Life in the Day of a REI

Welcome to Dean site!!! You have progress so quickly in 3 weeks. I too started with Rich Dad Poor Dad and liked the theory behind i just did not know how to get started. With Dean you get step by step of how to be a real estate investor. You will especily apreciate this website were you will learn even more and can count on others for encouragement when this look glomy. Once again welcome I'm looking forward to your progress.

we are more than happy to have you.the ppl are wonderful and very helpful,so do not be afriad to ask.but a lot of the time you can find posts already dealing with most subjects.
Good Investing and GO get them.
grandpa jim

Welcome and it's nice to have you with us and I wish you well in this new project and you can do it !! God Bless !

Paul T. La Moy
Hudson Valley , ny

Well,
not much on the front lines today. I spent most of my day hanging out with fam. on beach. The surf was fun and the sun shown through this afternoon, making for a relaxing, summer-feeling sort of day. MY FAVORITE!!! Anyway, driving home I noticed a moving van in the driveway of a particular house that I had noticed prior. Seems like further investigation will be in order(keep you posted).You know real estate can be so much fun. When I drive around, I am playing real life monopoly in my head. A week earlier, I was taking my son home from soccer prac. We pulled down a random street when a property caught my eye - having 3 foot long grass in the front yard. Upon further inspection the house was in dyer need of repair (being a carpenter by trade) I could see its full potential. Proceeded to call the listing agent found out it was a not so short sale (314 dys listd) they were asking 160k. I went home - ran comps - physically validated them and figured that if I could buy it for 100K, put 50K into it That I would end up with 60-70K Equity.

Like so now what?
with no financing right now I am exploring options-
hard money
2nd mortgage?
assignment deal

I have to pick one and make a deal happen this month whether it be this one or not!

Good life to all and may living be with you.

Okay, it is already Thursday and I have not progressed as far as I was hoping. However I did contact an agent and think that she will be a good match. Let's see, yesterday while riding bikes with my sons around the neighborhood, we saw some houses that looked promising. Still no info. on the house that I alluded to prior however, I will call the listing agent tomorrow - I had been trying to get some tactical info. on-line to no avail. I like to find out as much as possible before I speak to anyone, so I might see how to leverage the conversation for optimal benefits. So I already feel some sort of accomplishment just by writing this. Anyway, things to do tomorrow are as follows: hire REBroker, hire REAttorny and ramp up marketing campaign to locate pre-forclosures and buyers for them. I am going to follow the strategies in Profit From Real Estate. If anyone is currently utilizing these any advice or wisdom would be appreciated. Also if anyone actually does read this, maybe my story could help you take action along with me as you can see my step by step process for success.

Welcome to the DG family. It is always a pleasure when another member joins us. The business of real estate can surely put us in a different financial position. I have gained a lot of knowledge from others experiences as well as my own. Investorb, you are where the action is, and you will enjoy every minute of your new lifestyle. Good Luck and God Bless.

Sandra

Thank you all for the warm welcome. This morning my new real estate agent emailed a bunch of good leeds in and right around my area. Several look like really good deals. For instance, one is an ugly green ranch that needs a lot of cosmetics. Being a carpenter I know what to expect from seeing pictures only thus far. My rough estimates are as follows - new windows, new front door, new siding, new carpet, and build front porch with overhang - total 20k. The asking price is 99k, so if I get an offer accepted for 70k put in 20K I feel that the FMV or the ARV will place the house at 180k (just to give my self enough room lets say 150k). Then sell it for 120, I could potentially profit 30k. I am just looking into different financing options right now. Whatever is going to work I will be sure that I use a buffer to accomidate extra costs. So the reason that I like the ugly green is that with fresh paint or upgraded siding the house will make a huge turn around. Most people will get turned off and walk away, I see its potential. One thing that you have to be careful of is not to get bogged down on a huge renovation type deal and waste to much time = money. I plan to do all improvements within 30 days then sell 20-30k below FMV or rent them out for positive cashflow, when I can. Not to jump all around however, I am excited about my agent, she really seems to know what I am going for and refered an attorney who I just emailed. I wrote a quik message about doing assignments and IEE to see if he is familiar with those types of transactions. I will let you know how that turns out. Now I need to concentrate on marketing and financing. You know, when I look back on the last month I really have come such a long way by following Dean's step by step formula combined with taking action. I know I still need to keep pushing forward before I close my first deal but I can almost taste it, as a matter of fact my mouth is left watering. Hope that didn't sound a little to corny but you catch my drift. Good night to all and happy hunting.

It is 12 midnight and I just had a chance to listen to Dean's conference call. They definetely gave out good advice. For anyone who hasn't read profit from real estate right, the book is a much more in depth guide on the topics discussed. So what I am working on now is working numbers on a rehab that is 2 blocks away from me. My analysis is as follows - new siding 4000, 2 new baths 2000, new carpets 1200, new kitchen 2500, ext. doors 400, int doors 375, paint 300, plus misc which gives a total of 15000. I doubled that # to 30000 for complete repair costs. I want to ensure a safety factor of 2 this way anything that comes up will be covered. My offer will be at 90k. The asking price is 139k, so if I get a counter 100k will be my max. If I put 30k into it the ARV will be 215k. My flip price would then be 179k. At 35k below FMV, combined with 8k dollar tax credit, I know this property will move fast. I just need to get financing!!! If anyone knows how I can achieve this (being laid off right now) I would definetly be thankful.

P.S.

The house has been on the market for 275 days, reduced price, owner wants to see all offers and it was a rental and is currently vacant. you think he just might be motivated????

Hey remember in the conference call last night Jeff mentioned becoming an equity partner. Maybe you can use that strategy, find an investor, show him your numbers to get the backing to fix it up and then fix up the property and sell it, split the profits 50/50. Just an idea.

Congratulations on taking action and being an active member on the DG website. The home on the market for 275 days may be just the deal your looking for to jump start even more deals down the road. It sounds like your action will begin to prodcue some good results. Keep up the good work and keep us informed of your progress and deals. Good luck with REI. Believe and Achieve! - Joe

Keep us posted hopefully the deal works out. You are on the right track also you might want to join an investors club a good website is www.meetup.com where you can join base on common interes.

This is an opportunity like no other! Congratulations on the steps you are taking to move forward. Much success to you and family...........Lubertha

Hello everyone, gudfella, Indiana, Cashflow, and Lubertha - thank you all for the advice and encouragement. I have been caught up at work lately, however I am back on course. I worked out some obstacles that were inhibating me from getting financing. So now I can focus on this next step. Hard money seems like my best option, so this is what I am currently looking into. I know that if I get the right price on the house mentioned above, there is enough room for some extra points. I do need to find the right terms in order to make this worth my effort. Well, I should have some news on all of this tomorrow. Then I can make an offer and move on to the next step. Aside from this, I looked at some ads on craiglist and found someone who is using Dean's techniques in my general region. Good night and enjoy the week!!

I hope everyone is following THE HOTTEST INVESTOR out there
none other than our favorite adventurer Indiana-Joe.