Anita's REI JOURNAL

You're like a locomotive. Nothing stops you.
I'm so wanting to get in on one of those Alabama deals. Patience...Patience...

I think I am going to contact a few people on here about starting a virtual REI group. Where we do deals as a collective. nothing big but just small stuff maybe under 50K that we can use as practice properties. That way if one of us decide we want to buy it out we can. Anyway I am still thinking on it.

so how did you do your assignment? Did you ONLY use the and/or assigns after your name? Or did you use a cluase? Why did you have to get the sellers approval?

D

Sorry I guess I worded that wrong what I meant to say was that owner approved the offer I made and I already had a buyer lined up. I sign everything Anita and/or assigns and in some cases that list second buyer I put and/or assigns as second buyer. Never had a problem.

I got house for 18,800 and assigned it for 20K even making 1200.00 but it was better than nothing and I did not want to put in work on it.

SO did you use the assignment contract that is under forms and docs to assign it to your buyer, or did you use your own. If you used your own can you post it

Thanks,
D

Yes I do use the for that under docs but I am in process of revising a few of my forms like the lease option and I will post them all by weeks end.

Schedule/Plan for the day

Yesterday my realtor Randy met with my friend regarding her house that is getting FC on. He told her short sale and already has a buyer lined up.

I have been waiting and watching a 1-acre property with small ranch home on it at 154,500 REO. Bids have been co ming in but turned down . So I will put mine in today for 205K. Hope it flies.

The subdivision I live in, sales rep called me to let me know the prices dropped across the board 100K on the new homes that were still available. So I put offers in on two last night. One for 230K and one for 260K (3200sq/ft)

I bought a FSBO in Mobile, AL last night through my brother for 7800.00 its a little 2/1 800 sq/ft but its paid for and mine. Will have him repair roof and floors and put back on market in few months for probably around 21K - making it comparable to others on street and area.

Today I will be completing my list of house I will be researching for rest of week for viewings next week.

Re-writing real estate forms and docs to better suit my needs, will post here when finished, maybe someone else can use them too.

Legally putting my LLC under my sub-chapter S corp for a bigger umbrella. I will be getting all of my legal stuff in order this week as well.

LOVE this deal!!! LOVE IT!!!!!

Ok guys I just put two offers in on a couple of 4-Plexes in Mobile, AL.

150K, 600 mth rents,( 2/1 units, and once repairs done value of each should meet comps on same area and street for around 150 EACH!!!

Apparently the owner purchased the 2 sets at same time and the bank wrote them up on same loan and when she wanted to sell one of them, the bank would not separate the loan so she could do it. She has done almost 15K in repairs on one set of them but since she has to sell them together the value of the one that was repaired is whats giving the 150K price because the other set need work. SO I guess if offers are accepted I will be one happy Professor (rina)...lol

Did you already post pictures?

Love those Buy 1 get 1 free sales.

total for both was 150K price for the one I actually wanted was 69K the other made up the difference

Well its been a few days since I posted so let me bring it up to date.

I am still waiting to hear if my offer was accepted or not on the 2 4-plexes in Mobile.

I put my friend that was being foreclosed on in contact with my Realtor and he is doing a short sale. I am renting her one of the 3 house I acquired this month.

I put in 5 offers yesterday on properties in my area even though I was told they had better offers. So may I dnt expect to get them but just to use this as practice.

I had to laugh the other day when I asked my realtor for a blank Offer form. She started to ask me why - then cut herself short and told me that it was none of her business and I knew more about what I was doing than her and all I had to do was ask and she would deliver...lol..she is so sweet but funny. She printed one out and whited out her info and faxed it straight to me. I did not need it I just asked for it to test her and she passed with flying colors.

The man I got the 3 houses from called me and asked it I would be interested in being mentored by someone he has worked with for 30 years and that he used as a mentor. I said yes, of course and was put in contact with a really nice fellow that specializes in acquiring properties for lease option purchases and and small multi-unit apartment complexes. The exact same things I look to do.

Nw of course since CBR has discovered a new way to make money I may have to "borrow" him too...lol...if you know what I mean

That's really great! It will be nice to work with someone one-on-one that has that many years of experience. And in your area, too?

Well still no answer on the 4-plexes bank seems to be taking their time. Saw Dean was on tonight. DG.com is an addiction...lol...ask Rina she has it too.

Well I actually got work done today. My neice has a home she bought in Ellenwood, GA 1.5 yr ago for 173K. She and husband can no longer afford it due to change in jobs sand they are 2 months behind. I wired her the money to pay off the past due plus a little extra for bills and also sent Quit Claim deed overnight. They will quit claim it over to me and loan will stay in their name being brought current and they will start renting from me next month.

I also got up enough money to pay their furniture bill and 2 credit cards up to paid in full. So they no longer have that debt. The rent will be 1600.00 which they can now afford because they dont have to pay out the extra 400.00 per month they were spending on those bills. I am leaving loan in their name making their rent due 10 days prior to mortgage due date to make sure its paid on time. I will cash flow 200.00 per month on this property thats 2400.00 for the year.

I will leave loan in their name so the on-time payments can boost their scores and later down the road in the upcoming year I will take over loan - its a non qualifying assumable. The house is valued at 231K right now. Property value shot up. 1991 sq/ft, 4/2, single story, built in 1995, 2.1 acres. She does not want to keep property because its a little out from Atlanta and they work in city. So I guess I have me a new house.

I know its not alot but the knowledge I gained here allowed me to structure this deal so that it was a win win for us all.

My brother just called and told me he heard from realtor late last night and the two 4-plexes in Mobile, AL are mine for 150K together.....life is good

I am THINKING my million guys, you can too

That is great info! I learn something new everyday! Thanks- smj

Congratulations on the 4-plexes, Anita. You're really moving fast toward your million $! Great job.

:')

Grats. It's NOT a surprise when the "bank takes their time"...

Good Morning and sorry I was away so long...lol

Well I emailed my Realtor a list of 23 homes that I wanted to put ffers in on all under 100K.

FYI - did not hear back from bank on 6br so will get on them today.

In mean time, not counting myself out of the game. So I sent him the list and he sent reply back that all but 4 were in escrow. So that is still good. I will put in the following offers today.

4/2 1637 sq/ft asking 124K 0ffered 75K - thinks they will take it because its been on market as REO for over 1 year.

3/2 1311 sq/ft asking 104K offered 68K - is a contingency active meaning low offer has been accepted but still taking bids.

4/3 2433 sq?ft asking 159K offered 95K - wood floors need lots of work other than that house in great condition. Water bed flooded house while on vacation for 2 weeks.

4/2.5 2110 sq/ft -- MY FRIENDS HOUSE I told you about - asking 220K but buyer I brought to table loan approval expired so waiting to get it approved this week then its a go!

_________________________________-

COMMERCIAL
___________________________________

Contacted my commercial Realtor - yes I added one of those to my team too..lol.. my Realtor is great but he only does residential and I need someone that can think commercial like me.

So there is a service station that is closed down and tanks have been removed and property re permitted but still vacant for 1 yr. I want it. Th way its set up would work great for a project I am working on. So I have him trying to find owner. Could be possible NMD or Owner finance.

Looking to lease closed down supermarket long term to open mini mall indoors. Can potentially subdivided the market into 20-3 units for individual stores self enclosed and rent each unit out at 1500.00 to 2100.00 each depending on size. Plan to pre-lease unit before construction begins - so I only mneed to find location to finance it. Any takers..lol

Well thats it for me will post again when I have something else to say.

good luck Anita...

hahahaha

Hey D - I almost forgot. I dont have any money. The sale on the property my mom was selling is still in escrow and I used some of the 65K credit line I had so I will be putting together business proposals to fund this thru private money and hard lenders.

I am so tired of being broke - so now I have a way to stop. I have no money basically but I do have 3 houses...lol...you know that story. But I am going to make this work.

Hey!

there is 4.5 acres up for sale at the corner of my daughters school in middle of great subdivision for 450K. the lost around there are 1/8 lots so I could potentially divide that property up in to 36 lots. Makes you want to go hhhmmmmm...doesn't it. I could do like Dean did and lock it up and pre-sale enough to pay for it and go from there. OMG my mind is on a roll.....lol

and pre-sale enough to pay for it

that would be sweet!

Here is a quick tip for when you pitch your business to an Investor.

Dont ever say: We have no competition. It NEVER goes over well. All it means is that you didnt do your homework. Everyone has competition - no matter what you do. Even the choice to use nothing is still your competition.

Hi Anita,
I'm very new to this! I have not even received Dean's book I bought online but I have read the AFF and listened to most of the online recorded messages and now your postings.
I don't know where to start - I hope I'm not suffering from information overload. I don't have good credit and no money so where do you suggest I start? I have already contacted two realtors and they have responded but I'm not sure what to tell them. Please help.
Thanks

I like that idea. I want to join! It sounds like fun and a great learning experience!
Jrgnsn

Greetings fellow REI's

My weekend was pretty eventful. I flew to scottsdale, az where my sister lives because she called me friday night and told me she knew a lady with a house 4/3 2100 sq/ft for 49K and would ownr finance all of it with 2K down. So I was on my way. It turns out it was a friend of my sisters and she had inhereited this house fro grandmother and had just been renting it out to the renter her grandmother had lef t in it and now they were gone an she did not want to be bothered. Well it was a very nice house structurally but filty and nasty cosmetically. So after doing some checking I found nothing was ever owed on it - grandparents had it built in 1968 and never owed a dime on it.

I stepped out of the box and told her I would tak it, but I could not give her any money down because it was going to take bank just to get it back in to renting condition. So we agreed that I should fix it up in exchange for DP and she gave me 90 days before first payment is due. YES!

So I put my sis on this one and came on home. I took my laptop so I had paperwork ready and printed (on hood of truck...lol) before we left the house. I come prepared guys. hahaha

Anyway it is all signed and ready to be filed so I left it with my sister to file today so I guess I now own a house in Scottsdale, AZ.

Look out I am slowly but surely making my way to my million guys.

p.s. Once I powerwash house and spray paint it with power spray and paint inside and replace carpet with tile, replace face plates and switches and get plumber to double check all plumbing. I can rent it out for 1500.00 month she was getting 650.00 cause the lady had been in there 12 years. The valu right now is maybe 60K but ARV - it will compare to comps around 230K. I will also be replacing the busted up driveway and most of the windows. But for 49K and owner carrying 100% with no down I am not complaining.

I AM jealous on that one! Good job, sis.

That is an awesome deal...how do you keep getting these??? Good job!

You say "So after doing some checking I found nothing was ever owed on it"

how did you find this out?