Kenya's first journal entry

I can't be defeated...so I won't quit!!!!

Reading these journal entries really inspire me to hang in there, eventhough it seems to be moving slowly. I am learning so much and I feel more and more confident with each new concept...I am glad I found this website and Dean's books... I truly believe my life and lifestyle will never be the same...

Nothing wrong with slow as long as there is motion. Know when it comes to a complete stop that is the true problem.

Wishing you much success and fun.

KentyaH,
Nice comment!Everything sounds good in your real estate offer to the world. I would like to say one thing when representing yourself in the field,From what i did wrong...Are you an investor or do you wholesale the deal?I have found a invester is an a buy and hold mood,where i am not in the mood of holding but of assigning the deal to a invester.The reason i bring this up...JUst like many want to help you build your credit,Find the true cash players(the lazy ones)and give them $discount.KentyaH i am a wholesaler and my goal is too buy and hold my deals.
Reading the book is(knowledge)Your buyers lists is the(action).
It is important to choose your path in this Great gift of REAL ESTATE INVESTING/Nothing wrong with taking a wholesale route/I will only bird-dog with people i can trust,If i go contract it will be an assignment contract.

No matter how slow it seems, I'm gonna keep going....I'm trying to make sure that I don't just do busy work and I'm actually making some progress towards my dreams..

My plan is to start off birddogging to build capital. I want to master as many kinds of deal as I can...want to have a lot of options, but want to make sure I know what I'm doing. I still have a lot to learn...concerning my buyer's list, I think my biggest apprehension is hearing some people say it is illegal to birddog..who is right??

I have been talking to this realtor who is the friend of one of my friends. She has been encouraging me for months concerning getting my broker's license. I call her every now and again just to check in and ask questions. I don't know why I just realized today that she could be a great source of investing contacts. I could also get access to the MLS through her.I'm going to call her today and tell her what I'm doing and see what she thinks. Maybe we could partner on some deals to make it a win/win situation. I'm going to call some of the investor prospects I wrote down today...still moving forward!!

Last night while at my son's little league football practice, I called one of the investor's who had a house for sale on craigslist. It was a husband and wife team. I asked them if they were interested in an extra pair of eyes to look for properties. They said they were interested and were also building a buyer's list. Ater I got their criteria and other information, I told them to feel free to add me to their list also. I was so excited when I hung up. I plan to keep calling prospects today. I want to have at least 5 on my list by Friday.

I was reading some of the posts on wholesaling. They are very interesting. I think I would like to start out this way along with birddogging. I am also trying to figure out when do you open escrow, when do you set up an LLC (before you start buying properties or after) and how exactly do you figure after repair value (ARV) what figure do you use--are you basing it on the materials already used in the home??I have so many questions..but I'm going to take them one at a time.

I was on netronline.com (foreclosure website). Can anyone tell me how up to date these listings are before I decide whether or not to sign up with them in the future. although the courthouse is right around the corner from wher I live.

I find out that the local real esate association in my town meets the last Tuesday of every month. The first session is free. Then 15.00 each month until you join. Very reasonable. I plan to attend this months meeting to listen, learn, network, etc.....still moving forward.

I just went to askdeang.com and looked at the conference call archives. I listened to "finding motivated buyers". It was great....got some really good ideas...got some more confidence...can't wait to read the rest of them!!

I just heard about a possible foreclosure one street over from my home. I'm still new to this, so I don't really know how to even start. I went up to the courthouse on my lunch break and went to the Clerk of Court's office. i gave the property owner's name and she showed me how to look up the information. The home is in the beginning stages of foreclosure...the owners are scheduled to have a hearing soon. I would love to be able to get control of this property with a lease option and then option it to a family or couple who is interested in actually living in my neighborhood. I could help a family or couple or single person and make some cash at the same time..a win/win. I just feel paralyed because I'm not sure how to go about this one with now cash.....I did run into the father of on of my son's classmates. I didn't know he was a lawyer....gave me his card...I told him what I was doing...he might be a source of info and help. Will call him later when I have more time....I need some help big time on this one....

Kenya, first you have to contact the family, and find out somethings. You can send them a letter or call, or stop by. All of them are kinda scary. I recently heard Dean talking about it on the EDGE. He starts with a letter that says. I've heard that your property is foreclosure, I'm sure you have the situation under control, but in case you need help, I may be able to help you. Then you go on to explain their options and your contact info. Bottom line is you have to get a hold of them. Hope this helps.

Cathy

I think the thought always comes into my mind about how would I pay for it even if I able to get the home. I'm still learning, but I won't let fear stop me.

I went to my first investment club meeting last night. It was great. I met alot of new people. Everyone was so nice and accommodating. They made me feel welcome. I learned a lot!!! I got lots of business cards and added 4 new people to my investors list.

I also called on a lease/option house that I saw on my way from the meeting. It turns out that the fellow who owns the property is an investor. He owns property all over the area I live. He asked me if I would mind adding him to my investor list and also that he has the ability to close quickly ( a 1,000,000 line of credit) I'm on a mission to find some properties for him....!!!

your 1st investment club meeting went was so successful. You are doing a great job building your buyers list. Thanks for sharing your story and I wish you the very best.

Lea
SPR Property Solutions, LLC

I'm working on building my buyer's list also this week. I'm curious, where is Hendersonville? I'm in Sanford and we've talked before on this site but I forget if I remember how far apart we are. Which REI club are you a member of? I joined both Fayetteville's and Raleigh's. I, too am very nervous about how to actually buy a house once I find a good one. I spoke with a guy that has a bunch of signs around my area that say "I Buy Homes" He said he lives in Charlotte but used to be in the Fayetteville area for many years. I'm going to meet with him next time he's in my area to see if I can scope out potential properties for him. I'm also focusing on bird-dogging and wholesaling to build up money to start. It sounds like we're on a very similar path. Good luck to you and maybe we'll cross paths in the future.

Take Care,
Suzi

This morning I got a return call from a man who had properties listed for rent in the real estate insert of our local newspaper. I left him a message that I would be interested in birddogging for him if he was in the market for more properties. He informed me that what I was attempting to do was illegal and I could get into big trouble. He said I was attempting to do what a broker does, except without a license. I refuse to be denied success. I am going to call an attorney I know and find out once and for all. I believe this was just a test to see what I was willing to settle for. I am not willing to settle in any aspect of any area of my life......!!!!

Hi Kenya!! I actually live in Raleigh. When I read what someone said to you, it got me to researching a little further. I know states differ in some laws and I wanted to see what the law is for NC.

I was looking at the TREIA (Triangle Real Estate Investment Association) website to possible go to one of their meetings, since you kinda inspired me to look into going to one in my area. They have some terms that are specific to NC and I thought you would be interested. It states that in NC you have to be licensed to Bird Dog, but not to assign contracts. The website is posted below let me know what you think. Me and my husband are going to start off doing assignments since that is something that we can do with out having a whole lot of capital.

http://www.treia.com/clubportal/ClubStatic.cfm?clubID=999&pubmenuoptID=2...

Patrice

I am also trying to start off without alot of capital. I want to make sure I am within the law. Assigning contracts sounds like what I should be doing. I am still learning..I just don't want to be on the wrong side of things. Thank you for the information. I will check it out...blessings!!

Kenya

It's been a while since I've posted anything on my journal. I have been attending my local investment club meeting every month...learning alot...collecting business cards(adding to my investor list). I am reading alot. Starting the first week in January, I will be starting a real estate broker's class. I've been told that I don't really need a license to invest in real estate, but it's something that I think will enhance my investing. I think it's very cool what has been done for Dean's birthday with the scholarship fund!! Still reading alot of inspiring posts and keeping my head up.

Good for you for everything you have done. Since reading this I think I will see if I can find an Investors Club to attend. I have tried to get a friend of mine who is a Realtor to help me with the business but she is always too busy and doesn't know how to pay me. I told her it would be included in the deal.

I am now more excited than ever to start being more involved in Dean's website because of what people are doing here to help other people. I lost a lot of money in some other real estate investing classes and have been so skeptical.

I used all my money for that. Now I am back to square one and starting over and hoping to make this work. Just promised myself I would spend at least one hour a day here.

I have a couple investors but have not yet called them. Trying to locate a realtor who can tell me where the short sales are.

Good luck to you and keep up the good work.