WI Mentor?

Dawn, I am not a mentor,just a member of the DG family also. I can see that u are just starting and you should know that there are plenty of people at this site that will help you as much as possible. How far have you got in the BARM book.It would be sort of hard to advise what you should do at this point if you do not know what areas of RE you are looking to invest in...Let me know ...Jan

While I'm not a mentor either, and I'm at the opposite end of the state from you, if you'd like to bounce ideas off each other, I'm game.
I looked at properties in WI Dells a few months ago when my family was down there. It looks like you have some good opportunities in that area, especially with the seasonal rentals. Only problem for me was being so far away. The realtor I met with down there said that property managers can ask up to 40% in the hot-spot tourist areas.
Are you looking to find deals in your metro area or just anywhere nearby?

Keep in touch if you like. And welcome to the DG family!

God bless,

Rina

P.S. Jan, thank you for giving support. I'm impressed with your posts and your dedication to the mentorship program.

Jan, I completed the book a few weeks ago, processing all this info has me running off in many directions! I appreciate your input. I have been reading many of the forums here every day (darn near)and it's a lot to absorb but I'm hanging in there.

Rina,
I'm excited you're from WI! I've read many of your posts, you're my hero!
Since I'm starting out, is buying a rental (SFR or Duplex) a good idea? There are some bank owned homes here (Portage) and rental units as well (not bank owned). Example: My realtor gave me specs on a SFR for $62,000 that is bank owned and needs some foundation repairs (support beam in basement). It was listed for $79,900 to start. It looks like a good deal but my husband is kinda freeking out on how to buy it. (I told him to read the book too) Financing is where I need the help. I read about finding someone to assign a property too, hard lenders and cannot use a HOLOC at this time. I am sooooooo anxious to get the first deal but must admit, I'm a little scared as there are not many buyers out there. I could use some help finding them!
I still have "assignments" to do but I'm nearing completion. (My dog had surgery so it set me back a week)Getting my ducks in a row still... I am open to buying outside my community, the Dells, Baraboo are only 30 min away, not a bad drive for the right opportunity.
I appreciate any advise you can give me. Thank you so much for responding Rina!

It's awesome that you are so excited! That will play a HUGE part in how well you do with your REI. I would like to suggest that you first get a team together. Start "interviewing" realtors. A great realtor will play a key role in your success! And if you haven't already, start looking at LOTS of properties and get yourself linked by e-mail to recieve new listings as they are entered in the MLS. Get to know your target area, or research properties until you know where you would like your target area to be. You've got your work cut out for you, but you will have a blast doing it!

When you say you have a few more "assignments" do you mean you are already with the mentorship program (Success Academy)? Just curious as to what you are working with.

I'll keep in touch and I wish you MUCH SUCCESS!!!!!

God bless,

Rina

Hi Rina,
Boy, I am excited!
Yes, I'm with the Sucess Academy. I have a realtor, on an email list and in the process of setting up LLC (using zoomlegal) and business phone. I need to set up appts for viewing homes/units around my husbands work schedule. I have talked to my CU about a business account too. I don't know if my realtor will get anoyed if I look at lots of properties but don't make offers on all. She too is an investor so maybe not, guess I should ask her huh? The east side of town is low-mid level income so that's where I'm looking. I want to look at everything! There is a lot for sale and have seen pre-forclosures in town thru 4closurealert. I have no idea what "miscelaneous documets" means, but most have it. I plan on going to an auction to see how it works as well. (I just wanna do it all and hope I'm not getting the cart before the horse!) Would it be a good idea to look at 2-3 unit rentals, not just SFR? Lots of rentals in my area. Thanks again,
Dawn

I just prefer SFRs because once you get someone in, there is not much else to do except the "occasional" repair. THEY do all the yard maintenance and such.
On our duplex, though, I just give a discount to the tenant who wants to do the work (under contract of course), so we still don't have to put time into that area. Of course, if you have a property manager, none of this is a concern.

As far as looking at houses with your realtor, she shouldn't mind. She knows you're doing research. If nothing else, do a lot of driving through neighborhoods, and ALWAYS check out new listings right away. Remember to be watching for vacant houses and FSBOs too.

Dawn, if you have the coaches and the program, you have the best there is to work with. It's just a matter of a short time 'til you get your first deal!

Good luck, and keep in touch. I'm excited to hear what you find!

Rina

I will call my realtor today & set up some appts. Have you done any assigns? I'm not sure I could find someone around here, all the ads I look at don't offer a finders fee but will "buy your ugly house"! No contact info either.
I wouldn't mind "buying" and renting/lease option, but with no available credit (or cash) and being a new business, would a hard lender be the way to get it? You've been great, I DO appreciate all your help. Go Packers!
Dawn

You're welcome. I am in the middle of trying to do my first assignment. I've had a little trouble getting the realtors/title company/REO Banks to see things how I do. lol (you can see in my journal) Anyway, we (my investor and I) are working things out one way or another.
You know, I checked into the "We buy houses", "We buy ugly houses",etc., websites and haven't found any that deal in our area. I even had one e-mail saying "I want to buy your house" and when I answered it, of course, it didn't apply to our area. haha Have you had the same experience? I would hope near the bigger cities you would have more opportunity. I mean Wisconsin isn't Timbuktu for goodness sake.
btw, if you find some great deals and lock them up, I believe investors will seek you out. That's what happened to me. But keep checking out all the avenues. You can only gain knowledge from it.
And check out the FSBOs. I'm sure you can find a NMD deal to keep for yourself. I know how you feel, wanting to try EVERYTHING! The coaches will keep you in line. Hopefully you'll be SO successful, nobody can keep you on a tether.

Have fun looking at houses this week!! Start a journal if you want. We can chat in there and you can keep track of your progress.

God bless,

Rina

Every time i come up with questions to ask some how i come across one of you forums and you answer it for me.Maybe becouse im new .But i was on Reo network .com and they gave me Brokers, Agents, Outsourses and a Realtor that deals just with reos.Couldn't i just use a reaguler realtor in my area? I read the book and been on here reading four to seven hours a day,and im ready to make my team.And that was my question,were to start.I'll start tomorrow making phone calls.Thank you rina and everyone with your Q&As.By the way i found an auction with two houses at half price, 50k worth 131k and 110k worth 220k. Wish me luck.

Great job on your start in REI! I know what you mean about the 4-7 hrs a day! LOL I can't tell how much I've learned from reading in these forums every day and getting to know people here. It's an awesome place to grow!

I wish you all the best on gathering your team members. It will be fun meeting all the new people, and you'll learn a lot just from interacting with them.

And I DO wish you luck on your auction houses. Please keep us informed on how it goes for you!

God bless,

Rina

Welcome to the DG family, as we call it, we're so happy to have you both here!
Dawn,
Let me say that you are so lucky because Rina is the QUEEN of WI deals. She can help you with all her experience and knowledge and the rest of us will also help you as much as possible, as I'm sure you can already tell... LOL! I know you're swamped with a ton of information, but try to start with one thing. The one thing that appeals to you most. If you're all over the place then it's harder on you and wears you down quickly, especially when obstacles hit. We look forward to hearing from you soon with many successes on your rei journey.
Fred,
Sounds like you've got a plan. Way to go!! Yes, you can use a regular realtor, if they fit your criteria that's all that matters! You want someone who understands what you're trying to do and if you find one, that's who you need on your team. Let us know how the auction goes, we're all rootin for ya!
God bless you both,

This forum (thanx Dawn/Dean) has been instrumental in helping me understand that one needs a realtor, investors, and then sellers...can appreciate the feeling of being overwhelmed as I am just starting as well and it feels a bit like playing pin the tail on the donkey...lots of excitement but still getting my bearings, learning the lingo, and trying to develop a strategy...

Rina, your honesty and sincerity show through loud and clear! Thanx for being patient with us newbies cause it all sounds good...like being in a candy store and finding out you've got five minutes to get all you want...deliciously intoxicating yet a bit scary all at the same time...

We're ALL scared when it comes to trying something foreign to us. I know I was terrified!! I didn't have a team in place when I did my assignment I did it all by myself, with a bit of help from a friend who laughed at my mistakes. I just took a leap of faith and it worked out fine. I made mistakes left and right, but the seller was patient because he knew I was trying to help him not scam him, and I was glad that he was willing to work with me. So it's a people business, most importantly. At least it is to me. When I first started my rei training they set our homework to go out and find deals and make 100 offers. I wouldn't do it, not because of fear either, but because I thought, wait a minute that's MY name I'm signing here, I don't want to put my name on a cold, low ball, insulting offer. Why would I want to be known for that? I got into rei because I wanted to help people out of a tough situation, of course I expect to get paid, but at what price? Not the price of my itegrity, or dignity, that's for sure. My point is, sorry to ramble, that if you search the reason you got into rei in the first place; is it the money or to help others? Hopefully to help others... Then remember that and go out and help them. There's too many people losing their homes that need our help! They don't care if you make mistakes, as long as they know you're ultimate goal is to help them, they'll work with you through any mistakes you make and everyone will be happy with the end result.

Did you mean I sounded ornery in here? LOL (PM)

Hey, guys. Sorry if I sounded too serious. REI just gets me going. I'm still in a VERY light-hearted mood when I'm posting. I just LOVE talking about this stuff!!

REI fanatic,

Rina

Lena & Rina,
Thank you so much for all the advise & well wishes. The support you give is fantastic! It's hard to take baby steps when you're so anxious and excited but I'll do my best. I agree with Lena, I am VERY lucky to have you in my corner Rina! (and you didn't sound ornery to me) I'm taking the bull by the horns! What? Obstacles? These are just stepping stones to great future in REI!

And to my fellow newbies I say...Look out WI, here we come!
Dawn

You got that bull under control down there? lol
How goes the search?

Rina

Well, My bull is still kicking un-fortune-etly!I have set up 9 viewings for Friday (My hubby is off, on Fridays that is). I have been checking Craigs list for "partners" to no avail. How is your assigns thing going? That would be the ticket wouldn't it? I can't seem to find anyone around here that wants to buy. That little 3/1 house for $62000 got an accepted offer so IT'S gone. I'm still looking! I really don't know where to go from here. Do you belong to an REI club? The one in Madison charges $80/yr per couple after the first meeting, sound like a good opportunity to meet people though.
Please let me know if you have any ideas. When I was reading the forums I noticed there are others having problems with assignment, glad it's not just me!

Dawn

We'll get those assignments to go our way! Just a matter of knowledge and time.

Sorry about the 3/1. Water under the bridge.

Man, If I had an REI Club to join up here, I'd be storming the first meeting I could!! Get in there, girl! THAT will be such an advantage.

9 viewings on Friday! That's great! Let us know what you find.
Have you been able to get pre-approved from a lender yet? Having that letter will go a long way in your leverage for making offers. Also, a bunch of us are checking into a funder for double-closings that Sissy found. Check out this thread.
http://www.deangraziosi.com/node/8643

Have fun, Dawn! Keep in touch.

Rina

I just got my LLC through legalzoom today sooooo, in a couple weeks I'll have the EIN to open bank acct. Can you get a line of credit on a new acct?
I'm thinking no. I already have a 2nd on the house, kina puts a kabosh on the HOLOC thing.

I sent Sissy my info too. Is this guy a HML? I haven't heard from her yet.
Don't you know anyone that wants to just GIVE it away?! lol!

How far away are you? We could go to the club together! There is a meeting on the 21st, I plan on attending. Maybe I'll meet the moneybags I'm looking for...ha! Btw, I'm looking at a house where the owners owes over $3000 in taxes...could help the deal but I need someone to BUY it from me. ugh!

I'll keep you posted.
Dawn

Get your d&b number too so you can build your paydex score. Then you'll be able to get business lines of credit! That will help you get the cashola you need!!!

I thought I saw a thread on how to do this somwhere...I'll look around.
My CU requires $1000 balance for a biz acct, (or you pay monthly fee)are there other banks that don't require this or is it standard?
When I applied for the LLC, Zoomlegal's site offered a Chase business credit card (I already have one)should I have taken the offer? Maybe I should apply and transfer the charge for the "program" and put it on there? What do you (or anyone) think?

Dawn

You're welcome. CU is your Credit Union right? They have more stringent rules than a bank does, mine is the same way. Although, they're great for alerting me of charges that may not appear to be mine, they don't give me loans without jumping higher hoops... LOL! No, other banks will do it with $500, maybe even less, shop around. Chase is good, also Capitol One, I have a link to a site but it's on my laptop at home. Yes, I believe you can charge the 'program' on your business credit as educational training for your business... But of course, I'm NOT an attorney or accountant, nor do I pretend to be, so I want to make that disclaimer clear!!

Dawn, good luck on the house hunting today. Hope you find a winner or two.
Wish I was close enough to go to the meeting with you on the 21st. I'm 6 hours North.

I spoke with Sissy's guy yesterday. Very nice fellow. The huge advantage of using him (his source) is that they will provide you a Proof of Funds letter to use when offering on a property. You do, of course, have to find your own end buyer to purchase the property, but this allows you to have more clout when looking at REOs and such. They are not actually "lenders". They just back the transaction for you. Their name is never tied to the title. They will fund anything from $50K to $50million, but they do have a flat fee for anything under $100K, and take those on a case-by-case basis. If you'd like to talk to him, please go through Sissy so she can get credit for bringing this resource to our attention.

When I opened my business account at the bank I was able to get a business Visa card right away with a nominal $20,000 limit to start with. I haven't checked into an actual line of credit yet, but I'm sure Elena won't let me get away with that for long. lol
Here's a link to the business credit thread that Anita had started. Hope that's the one you were looking for.
http://www.deangraziosi.com/node/6777

Well, again, good luck on the 9 prospects today. Bring along your inspection sheet to practice that (although I wouldn't take TOO long at each place being you've got so many to see today). And, of course, pay close attention to the neighborhoods. Make lots of mental (and written) notes.
Most of all, HAVE FUN!!!

God bless,

Rina

Ah yes, so many properties, so little time...I'm just itching to go! I had to copy the inspection sheet from the website, my PropTrend software won't let me register...been trying to get that straightened out for 2 weeks now. Hurry up and wait! My husband found a handyman who is just starting out himself, to add to our team. He does EVERYTHING! I'm so excited!
We will meet with him hopefully this weekend to discuss things. One of these properties are bank owned and a couple duplexes are out of town owners. A couple are SFR's that could easily be converted to Duplexes (may be asking too much to flip as SFR) and One 4 plex (only $149,000). Wanna partner? lol!
I hope to make a few offers after today. Yahooooooo!

Thanks for the tip Lena, WF has my first mtg, maybe I should check with them. Chase LOVES me! They are always sending me offers for their Platinum business cards. Hmmmmm?

You guys are great! I soooooooooo appreciate all the great advise and help you give! You're like sisters only without the fighting!

Dawn

YES! That's the post I was talking about, when you get a chance go to the post I put in there about the credit cards, click on that link. Look at the details on many of them. They say the first 12-15 months you get 0% interest on them!!! There's at least 4-5 of them that say that too. So start applying girl! Yes, Rina I AM going to ride you like a Turk-croc... LOL! You need to get started on building your business lines of cashola woman, why are you waiting??? This will catapult you into the next level!!!
Good luck on your properties today Dawn, let us know what happens.
Continued blessings everyone,

It was a dissapointing day, sorta. I liked the 4 unit as it was half renovated already but the other half, not so good! The tax house is nice but won't cash flow, the cheap one in the nice neighborhood? Well let's just say... if you like walking like you've had a few too many, THIS is the one for YOU! Pretty much sums up most of what we looked at with the exception of a nice Colonial ($119,000)and I believe it's in forclosure. It's not perfect but would make a nice rental. I'm talking to the coaches on Monday about the FSBO I am looking at Sunday. Did I tell you that? I found an nice FSBO!!!!!
This one could be the jewl we're looking for. The father passed on and of course it's totally paid for, appraised at $112,000, asking $119,000. (She really told me that...I think she likes me)! I won't give up until the last house in town is gone! Wish me luck....

Dawn

Well I'm sorry to hear the bad news, but glad to hear it ain't over until the fat lady sings... LOL! Keep us posted on the FSBO, those are MY favorite kind of deals too!!! The lady liking you is a BIG plus for you, go the extra mile to show her you truly care about her and it's as good as yours!
Good luck, God bless and keep us posted on what happens...

That was some GOOD homework! It really helps you be able to spot a great deal. And I know the whole concept is to make LOTS of LOW offers in order to get a few accepted. Of course do that, but once in awhile a wonderful "too good to be true" comes along and this way you'll know it when you see it.

Good luck on the FSBO! Use your people skills (you're obviously very good at PR) and get yourself a great deal. I'm sure you'll be doing the family a favor, too. I LOVE your determination!

your DG sis,

Rina

The FSBO was in great condition, only needed a roof replaced (owner would do it himself or take if off the askingprice). The husband wants to sell so he doesn't have to pay for heat & utilities this winter but the wife has a STRONG attachment since it was her fathers house & she grew up in it. I really don't think they would consider a low ball offer just to dump it, they have had it for 2 years and counting! I'm walking away from this one.

Looked at a house last night, owner bought another house before selling this one so he needs $900/mo to keep it (per the realtor). It is a total fixer, outdated and in rough condition and they're asking $89,000 for it. WAY TOO MUCH! The realtor also said they just refinanced the NEW house they bought so no chance of seller financing either. The hubby thinks we'd have to gut it but it's not that bad. (he forgets we're going to "rent", not live in it!)
Geeeze honey, rehab before you sell after the market improves...right?
Ya gotta laugh!

Elena, whats a d&b number and how do i acquire one?

Jeff from washington state