Louisa's Journal - The Sky is the Limit!!!

Hi Louisa
Did you get any answers to some of those Questions You asked for??? wouldn't mind hearing a few of them, all good of course, Attented my first public Auction a few days ago, it was rather interesting, of course have alot more qustions afterword than before, so got a few names and will be getting the skinny on that avenue. Ran my first ghost add a few weeks ago for my buyers list and ended up just getting other investers calling. LOL So I started thinking, While writing my Business Plan That when purchasing discount property's they all seem to have one thing in common, most need some degree of rehab done to them, alot of which are done in vain because everyone has different taste, carpet or wood floors, bright colors or more earth tones, Wood windows or Vynal and so on, so why not try to use this as an advertising tool. I will find your dream house and remodel it towords your taste & Functionality ( is that a real word ) of course the rehad will have a set price depending on the condition of the property and the numbers. and still sell it for at or below FMV. potential buyers will be pre Qulified and earnist money will be accepted before work is started, any Idea's on how to write the add?? or what do you think??? Love your input on this. Michael J

Thanks for the post! Yes, I found some answers out...I will be posting them later (if not today, tomorrow)...it will take a lot to write it out and I'm short on time right now. But promise I will do it!

I like your twist on finding a "dream house" for a buyer and designing it to their specs. Pretty cool. I love walking into a house and having a "vision" for what it could be.

The only thing I'm not as sure about....it your timing. If you get a house, you usually have to MOVE FAST on getting it fixed up (as you may be covering holding costs, or trying to get these fix ups done BEFORE you close on the property)...rather than waiting for your buyer to "pick out the perfect floor for the kitchen", and/or that buyer may not feel that this is their dream home, and not everyone has the "vision" that you do for a house (therefore, they may think they don't want it until they see the final product). So you may be taking several of your buyers through BEFORE fixing it up, and time may be of the essence to you in getting going and getting it sold. Your best deals are going to be ones that you are getting for pennies on the dollar....and in these cases, they may not be designed in a way that says "dream home" to a buyer on your list. Most of the time, once you've fixed it up with neutral tones, etc...THEN people go "oh, wow, curb appeal" but they may not see it until then. Also, you may be getting yourself into a trap of a wishy-washy buyer who wants to try 3 different paint colors, decides what they've chosen for the floor needs to be switched out with something else....basically, you run into "too many hands in the kitchen" (or whatever that saying is) and a demanding buyer who is running you ragged, and you are behind on your time schedule of getting the thing rehabbed. I sooooooo am NOT trying to shoot this idea down....I'm just seeing potential nightmare in front of you, so if you can prepare a house neutrally with some updated features and get some advice in the process, then you can walk a through buyers through and GET IT SOLD!

Just bringing up some things to think about, however, I LOVE YOUR CREATIVENESS in this idea!! And if you find a buyer or run an ad, and they understand you are finding some GREAT VALUE homes that may not be "up to par", but WILL BE after you work with them, then AWESOME!! I certainly have not been through this whole process and maybe others have some experience and think this would work perfectly! Just wanted to bring up the flip side of what may be a difficult match.

Keep your ideas coming...I like them!! Let me know how it goes if you pursue it!

Off to look at a house!! Cheers!
Louisa

and simultaneously feeling a bit discouraged with real estate today.

I have got to get back to the basics, and use Dean's techniques and Successfest to my advantage and just do it.

I'm ready for something to happen and I know it won't just come to me, I have to get out there and go to it!

I NEED BUYERS!! I'm discouraged about my hard money lenders who are caught up in commercial deals. I tried looking this morning for commercial deals (and I realize 1 hour on the internet doesn't consist of a very good "try"), however, I haven't a clue at what I'm looking at. Or how I'm going to find a "deal" or even START to talk to a commercial broker about a commercial property, get it locked up, and then contact my hard money lender. They act so EAGER to lend the money for a commercial deal that is good, however, are they going to walk through the "how to find" on the phone with me? Do I just talk to the owners of commercial property with great cap rates, in good areas, with great revenue streams (I mean, really, if that IS the case, then WHY ON EARTH would they want to sell?) I know, I'm seeing glass-half-empty today on this, but it's just I'm getting down. Hard money lenders are wanting larger deals, more commercial, and my small beans deals aren't good enough, and I'm EAGER TO LEARN and work hard, but I have no tools to go find those deals...if I had a mentor, I would be good to go.

BACK TO PROPERTIES
I met with a homeowner and saw a property today, and while it is nice, I feel it is way over priced and owner will hold out. I am not sure why I went there...I should have weeded this out over the phone. I'll still work up the number and put in a call within 2 days to either all-out say I'm not interested, or give a range of an offer with the connotation of "I know you probably aren't interested in this, but this is what I can offer" wow, what a sales job that would be!

I am about to meet with another homeowner whom I think has overpriced his home big time. He may be more motivated to sell. We'll see.

I'm not my usual chipper self today and can feel my eyes glossing over and a little soreness in my throat.

I'm just feeling like I don't really have that much "solid" in the works and I'm frustrated. I have all this energy and have happened to have a lot of "off" time lately to work this stuff hard, and just coming up with nothing.

Alright, off to my next house. I'll try to come back here when I have a better attitude.

Louisa

Have you contacted the Success Academy to see what resources they have available to help with learning about commercial real estate?

Don't worry. It's OK to feel frustrated from time to time as long as you don't let it keep you from continuing to pursue your dreams. So... take a deep breath, re-group and keep moving forward. It will happen eventually as long as you don't give up!

Bruce

Louisa your running leaps and bounds around me in REI. I have no doubt your going to make your 5 deals before the end of the year. Probably more than 5. I hope your feeling better. Take a little time to re-group too as we tend to burn out a little as I’m finding out. I have those days where I just have to put REI out of my mind for a few hours or even a day so I can “charge my battery”.

Barbara

Where do you get your energy? I'm exhausted just reading your journal! You have clearly put a lot of time, thought and energy into your RE plan and I am very impressed with it and the work you've been doing! It can be so frustrating to not yet have made your first deal yet everything you've been doing is taking you one step closer to it. For some it comes quicker than for others; however, the length of time it may take doesn't take away from the great feeling of having that first deal done. In fact, you will likely appreciate it that much more because of the time and hard work it took to make it happen. Once it does, all of the energy, planning and work you've invested will pay off and the next one will come that much easier. Then the next one and the next one, etc.

When you're feeling overwhelmed and frustrated, take a break. Do something completely unrelated to RE. But don't stay away too long -- just long enough to recharge. Probably no more than a day or two then jump right back in with a fresh mind and a revived purpose. You can and will do this! Of that I am certain.

All the best to you and yours,
Nancy

Hi Louisa. I’m sorry you’re not feeling well. Rest and take care of yourself. I know sometimes I get down, not even that things aren’t going well, just don’t feel good or start to get emotional (you know..). But then I have to get a virtual hug from one of my DG friends (and real ones from family. ) and jump back in when I feel better. Well, here’s a hug for you, sister. And know that you are NOT going to stay discouraged and you WILL get that first deal. After that it’s not so frustrating and just gets easier.
You are doing great and are an inspiration to many! Keep it up! (and don’t make yourself THINK to hard on stuff, just focus on ONE that makes sense and MAKE it work) Then you can go on to only absolute killer deals if you want. Sometimes the just getting started is the biggest hurdle.

God bless, Louisa!

Rina

I hope whatever you are coming down with goes away soon. Get some well deserved R&R. Do something special for yourself (I can see you rolling your eyes As others said above take a little break from REI.

You have so much energy and work so hard in REI things WILL work for you. Sometimes I get exhausted just reading all that you do!

Take care of yourself.

Hugs,

Lea
SPR Property Solutions, LLC

hey girl get some rest physically AND MENTALLY . i know taking all that dean teaches in his books,success academy and learning all you can on site is sometimes overwhelming.speaking for myself i wanted to get going all day and all night nonstop to take action from what i was learning.Take a step back,recharge be patient and things will begin to happen for you as you def have a plan after reading your journal.rhina has great advice on thinking too hard on things,i also did that and needed to focus on one thing and MAKE it HAPPEN.hope you feel better and i know you will come back recharged and get that first deal done YOU HAVE IT IN YOU!! and AFTER THAT #1 there will be no stopping you!!

Is ther any one in arkansas close to little rock that might could team with me and help me get started on making these deals everyone talks about i just need a little jump start on how to get this going... thanks to anyone that can help me.. pat

You can do it since you have set your mind to it, your awesome Lousia!!!!

Hope you had a great weekend and look forward to seeing you back well-rested.

Rina

I believe Sissy is near you. try PMing "sistreat"

Good luck, and welcome to the DG family!

Rina

I'm feeling better, and back on track today. Not that I wasn't thinking about real estate these last few days...my mind has definitely been there!

Thank you all so much for your encouragement and support.

I have to run right now, but just wanted to shoot you all a "general" thank you, and let you know I'll be back for more personal messages later to thank each one of you!

I appreciate you!

Will keep you posted on what is going on...

Met with my agent this morning....

More later!
Louisa

While overall, I'm pretty positive here, I absolutely know how "down in the dumps" you can get in the lowest moments of RE in the trenches....sometimes it really isn't fun trying to "get through it", and I have definitely been there this week! However, it is in those darkest moments, that it makes me realize I AM HERE FOR A REASON AND A PURPOSE! And I don't have the option to quit.

I have literally tried it all! (Not in real estate, but in life!) I have no regrets! And if my future kids ever ask when reflecting upon my life "well, why didn't you try doing that"...I will literally be able to say "I DID!" And with the goals I have for myself that are non-real estate related, I know that real estate (and really and truly God working through me in real estate) is what is going to propel me to be able to accomplish those.

RE is my present, and is my future and knowing I will one day be on the "other side of the rainbow" in "deal-land" is why I will stay with it. And more importantly, that seven levels deep of motivation....at my core, is my motivation for God and for my family. It keeps me going, no doubt.

And I know my husband probably wishes (although he would never express it, he is super supportive) that I would just settle for a nice desk job and be happy like every one of his friends and/or their wives, and a part of me wishes that would make me happy as well. But it isn't me. And more importantly, it won't allow me to accomplish what I feel is a calling for me (what real estate will make possible in other endeavors).

I was trying to find a post by Matt Larson here on the site that I found particularly inspiring that he just posted last week. The search feature here is down for the moment, and I've looked through every forum and can't find it. It's something like "Assignments Made Simple" and he talks about his experience as a child learning to ride a bike. I don't know if any of you caught it, but it was a powerful post. If I can find it later, I'll put the link here.

Now to get back to the baby steps of making everything happen. And get back to my daily journaling here!

I have to work this afternoon, so I need to run, but will get back to "what's going on" tomorrow. And get back to responding to your above messages...great thoughts, advice and support. My agent meeting was interesting. A couple more obstacles to knock down, but I'm working on it!!

Thank you all again for your support and encouraging words.

Dean's call is tonight! YAY!
Louisa

Caught up on you're journal last night!Some great stuff! Sorry to hear about your rough week. We all have them, you just gotta keep pushing, which you are. I'm interested to read about your meeting with your agent. Keep up the good work!

Worth a bookmark---->I found Matt Larson's encouraging post I was talking about. After reading the top post, be sure to skip down to his reply about RIDING HIS BIKE ---the entire post is awesome!!
http://www.deangraziosi.com/real-estate-forums/everything-else/32490/ass...

*****
Just want to thank you ALL for your "virtual" hugs as Rina put it...I felt the support right through the computer. Thanks again...and more specifically...

BWRaleigh - Bruce, thank you for your words and your encouragement! I took your advice and called the academy about the commercial end. There are two coaches there that deal with it...I didn't catch them on the line, but at least got that info, along with really finding out more than anything that they don't really push learning the commercial as much as residential since we're all starting out. It made sense to me. I will still start talking to the one complex that I think looks interesting...it won't be my top priority but something I will pursue a little bit each week to see if it goes anywhere. I won't really scout out as much commercial right now, but rather if I happen to come across something interesting, I'll work on it. We'll see! Thanks again for your post!

Barbara2000 - Thank you for your encouragement! I'm glad we're buds on here and always love seeing your progress in your journal. Thank you for reading mine!

Aerialist - Nancy, thank you for your words, for your post and for taking a glance at my journal. I appreciate the encouragement to take a breath and recharge...it helped me get through it to hear this from my fellow DG'ers! Look forward to continuing to follow your success in yours too!

Rina - You are a treasure! Thank you for taking time out of all the deals you have going on to be here for all of us. This journal has kept me motivated and the feedback and support is unparalleled in anything I've ever been a part of online. Thank you for starting this! I learn so much from reading yours and you are so sweet to take the time to write everyone who writes you in yours. I'm doing my best to follow suit. Thank you for sharing yourself and your real estate success so openly with all of us.

Fracarell789 - Lea, thank you for the encouraging words...and no, you can't say these things too many times...I would never roll my eyes..promise! I never went to my journal and thought, man, another person commenting on it, that's terrible I love your comments, and loved the support I got here from you and everyone! Thank you, thank you and thank you!! Cheers to your journal and your success...hope you are having a great week!

JBToggs --Thank you for your comments, well-wishes, and every time I see you on this journal or in one of your posts about your deals, I get excited!!! Thank you for always commenting back on all your comments too. You are SUPER MOTIVATING and your enthusiasm is mega-contagious. Thank you for keeping me inspired, and for continuing to get some GREAT DEALS DONE! I wish much continued success to you, and please always share, as your deals really make my day!

PatBerry-Arkansas - Pat, thanks for the post. I know how it feels to be in a town not sure where anyone else is that is doing what you are doing! Rina's idea about Sistreat is awesome. She is quite a resource here on the DG site. Her posts are great! Also, take a look at the left hand column of this site where it says REI Groups and try looking under Arkansas. If there is not one for your area, I would suggest starting one! Yes, even as a newbie! Search the site for Little Rock and see if some people turn up and invite them to be a part of the group. I did it for Nashville last month and we have a nice little group of 4 meeting and 13 who have joined the group online (hopefully a few will make it to the meetings soon)...we are all newbies, but we are growing and learning so much together. It's amazing how the synergy works out and keeps you accountable. I wish you the best

Veryinterested - Bob, thank you for the post! I appreciate it. Talk to you soon!

Lkward13 - Thank you Luke! I appreciate you taking the time to read my journal and catch up! I just read yours today and have a post for you shortly. Thanks for your encouragement! Yes, I'll post shortly about the agent meeting. Lots to say there!

Getting this posted...more on what's really going on with me, finally after this!

Wasn't that video inspiring today!!? WOW...UHAUL...who knew? What an interesting way to track the economy!

Hurry Hurry! haha I'm gettting anxious to read your story.

I know this was a while ago, but since I just read it, I'll put in my two cents...

I finished a book called, "Rich Dad, Poor Dad". In it, the author talks about "Paying yourself first". What he means is, he puts investment money away or uses it BEFORE he ever pays bills. His reasoning (and his accountant hates this) is that, he takes that money and invests it nmo matter what. He ALWAYS manages to pay his bills, although they are sometimes a little late. But he does pay them, but if he paid his bills first, he may not have the investment money afterwards. It forces him to invest. Anyway, this may or may not fit your situation, but it's just food for thought...

I haven't started a journal yet, as I am still reading the second book, and I have yet to do a deal. After reading yours, I like your enthusiasm and organization - I wish I was that organized. I have had such a bad year, I am planning on putting my tools in place and beginning new in 2010 (hopefully the 2009 bad kharma will be all gone). Thanks for the inspiration!

Mark

Luke ---yes, getting there, sorry for the delay! I got tired the other night haha...

Mark ---Thank you for your post! Yes, I read that book a few years back...great book! Thanks for this reminder as I had forgotten. Great idea and when I can do this on a grander scale, I will! My husband does this (but not for real estate investments...we're not quite on the same page, but we'll get there!) I make some minimal money, and use what I can off the top of my check for my "marketing costs" for this business right now. Once I "do a deal" I do plan to re-invest a portion of it in this business immediately! Thanks for the encouragement!

Update on my agent...

Ahhhh!!! I'm in a coffee shop and everyone around me has started this group conversation outloud talking from different tables, across the shop, and I can no longer concentrate!! Gotta run!

For now...I have a little bit of my thoughts from my agent meeting in this post (see my response to the post) where I reference my agent talk: http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

Cheers!
Louisa

Happy Halloween!

Just had our local DG meeting. This time just two of us. But it was good. And it gave me a little "pep" in my motivation level and setting some goals for this week.

I'm falling behind in my reporting to my journal.

A part of me has just needed to step back and re-group....and "get over" this next part...

HARD MONEY LENDER
I hadn't written about this before as it was all "too close to home" for a few days, but I was already to move forward with my application to my hard money lender that I felt would be the best fit. This was week before last and I was hopeful to move forward by this past Monday. They kind of "pre-approve" you and then you submit properties and they approve the money for each one (rehab). Long story short, my husband wasn't on board with proceeding....either the two of us, or even just me by myself. He just felt I was putting our assets at risk. This was just frustrating to me because I had spent a few weeks qualifying and narrowing down the best hard money lender for my needs, and finally found one willing to lend money for my "small" deals (comparative to their commercial deals), and was always talking about what I was doing with him. But when it came down to it, despite it is an investor's DREAM to use OTHER people's money for these win-win great deals...he just isn't on board with it due to his unfamiliarity and uncertainty and just not knowing enough. So I just felt like I wasted a lot of time on something that in the end, I can't move forward with right now. And not just the hard money lender, but even on the rehab side...that hard money was going to pay for my rehabs.

OK, so through these discussions with my husband (he is emotionally very supportive of me, just having understandable trouble with trust not knowing enough about all of this), he has agreed that I can borrow from my personal IRA and pay it back when the deal is done. I have heard about people doing this through Dean's site too, and now I'm all about looking into this ASAP. To me, it doesn't make a lot of sense....we're using our own IRA instead of using a lender with a "back up" of our IRA as an asset....I know either will work, but I'd prefer to use "other people's money". But if this is what my option is, then, I need to get on looking into the details and stop moping about what isn't an option anymore! More on this as I find out more...which I will quick because I want to lock up deals this week!

AGENT MEETING
So my meeting with the agent, I ran into a couple things:
--Namely, I can tell she's questioning whether or not this will really work
--She's concerned with the fact that I'm making more than she is (which I'm not sure at the end of the day if this will really hold her back or not, but she's offended by my assignment fees, which I wouldn't have even shared with her but she asked me point blank
--Very caught up in due diligence on each offer (maybe too much so for all the offers we need to make)
--Definitely does her homework

Next steps: I'm delivering my buyers' list to her (minus names and contact info) for her to start searching for properties for me this week. I am also sending her my assignment contract, and communicating the details of why I don't want to include a non-circumvent within the contract. Illustrated more in my reply to this post: http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

We should be wrapping this up on the phone Mon/Tues about any remaining kinks...I believe these are worked out through what I have prepared for her, so at this point it is more of a "we're ready to move forward, right?" and if not, I'll be finding a new agent. But I am not discouraged at all...I needed to do all of this prep for any agent that I would work with, and now have a better idea of how to approach certain sensitivities in conversation (i.e. my assignment fee vs. agent commission) if they are asked. I actually think if I put my mind to it, I can interview and find another agent within 2 weeks, and none of this should hold me back from my goals as I can pursue all kinds of FSBO deals in the meantime.

Don't get me wrong ---I really hope it works with her because I like her, think she can be aggressive, work hard and get the job done. I just want to alleviate these questions ASAP and GO!!! And get it done! At some point, she will have to leap too despite the fact that I have not done this before, and once her questions are answered, I need her to leap!! And I want to move on, if it indeed is not a fit.

Here were my previous posts on my interview of my agent:
http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/2919...

Response to other agent post:
http://www.deangraziosi.com/real-estate-forums/profit-real-estate-right-...

WHERE I AM NOW ON MY OTHER PROPERTIES
Everything is pretty much dead. My re-grouping has cost me a little bit, but I'm moving forward! This week will be great!!

Sandwich Lease property --I just waited to long. Got scared. Saw the property. Ran the numbers. Not sure I could get more than current rent for it. Then was reminded by the coaching that people that are trying to build credit will pay more for a property knowing they will own it and some money is going towards equity. So I need to look at this, run the numbers and just go for it in the future. This landlord wasn't motivated, so for her to hold a property for even 30 days while I get a tenant in it, I'm not sure she would have gone for it anyway because she would be holding it while I lock it up to get a down payment from another tenant....and not sure it was worth it for her to take the chance. More questions on this, but main thing, I need to start ASKING and OFFERING, and then step back and reflect on what else I could do if these things don't happen. If you don't ask, you don't receive. So I will stop being scared to ask.

Tear down property ---after we had rehab evaluation of $60K job including tear down and haul off, we ended up with an offer (me and another local DG member, Lester) on this property for $10K due to back taxes. Previous offer was $15K. Seller has walked away (or at least not responded). I don't have complete control over this one (it was decided a 50/50 split) since it is Lester's seller contact, so I've just left it at this for now.

Another property I looked at last Sunday ---I think this one may be gone too...super-great deal that I think I waited on too long. I have called and "requested a contract" as the original seller said he would fax one right away if I wanted the property (out of state wholesaler to a property listed the week before for $10K more). I would rather use my contract of course, but this was their process, so I'll wait and see, but think this is gone. Want to be on this sellers buyer's list as somehow they get some bank-owned properties out of state pretty cheap.

Other 2 FSBOs I looked at were way over-priced and seller not motivated enough.

SO: Better qualifying on the phone on my end, and for the ones that are worth it, MOVE FORWARD!

GOALS THIS COMING WEEK are aggressive as I have 5 deals to do before the end of 2009 and I haven't forgotten it!!

--Add 5 qualified buyers to my list
--LOCK UP TWO DEALS...not just see several properties, but LOCK UP TWO DEALS
--Prepare a probate mailing (for late this week or at least to go out by early next week)
--Calling 10 local banks to their Special Assets dept.

I will be reporting where I stand with these goals throughout the week.

Anndra, through our local DG group helped to motivate me today to set these goals and I can't wait to see some properties! And put offers out on them. Lots of offers. Moving forward.

THIS WEEK: I'm resolving to ASK and to OFFER, as you can't get a "YES" and can't get a "DEAL" or even a chance of a deal until you offer. And until you get a "NO", you don't know where to begin to start working to get a YES.

You can't have buyers hanging out with no properties to give them!!

I feel like I'm on a balance beam and trying too hard not to fall off, but I'm not able to finish the cartwheel because I'm too scared. So I'm not doing the cartwheel and I'm not falling, I'm just putting forth enough effort to balance, but not finishing it out. No moving forward. This week I will not let fear hold me back. I have to know that I have to fail sometimes to succeed and I just have to do it and lock it up, and if it doesn't work out, that is why I have contingencies, but it will never happen if I don't move forward!!

Cheers to moving forward!
Louisa

I hope it happens for you on getting those (5) deals before this year ends. You got your stuff in order by keeping a strict daily plan together. That will help you in the long to do the rest.

Regarding your agent - what I've done is like Dean mentions is always be in control & never let the agent change on how you run your business, or else you can consider it over with that agent. If you feel she's uncomfortable to how much your making in profit it won't be too long where she will be doing less for you because I've had that experience already with agents. If your agents biggest concern is how much your getting out of the deal than you know that it's going to cause a conflict between both of you, but you know her better than I do so just pay attention to her responses & efforts on your part so she doesn't have you fall behind on your routine & plans that you have set forth. In the beginning never get attached to your agent or think that that agent is the one, give it 30 days to see how much progress you have made with that agent than you can determine if that agent is the one you want to work with in the long run. Let me know if all this makes sense to you.

Everyone Can Make A Difference!
John A.

I look forward to your posts, glad to see your back on, they are like mimi-novels to read. Our REI club is meeting on Nov 3rd and the topic is using your IRA for realestate. I will take notes and report back to you anything important you should know. Unless you want to come to MN and hear it for yourself? I had a similar "come to Jesus" with my hubby, he was on board until the time actually came and then he said "whoa, I think we are risking too much" I had a realization that because I stay at home with our 3 boys and he brings home the money, that I didn't really have a say in our financial future. He also makes all the decisions about investments etc. So we compromised and we decided I could use about 1/2 of the HELOC we have on our house. It's not alot of money, but I managed to work a deal with my bro-in-law to borrow whatever else I need at 7%interest. It definitely set me back on my heels for a little bit, but now I am in the middle of my first deal. Anyway just wanted to say, stay the course and keep the posts coming.

Cathy

This is an awesome goal. Keep your head up when times get tough. Success is what you make of it! I am rooting for you!

-Gina

Erik - Thanks for the quote! I LIKE it! It's great! I like that there is NO "try" and heard that on The Edge too...when people say they are going to "try to make it" or "try to get that done" it usually means it will not happen. When people just say they will DO it, it will happen because it is a solid commitment! Thanks again for the quote and the post!

JohnA - Thanks for your comment here, and good to see you again! I like your "30 day" approach with the agent. I think that is great advice. Same with the "attachment" and "not changing your goals per the comfortability of someone else". Thank you for the input and feedback. Great perspective!

CathyB - Thank you Cathy for your sweet note and thoughts and for sharing your similar story! And I'm thrilled you are about to have a meeting on taking from your IRA...I would LOVE any main "take-aways" you get from it...thank you for that offer, and I'll share any interesting points I find out as well in my search. Can't make it up to MN right now for it, but I wish!! Good timing! Congrats on using part of your HELOC for your first deal! How awesome! Glad you found something that could work for you. I'm so inspired/motivated to do "everything" in terms of different types of deals using different means of financing for the experience of it. I love it!

GinaK - Thank you so much!! I appreciate the "rooting" and need all of it that I can get THANK YOU Gina!!!!

Thank you all for your support and comments.

I will be journaling on my goals/activities for tomorrow as I start my day.

Cheers!
Louisa

You have what it takes to be successful, however, you have to understand nothing happens before it's time. You may miss on a few deals, but God has better in store for you. Sometime we want to do things ourselves instead of letting him put us in situations. That could create problems. Louisa, when you least expect it that great first deal will fall right in your lap. As always, we are hear to support and encourage you to continue to dream big. I pray that your success will be realized soon. God Bless.

Sandra

Louisa
I caught one of your threads somewhere else and have been reading your journal ever since. You really are an inspiration to us newbies as well as the seasoned veterans.

Keep working hard! I look forward to hearing your successes!
Fish

Sandra - Thank you so much for your insight. Your message comes to me at the perfect time. I do tend to get in a mode where I push, and push, and bang my head against a wall and wonder why things aren't happening...and as you mention during these times, I am the one who is trying to "control" things in my life. And it seems that when I set back, and let God do God's work, and proceed with faith, things fall into place, not without effort, but truly more seamlessly than I would have ever imagined. The right doors and windows have opened in God's time. I SOOOO thank you for this reminder. I appreciate you taking the time to send me these insights, and really feel that last night (when I received your message) was exactly what I needed to reflect on moving forward. As they say, "when the student is ready, the teacher will appear"...that applies in so many ways here! Hope your week is off to a great start and thank you for your prayers and blessings!

Fish - Thank you very much for the post, and for the encouragement. It really means a lot to me to have the support of this community, and thank you for taking the time to read and post in my journal!

Cris - So sorry I missed your comment the first time around. Per my PM to you --thank you for posting and reading my journal!! I hope you are finding lots of support and info here on the site and from the DG family. Such a great place to come to! Thanks again for your encouragement....means a lot to me! Let me know if you start a journal and I will check it out.

UPDATE ON TODAY
Loving the time change! It got me off to an early start today, and somehow, I got the best night's sleep last night (I have been dragging lately)...so I'm ready to roll today! I don't want to make phone calls to people (mainly sellers and for rents) before 10am, so I'm planning my day and can't wait until it gets a little later to call people! I work tonight so I have until 4pm or so on real estate today.

PROPERTY #6
So I've decided to keep numbering the properties that I look at so I can always reference back to them. I'll also be able to track exactly how many properties I had to look at and/or offer on to get to my first deal So from now on, if I reference any property by the number...I can trace the history throughout my journal.

Property#6 ---this property is one I reference in my above post (just without a number). The one I looked at the previous Sunday that I thought I lost because I waited a week b/c of fear of moving forward...looks like a good wholesale rehab. I had left a message on Saturday about my interest in the property if it was still available. Details on seller and exact relationship to property is somewhat vague. He is out of state, and has mentioned this property is one he acquired via REO and sounds like he acquires many of these throughout the country. The lock on the property (one of those locks with a code) is no longer is accessible (as this was the an agents previous property). Seller had mentioned "take a look, and if you're interested, I will fax you a contract." Seller sounds extremely busy and sounds as if he is dealing with a lot of properties at once in different parts of the country.

Sale price: $33K.
Rehab work...my conservative estimate: $25K

This morning: Seller emailed me first thing asking what my offer price was before he started faxing contracts back and forth to see if I was in the ballpark.

TotalView Price: $88K

Comps: I looked at 10 comps within one-quarter mile and sold within the last 4 months (most within the last 3). I dropped the highest number and the lowest number (to get the extremes out of the ballpark), and averaged the rest and came up with average of $101 per square foot in neighborhood.

That leaves me with an estimated
After-Repair Value (ARV): $81,200

My offer: $26,500

It was on the market 3 weeks ago for $42K.

I feel this is fair, and I've left a little room for what I would be willing to give. I emailed this offer. I left out any contingencies as I'll wait for the contract to review. Just want to take my time on it this first round and figure the less info and/or obstacles I provide right now, the better.

COUNTEROFFER
Update ----while I've been writing this ---I got an email back and he says...
"They have countered at $36,500"

So I know now I'm not directly dealing with the owner somehow.

I find this counteroffer kind of funny because the original post (and I did find it in my email to confirm) said $33K was the sale price.

I'm not going to remind him of this though. I'll think on it and hopefully come to an agreement today on price. Will keep you posted.

More sellers to call, and more for rents to call...this is just one!

More updates later...

Any feedback GREATLY appreciated as always!!!

Thank you all!
Louisa

I'm keeping good thoughts for you on the property that was counter offered (and of course for everything that you do.) Can't wait to hear more.

Take care,

Lea
SPR Property Solutions, LLC

Lea - thanks for your good thoughts! I so appreciate your post and you checking in!!

UPDATE
So we went back and forth a bit.

BTW - Correcting my notes, I looked up the property from a few weeks back and it was offered at $49K (not $42K as previously mentioned).

My original offer: $26,500
They Countered: $36,500
plus "middle man/wholesaler" had left a voice mail to give me the scoop on who he is & mark up etc...basically, these are quick turns for him. He said "I don't get too greedy here...I just mark it up $500 and get rid of it quick" This made me feel better to understand just how much was tied up in the middle not to mention that $500 wasn't a whole lot, so I didn't feel it "overstated" the value of the house or would be a big contingency in my offer process.

I started figuring out something though ...that wholesaler knew what they wanted for it bottom line, and probably forgot that he had originally posted that amount (to get rid of it quick). So when he came back with their offer of $36.5K, he knew they were just playing "wheel and deal". I sat back a couple hours and didn't come back with anything. And the wholesaler came back and said "These guys are from NY and it is within their culture to wheel and deal, so if you are not happy with their counter, they are expecting you to counter" Of course I was planning to do so, but just wanting to get comfortable with the numbers, and figuring silence can never hurt in negotiations.

I countered: $30,000 (fully knowing it was listed at $33K originally)

They offered: $34K (and wholesaler said "this is their offer, but they will probably take 32.5-33 for it.)

So it was then I realized wholesaler literally gave me the bottom line in the original post.

Good news was: my original numbers that I ran....and on a conservative scale, my final "planned" highest bid was $32,200.

Final Offer: So I let wholesaler know I that my final offer was $32,500, not because he said it, but because my top offer was lower, but if $32.5K would take the deal, then I would put that in as my final offer to get it done.

Offer Accepted!! Within an hour, I had a contract in my email from a title company from original seller. Now that I have the names, I figured out the seller is a company that acquires REOs on a grand scale across the country. From their profile, it sounds like they are almost a "last resort" company for banks that takes groups of properties that banks are holding and need to let go, buys them at rock bottom prices and gets them sold. They only purchase property directly from banks, not from sellers.

Now the scary part is, according to contract, it closes next Monday, November 9th and I must wire a $3250 downpayment ASAP. Not that I can't ask for these to be extended, but this contract is pretty serious about the lack of extension on there.

I'm letting this sink in tonight and calling my buyers right away. A little nervous about the FAST terms here.

I'm going to:
---think through all my exit strategies tonight during any mindless time at work
--get online late night after work and look at my options (including my IRA...gotta find out how much is in there)
--contact my buyers tomorrow AM and consult my attorney tomorrow with the 12 page contract I have in hand

AHHHH!! At least I moved forward! I'll collect my thoughts and get back to report here on my further thoughts/findings.

Cheers!
Louisa