OfflineI am starting this journal to be able to look back on my progress as I continue to work toward my goals. I will begin by describing what has been done since starting a few months ago.
I read both Be a Real Estate Millionaire and Profit From Real Estate Right Now 2-3 months ago. Since then I've gone through several real estate agents, most of which would not take me seriously. I finally found a team I can work with.
I am working a full-time job as a PC technician but because of my financial situation I am only able to get pre-approved for about $62,000, but I have about $8,000 saved for down-payment. I have talked to a lawyer who is on board and willing to write contracts to me. I have a team of real estate agents who specialize as a broker, an experienced investor agent, and a general contractor.
I'm located in Milwaukee county, Wisconsin. Taxes are a bit high, there are many dangerous areas, and the nicer areas are out of my price range. My agent sent me about listings for about 1000 properties and I've started narrowing it down.
My plan:
1. Buy a house with a maximum price of $70,000 with a lot of equity.
2. Create LLC and establish business credit.
3. Use the business name for my deals. Focus on assigning deals to my list of buyers.
4. Purchase properties to rent out.
5. Sell properties
I look forward to keeping track of my progress.
Trying to sell my car and get a cheap motorcycle for travel to increase the cash at my disposal. Have a few offers and made a few offers, expecting some results tomorrow.
Going to look at some properties tomorrow. A property for me to live in. I've just got a deal in my inbox with some water damage, sent out an email to my contractor to have him research it. We'll see what happens from it, I'm eager to learn more.
Congratulations on taking action and looking for deals and creating your plan. It is a numbers game and the more properties you look at, the more offers you make, the better you will get a few deals. It is smart if you sell an extra car or motorcycle as you stated. That will give you the necessary cash when a deal comes your way. We sold a car and some items at a town garage sale and it was enough to buy a great deal on a REO home. Good luck on all your deals. Believe and Achieve!
- Joe
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Thanks for your words of encouragement! Today I have a couple people looking at my car, I'm going to meet my agent, and I may even get a chance to replace my car with a cheaper more fuel efficient motorcycle. I can't wait to get moving. Life is so much more fun when you're doing something with it!
The viewing didn't go all bad, the first being a waste of time. The second needing a great deal of repair because of water damage could be a fantastic deal as it's in a really nice neighborhood and priced around 80,000 less than ARV. My problem being I do not have the finances to support the endeavor. I need to find some hard money lenders. I have talked to my agent about viewing a couple other houses in the mean time.
I've been gaining information about local real estate investors and brainstorming on the best way to approach them. I need to come up with a way to convince them to work with me, back me, and to be in a position to learn from them. Wednesday I have two more properties to look at.
Hi Dash,
Just wanted to say welcome aboard! Looks as though you are off to a great start. Much success to you.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"