DeJor Properties Journal

Thanks for joining us in the journals!
I've really enjoyed hearing your stories so far in the forums. You're one of the more established contributors on the site (though so new, you've already come SO far!), and it's great to watch the progress of those that are sticking around. Thank you.
Can't wait to hear more on the "bunny house". and others. Great REI ahead!

proud to be your DG site sister,

Rina

Way to go Rohn and Shelly! Short and sweet, but that's great that you started your journal. Thanks for sharing the steps and dates you did them with us. That's so valuable, because it gives us all a timeline, so we can see that it really doesn't take years or even that many months to get started. We look forward to hearing more about DeJor's REI!
Continued success and blessings,

Called realtor on a 4plex that I saw their "For Sale" sign this morning.... have an appointment Tuesday afternoon!

Called Carpet Company about getting the flooring installed at the Bunny house.

Getting second quote for the School house on Flooring and windows.

Called Air Conditioning Company to get the AC charged at the Old House, I checked it out and the Coil is clean, the filter is clean and the thermostat works just fine. The unit cools briefly when it starts but turns warm after a few minutes....... low on refrigerant or has a leak!

of course I pick the hottest most humid day of the summer to end up working 19 plus hours. Here is the run down..... "don't try this at home folks"

4:55am alarm goes off
5:45am start work
9:00am talk with Shelley about 4Plex showing
1:00pm call carpet place carpet is ordered
3:00pm talked with one of our bird-dogs about another FSBO
4:00pm leave work & call realtor
5:00pm dinner with family
6:00pm my son and I deliver Refridgerator, washer and dryer to Bunny house
7:30pm start renovation to shower
8:40pm Talk with neighbor about his fathers properties
9:00pm call in to the teleconfrence at PMI
11:45pm clean up shower project
11:59pm jump in the shower, eat icecream and post this note

Feels good to get the shower project just about wrapped up in one day!

Regards, Rohn Everson
DeJor Properties, LLC

Called the Treasurers office and they transfered me to the assessors office about getting tax information on a 4-plex owned by a charity organization. The advised me that the approximate tax base would be $3600 per year since they would have to change the classification from residental to commericial since I will be using it as a 4-plex appartment when the charity organization used it as a residential facility with a staff member present.

so here's my projection so far:

RESALE PROJECTION
Asking Price: 149.5K
Current MV: 180K
my Offer: 144K
Repair cost: 5500 (minor repairs)
Realtor fee: 2100
Taxes: 0
Holding cost: 1000
Profit if sold or equity: 27.4K

CASH FLOW / RENTAL
Rent: 2300
Mortgage: 985
Ins: 270
Taxes: 283
Grounds: 38
Vac-Rate: 80
Rpr-Rate: 140

cashflow: 504 monthly

Great conversation with Rina today. BTY, thanks for the call.

I now have two prospective ways to get my deposit to make this offer happen.

Scenario one: take a second mortgage on our current home property to finance the down payment of the 4plex which could be 25K. Build up some more equity and get all four units rented and the rest of the propety repaired. Take out a second on the 4plex and pay off the second on our home property!

Scenario two: Ask the seller to inflate the purchase price by 25K or more and then give us cash back on closing for repairs which will will really use for the downpayment.

It was nice chatting with you.
You and Shelley (and the kids) are doing great! You guys will be job-free in no time.

To your REI success,
Rina

After 13 years, my sister and her family made it to Iowa and we had a great time, thanks sis.

The bunny house is just about finished with the remodeling:
- have a renter lined up
- finished plumbing today,
- moved the inbound electrical from pole to underground
- need to finish molding, chair rail, stair railing
- have a list of odds and ends

School house is just about ours, should close on Friday:
- have a contractor doing the bathroom and kitchen
- I will replace the double-hung windows, 23 of them
- Shelley will paint in and out

Made a counter offer on the 4-plex and requested seller to carry downpayment
- came in low but with a cash offer since they are motivated
- already have three renters who want a unit in the 4-plex
- have a handyman lined up for two of the units
- property will cashflow within 3 months

the start of another FUN week!!!!!!
Rohn

I love reading your progress. You're posts are always great news, I am so glad to have you here with us, you're such an awesome contributor. I just wanted to say thank you for all the great information you've shared here.
Continued blessings and success to you,

I really appreciate your positive attitude and willingness to continually encourage me, and all others here on DG's site.

Speaking of continued blessings and success.....

The bunny house (when I said we gutted it, I mean we gutted it):
- finish molding, chair rail, stair railing and Wayne’s coating in kitchen
- installed 13 new electrical outlets and switches
- installed new lighting in three rooms
- wife finished the wallpaper boarder project in the kitchen
- need to tackle the basement reorganization
- need to install the washer and dryer
- need to put the refrigerator and stove in
- have a list of miscellaneous items

School house:
- closed today..... the proud owner of another property
- the rules changed on this one and we will be renting it out for 18 months prior to selling it which works out great.
- have a contractor doing the bathroom and kitchen we will demolish next week
- I will replace the double-hung windows, 23 of them
- Shelley will paint in and out

4-plex by Christian High School:
- have approximately 30K in equity built into the property
- already have three renters who want a unit in the 4-plex
- have a handyman lined up for two of the units
- property will cash flow within 3 months

the start of another FUN and blessed week!!!!!!
Rohn

When I used to read journals as a kid about "movers & shakers", I always wondered what it would be like to have lived when they did and to actually communicate with them...one "aha" moment for me over the past 2 weeks is that I have the honor of getting to read the posts & journals of people who are BECOMING the movers and shakers in this new real estate environment...

Better yet I CAN communicate with my new found hero's as the technology (i.e. forums) allows us to collaborate in a way not possible in the past...what a GREAT time to be alive!

Thanx Rohn & Shelley for sharing your "REI lives" with the rest of us! wib

I always love to read your posts, they're informative, positive and an absolute must for us, to see that you're doing it and the details you give are exceptional! I for one, am so glad to have you here on the forum!! I always look forward to seeing what you're doing next. Thank you so much for sharing it all with us!!

Purchased: $34,500
Renovate: $ 9,000
Assessment $59,000 after repairs

Bank can 80% LTV which is $47,500: we only need $44,700 the rest is profit.

We are finally at a point that our first property (The Bunny House) is being completed and rented September first...... WITH ABSOLUTELY NO MONEY OUT OF OUR POCKET. And we got paid $3k for the sweat equity we put into the property!

Thank you Dean and the DG community; we couldn't have done it without you!!!!

Regards,
Rohn & Shelley
DeJor Properties, LLC

I have been knee deep in kids getting back to school, football games with son, volleyball games wtih daughter, dating my wife, my day job in IT, and I am taking two more classes towards finishing my degree..... and:

walked through another property,
ran an Ads for the 4-Plex
sorting through applications
doing background checks
offer on DuPlex withdrawn
arranging for an electrician to do some work
arranging for the tree trimmer on another prop
getting the accounting correct in QuickBooks

oh, and get this we have renters paying us money before we have bills or expenses on the 4-plex "how cool is that?"

anyways it has been a frenzy the last few weeks leaving me very-little time to post activities on DG. here is the quick run down of properties:

Old House - Rented
School House - Rented and almost finished being remodeled
4-Plex - two units rented and two being remodeled
offer on DuPlex withdrawn, too much to fix roof & gutters after inspection

Thats the lastest!
Rohn

That's SO cool!!! What a schedule Rohn! Don't forget to mention that you also found a little time to share this with us. Wow, I'm impressed at your drive, I'm so tired when I get home from work, I barely have time to post or pursue my rei goals. I try to make up for it on the weekends but the past few have been distracted with kids, illness and friends in trouble. This weekend I'm devoting to my rei! YEAY! I start to get depressed when I don't keep my forward momentum going.

Continued blessings my friend,

Thanks for stopping in to update your journal. You are one of the DG veterans dedicated to the long haul of REI, and I SO MUCH appreciate watching your progress! It's great to watch fellow REI's just pushing on, quietly working their way toward that REI million. You are a real inspiration to everyone here!

Your Dg sis,

Rina

Rohn & Shelly,
You seemed to accomplish a lot pretty quick. I hope I don't bog myself down in "too much" reading, and get active on doing the things I have been assigned to do in my Training Course I am taking.

We dropped off the radar for a few months now.......

Been going to school, working, attending kids basketball, volleyball and now track events!!! And been busy refurbishing our 4Plex.

A number of activities have slowed down, now we can focus on the NEXT property! Yeah!!

Already this spring we have made two offers and had two rejections..... but live goes on! Just called this morning about another cute 2br 1.5ba one story with detached garage! They want 61K but it’s been on the market for seven months and still available.

Will let you know more later!

Have a great day,
Rohn

They won't budge on the cute house for 61k, So we will wait them out, lol

Had a sewer problem at one of the rentals!!!!! yuck! but I taught myself a new skill and learned a ton! Won't be afraid to tackle those types of issues from this point forward.

Also, it was very effective using Quickbooks reports for our taxes this year since during the year we managed our properties with it. Good investment of time and resources.

Regards, Rohn Everson
DeJor Properties, LLC