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

Louisa, you did all your homework. Now you are reaping the rewards.
Got your ingredients, mixed all the dough, put it in the oven, and now you get to eat the cookies. They will start coming like clockwork now. SO excited and proud for you! Can't wait to see your first check (you'll have to post a picture. )

God bless, Louisa! You are an inspiration!

Rina

Way to go on your accpected offer! Keep it going, I'm next!
God bless,
Serena

I'm so happy for you that your offer has been accepted! How can I not check in on your journal? I enjoy hearing about your journey and am cheering you on!

Lea
SPR Property Solutions, LLC

I have been following your journal since it started and am glad to hear you have a offer accepted. You definately have the drive to invest. Keep us posted with the details.

Mark

Louisa
Way to go! You made a plan, followed through, and executed. Can't wait to hear the results. Best of luck to you!
Fish

Louisa I knew something was coming soon for you. First one in the bag now there's no stopping you.

Ahhhh! Want to hear all the details.

12 page contract?

Congratulations!! You deserved it...
Keep us posted.
Barbara

Congratulations! You're almost there! You'll find a way to get this deal done. You've worked extremely hard for this and you deserve the payout. Keep working hard! Another inspiration for me to get mine done!

You did it!! You got your first offer accepted. You pushed past the fear and got it done. After this success your next deals will only be easier. Congratulations, you're on your way to meeting your year-end goal. I'm excited for you!

Bruce

All of you!!! Thank you so much for your encouragement and support and for posting here. It's so great to have the support here, because the deal isn't done until it's done, right? But I am super-glad to have an offer accepted!

I have already gotten a call this morning from the title company which I must return ASAP. I just couldn't answer right off the bat...want to have my thoughts lined up and ready...ha...not sure I'll ever be ready, but I will make myself ready within the hour

--This morning:
--Calling my attorney right now to set up appt. for contract review (since it is seller's contract through THEIR title company) I know everyone likes to have control with their own contracts and own title companies, and this is just how these people roll, so I need to do my due diligence on my end.
--Investigating what I have in IRA (just for knowledge of maybe getting through earnest money while I find a buyer to put earnest money down)
--Have several buyers I could go to - just want to get extended time frame locked down for closing...even if it is only one or two weeks more. This 5 days stuff is not for me....yet!
--Thoughts? Does this title company do double-closings? Just something I'm considering. Since it doesn't look like this contract would be an assigns contract - speaking with the attorney about this. And not that I can't ask either. I know, "don't be afraid to ask"...I can just tell I'm dealing with a larger business entity that probably isn't used to working with non-cash buyers all that often...we'll see.
--This was actually a bird dog situation ---as the "wholesaler" just marked up $500, and I received contract directly from seller, not from wholesaler or assigns or anything.

Aaaaaaaahhh!!! Still so much to do and think about. Knots, knots and more knots, but this uncomfortability will all be over within....well, hopefully 7 days at least getting some peace from my attorney and peace from getting the terms ironed out in the contract. Then the next leap will be buyer...but I'm excited!

Cheers!
Louisa

That was a fantastic post in Destrie's journal tonight Louisa. It really deserves a thread of it's own. You broke down the steps to get from A-Z at a level that helped me tremendously. You just don't know. I have wondered across a few of your posts that I re-read several times because there's so many good nuggets in there and it's broke down again to my understanding.

One of your posts about qualifying your buyers was great. I didn't know about that. I'm struggling with that one. But you've brought it to my attention and now I'm dealing with it.

Just wanted to stop in and thank you for that. Your going to be sooo good at this.

Barbara

I just woke up and realized that I was dreaming about purchasing 3 condos in the complex where I live....its 3am.....my twin daughters each live in there own condos as do I and we are all renting. We were originally living in a townhouse here. I know its time to invest and I am scrambling to figure out the best way to do this NOW! You know its time when you wake up and thats all you can think about !

I just wanted to first apologize that I haven't been in most journals here to comment on you all, my dear friends, just for the past couple days. I feel swamped with trying to figure the details out on this one deal so know I will return soon to being responsive to your journals! I am reading, and I will catch up with my replies soon.

BARBARA - So glad my post was helpful to you. Thank you so much for letting me know! I still feel like I'm not quite "qualified" to write that much about some of these things as I haven't been through it, and my knowledge, especially on the closing side, is purely academic and the tidbits I have gathered through this site (which are wonderful!)...I have a "bunch in my head" that will hopefully start playing itself out in real life and give me more confidence to really "know" more of what I'm talking about, but I guess in RE there aren't too many "absolutes" which makes everything quite interesting! BTW, I will address that mailing comment from your journal...just have been short on time and can't say too much about it since it was for another company (while I was working as an investor rep for them for a short period of time).

LASCASAS7 - Welcome to the DG Site, and yes, I so KNOW what you mean about waking up and "it's all you can think about"! My head feels consumed sometimes (in a good way), and just propels me to keep working at this! You obviously have gotten some big signs that you need to do something different, which is exciting to really get those "signs" and confirm and validate what you have been thinking about! Hope you are able to make a "Baby Steps Action Plan" to help set some mini-goals to lead to bigger goals you set for yourself. Cheers on getting your action plan in place...even with the smallest of goals...it will help get your mind "at peace" with your dreams through your action! Thanks for your post!

*****
UPDATE

AHHH!! I'm so short on time here...but want to be sure to "keep up" my journal on this one deal and will communicate tonight about any other happenings on moving forward with other properties, calls, etc....as I don't want to "lose focus" in these other areas too.

The skinny on yesterday:
--Spoke with seller's title company in the AM about my meeting with attorney for contract review and would follow up directly after meeting.
--My rehab guy went out to the home, and took a look at budget. I had already done this and came up with $25K in repairs as a conservative number. He called me and said "I think we can do this top end $22K and turn this 2BD / 1BA into a 3BD / 2 BA" Awesome. Planning on unloading it to another investor only because I don't have rehab funds, but this news is a good sell, and confirmed my thought that it was a good investment.
--Met with attorney. How much? $50 (I say this because I, as someone who has limited resources for RE just starting out, always wonder as I read journals and/or posts how much people are having to spend for things as I try to sort out a minimal budget in my head, so I am including it)
--He reviewed this current offer contract (this is seller's contract)
--Also had him review my FSBO contract to purchase
--Review my assignment contract
--For all the above, the best $50.00 I have ever spent (well, maybe not ever, but honestly, for peace of mind for RE, it definitely was!) We live in a suburb of Nashville and his office has a "small town" feel to it.

Offer Status: I hope I wasn't misleading in my "offer accepted" post. Basically, the "number" we negotiated on was accepted via email, but the offer contract itself has not been signed as we are negotiating terms.

I sent my email with any changes yesterday after the attorney meeting to the seller's title company rep that originally sent the offer contract (the out-of-state seller is using the title company as a go-between and I just pass changes to the contract through that title company).

Seller's original terms:
Price: $32,500
Closing Date: Mon., Nov 9
Earnest Money: $3250 (wired immediately)
Sounds like they will work with me within a 60 day window on title defects, if any but it was a little vague for my attorney.

My emailed terms:
Same price
Closing Date: Mon, Nov 23
Earnest Money: $1000
Title contingency: That execution of the contract was contingent upon buyer (myself) reviewing and accepting title search.

Prior to sending this email, I thought through my exit strategies and decided I wanted to do a double-close. Why?
---This time it has nothing to do with the money. Well, almost...more in a min.
---Didn't want the obstacle of them questioning "and/or assigns" with this larger company unloading what they want to be a "cash deal" and deciding to withdraw their offer
---Someone might say "well, many people assign it to their LLC, rather than their own name, so you could add that with THAT being a possibility" But in this case, final page from title company asks you point blank what you want the deed to say (your name or your LLC ---I do not have an LLC yet, but waiting for the money on my first couple deals to set up one through the state). I am fairly confident "and/or assigns" will just not go over in this case.
---Also, I preferred to not be "the last one that purchased the property" for such a low dollar amount. This is totally in my own head and don't know if there is any "real" credit in my thoughts here (but I'm affected when I look at the price someone "got it for" vs. what they are asking for it). From a previous conversation with a coach, they made a good point that your house is purchased for next to nothing and it becomes a part of the "comps" for that area. This was really in reference to a rehab job and trying to re-sell, so goal would be really trying the "sweat equity" approach by working on a house "while it is under contract" and doing a double-close and re-selling the "fixed up" house without having a previously purchased price be affecting your buyer's decision to buy at YOUR price, and also helping out the "comps" in the neighborhood and preventing your previous price from affecting the comps so that your final price is unaffected by your original lower price of the home (*I'm probably talking in circles here..hope some of this makes sense) By doing a double-close, you are protecting someone else from knowing what you got it at, and therefore, their only real reference on their own price other than FMV, is to look at what the property was previously purchased at too, and in my particular instance, it was purchased back in '93 for more than I would even ask a buyer for (with me still making money), and the area has appreciated a LOT since then, even with the economy the way it is. So that being the "last recorded" deed would be preferable.
---Since I made that decision, I had to find a title company (prior to sending my email with changes) that did double-closes (the seller's title company was wondering what title company was going to represent me, the buyer, so I knew I needed to include this in my email). I had previously had a recommendation of an attorney/title company under one roof that indeed has done many double-closes and often works with investors here locally, so I gave them a call. So glad someone could talk to me right then and there and give me the scoop. I also mentioned I would prefer not to give seller's title company full disclosure on the fact that we were doing a double-close. As expected from one who "does these all the time", this indeed was the case, and they "got it"....great!!
--I included the title company I would be using in my email and sent it away with the few changes. I have yet to receive acceptance but I am hoping to today. I will call the title company if I haven't heard by later this afternoon. (As this other company seems to move pretty fast)

--I never want to have only one exit strategy. And I realized I'm limiting myself in this one, which is why this next part is so sweet.
--I got a call last night from my Dad...late at night. I was worried something was wrong, but he was calling to check in with my real estate!!
--I gave him the quick scoop of my last few days (I hadn't previously told him about this potential offer/deal as it just came to my plate 2 days ago)
--So then, he let me know he would co-sign for a hard money loan! WOW! It is so nice of him and would be awesome to work with him!!!! How SWEET!! He made my night,and my WEEK!
--And my husband is super-supportive and happy about this too!

--I still very well may do a double-close, but I am going to go ahead and apply for the hard money...at least get the party started, because then I can always add the property or properties once I'm ready, and get approved on those faster even if this particular property doesn't come through. Because ideally, if I have hard money and get this property, the rehab job on this one looks like a great thing! AND I'll have more than one EXIT strategy

--I am A-OK if for some reason this particular deal, they don't accept or want to negotiate with my terms and it's off. Of course I want this to go through and I'm excited about it, but if it is not meant to be, I still have:
--A new contact in a title company
--A co-signer for hard money and due to this, looking at rehabs in a new light!

OK, I've got to ban myself from the site at least until tonight.... I have so much to do, in so little time!

I must not forget the probate mailing and calling "special asset managers" for REOs ----what an awesome post I just came across by Freeindeed----GO CAROL!!!
http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/3298...

As always, feedback is always welcome!

Cheers!
Louisa

Great post! And congrads on your Dad working with you. You are on your way. You go, girl!!

Much success,
Serena

Way to go Louisa, no matter what happens on this deal you have inspired a lot of folks. I just read your post for the first time yesterday and before I could finish I was shouting "Yes Thats Right take action now". So I took action, made some calls, made 3 offers on Reo's, looked at 1 house and while looking for that house found another house that has potential. Then I started looking for a HELOC to use as down payments on my offers.It was a shocker to find out lenders are not doing these type of loans any more ( I will be posting for help in this area) that's ok I'll just have to find another way. The bottom line is you have stired a little fire in us to get moving and thats Grrrrrreat!!!

Thank you so very much.

Mike R

Louisa
That's great news to hear about your dad coming through and you finding a title company in the process. You are continuing to knock on doors and they are opening for you. Very exciting!
Fish

SERENA - Thank you so much for the encouragement!!!!! I really appreciate it. Yes, I love that my Dad will be my co-sign...that is GREAT, and very special too!

MIKE R - I am SOOOOOO glad you feel that way and that you are inspired to take action!!! WOW...sounds like you started a fire yourself in 24 hours!! Whew!! 3 offers, plus you did more! AWESOME! AWESOME!! I always get inspired reading people's journals here, so thank you so much for letting me know something I did or said inspired you. Your post actually brings me to think on another point...

OVERWHELMED WITH INFO + 40 Hr Week Job (NO TIME) + "I'm not sure I can do it"
This is not me now. But it WAS me 2 years ago. Two years ago I bought Dean's book from TV. At the time I had just started a new job. Not a big and challenging one, but one that took 40 hours from me during the daytime. One that I knew was not a "life long career", but one that God had provided to me that paid my bills and gave me health insurance. After having previously worked 3 part-time jobs to make the same money and working crazy hours, I felt blessed. But I also knew I 'needed to do something different' to get where I wanted to go...which is why Dean's infomercial inspired me. I met my husband at that job I had, so it was definitely a part of my path in this life! But I remember reading Dean's book, being inspired, attending the conference calls, and then being overwhelmed with "I love this, but I don't think I can do this right now because of my job" I made excuses. I read a few things on the site, but I refused to take the baby steps of action that success requires because I felt I had too little time. I kept thinking "later in my life, I will have time." It was ALL or NOTHING for me. 2 YEARS of feeling that way! Right now, I work between 25-35 hours a week, but I do as much as I can to make progress in real estate in my off time. Sometimes it is more than others. Now that I'm "in the trenches" and taking action, I realize how this whole real estate deal is a process. You must take the time to learn. You must know it is a journey and you must know that some "waiting for the magic" to start happening (as CBR mentions) does take time. You can't be an "all or nothing" person and think "I can't do everything THAT person is doing, SO I'm going to do NOTHING" ---because if you DO NOTHING, you will GET NOTHING. I got two years of nothing before I took action. Looking back ---I know I would be farther if I had just taken the bull by the horns and said "I'm going to make an action plan, NO MATTER HOW SMALL" and learn and get it done, I could have done maybe 1 deal in my first 6 months. Maybe my goal one month would just be "buyers" and finding just 3 buyers a week during my 30 minute lunch break. I could have used my night time like Matt (or at least scheduled 2 nights a week) to look up properties and I could have started soaking up all the information here. Maybe my next month, I would set a goal to call and visit 1 property per week, walk thru and determine an offer price. Maybe my next month I would actually MAKE 2 offers (for the WHOLE month). I guess my point is...tonight got me thinking...I'm not one to have regrets at all, and nor do I of my last 2 years. But I want to express to anyone reading that may be "overwhelmed" with the information, and may think "do I REALLY have enough time for this?", and/or "wow, some people here have SO MUCH TIME to take action...I can't do that!" ...Break it down for yourself. Focus in on one area a week to "learn some" from the website, so you can start putting the "puzzle" of a deal together. And BREAK down your goals into a BABY STEPS ACTION PLAN. Maybe your goal is to only do 1 deal in 6 months....what an awesome goal! YOU CAN DO IT! And you will be learning so much more in those 6 months breaking it down, than if you do nothing. So don't let someone else's action discourage you, nor let someone else's TIME make you think you can't do it. Because you can. You've got to do what is reasonable for your own schedule and your own life, and you must stick with these baby steps, and KNOW that once you get your "learning & baby steps action" in during these shorter spurts of time, it will lead you to a deal, which will lead you to more deals which will lead you TO A NEW LIFE! And if what is at your core motivation doesn't inspire you to take action, then you just haven't hit that wall hard enough yet...that "I must do something different" wall, to GET something different out of my life. And that is OK if you aren't THAT motivated yet...you just haven't been led there yet, and when you do, it is then that you start hitting the ground running. Just pace yourself and remember YOU CAN DO IT! Start your journal here just to keep yourself accountable and even if you only have time to write once a week and your deal is just to DO ONE DEAL IN 2010, YOU ARE TAKING ACTION, and others here will continue to encourage and support you! We'll help keep you fired up!

Just think if you started SLOW and doubled the amount of your deals every year you worked real estate:

Year 1: 1 Deal
Year 2: 2 Deals
Year 3: 4 Deals
Year 4: 8 Deals
Year 5: 16 Deals
Year 6: 32 Deals
YEAR 7: 64 Deals

Whew! You would be right up there with Matt Larson...what an AWESOME place to be! Most investors don't dream of doing that many deals because they can't imagine it NOR do they set their goals at that grand of a scale...But WHAT IF YOU DID? So, in year 4, think of all the studying and knowledge you would have at this point to climb from 8 deals to 16 deals if you kept at the "baby steps" of action, learning, and discipline throughout the first 4 years. Maybe you have no desire to do this many deals, but the "slow growth" is evident that you can CHANGE your life over just a few years if you have the tenacity and discipline to do it.

Who cares if your friends laugh at you that first year that you have the only goal to do 1 deal and you think you're going to "retire in real estate" ---let them continue to do nothing to get nothing, and YOU keep your goals to double your deals and certainly you CAN do this!

Sky is the limit! I just felt the need to write this tonight as I realize so much can be done with your spare time if you put your mind to it!

A post that I finally caught that inspired me tonight from CBRPOWER: http://www.deangraziosi.com/node/4858

Cheers to your investing success!

AWAITING WORD on that offer. Here's the scoop.
Title company didn't give seller my changes in terms for the contract until late today even though I sent them yesterday. I called to check up surprised and a little discouraged about not hearing back but title company dropped the ball (this is seller's title company). So good news is, I'm still in the game and hopefully seller is on board with my terms. If I don't hear by 11am tomorrow, I'm calling title contact again to be sure they are passing the word to me!

Will keep you posted and more tomorrow!

Good night!
Louisa

Got your post AFTER I posted mine! Thanks for the nice note of encouragement!!!! I LOVE ENCOURAGEMENT and your posts mean a lot to me.

Thank you!!!
Louisa

YAYAYAYAYAYAY! The seller accepted my terms and I have the signed off contract in my email right now! Whoo hoo!!!

I actually can HARDLY BELIEVE IT!!

Since the title contact had not passed on my "email changes" yesterday and she told me to just "write them all in the contract" and fax it back (I just found this funny because my name was misspelled on every single page), so anyway...when I did write in all the changes I thought, "what the heck" and put a close date of 11/30 instead of a week earlier as I had planned. I also included AND/OR ASSIGNS and just thought "who knows if they will accept this, but at this point, I have nothing to lose"

They signed off on ALL of it!

Just proves to me again, "you will not get if you do not ask"...

I'm going to stop second guessing myself in the future and JUST ASK!

Now to figure out that NEXT STEP!
Cheers!
Louisa

AWESOME,AWESOME,AWESOME!!! great news to hear you have this one in the works !!just a short note to share the joy with u!!!!keep up the great work and this one will be in the bag for you then CELEBRATE !!!!!!!!!!!!!!!COOL!!!!
JAY

That is awesome new! Your inspiration post really got me going! I really appreciate it! I can't wait to have the feeling you must have right now. Good job getting this done! Like you said, if you don't ask you don't know. Now you're going to have your first deal done in less than a month!

Go Louisa! Congratulations - I'm so happy for you. You deserve this.

It is so sweet that your Dad stepped in to co-sign for you too, sounds like a special guy.

Lea
SPR Property Solutions, LLC

You locked up the deal and got it on your terms! It doesn't get any better than that!! Way to go. I can see through your posts that your confidence has grown in leaps with just the first deal. By the end of this year you will be unstoppable. Keep it up and keep us updated on your progress. It really helps those of us still trying to get the first deal behind us.

Bruce

Congrads Lousia!!
1st deal under your belt. That's great, I'm so happy 4 you. Keep it going. You inspire me to push a little more, make a few more phone calls, do more walk ins, study those contracts, etc. I'm on my way, too!

See you at the top!
Serena

I have been through your journal and it is AMAZING how far you have come in such a short amount of time. You have really inspired me to become and better me and I am going to keep on keeping on. Congrats on your deals you have posted and I will def be using some of the information that you have provided to work mine as well.

Keep up the fantastic work!

Jen

You did it!!! I'm so happy for you Louisa. Your on your way...

Barbara

Louisa
Congratulations!
Fish

Louisa, Congratulations on your first deal. You are an Inspiration to all of us newbies, I have been reading your journal and enjoying every word of it. I'm looking forwward to reading about your future deals.Keep us posted, I'm routing for your 5 deals by the end of the year. You can do it keep up the good work. Thank you for inspiring us --- Kolby

Hey Louisa
Congratulations on your very first deal. I know it is a good, empowering feeling. I didn't read all the posts above...is this a buy and hold or are you going to do repairs the sell? I am so proud of you. Now go get another one!
Sissy

I knew you could do it, great job... I just finished my business plan and am still tweeking it, went with Bisiness plan pro, from eugene Or. just down the road, great program just fill in the blanks, also just past the Oregon CCB test to get my General Contractors License (part of my plan) to flip houses. Am now incorperated, Business Account. every things in place. while looking for a hard money lender was offered a job from one of the lenders I was talking to. from Phenix, he was wanting to move into the North West, should have asked if he knew Dean. Again great Job and keep it up.
Michael J

Hey everyone,

Thank you so all so much for your messages! I can't tell you how much I love to hear from each of you and how your notes make my day. I'll get back to personally responding here to each of you....thank you again!

I have been working non-stop this weekend and I'm worn out....non-RE, so it's not the "fun" worn out feeling, but the "I can't wait to be done with this type of work" feeling. Worked Friday, Worked Saturday, Church this morning, Worked afternoon/evening today. I need sleep and a day off. But it is all keeping me MOTIVATED to get this one done NOW for $$$$$$

Before work, I went by the house today:
-Took pics
-Took a video walk-thru of the house and neighborhood (just with my little digital camera...nothing fancy)
-Plan to put this on Photobucket and send the link to my buyers and with my due diligence on budget for repairs and neighborhood comps for 2 bed / 1 bath and 3 bed / 2 bath (as my budget for repairs INCLUDES turning it into a 3 bed / 2 bath which I am thrilled about for anyone who gets to rehab this property...so much value add for not crazy amounts of $$.

My price: $32,500
My assignment fee: $10K
Estimated Repairs (now that full budget is complete turning it from 2/1 to 3/2): $26,500

Will post my "final marketing post" to send my buyers when I come up with it tomorrow. If I don't assign it, I will rehab it myself via $$$ from hard money lender.

It is my only goal before work tomorrow, to get together my post for my buyers. I work Tuesday too, and have Wednesday off to work RE for the whole day...can't wait!

More back to EACH of you later. Hitting the hay...
Good night!
me