MiKessler Daily Investing Journal

Well, I haven't heard the results of my inspection this morning. I was working late on the home helping my contractor finish up a few items so we can get this home done faster and get my inspection finished. I'm anxious to hear.

But also i'm nervous to confront the community owner to now accept applications for buyers. This is the one part I can't believe she has such control over. My eyes have been opened by the potential pitfalls of investing in mobile home communities. When I make my new relationships I will make sure I address this issue before I start a home.

I am just hoping we are going to be able to just move forward, they will accept applications and I can sell the home.

I have a buyers list of about 50 people that have called and are waiting to buy this 1 home. We already have one qualified, but just not with the community. So hopefully i will have someone in by next week. I can't wait until this one is done.

Great news!! I'm starting the next one. Just met with my contractor and he is putting a bid together. I'm going to be completely hands off on this one. I will be supplying some materials I can just call in for, but he will be doing everything on it. I'm really excited for that, things are changing, and I'm really excited for my direction and what it will bring.

Happy to hear about your success, pray for me to get these deals done in KC, have 3 under contract 1 is a LO the other 2 wholesales but have had title issues was sick for while eye stuff but pushing thru, gonna close some more deals soon. See you at nxt yrs edge!

I am just impressed Tony that you have the drive and ambition you do. With your struggles you have in your life, there are so many that just give up. But not with you. Where does your drive for success come from? I have been inspired with your attitude towards life. You really lift me up. Thank you so much.

I agree, I am really excited to go to the edge event again and would love to see you. I will be there next year for sure.

well the city gave me the C/O and I can now sell it. I got a great suggestion from another investor to bring flowers to the community owner and hopefully it will smooth things over. If you have been following, she is a real piece of work. So anything I can do to just sell this home will be helpful.

I'm going to bring her flowers in the morning and talk with her hopefully we can now sell the home.

Once it is sold I will post the numbers, I will still make money, but just not as much.

We have started on the next home now. I have my worker putting a bid together now and i'm really excited about this one. I'm borrowing money from a private investor to fund the deal, so everyone wins.

Women love flowers...good idea Mike! Good luck!

I am figuring out how much it really does make a women smile. Your are absolutely right. I think I will use flowers more often. The community owner responded well to them. She is now working with me to sell this home. Also she even offered to pay for the sod for the home. Wow, i really didn't expect that after all we have been through and the difficult time she has given me.

Well I am very optimistic now and very confident that I can sell it.

Thanks Teresa

Well I heard back this week from my title company that we are clear to close on a deal about 1 hour north of where I live.

I had an agent bring this deal to me. I purchased another deal similar to this a couple months ago. he brought this to me and i'm very excited about this.

The seller lives in Oregon but owns the proeprty here in utah. Unfortunately the seller's wife just got cancer and they are now fighting that. I can understand why they wanted to sell. It is a headache they don't want to deal with anymore. That is why they have given the deal to me the way they are.

I'm purchasing the home for about 68K. The market value is about that. So i'm not buying it for the equity right now. It makes sense as a cash flow property. The best part is. I'm buying it with 100% seller financing and the best part is, the seller is going to pay for my closing costs as well. I'm actually going to walk away from this closing with cash in my pocket.

How many deals do you walk away from a closing where someone just gives you a property and pays you to buy it from them. That was the only way I can figure to make it work for me so it was a win win for both of us. He is happy and is moving forward.

I will be making about a $400 per month in cashflow. I've been picking up some additional properties lately that i'm thinking about getting another property manager to help me with these new deals I'm picking up. My time is being spread too thin.

The sky is the limit on what you can do in real estate. I love helping people, and at the same time putting some money in my pocket.

I have been attending the inner circle camp today helping out students. I love helping others to achieve their goals. But I have also been there for education as well. I love the energy and fire it creates in me to go out and do more and do better. I am here with Jeff Jensen and Blake Mccreight and they are doing a fantastic job. They have a lot of experience and I love being able to learn from them.

My fire is lit again about becoming a full service wholesaler, but I can't do it in my area. We just dont have the numbers to make it work and get a lot of deals with great ROI's. It is tough to make a property cashflow because of the price of the properties here.

Once I sell this home I'm working on right now, i'm going to switch gears and focus on a new area and create a power team in another state. I' so excited for that.

It has been a struggle for me to pay other people to do things that I would normally do myself. I have been using Mickey to show my properties when I am selling them and she is really doing a great job. She has taken charge of these 2 properties i'm selling and she going to get them sold. She had 4 showings yesterday. While I'm doing my own work she is showing these places, I am now duplicating myself and it feels really good. It will cost me some money, but it is well worth it. That is time I can now spend finding other deals and setting up the next deal.

I'm trying to find other areas where I can implement the same thing. I have a contractor that is doing my rehabs and he is now taking my place on these homes. I am now able to duplicate myself now with that home.

I'm expanding and growing. I love it

Last week I started negotiating on a 14 unit multifamily property. The seller isn't highly motivated to get rid of the property, but he is motivated because he is willing to be very creative to get this deal done.

As of yesterday I was able to negotiate the seller to take a note for $1 million at zero percent interest. Yup that is right zero percent.

But unfortunately he slept on it and today it isn't a deal. But he is still on the hook. I'm now re-working the deal to make it work for both of us. I understand what his needs are and i'm really hoping we can meet in the middle on this.

Also did I tell you we closed the nightmare mobile home!!! On Saturday I met with the buyers and they are very excited to be in the home. They are a young family and are loving it. I am so glad to be done with this one.

I just met with another investor this morning and we are going to be ramping things up this year. I'm very excited to be focusing on wholesaling and super wholesaling. It is time for sure.

I am really excited for this focused direction. and I hope I get those 14 units. It will be a great deal

I had a deal come to me last week and I got it under contract. A home in Cottonwood Heights which is a really nice area and very desirable.

I got it under contract at $243K and the home needs about $40K in rehab. The ARV is about $340K. I have been working this deal and working it.

I knew getting into it the numbers were a little tight and am still hoping I can re negotiate with the sellers. I just responded with my agent to do a counteroffer.

I have buyers that want this deal but at a better price. Hopefully we can do it still.

I'm actually really excited to have my own office space. I got a really good deal on it that I negotiated heavily on. I have some family members that own an office close to where I live and they gave me a good deal.

But it is a step for me in the right direction. I'm excited to have a new focus and a new direction. I have some new connections on deals out of state and I plan on following dean with super wholesaling. I am working on buyers right now and want to just kill it this year and next. I have to get this system down and moving so I can move with the market.

I am going to sit down and re evalute my goals and direction. put them on paper, so I can see them and work on them every day.

It is going to work, it has to work.

Congrats Mike on getting an office! I was reading a few posts above where you mentioned super wholesaling...what is that? (compared to just "wholesaling")

Matt and Dean have talked about super wholesaling where you are selling turn key properties and have a system that your buyer can buy multiple deals from you buy refinancing them with a local bank. Then that buyer can buy another deal with the same money.

I have 2 deals right now we are going to be selling. I'm just putting together the marketing for it now.

They are in Ohio and we are all into them at about 25K, we are selling them at a 12% CAP to the investor he will be all in at 39K. We have the property rented and a bank there he can refinance the deal, pull out the 39K and buy another one with us again. We have a ton of these that we are trying to move right now.

That is where we are heading. I'm building my new cash buyers list for these properties right now. I'm so excited for this direction and cant wait until I close this first deal in Ohio.

Well i'm working in my office now and I really enjoy it. I working with another investor Ryan and we are having a great time working together on some deals.

I have been putting together some campaigns to find buyers. We really need to expand our money and cash buyers for deals. We are going to really ramp things up and we want to be selling 10 deals a month 4 months from now. Our goal is to sell 1 deal by the end of this month. I have a lot of work to meet that goal. then to sell 3 deals the following in sept, and 6 deals in October. Then coming November we want to be selling 10 deals a month. Which means we really need a lot of cash coming in.

Wow, that is a lot. i know we can do it though.

I have been calling buyers like crazy the last day or two. I'm trying to get a huge buyers list in Ohio. We have amazing deals that are giving great ROI returns.

Also we are focusing on buyers that professionals. i have been been focusing on finding buyers that are doctors and business owners. I have been getting some response, but I need to find more. We need to get money rolling in. My partner ryan has been finding deals and we are ready to go to sell them.

My goal is to sell at least 1 of them by the end of the month.

We can do it.

Well I have been calling and calling. And this week will be filled with calling and calling for buyers for these properties in Columbus. I still don't have a good buyers list. I have just reached out to some investors in the area that are buying properties, they are currently looking at the properties right now so we will see.

I'm reaching out to new investors everyday, so it is only a matter of time to get these sold.

This morning I just got a confirmation from a local bank here that will do some amazing loans for me. They are commercial based loans, so not on my personal credit.

They will finance up to 70% of a purchase. Normally I would have to put a 30% down payment. Well with them they will allow that down payment come from the seller.

So i'm working on my first deal, it is a 4 plex. I just negotiated it this morning for 300K. It will comp for about 340K so i'm really hoping I get this due to the great income and price.

The seller is going to finance 100K of the purchase and I am putting 200K down. Well that 200K will come from the bank. I should be able to purchase this property with no money out of my pocket. I really hope it goes through. we will see.

Also I just bought a new mobile home this morning as well. I just made a great contact that is going to be amazing. He is another investor and has too many properties he can't handle, so he sold this one to me at a great price. He and I are going to work together on some things, he is a very nice guy. i feel really lucky I have met him. he re-invigorated me to keep going with MH's.

Things are really looking up, I'm very excited about the things we have going. We need to find more money and we need to find more buyers with cash. That is what I have to focus on.

finance what bank is it? I have been trying to refi a group of houses but it isnt wrking out very well. Its the loan to value thing our assessed values just dropped again.. I want to di commercial also Any advice is appreciated.

Donna,

I have been looking for a bank like this for a while now and I got lucky. I was networking with a property manager and he gave me the referral to the credit union. Unfortunately they only lend along the Wasatch front in Utah. They are Wasatch Peaks Credit union. Just like Dean teaches it, it is the smaller local CU's and banks that can do these creative loans.

I'm negotiating my first contract right now, hoping I can do this loan. I will keep everyone informed on the results of how it goes.

I love Mexico. It is an easy place to vacation and it is wonderful. They make the best Carne Asada tacos, mmmm, mmmm good.

I was only there for a week and it went by way too fast. I just don't know where the time went. It is amazing how fast time goes.

I was with my whole family and we had a great time. We stayed up late playing games, my kids loved the pool and ocean. We collected a ton of sea shells and wow it was amazing. I can't wait to go back.

The cool think is, I got a deal accepted while I was away. a 4 plex property that is for a good price and has 30K equity in it. I'm looking to wholesale it off. I have some investors looking at it right now. Hopefully they will take it, my timeframe is really short. If nothing else I have connected to a ton of new investors in my area. I'm very optimistic I'm going to wholesale a deal here soon. I'm working really hard to make it happen.

I have loved seeing the progress of some of my deals while I have been gone. I have 2 mobile homes that I am finishing up and my workers have been finishing them while I have been on vacation. My assistant is now selling the homes and thinks she has a couple of them sold. Yesterday I just gave her some additional incentives to sell these home quickly before the end of the month. I have 4 Mobile Homes i'm selling and I'm excited to collect new deposits and have these investments going.

Onward and upward

I had a 4 plex I was trying to wholesale. It was a fannie mae deal. I used besttransactionfunding.com for my POF and they had no issues with that. I had it accepted.

I did find a buyer that wanted it, but unfortunately he needed it at a reduced price. The seller wouldn't go for a re negotiation on it and we lost it. I will follow it and see if it comes down in price. Maybe I can pick it back up.

Well we move onto the next one

I am working on these deal in ohio and I need to call more of my buyers I have. tomorrow will be a full day of calling.

I have a buyer that is talking a good game, but it is really funny. the offer he sent over to me was really 1 sided and I asked him to make some changes to it so i know he is a real player in this game. He tried to walk away from me this morning and I put him to the fire a little and said look. If you are a real buyer the conditions I gave you should be hard to handle. They are very basic and should work for both of us. I just want to make sure I'm not letting someone control my property for 30 days and not be a real player to buy this thing.

We will see where it goes. I'm excited to really connect with some real buyers that want to make money.

Keep moving forward.

Good job buddy, good to hear you are rocking it, I am investing in OH now myself now, just building my buyers list & finding a realtor, great area to invest! see you at next yrs edge.

Tony you are an inspiratoin to me. You just have the drive to succeed in your life and are a great friend. I appreciate your support.

Where are you investing in Ohio? How is the buyers list coming? Let me know when you close your first deal there.

Thanks

Hi Mike and all,
I haven't read you whole journal yet but what I have read in your responses and others have posted is pretty inspiring. I'm new to the game and was hoping someone could give some guidance with respect to the mentorship programs. I was recently contacted by a guy from Income Solutions saying they work with Dean to mentor people through the beginning learning curve to get the first deals going. I'm thinking that is different from Deans Academy I see on the site. My question to you and all on this string is if any you have gone through any of these programs and can you offer any advice and or experiences as to how it helped you? I'm thinking that Deans Academy would be the way to go versus the other but again would like to know if anyone can give some feedback on this.
Truly inspired by all the great advice and example I see going on in your journal and know I can get to be like you guys too!
Thank you for any help...Tom

Tom,

Thank you for your response. I love keeping this journal for myself because it helps me stay accountable for my time. But I'm also glad it helps others be inspired to do better. That is what deans family is all about, helping each other to achieve their goals.

I'm not sure who income solutions is, I know they aren't a part of deans program. If you are looking to help, consider joining the success academy or inner circle programs. As you can see from the many posts of students of dean he has helped thousands of people build their real estate businesses.

you can call the these programs and talk with Customer service at 800-860-8068. They will be able to get you in contact with a rep that can get you going with your business.

I have love real estate, and using this engine to achieve my dreams in life. It will also help you to where your want to go as well.

Thanks for following.

Mikessler

Thanks Mike! Appreciate the advice!

I love spending time with my family. On monday this week I was in lake powell with my wife kids and some cousins. We were boating and I was on a tube with my 2 oldes kids 4 & 2. They are so much fun. I can't replace the time I was able to spend with them. We were on a tube for about 30-40 min strait and my little 2 year old boy was just loving it. At first he resisted. But after his confidence was built up he was having so much fun he didn't want to get off.
My 4 year old daughter is so goofy and fun we can have a great time no matter what we are doing. Her and i are very similar and we just love playing around.

Spending time with those 2 just was priceless. I will remember that forever.

Now here is the trade off. I love working and I love real estate. I could spend all my time with my family traveling and creating experiences like these with them. But then I still in my journey creating the financial future for myself and my family. I can't do both simultaneously. Finding balance is difficult.

Coming back from a great trip it can be hard getting into the groove of things. Sometimes my body and mind resists. But then I read my goals and my success statements and I'm re committed. Just today I have been writing down what I need to be working on and keep achieving my goals.

September has been a great month. We were able to sell 3 of the 4 trailers I own and now have the loans going. I'm really wanting to sell that 4th trailer. I'm very motivated to get this one sold, it is costing me money now.

I'm really going to be working hard this month. I'm excited to report the success.