Teresa Jo's journal

I went to LegalZoom.com and went through the process of getting an LLC last night. The name I selected for my company has already been taken, so I'm trying to come up with a name. Any suggestions on how to come up with a name? Or suggestions on what not to use?

Look at you,nice glad it went well with the agent when we do find a great agent it is sooo cool and we can learn from them even more about investing so good job. Why don't you call your co. TJ Company LLC, just sayin. Great job.

Until you are going to actually put properties into your name, you don't really need an LLC-unless you are going to buy bank props and use Michael's technique. But then you would want to probably have one just more specific to the property, so you could just hand it off easily.

An LLC would be to protect your assets in case something were to happen. If you have no assets, you are really just wasting your $$. This is what I was told by a CPA. I am not one, of course, or an atty. You may want to ck with one before you go to expense that is not necessary right now. I spent a lot of $$ on that that was wasted.

Karen

I cancelled my LegalZoom order tonight. You are right...I need to wait. I couldn't find any good business names that weren't already taken. I went to the website where you can find out if the name you choose is already taken, and sure enough, several of mine have already been taken. At least now I'll have time to think of a good one!

I recently joined IE (Insider's Elite) so I'm sure I'll learn a lot from that site. Put out 24 signs this morning. Got contacted by an investor via BiggerPockets.com...says he wants to buy here in April and wanted to know how the market was here.

I have about 2 weeks off for Christmas and will make some offers thru my real estate agent. Was contacted by a guy from HomeVestors...says he has a house and was looking for a buyer. I let him know that I wholesaled, so then a couple of days later he contacts me again and said he had spoken with a Title co. and that we could do a double assignment. He gave me a price of $115k. He started out at 119k. Not sure how a double assignment works. This particular house needs the following "in order to obtain the full retail value of about $160k"--

interior paint, replace carpet, update interior lighting, add oven/range, exterior paint, replace garage doors, replace pressure tank for well, replace propane tank, replace water heater

The house was built in 1983 and is 1894 sq. feet. It's got nice wooden floors and sits on a 1 acre partially wooded lot.

I'm thinking that the rehab would be over 20k for such a large house, esp. since it needs a new propane tank.

Advice? Has anyone done a deal with Homevestors?

Do these numbers work?

Karen

To answer your question...yes, the numbers work but how do I present this to my buyers since I'm going through another wholesaler?

Take your 160.000 x .70=$112,000

$112,000-$20,000 repairs=$92,000

$92,000-? ( your fee)= ?

What you are talking about doing is called a daisy chain, which is the same thing TC was asking about today. Here is that post and what I answered on his.

http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...
starting at post #121

Maybe some other people have some other ideas

Karen

Yes, I just read the thread about the daisy chain. Thanks...makes sense to just split the fee with the other wholesaler. Now if I can just get the price down to about $85k I'll be doing good...LOL!

Keep in mind also that I only used $20k as a sample repair figure. I have no clue how much some of those things you mentioned are, so you would have to verify that number.

Good work getting out there. You are awesome!

Karen

Good info, learning more tonight too, thanks. I did co wholesale 2 deals and that's how we did it.

Karen,
Yeah, I'm going to go see the house today..I have the lockbox code and I'll take pics. And I'll check into the cost of a new propane tank, etc. Finally, it is sunny here today in Texas...beautiful cool, blue skies day. Also, I started reading Deals on Wheels and am seeing mobile home deals in my future.

Tony,
Like your new profile pic. Good to hear you've made a co-wholesale deal work for you. Keep pushing forward!!

Look at you it's so fun to read your journal. Keep going Girl!

Met with 2 new investors yesterday at a coffee shop. One is from Houston and the other lives here. The one from Houston saw my profile on the Bigger Pockets website and had contacted me through that. Anyway, meeting went well and I gave them the buyers profile interview form to fill out and email back to me so that I could see what their needs are. Put out my signs over the weekend and for the first time did not receive one call. Guess everyone is still on Christmas vacation...lol.

Everyone have a happy & prosperous New Year!!

I'm really excited because a local investor has started a new REI club here and the first meeting is this month. I've already signed up...it's a meetup.com group and they have asked me to invite other investors. So I sent my cash buyers an email asking them to attend. Very excited about this because there has not been an REI club here locally and we really need one. Our town is something like 88 people away from being at 100k according to a recent news report.

Going to order my magnetic car signs tonight and listen to some videos on IE.

Everyone have a great week!

nice way to start the New Year, with a rei club in your area, and magnetic signs on your car!

Let's make 2014 an awesome year!

to our success,
Val

Happy New Year to you too! I've been trying to order my car sign on Vistaprint.com, but it keeps getting hung up. What I mean is, once I input the text of what I want it to say and then I click on "next" it doesn't take me to the next page. I've tried refreshing the page but that still doesn't get me to the next page. Arghh! Does anyone have any suggestions?

TJ,
Hello. When I get hung up on thier website I call thier customer service directly. As with all websites, they have a tendency to have a glitch. And by contacting them you get what you ordered and it gives them a chance to fix the glitch. Hope this helps.

I used a different computer and was able to order my magnetic car signs. They are on their way!

Put out my bandit signs this morning. No deals in the works right now, but I'm sure one will happen soon.

Been listening/watching the videos on IE and have more to watch. They are very helpful.

Just read The Richest Man in Babylon. Great book.

I lied...I DO have a deal in the works...LOL! Saw my cash buyer in the grocery store today and he told me that the attorney has signed the contract and they are just waiting for the seller to sign it. Talk about sloooowwwww. Anyhow, this is basically another bird dog deal, but I'll get $1k for it. This is the same seller that I got my first deal from. He had 2 houses for sale. Just took longer on this one, but that's ok as long as it closes I'm a happy camper!

hey there's absolutely nothing wrong with a bird dog deal and two is better.

Right! I'm now waiting on my 3rd bird dog deal to go through. Yep, another $1k!

Attended a real estate investing club meeting (their first one) last night in my town. A lot of people came and I met my main cash buyer there. Looking forward to the next one so I can network some more.

Also got my magnetic signs and put them on my car.

Going to do 2 letters to vacant house owners and visit the IE site tonight. Called the Success Academy today...the more I work this business and talk to like minded people, the more I realize I'm doing the right thing.

Keep pursuing your dreams!

Hey Teresa, Sound like you are doing great. Keep going. I had similar thoughts wonder ingif I was doing the right thing... YOU ARE I hope to see you at the EDGE this year.

Thanks for your comments. I want so bad to go to the Edge this year, but I won't be able to afford it. That means I need to go faster and do more, as Matt Larson says. Maybe Dean will pick me when he does his drawing...that would be so awesome. I want to meet everyone from the DG family in person. I'm shooting for 2015 to get to the Edge!!

This weekend I'll be going to a huge REI expo in Houston.

Signing off now...gotta go get some REI stuff done!

While putting my bandit signs out this morning, a guy drives up beside me (while I was parked) and tells me that one of my brake lights is out. HA! I thought he had a house for sale. Oh well, I'm glad I found that out.

Had a meeting with a realtor/real estate investor yesterday. He is also the founder of our local meetup REI club. He gave me some pointers about what to say to sellers and he also told me to go over the TREC contract very carefully so that I understand everything. I can tell he will be very helpful to me in my investing.

After listening to Donna Britten's (sp?) chat on IE Thursday night, it really makes me want to do sandwich lease options. I have got to continue learning about those.

Tomorrow I will go around town and post some more flyers in Laundromats.

Everyone have a great rest of the weekend and keep moving forward!!

It's refreshing reading yiour journal TJ thx for sharing it give me hope. Love how your taking action & putting out flyers(i did too this past week) & bandit signs(will this wk coming up) & bird dogging I am bird dogging some props to someone in KC or trying anyways

And i won the book the richest man in babylon at our REIA in Dec have to read it, love it, take care.

That's great you won the book at the REI meeting. I think that book should be required reading for every high school graduate.

Let's keep motivating each other.

I was putting out flyers in washaterias this afternoon. At one of them, an old man smoking a cigarette kept staring at me and he had been kneeling down outside a store (that was connected to the washateria) but then he got up and started walking towards me motioning for me to roll down my window. I was in a not so good neighborhood but figured it would be ok, so I got out of the car and he said "You buy houses?" and I said yes. He said he knew of several vacant houses that were once owned by a man that had passed away. I thanked him and gave him my business card. The houses were right down the road from where we were so I drove by them and got the addresses. As I was driving around, there was another old man just sitting out in his front yard, so I pulled over and asked him about the house that was directly across the street from his. So I go home and research the houses and find out that the owner and his wife live in Houston, so I'll send a letter to her inquiring if she wants to sell the houses. I noticed they are all vacant so I don't know why she wouldn't want to sell.

TJ,
Great job! A fine example of passive marketing. Good luck on those. You're 1 step closer to your goals.

Rick--thanks for your comment and also for emailing me today about the wholesaler that lives in my town. We've been in touch and I hope to meet her soon.
TJ