OfflineI bought Dean's book in April of 2009 but didn't feel the desire to start a journal until now.
I located a probate property and spoke with the owner. He inherited the property when his father passed away and was anxious to sell because he lives out of the area. At first I was the only person who contacted him but later the neighbor to the property asked about purchasing it. The owner's father left the property a mess when he passed away and the owner has been coming to the area every other Sunday to sort and clean. He is tired of doing that and, I think, even more anxious to sell. I should hear from him next week after he speaks with neighbor. As of today he said he is determining what he wants for the property. The property is paid for and would be a great first deal for me. The FMV is about $750,000 but it needs at lease $100,000 renovation and updating (nothing has been done since it was built in 1971). If we reach an agreement I will use a hard money lender and do a back to back closing because this is a very desirable area and I already have some interested buyers.
I'm also working on the numbers for a multi-unit in Northern California where my brother lives. I'ts in the downtown area of that city which it is a very desirable area for rentals. It is partially renovated so I'm having my brother take a contractor to the property to get estimates on completion.
I'm also contacting owners of vacant properties in my area that fit what my buyers are looking for. Hopfully I'll get some deals on those.
I have read journals by some of the family and now see why people are so diligent in updating them, in some cases daily. It really helps you to see where you are and what progress you've made.
What I've learned thus far: Property owners, realtors, county employees, contractors or anyone else I contact in relation to my REI are just people. They can only say "no" and then I just move to the next property, realtor, county employee contractor... and closer to my goal
I appreciate the encouragement, it helps me when I get discouraged. I just go back and read some of the posts on this blog.
Thanks
Keep pushing forward
I got an email from my RE agent today and it looks like two of my 14 offers will be accepted! I don't want to get too exceited until I have signed contracts. He said ONLY two offers will be accepted, like it was a bad thing that more offers didn't get accepted. I know better and it makes me a little bit excited
Regina
Keep pushing forward
Well, I signed contracts to make offers on two properties yesterday and faxed them back to my RE agent. This is sooo exciting, I just hope I get my offers accepted. When I know the outcome of these offers I'm going to make at least 25 more that will fall closer to the end of the fiscal year. I'm banking that these will be attractive to the banks as a way to get some properties off their books. We shall see!!
Regina
Keep pushing forward
I see it's been a while since I wrote in my journal. My offers on the two properties were rejected
Oh well, onward. I'm sending my agent 25-30 more offers so he can submit them. I'm still looking for that one acceptance!
A second letter is going out to the possible relatives of the owners of that empty property. I drove some nice areas in my city and found quite a few vacant houses that I'll be locating the owners and sending letters out to. I ordered some business cards and post it type things that have my information on them. I can put these on car windows at soccer games (really big here because of large Latino population)and malls.
I have placed ads on craigslist and backpage as well as some other free classifieds. I also answered some ads on craigslist to get more information on properties listed there.
Well, time to get rolling!
Regina
Keep pushing forward
Keep on going! You're doing great! In time, it will come. Have you checked on the initial properties you put the offers in on? Are any of them still available? If they are, about a month later resubmit them, for the same prices. If you're not comfortable waiting one month, do it at 6 weeks or 8 weeks. Persistence pays off!
I hope things work out well. Keep us informed.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Well guess what Tammy? I got a call from my agent and the bank wants to know if I am still interested in one of those properties. I said I am and they wanted to know if I was firm on my offer price or if I was willing to go up. I said I was not willing to go up and was firm at my offer price. My agent is gonna get back to me. I just have one issue, I don't have any money to close the deal. I would love to keep this as a rental but, unless I find the money, I'll have to find someone to pass it to.
I posted ads on Craigslist and webleeg.com and got a response. The woman wants a property in my area of town but knows she can't qualify for a mortgage because of a foreclosure. I'm searching for a property that fits her needs. Any advice on financing would be appreciated.
Regina
Keep pushing forward.
For now, get a hard money loan. Once its rehabbed and rented, you can refinance it. Or, get a partner to go in on the deal with you. Maybe you can do private money as well. Do you have any 401Ks sitting with an old job you can convert to a self directed IRA?
Thanks for the suggestions, Tammy. I'm in the process of trying to get a hard money loan but they require 30-40% down (I have nothing). I'm going to check with my credit union and some smaller banks in my area to see if they can help me. My retirement does not offer the option of converting to a self-directed IRA (I've been there 20 years). I haven't given up, there will be a way!
I have to tell you, when my Realtor called to say the bank wanted to know if I still wanted this property, I was feeling sorry for myself. Thank you, Lord, for your faithfulness and mercies that are new every morning!
Regina
Keep pushing forward.
I had not heard from you in a while and just wanted to check you out in REI world. I finally got a chance to catch up on your last 7 post, and I am sure that you are doing just fine on your way to the TOP! Keep up the fight and I will see you at the TOP!
Best Regards,
Shane
"People Build People"
Yeah, I haven't been posting regularly. Sometimes I get discouraged but then I read some of the posts on here or watch Dean's latest blog and get re-energized. I know it takes hard work to get where I want to be, nothing worthwhile comes easy. So I have my little pity party, regroup and get moving again. I will not be stopped!
I saw that I haven't updated on the offers my agent put submitted. He called the listing agents and only two said to go ahead and submit written offers, which we did. We heard back from one almost right away and he said they received a higher offer on the property, so that one is out. The other took longer but they told us the same thing. About a week later, however, the listing agent called on the second property and said the offer fell through and was I still interested. I was. They wanted to know if I would increase my offer, I would not. That's where that one stands.
I have since submitted 14 more offers and am waiting to hear back from my agent on those. I also ordered and received new business cards and post-its with my information on them. My community has a lot of kids who play soccer and those can go on the cards of the spectators at soccer games. I also made some fliers to put on bulletin boards and any place else I can think of to be more visible and generate some deals.
I don't have the fear I had in the beginning, all people can do to me is say "no" but, on the flip side, they can also say "YES"!
Regina
Keep pushing forward
Well, it's been a while since I've journaled. I bought "Set for Life" and am learning more about how to use it. There are so many components to the system that I KNOW it's gonna mean success for me.
I sent out some probate letters and had a lady who recieved one of those letters called me. She was very upset with me because I sent out a letter offering to buy the property of someone who had died. She was sure this was a scam and I was committing fraud a partly because I did not answer the phone with my business name (it was 7:30 at night). WHAT! Offering to buy property and leaving it up to the recipient of the letter to contact me is committing fraud? Anyway, she was going to give the letter to her lawyer. That was a few days ago so I may be getting a call from her lawyer. My only regret is that my letter seems to have caused her more hurt, obviously that was not my intent.
I'm now in the process of drafting a letter to cash buyers (there are more that 1500 in the two counties I chose). I'm looking forward to hearing from them and adding many of them to my buyers list. I will also be sending out more probate letters and hopefully hear from someone who has a property they want to sell.
I already see my life as it will be when I am actually doing deals. It's been difficult getting that first deal but I will not stop until I achieve success!
Hey whats going on Regina. So happy I could catch you in your actions towards real estate success. I had a question for you..? How are you finding people to write to for the probate. How do you know they had a loved one die. I hope I asked this question the right way. Thanks.
Regards,
Shane
"People Build People"
To find probate filings I can go on-line to my county court's web site and search the civil cases. They make it really easy because I can search specifically for probate cases 30 days at a time. That record gives me the case number, the date of the filing, the name of the decedent, the executor's name and the attorney if there is one. I then have to physically go to the probate court and have the files pulled for me to get the addresses (and many times phone number) of the executors. The file also contains the decedent's last address and any other heirs with their addresses as well. I'm allowed to see 25 files a day.
I'm just beginning to really delve into probates. I started to once before and got a response from a man who was very interested in selling his inherited property. I didn't the expertise or confidence to turn that into a deal but I will turn the next opportunity into a great deal because I'm going to, as Carol says, "Do it scared".
I'm still enjoying reading your journal so keep posting your adventures. I hope this helps. See you at E.D.G.E. 2011!!
I am not able to go the the classroom section of the "Set for Life" system and hear past training calls which I really don't like because I work Tuesday nights when the sessions are scheduled. This means I miss out on the training if I don't get a chance to watch it before the replay is taken down
I think I completely missed the second training session. I'll send an email to someone there just to be sure.
Well, I got an email from a person north of me and he sounds like he has more than one property he wants to sell. He says he is interested in doing a short sale but I won't know the best way to go until I get more information. I sent a PM to another DG member who lives there and hopefully we can work together on this deal. That'll help me a lot because this will be my first deal and it will help them because they will be making money. Win-win!!
Hope everyone is either doing great deals or on the verge of doing great deals, I know I am!
Wow, three months since my last post! That doesn't mean I haven't been doing anything in REI. I am working on my business credit ala Tammy (thanks girl!). I am still looking at properties and making offers on REOs, nothing accepted yet. I'm continually building my buyers list using Set for Life (everything is working fine). I've set my goals for 2011 and now is the time to get started working in that direction.
I am so glad to see you update your journal! Been missing in action lately! Hope that means you are super busy! I STILL have to set up portions of the SFL system. I am only using it for deals, advertising, and hammerpoint so far! Not enough time in the day! Way to go on working on building your business credit! WOOT!
Wow, didn't realize how long it had been since I posted. I'm still working on building business credit. Sent out some letters to pre-foreclosures and responded to listings on craigslist. Had someone call me from the San Francisco Bay area wanting to know if they could bird dog for me. I said "Sure if the numbers are right". That was a little weird but it means my name is out there.
Keep pushing forward
This is my first journal entry of 2011!! I'm very excited about this new year. I see great things happening for me and my REI business.
I started by sending some letters to preforeclosures on December 18th and got a response from a man with THREE properties in pre-foreclosure. The properties are in Sacramento County so I contacted another DG member who lives up there to meet with him and negotiate for the properties. She has everything set up already so I will get a birddog fee for each one that closes. That's OK because it (or they)will be my first deal(s) of 2011.
I'm sending out post cards to people who have bought with cash recently to see if I can add them to my buyers list. I'm giving myself daily tasks that have to do with real estate. Not one day will go by that I am not doing something with my REI business.
Well the properties in Sacramento didn't work out. The owner said he wasn't interested in selling. I'm not sure why he called me to begin with, it may have been because there is a lanuage barrier (he speaks Chinese) and he just wanted me to know he wasn't interested in my offer. Oh well, onward!
Your journal is awesome, I see you realize the true benefit in the journal and I hope to see more of you this year. I love that you are plugged in with the SFL system and that you are going to EDGE 2011.....that shows you are serious. I also noticed you were working on your business credit and that you gave a high five to Tammy.....She is the guru on that subject at least her on the DG.com site.
Sorry to hear about your trio not going through, I love your quote earlier in your post about T/B sellers and etc only being people. I have scheduled my first actually phone call tomorrow. (Fingers Cross)
Look forward to hearing more from you this year!! Success in 2011!
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
I am finally past being afraid to talk with home owners. I had to realize they are no different than I am and my desire is to help them out of their situation. Tammy really did give clear instructions to establish business credit. Thanks for the encouragement and I wish the same to you.
Well, I finally did it. I'm going to the E.D.G.E. 2011 in May. I'm sooooo excited and anxious to see what Dean has for us. I was back and forth about signing up until he offered the early bird discount and gave credit for our points on this blog. That made it affordable for me so I had no more excuse.
My sister is determined to be in her own home this year and she asked me to help. I'd absolutly LOVE to help her and her kids get into a home they'll enjoy and be able to call their own.
With Phoenix being as close as my brother who lives in Sacramento (6-7 hours), I asked my husband to go with me. He won't attend the E.D.G.E. event with me but we'll still have some time together during those three days. I can go back to the room and bounce my ideas off him so we can determine what fits our lifestyle best.
I'm really looking forward to meeting all the people I've been following on tis blog and also, of course, Dean.
Wow, I didn't realize it had been so long since I posted. I'm doing all I can to get the money to pay for the hotel room at E.D.G.E. 2011 before April 10th. It dawned on me that I have "stuff" in my garage that needs to go. I was going to organize it and see what I really have (at least that's been my thought for a while now)and decided it was finally time. Enter Ebay (thanks Joe). I've already earned enough to pay for one night at the hotel and still have lots of stuff to sell. I will definately make enough to cover the room as well as some extra. E.D.G.E. 2011 here I come!
Wow!! EDGE 2011 was fantastic. I met Rina and Joe and Stacey Jurek, they're real!! Dean and his team put together a great event. Who knew motor homes could be lucrative. There were some unannounced speakers and some we knew would be there. We had a great time and learned so much. The venue was beautiful, the food was great and the people were wonderful.
I think the main thing I took away from the event was to keep focus on why I'm doing this, doing the seven levels deep excercise again helped with that. We also heard from Joe Polish which also helped solidify my resolve to continue.
Steps to take now:
1. Order Magic Jack
2. Place ads on free web sites
3. Prepare and put out bandit signs
The first deal is right around the corner
Well, it's been quite some time since I've posted. It's getting really old going up and down with my motivation. There has been no one keeping me accountable, something I apparently need. With this realization, I've joined the success academy. I have my first assignments and there is no room for excuses, just what I need.
looking forward to my first deals.
I can't believe I let close to a year go by without posting in my journal. I've joined DG Insider Elite and had my first session with my life coach, Kelly Maness. I'm looking forward to learning what is stopping me from moving forward, overcoming that obstacle and seeing the success I know is waiting.
Welcome Back! We've missed you!