Debbiejo's daily journal

Deb, whether you realize it or not, you are at the next level. You've got yourself stuck at the station in your mind, when in actuality you are full-speed ahead on the track, with others looking to YOU for guidance. Don't limit yourself now to that. You've already learned enough REI that you're on your way. Be the teacher as well as the student. And remember, the words you use will affect those looking up to you now.

very proud of you,

Rina

Although I have not entered to my journal lately, I have been working at it!
I have been researching lots of properties in foreclosure and left letters for 4 of these. I looked at lots of places but only 4 of them were worth any serious attention at this time. Given that I have to start with a real BANG! Being penniless.

Good thing though is that I now have a really good credit rating here in the USA. So all is not lost!

I would like to know what questions I need to ask if one of these prospects does phone me to work out a deal?

Thanks for your advice in advance!

I hope someone can give you good advice on this. I haven't dealt with that stage of foreclosures yet, but I will search the forums for info for you. I know there are threads on it.

Good luck, Deb. I know that first deal is right around the corner for you. Don't give up!!

Luv ya,

Rina

I am struggling really badly right now and I don't mean with REI. Our daughter is causing us a great deal of stress and I am losing a lot of sleep. I have a second interview with the Sheriff's dept tomorrow morning and I am not nervous about it and you know why! Because I have given it to God at this stage. I am torn between walking away from the entire mess with her and my husband and life in general, and going back to Australia. That is how bad it has been!
Don't get me wrong; I am very happy and feel very blessed in my life and I have a great time when I am researching RE and looking around for properties, but I am very alone in it and I am starting to wonder why that is. Plus, alone is the only time I seem to be able to be happy anyway now!
I have left it with God that if I don't get this job then I am meant to leave and go back to Australia. I won't go back to where my family is however; I will live where they will never know. They have been very un-supportive of me in my dramas lately and I am always there for them; so my views have changed in so many ways of late.

I have even made an offer on a block of land in Australia. It is funny because it is in the town I was born in, and grew up in, and the very street where my mother lived for many years and the block of land is right near the house I used to live in when I was a struggling single mother. Only my father lives in this town now; everyone else moved to other cities.

I saw it for sale and knowing the neighbourhood as well as I do, I made and offer for 20K less than they wanted for it. I told them how much I knew of the area and its comps and left it with them.
The RE agent is going back to the owner with the offer and will let me know.
That was something out of the ordinary for this little club of ours anyway.....lol lol

I know I can do this REI thing and my research and my organizational skills are getting into full swing, but I am still sweating on that first deal so I can be in the IC. Even others who have far less points than I have are in there and it is bugging me. I know I am very smart and this will not beat me! I have overcome much harder tasks and stuff than this! I will get a property very, very soon!

Thanks again for your wonderful leadership and advice. You are my sister in REI and the only sister I have now. Many, many thanks!
After my interview tomorrow I will phone some people regarding the properties that I could not contact the owners on.

Take care sweetie!

Does that make me the adorable, greedy, little brother?

I know you can have success, Debbie. You're going to succeed in whatever venture you seek out. I have no doubt about that.

You are funny!
Thanks for the support. This site has a few greatly supportive people and it really helps. I have always been referred to by my Australian friends as "The Great Aussie Battler". I may seem to be a whiner at times but it is not really the case. I just use this site to vent, mainly to Rina as she is my best support in the world, and behind it all, I always have a smile on my face and a very positive attitude. Hey, now and then I may lose it for a few hours, but it bouces back real quick......lol

I know I can do this and it is just the first deal that is causing me such grief at the moment. I am still trying to work out how to beat everyone else to the good deals.

Now, since I'm a DAD let me say UP FRONT I have no personal experience with this and I know I cannot FULLY understand what I'm talking about, ok.? Are we all clear on that? Good!

If you have a kid....remember how much that hurt? Was it worth it? Have they brought you joy? Did you do it again?

I honestly thought my wife was going to die in childbirth with our first son...and I'm not trying to be funny...there were complications, etc. However, she did it a 2nd and a 3rd time even after all of that. I even told her after the 1st one if she didn't want another child I fully supported her.
BUT IT WAS WORTH IT TO HER.

Simple, I know. But hey, you gotta' know that I'M simple!

Think about it.....think about the JOY you will have when the deal is done and you have profited in knowledge, experience AND finances!

Keep up the great work...keep you head held high!

Mike

I must say however that after my first child I never wanted to do that again and I never did!..........lol

I am a great advocate for birth control now as I know that once you have a child you are in greater pain than child birth for the rest of your life!

Seriously though....... I can see what you are getting at and I appreciate your unique way of telling us. I will keep in mind how great that first deal will be in knowledge, experience and finances.

Gest of luck to you as well Mike.

I totally agree with mike. Joy can come from many of things. And i know that once i land my first deal it will be a feeling beyond imagination. If either of you were on the conference call on Tuesday as Rina put it "It felt great!"

On the kid situation my fiance wants to have 10 crazy huh? but hey she's wonderful and she will soon become my partner in REI and we plan on opening an LLC. Keep up the great work Deb you will get your first deal soon and when you do it will be great! Keep us posted in your journal! God Bless.

David 8-D

P.S you will get that neat little "Deal maker" thingy. I want one bad

I have wanted that marker thingy for a lot of months now and to be in the Inner circle. I have a feeling you will beat me there though..... lol

Keep up the great work.

(And good luck with the 10 kids too.......) Better you than me.... lol

I spent all of yesterday going over properties and phoning people. It was exhausting!

Today I drove looked at an open house just 5 mins from my house and it was great. Only 2 bedroom, 1 bathroom, but totally renovated and lovely yard and big workshop. The owner wants $126k and will pay closing. The agent tells me it will still bring in $1000k a month in rental as it is in an area where border patrol love to rent. The real estate agent is married to a border patrol agent and the owner of the house is also border patrol. I will check on the validity of this claim though!

Question: When they offer to pay closing (approx $2k - $3k), can you still ask for lower price or will they just take out the offer to pay closing?

I also looked at a great fixer upper in Sierra Vista. The home is a very solid brick 3 bedroom, 2 bathroom home built in 1961. It has a wonderful big corner block of land,the back yard all securely fenced and has a great work shed. Well established fruit trees and pine trees. It is close to Ft Huachuca and has one of those exercise tracks running right by it with a workout station right behind the house. It leads to the Ft! The street is very well established and nice and also quiet. Close to the main city's shopping area.
It even has a fire hydranton the front corner of the block! (seemed important to me at the time....lol)
I brought a contractor with me to look it over and he estimated that it will only take about $8,500 to get it totally up to par and that about $6k will do to get it rented out. The carpets are trashed and the whole house needs painting. It does not have a washer or dryer.
My contractor only checked the outside and what he could see of the inside through the windows, as the lady with the key did not arrive while he was there. I will get him back if I can get the property for the right price. He seemed to think that the property was a great fixer upper with great rental potential.
So, they are asking $92k for it but I will make an offer for $78k and see how it goes. It has been listed for about 6 months and the lady who ownes it just wants to get rid of it. It belonged to her parents and they have both been dead for about 6 years. She rented it out to some young kids who painted it all horrid colors. Purple, deep green and deep pink...YUK!

I know it is very ambitious of me, but I really want both properties. I should be able to make a profit on them in rental income and at least if you have 2 properties, one may hold up the other if one is vacant for any length of time? Does that seem like a plan or am I dreaming?

I would appreciate any help and advice on what to look for in the purchasing of these properties!

Do you have all the info on the 2 properties? Prop Taxes, how much insurance would cost?
How much rent could you get for the second house? (From what you wrote, I lean toward that option)

On the first house, a 30-year fixed at 7% on $126,000 would be almost $850 a month. If you can only get $1,000mo rent, you better really figure out how high you can go on a purchase price, and still have cash flow with tax & insurance. Then don't go over that.
I know you've been looking and looking and working hard and want to get a deal done. Just don't put yourself in a bind. It's better to wait longer.

But figure out your numbers and ASK! Remember what Anita says, "If you don't ask, you won't receive."

Let us know any more info you can get.

Good luck!!!!

Rina

I already looked at the first home and the cost of the mortgage against the rental income and I know I cannot do it.
I also looked at the other property and even with the rental income of $850 a month, I cannot do it either.

I also had some other really rotten news today but I will send that to you in a PM.

Thanks for all your support.

I have found numerous homes for rent /sale. But I just found an home on sale by it's owner, it looks great and is the perfect area. I would like to get a few helpful pointers with this if I wanted to go get a finders fee for it?

Thanks for the PM. If you peek in here again, just know that you are missed. Hope all is well with you.

Rina