBO yesterday. Think I'll make an offer. Would be a great lease/option for a friend on Section 8. (I know, my own rule of not renting to family/friends. Might make a one-time exception)

I'm not posting any numbers/pictures until closing on any of these. After the Brule house, I will not count my chickens before they're hatched.

Will update later, perhaps.

Hi Rina, glad to see you still in the grind, i posted a PM to you earlier.I on working an myy first no money down deal here in NYC.i am showing the house to a buyer invester that want to do all cash deal.i have a HML that i can work with for foreclosures deals.he will be good for this.Wish me luck bye for now

Sounds like you've been doing your homework! I wish you the best on your deal.
Keep us posted!

Rina

P.S. Thanks for checking in.

Yesterday i contacted a realtor who gave me a number to a credit repair guy who was his freind. In the works on my first deal.This after i got up at five and worked to 3:30. The realtors husben does his own title serches and laons.When i told him i was looking for a TEAM (which Rina said to do first) he said i hit the nail on the head.I'm going to the office on Friday @ 4:15 to go over the plans.Thank you DG family for all your knowledge

I am in awe! You find the best deals! I tried to PM you but don't know which address is yours. Can you PM me and explain how a Mortage broker can give me a loan where a bank can't? I'm a little confused about that (it's early). They said my ratio was not good enough. I would appreciate the insight Rina. I'm going nutty here, I'm finding Bk owned, abandoned and estate properties (real fixers!) and can't make a move...Ugh! My bull is still kicking and I want to rope & tie it!
And congrats on the 100% financing! WOW!

Dawn

Forgot to give you my [email protected] Fits huh?
Dawn

i will do Rina.how ifs the family and things on the business front?

Rina, I was able to send the PM to you...
Dawn

Hey, Fred. I wish you well on lining up your team! Good luck at your 4:15 tomorrow. Be confident and let'em you mean business!

Looking forward to your success,

Rina

I'll PM you with the info. I know how you feel with great deals all around you!! A person could scream. LOL It'll happen.

Rina

Rina,

It was nice hearing you on the conference call last week!!!! Always using your resources I see!!!! you go girl. I just love reading your journal..... I laugh along with you with some of these stories and interactions and also I learn a ton, thanks. Thanks for being open, honest and transparent so that all of us "REI's" have a chance to learn from you and your adventures. Just keep moving forward!

BTW, I got my (FNMA) "The Schoolhouse" last Friday have already started tearing out kitchen and bathroom while putting the finishing touches on "The Bunny House." Compared to you, I seem to be in slow motion......

Take care and God bless,
Rohn
DeJor Properties, LLC

That was kind of fun to "see" ya in class! Yeah, I've got to get in on more of those tele-classes. I won't ask any more questions I need reprimanding for, either! LOL (better think before I speak, huh? )

Congrats on the schoolhouse!!! Bunny house fun, the demo is always faster than "putting it back together" isn't it? But it's such a great feeling when it's done.

Did you make your final decision on tenants?

Rina

I have tenants for the Bunny house (move in Sept 1) and the School house (move in Oct 1). I don't have possession of the 4-plex yet, but I have had two call already on people wanting applications for it, so that their background and reference checks can get done and them get approved before its available because then WANT to move in ASAP.... how cool is that?

I did not take pictures of the first house (before and after) but I will from now on. I should post them as well.

Take care and God bless,
Rohn
DeJor Properties, LLC

Nice. Having tenants lined up. Good job!

Business is good here. Looking forward to "great".

Any more news on the NMD?

Rina

Hi Rina, after showing a short sale house deal to a CASH INVESTOR that i have in contract for ($280,000 close in 14 to 30 days)from a REO realtor,my buyer offered ($290,00,Cash Deal closed in 30 days "as is" condition. My question is should i counter offer and ask for $295,000)i am not trying to get gready... but i just don't want to show that i am too motivated when selling.I intends to make other deals with this CASH Investor and don't want to get into the habbit of taking the first offer.
any suggestion would be great.

(Brooklyn Next Millionair).

I may be the wrong one to ask. My first thought would be to ask for the extra $5K. He can only say no, and go with his original offer. BUT I'm sure there are others that would say, heck you should ask a LOT more than that!
$10K is about 3.5%. Seems like a nice sum for a first deal, but if you can get more, go for it!
What is the ARV of the property, and the cost of repairs? What amount does that justify you asking for?

Nice "problem" to have, lparris. Good luck and let us know how it works out for you.
Anybody else with more advice, jump in here and speak your mind.

God bless,

Rina

Yay! My investor just e-mailed to say his offer on the "winner" we found on Wednesday was accepted by the credit union that owns it. They had a couple of offers to choose from and they took his "cash". I was actually pleasantly surprised because I thought they would counter with the lowball offer.
I'll put in some numbers soon, if it's ok with him.
Did a "picture" walk-through of a FSBO for him Wednesday evening. Neat family I got to meet. PLUS was informed by the tenant that the house next door was just taken back by the bank. Guess we'll be looking into that, too.

Title work is going quickly on my farm purchase!

Hey, this has been a good week. WooHoo! (I got that from Elena.lol)

very happy,

Rina

Hi Rina,the (ARV) is $550,K the property have a few interior fixing but alot of equity.I went for broke and asked for 300K,like Dean always say if you don't ask you will never now how motivated a seller or buyer are.He acepted and i will be getting my cash this monday ($20K) NOT BAD for my first cash deal.I am so proude and i realy don't think it has sink in yet i guess it will when i go to deposit my reward.Thanks for your words of incuragement

Oh my Gosh!!! That is SO great!!!! I am very proud FOR you!

Like Elena says, MAKE A COPY OF YOUR CHECK. I'm sure it will be the first of many!

I think I'm gonna rename my journal "The WINNERS Column"! HAHA!

Thank you very much for sharing your deal with us, and please keep us up to date on all your REI! I think you need to start a journal now. This will be your first milestone.

very proud,

Rina

I will,i need to keep it in front of my computer to remind me how hard work and a desire to take charge of your life can be rewarding.Yes i didn't work all that hard but i worked to get these two people together to complete a sale.I will wait till my next two deals to start my journal Rina,i just feel i would like to compare my next deal to this one in how i went about constructing it from start to finish.

GO... RINAs' WINNERS

Rina, my nale is Lancelot and yes you can anytime.

(I like the name. Very noble. Sounds like it goes with your character. )

God bless,

Rina

Great Rina, keep me inform onhow that is going as well.

Great Rina, keep me inform onhow that is going as well.

Thank you Rina,

God bless you, too!
And, yes, I'll keep you informed. You do the same, OK?

Best wishes and, again, Congrats!

Rina

Wow, what a great deal! Doesn't it feel great to know that YOU accomplished that all by yourself? It's euphoric! I'm so happy for you and I know you'll be laughing all the way to the bank when you deposit that bad boy!! Well, what a wonderful example for all the other new investors on here to see that it CAN be done with NO money and NO credit! Did you do it and/or assigns or as a double closing?
I just want to say thank you for sharing your journey with us, we are so happy to see your success and so soon after joining. We look forward to seeing many more to come, like Rina said copy that check and look at it daily to remind yourself of what you accomplished! Again, well done.
Continued blessings for you,