Barbara's journal

Just catching up on your journal...glad to see you are looking into a HELOC.

I wish you the best with that! I know what you mean by wanting to start with some cash for some of these great buys!

I hope all works out with this abandoned house...don't get too swept away if the price ends up too high at auction and the bank is holding out until after the auction to deal with your offers. There will be another!!

So glad to see you are going for it, and as Lea said, it is really awesome to see all the avenues people can take with it! I look forward to seeing how this goes for you, so keep us posted...I'l be checking in my dear friend! Thanks for the well wishes on my closing, and so glad it is behind me.

Wish I could catch up with you over some tea in person!
Be well! And Merry Christmas if I don't talk to you sooner!
Louisa

Hello Louisa!
Thanks for checking in on me and your encouraging words. It most definitely helps. I have been a little discouraged. My Realtor/Investor I thought was my ‘Shinning Star' may not work out. I hope I'm wrong but my gut tells me somethings wrong. She's not very responsive at all through email except when it's a question about her REI meeting. Emailed her Friday to see if she could get me inside that pre-foreclosure I'm after. Have not heard a peep.

Anyway, I’m so glad to see you gaining your momentum. You’re doing a GREAT job going out there and making things happen. I always read what you’re up to and get excited for you. Yes, I too would enjoy sitting down with a fine cup of tea and your company to go over all we’ve been doing in our REI ventures. Someday my friend. Someday. Hopefully I’ll have something to contribute..

Take care Louisa, Merry Christmas and keep knocking those doors down.
Your friend.
Barbara

Hello Barbara,

I was reading your journal and was curious why you weren't doing assignments.

Jason

Hello Jason, first thanks for dropping in and taking the time to read and comment. Congratulations on your choice to join a GREAT community of people/investors.

Actually to get back to your question I do plan to do assignments but because I want to go after this abandoned soon to be Bank owned property that I don't want to get away from me, and I lack the experience to try to assign an REO. I will try to maybe double close with another investor on the other end. My second thought is to see how far my money will go on this one (HELOC money and maybe a friend/investment money) once I see the inside and maybe fix it up to flip. Just need to get inside to figure out which way I want to go.

Hope that helped.
Good luck on your REI venture.
Barbara

My feet are finally on the ground and starting to move towards my first deal. I'm tired of waiting for the money to come (HELOC can't find approval yet) The abandoned farm home I was after is a inactive status. Not sure what that means, my "Star" Realtor won't answer my emails. But I got to start doing this or I'm going to burst.

My confidence and new RE agent has finally arrived and I'm ready to start.

I had what I thought was my "Star" Realtor that is a investor too. She holds the only REI meeting in town. She put my team together in a couple of emails. But she hasn't shown me any more love after that. She won't answer my emails unless it's asking if I could bring another DG investor with me. Carol suggested I find a newer agent. One that's willing to do some work basically. So I found a brand spanking new agent still waiting for her license to arrive in the mail. I know this young lady and I think she'll do fine. We'll figure this all out as we go. She's VERY willing to learn and very intelligent. I'll still go to the meetings of this other Realtor but this should be interesting considering they work under the same company just different branches. On ward...

Blessings,
Barbara

I'm glad you found a brand new agent for your team and also glad you found your confidence. You DESERVE it. Yes onward and upward as they say. It will be interesting to see how the other agent handles it but she had her chance. As always I wish you much success!

Your friend,

Lea
SPR Property Solutions, LLC

I finally got my HELOC. Boy!! It took 3 banks before I got it but now I’m ready to fly…

I will update once I find a property I’m going after.

Hope I'm able to afford the Edge tickets. I’m waiting to find out how much. If I make it to the event I'll be coming by train. I just can't fly. I've had some horrific experiences on flights in the past and swore I’d never step on a plane again. I might build them (my job) but I don't have to ride in them.

Onward..
Barbara

Lea thanks for stopping by and your encouraging words. I DO apriciate it. I'll keep you posted on what happens next.

Blessings my friend,
Barbara

Barbara,

I've missed catching up with you! I'm so happy about your HELOC coming through. That is AWESOME!! YAYAYAYAYAYAYAY!! You are on your way (in this way, and many other avenues, I'm sure of it!)

I TOTALLY relate to your agent experience. I thought I found mine too. Not so sure now for the same reasons. I'm not taking it personally. I'm off to find another!! I am determined to "take off" and it's just a matter of who's coming with me, you know!? So definitely keep your confidence about you...you have SO MUCH to offer!

I'm excited for you that you have found someone who is new and will work hard. Attitude, consistency and hard work are really what matter. People can "come up to speed" with experience if they possess those other characteristics, and I think on our side, we will learn a lot no matter what the outcome with an agent experience.

My apologies for not responding ASAP to your previous reply back to me...thank you for that! I did read it then, and about that time, I fell off the earth due to my own sickness stuff, but mostly better now! YAY!

And I look forward to that tea someday. Wish you could come over now! It is quite cold!

Cheers and keep us posted! I'll be eagerly awaiting...
Louisa

I better up date this thing. I don't want to get to far away from making a journal entry I just wanted to wait until I finally have something happening to report about.

It's been a bit of a rough winter. I'll get the negative out of the way first and then report my progress. My horse foundered about 2 and half months ago and it's been a long slow scary road of recovery for him. He still has a ways to go but at least I know he's out of danger of having to put him down and should get past this in time. So, I've been spending time daily to work with him in a therapeutic way.

I started working with my new Real Estate agent last week and have looked at a property from using search criteria I've learned through Dean and Matt to find that motivated seller.

The first house we go look at is an individual and the way they had it priced shocked me when I walked in. It's completely trashed. Junk and trash left all over the place. Urine rich carpet. Surface mold in the bathroom. Oh, and the light switch is in the shower, you name it. This thing needs major plastic surgery. So this is my first candidate to give a low offer on. Long story short. My newbie agent just isn't interested in going after these types of homes with me I guess, or doing the assignment thing or what ever. She's having a hard time explaining to her broker and because the broker is taking 50% cut she doesn't stand to make peanuts on these 20K deals. I think the broker may be scaring her off too. So, now it's on to a new agent. #3.

I think I'll go talk to the listing agent this week. I'm still not convinced I want to start out with that big of a rehab job on my first property (Louisa inspires me to try this though) that's why I thought about assigning it. But, if I used most of my HELOC I could turn that into a nice sell able home. I could probably see 20-30K for my effort. If the owner would come down that much.

I'll have to wait until next year to go to the Edge Event everybody. Hope everyone will wait for me. Can't wait to buy the DVD.

Blessings,
Barbara

I commented earlier on your journal. I'm so inspired with what you did. We're all dieing to hear the numbers. I think I got a goose bump or two and a wet eye cause that was so cool, the transformation. Your colors were superb.

Thanks for dropping in on me. We'll chat again soon my friend. It's late and I need to get to bed.

Blessings,
Barbara

Wow, I'm so glad your horse is ok. that's scary..

Too bad about the first agent, but on to an even better one!
I wish you luck on picking up the rehab property cheap. Like you said, Louisa sure showed a great example of what can be done! (Very interesting about the light switch in the shower! among the other lovely images. lol)

Well, have a good night and a wonderful rest of your weekend, Barbara.

God bless,

Rina

Hi Rina!

Yes it's been very scary with my horse.

Thanks so much for stopping in for a read and your inspiration. I'll keep a update on what happens next. Your smiling face is always a comfort to see my friend.

God bless,
Barbara

I'm sorry about what happened to your horse but am glad that he/she is on the road to recovery (I didnt' know what foundered meant, so I googled it.)

This house you found sounds very interesting and I'm looking forward to hearing more about it (and the listing agent.) I wish you the best with this.

Lea
SPR Property Solutions, LLC

How are you? I'll have to come catch up on your journal.

Yes founder for a horse can be a sad thing. The vet seems to think he's going to get through this. It just takes a while for his new hoof to grow out. The founder causes all kinds of damage inside depending on how bad he foundered. I had a new farrier (horse shoe guy) that trimmed him too short and that caused the founder.

I called the listing agent and she said there was a offer on the table for that house but they're waiting for the bank to okay a short sale on that offer. That's okay. It was pretty bad inside.

I'll come see what your up too.

Blessings,
Barbara

I put my first offer in today on a property that is being sold ss. I think I will get it. Hopefully. I’ve been looking for a month now since I got my HELOC to find my first property. I’ve only used the mls so far to look at properties. If this goes through I would be getting it at about 62 cents on the dollar. There’s about 10K of work to be done to it. But, I haven’t decided my exit strategy yet. It will either be buy and hold for rental or I might try to flip it once I fix it up or I might try a lease option. I’m having a hard time deciding which way to go. If I get it I’ll call the academy and see what they suggest.
Keeping my fingers crossed.
Barbara

Just a quick update. My SS was a flop because the redemption period ran out on this property before the bank ever probably saw my offer. So, I got my EMD back and went to 4 auctions. They went too high so I didn’t get any of them. Right now I’m sending post cards to expired mls listing and I’m going to try a new Realtor out.

This has all been a good learning process for me and has gotten me better at estimating my repairs in homes. I will admit I’m a little down because I can’t go to the Edge Event (it's even on my birthday) this year and I keep hitting road blocks along the way but I’m still very positive it will all turn around for me at some point.

Blessings to all.
Barbara

Sorry about the SS that flopped but these things happen and we just MOVE onto the next one(s). We just had a SS bite the dust because of an unethical person involved, will elaborate more in my journal later.

Hope you get a GREAT response from your post card mailings to expired listings.

Even though you won't be at the edge you have a very happy birthday!!

Lea
SPR Property Solutions, LLC

Bless your heart Lea. Thank you for the encouragement and the Happy Birthday wish.

I forgot to add in my last post that I also had a FSBO that would of been a beauty of a deal but after I explained that it would be an investment property she purked up. The next day after she talked with her husband they decided to turn it into an investment property themselves. LOL. I just keep hitting road blocks like this. I have to laugh or I might pull my hair out. lol.

I haven't been on the site much latetly. I need to come catch up with your journal.

Take sweet care my friend.

Barbara

Sorry to hear about the road blocks. Yes, laughter truly is the best medicine. After so many no's there will be a yes and then more yes's. I've talked to so many people that ended with a no. It just makes the ones we get that much sweeter. And as you said we learn as we go and get a little better every time. I can't wait to hear about your success stories!

Your friend,

Lea
SPR Property Solutions, LLC

I got my first property!! YEAAAAAAAA!!

I got it at auction last Saturday using my HELOC. Closing tomorrow. But a problem has cropped up. I emailed my mortgage broker yesterday to let her know I’ll be coming to see her to get it re-financed after I do a couple minor things to it to get it ready. She calls me today to let me know she just found out that there’s a 6 month seasoning now on cash deals. Oh nooo..
I’ve struggled every step of the way in this REI world. I know this isn't a easy business, I get that. But shouldn't it be getting a little easier by now? Maybe this is a sign, or maybe it's a test.

I’ll do some checking around at Credit Unions and other local banks and see if they’ll do a conventional re-fi with no seasoning. Maybe I'll get lucky..(haa) I've been researching the forums out there and there are others in the same boat.

I plan to do a lease option on it. I'll have around 25% equity in this sweet little 3/1. All it needs is the carpet shampooed and the wood floors refinished. It could be 6 mo before I get my cash back out of it, so I need to try different techniques for the next 6 mo. NO money down techniques.

Now I'm stepping out my comfort zone.

Hi Barbara,

I had been out of the loop due to having the baby last July, and now that I'm back in full swing, I have wondered, where is my friend Barbara?

Anyway, I hope you are well, and in catching up with your journal...I'm hopeful you continued with your first property, and that things are well.

And if real estate has taken a back seat due to something else, well, I hope you are okay, and just know that you are missed dearly, and please come back as soon as you can!!! The RE world is waiting for you!!

Cheers!
Louisa

Louisa!

That was like the sweetest post I ever read... Thank you sista... Congratulations on the Baby!! I can’t believe how time has gone by. Did you have a boy or girl? I’m so sorry I’ve been MIA. I did get my first property in June. I just filled it doing a LOB for 5ys. The money was tight on it so I did 85% of the work myself. That’s why I haven’t been on the site much, that, and I got moved back to another shop at work where I don’t have time to be on the computer anymore. Overtime too. Re-financing right now as we speak. The appraisal on it sucked. Things seem to be changing in the appraisal world. Not necessarily in the investors favor. It displaced about 10K of my HELOC to the end of the LOB instead of on the front of it. I did just okay on my first one but I’ve learned so much.

No no, I’m still here my friend. I’m still plugging away and learning all the time. The REI process seems to go slow for me with lots of roadblocks but I'm not giving up. I have totally lost my time to be on the computer for now though. I miss you too my friend.. I’ll catch up with you and DG soon Louisa. I promise...

Blessings,
Barbara

...lose the whole HELOC as you indicated you might. You only mentioned a displacement of 10k, but what about the rest?
Hope things are proceeding favorable and not as tense as that night you double posted that appraisal question.

Michael R.

I didn't get back 10K of my 70K HELOC. I still have 60K to work with once refinance is complete. My new Realtor is ready to help me any way she can. Even has all the contacts I need. She's a investor too. I would be carefull of new Realtors. I think that may of been my mistake.

Sorry for the double post. I only submitted once. Noticed it happens on here sometimes though. lol yes I was desperate though..:)~

Barbara

Barbara just stoping in to see whats what, and good luck to you.

Glad to hear that you didn't have it all go in the manure pile. I could really sense you were very desperate. I'm going ooh no everybody that could help all left at the same time. So I gave you what I knew in regards to the topic. Then went searching for help. But you left by the time they came.
Really am glad to hear you have taken 2 steps forward. YES!

You are down there between US 77 & I-35 east of the Air Base.