How I turned my skills into a $200,000.00 Apartment complex

And I can't BELIEVE what you guys get for rent out there! THAT is awesome!!!!!!!
She's baa-aack... LOL

Rina

Thank you Rina... I AM BACK...I think you and I had the discussion of what path I am now on and I mean to burn a hole in the road getting to my million.

Good job. I am very impressed with that one. Good for you. And good luck.

I'm taking another highway. No chances havin' you run me over! LOL
I'll meet ya there!!!

Luv ya,

Rina

He acted so glad to get it off his hands because the two tenants he have in there now are only paying 500.00 per month and one has not paid in 4 months and he is too cheap to pay for an eviction so he just let them stay. I went by there today and gave them a letter stating I was the NEW OWNER and that all back rents were due in 3 days or they must vacate property. This guy told me the hell with me and I wasn't getting a dime from him so I politely went on to the court house and spent the money for an eviction - A SQUATTERS EVICTION! He actually is not the tenant that signed the lease, she moved out 2 years ago so he has just been living there. I gave the other tenant the option of staying but informed them that the rent would be going up and what it would be.

So getting 2500 monthly must seem like the kings ransom compared to what he is getting now!

You are the "TERMINATOR of NEGOTIATIONS!" LOL! Great job, you are AMAZING and you continue to inspire us ALL!
Continued blessings and success,

gotta admitt, a little jealous, well it just goes to show you, ANYTHING is possible-i guess.....SULLY

i know some of the deals i come up with seem kind of strange but like I keep saying, if you don't ask.....well you know the rest. I have found tat if you run across a great deal dont look or sound anxious...stay calm and throw out some ridiculous offer and see what bits. I think you will be surprised

Thanks for sharing Anita!

You gave me some additional ideas on approaching my own 4-plex deal here in Iowa. I am still search for the best method for creating / paying off the necessary downpayment for this deal.

Thanks again,
Rohn
DeJor Properties, LLC

Anita, I have to say that is the biggest thing I've learned from you. Confidence. It's weird. We are SO opposite and yet have become such good friends. Every time I'm scared of something I say to myself "If Anita can do it, why can't I?" Now that might be PARTLY competition, but I'm so glad to have it. You and Elena (and cbr, and others) just keep pushing me up and up. I appreciate it so much, and I know others do too.

Rina

Nice going, Anita,

Those units sound like they have real promise, and you're doing the neighborhood a good service, too. Good service deserves compensation. The local newspaper might even do an article on the project, attracting good tenants for the refurbished units.

This is also an excellent exposure to some of the worst sort of tenants; get that solved and it will be clear sailing. Just don't ease up on the credit checks and keeping bad risks out. A bad tenant is worse than no tenant, just keep repeating that.

What interest rate did you end up paying the seller? Or, maybe he settled for zero interest? If so, don't worry, the IRS will impute some for you.

cactusbob

Hi Anita, My name is Linda purchase Dean's book and AFF program. I listened on your conference call and watched/read to all your advised in the forum. I found property here in Rancho Cucamonga going in foreclosure 5 payments behind listed by realtor. I will make my offer today but I do not want to lose my $1,000.00 deposit if i cannot qualify for a loan.

Appreciated very much if you could walk me thru some of the critical paragrah to fill in the contract.

Best regards,
Linda

Wow, that is SO awesome! Great job and THANKS for sharing the information with the rest of us!!

And, by the way, that's the way to kick butt on the squatter in the apartment as well! *LOL*

Mike

Sounds like a good deal.....GREAT JOB!

If I read it correctly you will be paying $2000 a month on the REPAIR LOAN of $72K ????

What is the terms of this repair loan?

What a positive and great way to get an apartment. You have to talk to people and don't be afraid and listen closely. You were fixing a computer and ended up making $200,000 on an apartment complex. Way to go! You are a great mentor and we will follow in your footsteps. Thanks Loria Gathings

I will be paying 2000 on the 72K repair loan - borrowed from another investor friend with no interest so I am trying to pay it back ASAP. You know what I mean. Until it is paid that hold a 10% equity interest in the property.

Hi
Thanks for the nice words of encouragement. I really appreciate it.

Hi Linda

Go ahead and make offer and make it contingent upon you getting financing within 90 days and put down your earnest money. Actually if you are just making an offer give them a copy of a check made you to the escrow company and that should be good enough then if offer is accepted give them actual check. You can use that copy of the check to make multiple offers on multiple properties you dont have to write one out for each property but just make it good when offer is accepted.

Thanks Anita......My next problem, I have a hard money lender and he is qualifying me for the loan. Thought they do not care about how much you make,see i have a home business also ( travel agency)licensed and bonded in CA as well me working full time.....Wal-mart Super Center. Do you happen to know other hard money lender and if sooooo, kindly spare some of your list.

Thank for all your support and God knows how you help others in return he gave more blessings.

Looking forward talking you again.

Regards,
Linda

Anita, I have been reading your posts since you got started. I must say that I am very impressed with your progress. If you ever get the desire to come out to upstate New York, where the props are still cheap, let me know. I will even let you light the fire under me to get me going. I watched a prop for the last 3 weeks asking a foolish 40k for a 3br 1.5 bath house slip right away from me. Send me a blow torch to get me going. Good going girl,...Jan

Ok guys, for those of you that need it go to the search bar up left corner of page and type in hard money lenders, hml

Anita, you inspire so many of us in the DG family! What did I learn from your post? I learned that there are stupendous deals out there if we just keep our eyes and ears open and our brains always in gear. I also learned that I really have to get over my fear of talking to people and ask questions if I ever want to be as good as you!

Thanks for keeping the fire to my feet,

Roni

got it, your paying 0% for 36 months. Total monthly payments are $4500. I hope you get those units rented out soon...$4500 a month out of pocket ...ouch

I was going to ask you: If you have time, that would be fascinating to watch the progress of your property go from unlivable condition to luxury. (I have no doubt that it will!) I don't know if you have pics, but that would be awesome. It will show people just how much potential these "ugly" buildings have, and the timeline of such a process. AND how important it is to know comps and get as close to accurate repair costs as possible.
IF you have time.

Thanks,

Rina

Yes I will. You guys know I am big on that one. I think I am actually the only person to attach pictures to my post...lol...but it would be a pleasure and as for the 4500.00 per month. Its not a lot compared to what I will eventually receive. So the numbers worked for me and I am pretty happy with them. I know th work will be long and tedious but I am doing one unit at a time and renting it out immediatley s wish me luck

And we do wish you well. (not that you need luck. It's good old hard work and thinking a little different paying off. )
I'll work on learning how to put pictures in, too. (and post some numbers. )

Rina

No wonder you haven't been on DG post for awhile. You were out there making another deal. I'm so proud of you girl and more power to you! It tell me that not only you were thinking a little different, but you were pushing his magic buttons. That was a heck of trade. Fixing a computer for an apartment complex, LOL. Congratulation Anita and you deserve all the success that comes your way. Keep up the good work and know that you inspired us all.

LLL - Thanks Lorina! LOL

Hi Anita, finally i found hml when i attended the meeting REI CLUB it happen that night one of the presentation is about a company happen to be hard money lender. I showed the information of the property, comps and my offer ($238,000.00). Asking price $259,900 and they are giving me a loan $260,000.00 plus she did not ask any of my pay stub, tax return. She sent me formn to fill out and i did faxed it back to her soon as i gave her the trustee sale date she will give me a letter. I submitted my offer as you said a copy of deposit check ( $1,000). Now I am waiting coz my agent told me they are accepting more higher offer which is fine, there's plenty more, right Anita?

The property comps is $399,000.00. My plan is to fix it and sell it in 2-3 months or
refinance and lease option for at least 3yrs.

I am learning from you by reading all your advised to everyone, and also I'm thanking Elena for her support when i needed one.

Goodnight everyone, I have to work early tomorrow - Walmart.
Linda

hi there wow your doing great, i was wondering about you , i admire what your doing , im still on my first deal up here, i will belooking again ,
mike
alaska

Thank you, thank you, thank you! It is too encouraging to NOT just hear what so many of you are saying but also what you are doing! And...it would be a great mentorship for us newbies to hear the ongoing story as it unfolds.

My "take away" was that you are constantly thinking "outside the box" and whenever someone mentions real estate, you listen, think differently, and then negotiate. What a role model!

Some folks talk the talk (but don't take action), others walk the walk (but don't share their insights), but you "Walk the Talk" and in so doing are helping many of us looking to go and do the same.

By the way, I really liked cactusbob's idea to turn this into a Public Relations event...many folks reading it will either be interested in it themselves for renting OR certainly know someone who would like to (as it transforms)...what a community service you are providing!

PS) Oh, and it sounds like you'll make some money as a by-product!