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

Wow - I have just caught up on your journal start to finish! Absolutely amazing. You may have waited 2 yrs from getting the book to taking action, but now you are blowing the doors wide open. I am so excited for you, and really appreciate all the time and detail you put into your posts. It is SO helpful to everyone. I do wonder how you manage to do it along with everything else I sense a new and rising DG star in the making here! Look forward to following your successes here. All the best! Laura

Awsome louisa! you sound like a bottle of lightning! good luck with the property. sounds like you have everything under control. keep us posted on it either way.
Richie.

Hey Loiussa.... I knew you could do it and we all knew you could do it and ALL of us congratualate you do some much for a jog well done.!! You are definately my superstar!!

People out there..... Listen to what Louissa's story represents that no mattter how long you wait, REAL ESTATE is always there for you. Louisa spent literally, 2 years before she finally said, he, I'm going to do this and finally take action. She put this in action, becuase she finally felt that SHE was finally ready. And, I think we can all agreee, girl... You are now ready, and your knocking them out of the park!!!! Man, I'm so proud of you for making that first deal happen, and also proud to consider you my friend and fellow DG buddies!!! Before long, I think we will be seeing you in the success stories videous.... You better call and hookup with me when you get your trip to AZ!! lol

Believe it or not, I actually got to spend some time with Rina, Laura, Elena and a couple other DG success storeies this past weekend. These are REAL people whom are making a difference in there lives for sure!! The looks on there face and passion in their eyes when I was sapeaking with them was trully amazing.... ASND, they all agreed, Dean is as humble as it get's and he is the REAL deal. I thank you all again, especially Rina for allowing me to come meet all of you in person and drive you all nuts with my triplets and 8 year old little girls..... Just ask, Rina & Laura have first hand experience now!!!

So, Louisa, I'm sure Deans going to be calling you out soon, so let me know and we will definately make sure we try to get together!!

I wish you all the Blessing from God you deserve!!

Take care and I'll talk with you soon!

I too prescribe the the 'Too Many Cooks in the Kitchen' theory.

When I was married, my ex and I would go to different model homes, and pick up ideas for how we would want to redecorate our home. The last time we did this was in the late 90's when a lot of builders were starting to use bold colors on walls. We repainted using similar colors, and a couple of years later when we sold, we were able to get above ourt asking price, higher than the comps in the area.

My point is, if you go around and see what the builders in your area are doing, it may give you some excellent ideas for renovating which will put you ahead of the curve, and appeal to a wider range of buyers.

Good Luck!

Hey everyone,

Thanks Robert, Laura J, Richie and Michael J for your notes!!

I am still getting back to everyone here, and to this DG site in general...just been working each day, so all I can squeeze in is my REI, but haven't been able to have time to report here or get back to your nice messages! I just got off work not long ago, and have tomorrow and Thursday off to dedicate towards real estate....YAY!

Finally got my post this morning of the property all together and shooting to my buyers tonight.

Found out something awesome...that it was 802 square feet, but when we convert the single-car garage to a bedroom, it will be 1052 sq. ft. so the ARV will go up to $113K based on 8 comps. So it makes this an even better "sell" and better "deal" to my buyers. Hope one bites! And if not, Craigslist, auctions and networking, here we come!! It just happens to be a great 10 days of events coming up for networking and even one planned that is associated with Nashville REI just one mile from my house. I'm excited about continuing to grow my buyers list, and somehow have a new confidence since I have a property to talk about.

Want to make a game plan and stick to it...will share more tomorrow when I have more time to focus!

Off to our local DG meeting tonight! It may be just a couple of us, but I still can't wait! Every little meeting is a little bit of progress!

Cheers!
Louisa

WOW. The math to get to 64 deals is pretty basic and an eye opener. Maybe I can quit the daily 7:30 to 5:30 grind in 6 years... Thank you for the perspective on things!

Mark

Have fun at your meeting!
I love the numbers and enthusiasm in your post! (as usual! )

Rina

Ah!!!! Lots of catching up to do here. Still have some more "business day" left, so I'm going to make the most of it and comment back to all of you later.

But will start....

Mark --glad you found something in the numbers that hit you...it kind of hit me as I wrote it too...how much we can get done compounding it over time! Thanks for your post and encouragement!

Rina ---thank you so much for reading and for encouraging me...you never know how something you write hits other people, so I'm glad it was a good thing!

Update: Here is my Craigslist post for my property. Friends I grow up with have always told me I'm a "walking infomercial" and it is kind of apparent below...ha!

I am still of course hoping one of my buyers takes it, but I figure getting a posting out there can't hurt and will hopefully "grow my buyers list". I'm planning on posting this in as many places as possible and may make post cards this week to put up in coffee shops in East Nashville area for those that also may be looking.

Great DG Post from Sistreat on WHERE TO POST YOUR PROPERTIES: http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

I plan on posting this a lot so I can hopefully GROW my buyers list by leaps and bounds this week!

More later!

*****
$44000 / 3br - 2 Ba CASH BUYERS! Investors!! East Nashville Rehab-CASHFLOW in 60 days (East Nashville)

SERIOUS CASH BUYERS ONLY - New and experienced investors welcome!!
--Have cash and looking for your first home to "make your own" with this affordable rehab?
--Looking for a NO BRAINER investment property with INSTANT EQUITY, a GREAT ROI, and GREAT CASHFLOW?!

East Nashville rehab and GREAT potential single-family home and/or rental!!

Single-family: 2 Bedroom / 1 Bathroom (Can easily convert to 3 BED / 2 FULL BATH per rehab repairs below!)
Kitchen, Dining Room, Living Area
Sq. ft: 1052 sq. ft.
(Zillow shows 802 sq. ft., but does not include single-car garage which would be converted to bedroom in rehab.)

Fenced backyard: yes
Carport (separate from garage): yes

Wholesale Price: $44,000
Estimated Repairs: $26,500 (includes conversion to 3 BD / 2 BA)
Contractor available with complete plan to get this property turn-key in 6 to 8 weeks!!

After Repair Value: $113,982
(ARV estimate above is based on 1052 sq. ft. with the newly converted garage into bedroom, and based on actual recent SOLD comps which I'm happy to send you.)

Rental Rate (After Repair): Do your due diligence… but looks like $850-$950+ per month (including the newly added room and bathroom)

If no one takes me up on this great deal within a few weeks, I’ll be keeping it and rehabbing myself!!!

If interested, email me at Craigslist email or call below- just trying to keep my email anonymous from SPAM - but I'll pass along the information you need:
-Address of property
-Pictures of property - inside and out
-Link to 5 min. video with complete walk through of property
-Link to quick drive through neighborhood (down the block each way)
-Comparable houses close by that have sold in the past few months - their addresses, dates sold, and sold prices.

AGAIN, SERIOUS CASH BUYERS ONLY PLEASE!!

For more info: Craigslist email or call XXX-XXX-XXXX

Thanks for looking!

Robert ----OK, so I just PM'd you, but I also have to thank you again for your post above! I SOOO appreciate your words and your confidence in me, and hate that I even waited 24 hours to reply here in journal-land to it!! Thank you so very much! What a great weekend you had meeting everyone here and them getting to meet you and your 4 girls! What a gift! Look forward to hearing about your deals soon as they come your way. Will be in touch!

EVERYONE - I believe I have responded via PM's to all of you who have written to me!! Sorry for the delay....just finally catching up and so appreciate all the encouragement here!

TODAY'S UPDATE -

OK, so today I've decided that I've done all I can in computer-land for real estate in the past couple days:
-I have sent my posting to my buyers
-posted on Craigslist
-posted on other sites
-posted on Facebook (confused about how to establish a business account, but don't have time for this now...basically I have two "Louisa" pages so it doesn't all tie in yet!)
-posted my wholesale deal on other investor websites here locally

And now I just have to get out there and NETWORK like crazy IN PERSON and not just on the web!

I relate it to once looking for a job and sending out so many resumes and calling so many people and knocking on so many "internet" doors, yet, it was only when I happened to run into someone IN PERSON that that personal touch and connection was made that yielded the job.

No doubt, awesome connections, buyers, and REAL deals etc...can all be made through the internet....in fact, WHEN WILL I GET TO THANK CRAIG IN PERSON for creating Craigslist and changing my life!? I mean, among a countless number of things I've sold and bought off of Craigslist (and in the most desperate of times, I did quite well in selling my personal things for some solid $$), but the most life-changing one is Craigslist led me to my former job, which led me to my husband, and literally changed my life!

Anyway, I digress...but what I realize right at this very moment is I need to attend as many IN PERSON things as I can and physically CALL as many For Rent listings as I can to connect with as many buyers, investors, private money and/or hard money lenders as I can to MAKE THINGS HAPPEN on this property and on my future deals!

I'm not "done with the internet" ---but I just can't push anymore on that....I've got to do the "waiting for the magic" per CBR from the internet now, and sit back, and get out there and in-person network.

What I'm doing:
--Meeting Tomorrow - with a lead from my rehab guy. This guy does inspections within an 80 mile radius of Nashville and is the first to know when a property is vacant. Before a bank knows. Before the insurance company knows. Maybe we can develop a win-win scenario for him as a birddog. I don't really know how I will set this up financially as far as his referrals (open to suggestions!), but just look forward to the meeting more than anything and we'll go from there!
--Large investors auction on Saturday
--Looking for another auction to attend Saturday per the paper (I have Saturday off for once and want to use it for RE connections ALLLLLLLL day long!)
--Finally figured out that I have saved enough funds to join our local REI group, and good timing....a great networking "bring your deals" event is next Wednesday!! And it is one mile (not even!) from my house! WOW!

Ok, I'll keep you all posted on this stuff!
Cheers!
Louisa

So this contact I met actually has nothing to do with my current property (well the one under contract)!

EXCEPT...that my rehab guy actually met this guy at MY CURRENT PROPERTY while he was working on a full budget for me for repairs. This guy was assigned my property to "inspect" (the VERY day I got the property under contract). Interesting...awesome timing.

---BIRDDOG CONTACT: Met today with that inspector I mentioned above via my rehab guy - not traditional inspector, but one who has been hired by a company to drive by, take pictures, walk around houses and find out if they are vacant or not and how long they have been vacant for (via neighbors) etc...including all of our area + anything within an 80 mile radius!!!! WOWOWOWOWOW!!! This meeting was AWESOME!! First off, you know when due to a conversation and what and how it is exchanged, you just KNOW someone is a good person and a hard-worker, ethical and has the right intentions, and the right "success" mindset of focusing on the solution rather than the problem...and you are on board with one another right away?! There were SO MANY more than clear signs of this!!! This is how this one went! I felt like this guy literally fell from heaven!

--Bottom line:
--He works for one company that has many banks, insurance companies, and/or other companies as their client that he services.
--He is regularly assigned to look at 300 properties in the area within 1 1/2 weeks...he gets a "drop" of addresses as he calls it...his next drop Nov 15.
--This is his JOB so he already gets paid GOOD money to do this....business has never been better for him and as a retired contractor, he was thrilled that his "wanting to make a little extra money" has turned into a quite profitable job
--He will take pictures of all vacant properties
--He will investigate through neighbors to find out how long the property has been vacant
--He will know the mortgage company and the owner's name
--He won't enter the property, but will walk around and gather repairs he can see and overall condition
--He will send me a "lead" when one is vacant (and only those that are vacant)...this "vacant house" deal is where he (and I) both know it is ethical for him to pass along this info to me without compromising his work. If we can work a win-win for a homeowner who would otherwise "just leave it" and continue to remain in foreclosure trouble or maybe it's another situation, etc...then it will be well worth my time and the homeowner's to try to work something out!
--Understand that he is THE FIRST to know when they are vacant...before the banks, before the insurance companies, which is why he is hired to do his job.
--Some properties are probates, etc...so it's more than foreclosures, it is ANY vacant property for any reason!
--I will pay him a referral fee upon closing (or a buyer closing) on one of these properties.

I'm thinking through the most valuable information I can have him gather on a property in addition to his drive by, walk around, and pictures. He is a busy guy and ALL HE DOES is drive around with these LONG days, so he doesn't have much more time other than his "report" to his company at night and shoot me a quick lead, however, he is also a bright guy, and if incentivized (is that a word?), per our conversation, I know he can leverage other resources (i.e. his wife w/ awesome computer skills, and/or his brother who needs some money, etc...) to potentially gather some "extra" details on the internet for a higher referral fee from me upon closing. These would also be valuable to have, AND would save me some "look up" time depending on how many we are talking:

--Owner's current address (if property is vacant)
--Owner's phone number (yes, more difficult, but a simple search for a land-line, if available again might save me time if we're talking about a lot of properties
--Maybe some "Register of Deeds" info

I don't want to complicate things too much, so just mainly want to get it going this week, so I may keep it as simple as possible for what he already does.

He also puts signs up for auctions and asked me, "So would it be helpful for you to know which properties did not sell at an auction?"

Haha!! I'm not laughing at him....I'm laughing at how when he asked me that question, inside I was thinking "AM I IN A DREAM??!! YES, YES, YES!" I mean, what better properties to be negotiating on, and getting the "lead" on...ones that banks are "still holding onto" right AFTER auction (without having to attend EVERY auction!!)

My next steps:
-Seems like a simple question, but I didn't ask him "on average how many vacant houses do you find in one day" ---this will help me determine a lot in terms of work load. (for both me and him!)
-Get the referral fee set, and a thought process of the most seamless way to activate this for him, and for me in handling those leads
-GO FOR IT and get it going this week....ready for his "Nov. 15th drop of addresses"

My goals for referral fee would be $500-$1000 for every property I close on (or my buyer's close on). I actually prefer the $1000 fee and may make different levels (even possibly higher than $1K) according to how much information he (or someone he knows) can dig up for me in advance. I like being generous when I can be to people who are valuable resources, but I also want to be smart about it, which is why I like the "incentive" for more $$ for more info provided. I'm also not opposed to giving "bonuses" based on great work over time and some great closings, once we get our business referral relationship well under way.

I'm not oblivious to the fact that this will take time because many may be bank owned. They may not have been foreclosed on yet. Or may not be in a "status" to be sold yet. But bottom line there will be a shot to TRY to contact a homeowner, and/or TRY to build a relationship with a bank if the homeowner is uncontactable for some reason. I don't expect this to be an OVERNIGHT resource, but rather one to get properties "in the works" and get my skills of building relationships "up to par" to make deals happen over time. Vacant homes are not easy to track people down..I don't doubt that! So seeing as these may take time to actually get the opportunity to even close on, I am setting expectations properly on how long it may take for either of us to see money, but don't see him getting "birddog burnout" anytime soon since he is getting paid GOOD money anyway for what he does and I'm merely "bonus"!

So this will also be where my relationships with Special Asset managers at banks KICKS IN and I need to get on it!! Joe, Joe...I wish you were a little bird on my shoulder right now!

So I just wanted to share my joy! I always thought I would want to get birddogs involved in helping me, but I didn't realize it would be so soon, and didn't realize what a great resource would fall in my lap (I called my rehab guy ASAP to thank him!!)

Any feedback from anyone who has used bird dogs before is GREATLY appreciated! And any suggestions of course are always welcome. I love different perspectives!

Hope everyone has a great weekend! I'll be back and here I'm sure.

Attending a huge auction tomorrow and will let you know how it goes!
Cheers!
Louisa

Hey girl.... That is great news!

I'm envious but extremely happy for you. That seems to be about as perfect as it can get for finding someone to birddog for you! I think the relationship will really help grow the possibilities out there for your investment opportunities. In fact, it may become extremely overwhelming quite too soon, but I would take that over nothing.

Just get yourself ready for a lot to take place very soon. Based on everything you have done up to this point, you should do really well. I also love how your breaking down the bird dog fee. I think it is more than reasonable and actually a great deal for this guy. He is really doing all this now with his current job, and for some additional monies put in is pocket, all he has to do is forward them to you!! WOW.... Again, that is awesome!

Great moves so far Louissa! Your settting the bar high for us all!

Good luck and God Bless!

Louisa! That is amazing...once again proving to us all what some determination and mostly ACTION will do! I'm so excited for you...endless possibilites just opened up to you! Congrats, and your informative posts are so helpful to everyone. I feel like I've spent the day with you
ps - did you get my outside email? send me that property info!

What a great post. Things are really happening for you down in TN. Hope this all works out with this birddogger, it could be huge!! You could also be doing assigns to other investors on these babies!!

Cathy

Robert - Thank you so much! Yes, the "overwhelming" factor was already kicking in while I was sitting there talking to him...ha!

Laura - Thanks for your support and post!! Yes, glad we finally connected, yay!

Cathy -Aw, thanks!!! Yes, would be GREAT to assign lots of these if it works out!! He already found an interesting lead for me... Thanks for the post!!

Any experienced bird dogs out there? Anyone use a bird dog to find properties and find a good system that worked best for them?

So I already got a lead from my bird dog contact this afternoon!

Which made me start thinking about the best format and way to set this up for efficiency which he and I briefly spoke about:

So my thought process is:
-Bird dog finds a property is vacant
-He calls my 800 number which is already set up and leaves a message with address and status in a voice mail box set up for him
-800 number texts me to let me know there's a message from him (so I can check it if I want to go ahead and get a jump on it, but it doesn't completely interrupt my day if I can't tend to it right then...800 number helps shield the cell phone from all kinds of crazy phone calls going off)
-While at the property, he does an inventory and takes down some answers to my key questions for the "final report" on the property in addition to a photo or two of the property
-He returns home at the end of his long day, and either transfers those answers to email or he takes a written sheet and faxes or emails it to me

Subject of email: County of property, Property Address, Homeowner name

In the body of the email:
*Bank/Mortgage Company (including physical address and/or phone number if known and listed):
*Vacancy: First time vacant
*If you spoke to the neighbors, what info did you find out on homeowner and/or situation?
*Furniture/Belongings Inside House: (yes or no)
*Description/any notable features: 2-story, yellow, all frame, (include siding or all brick)
*SFR or Multi-Family (specific duplex, tri-plex if you can tell):
*Garage: (yes/no)
*Complete guesstimate on repairs: Just a ballpark (I realize this is without going inside): For example: $200-$500 minor cosmetic, $1K, $3-5K max, $10-$12K, $25K etc.., complete tear down.
*Overall condition of property from 1 to 10 (1 worst, 10 best)
*Overall neighborhood and/or block from 1 to 10 (1 worst, 10 best)
*Any additional info you find most important in considering this house as an investment? (you may not have an answer and that is fine...I'm looking for if you happen to know some info like-----someone got murdered next door and/or homicide in the house, this used to be Michael Vick's house ---these all sound extreme, however, I know investors this has happened to and they wondered why they couldn't sell as they were the last to know)

*Issues with house that you see: Some touchup on exterior needed
*Condition of roof: (POOR- needs replacing, OK - needs a good amount of work, GOOD - needs minor repair, GREAT- no repair needed)
*Can you see evidence of leaking or mold? (I understand that you may not be able to tell from outside)
*Major issues with landscaping or yard that you see (not including grass needing to be cut): (shed with burned off roof filled with tires, cesspool in backyard, etc..)
*Fenced backyard? (yes/no)
*From peaking inside house: carpet? hardwood floors? both? condition if you can tell?
*Any additional info on property or neighborhood that is known that would be necessary for investor? (murder next door, homicide in house) --happened just recently where an investor I knew bought a house in a crime neighborhood.

*How safe do you feel in this neighborhood? (1 worst, 10 best)
*Is off-street parking available?
*Regardless of the condition of THIS particular house:
--Would you RENT a house on this block? (if no, why?) "Yes, would rent, but not particularly family-friendly....single or married w/o children only"
--Would you BUY a house on this block? (if no, why?) ---for
example "No, it is right next to a power plant" "No, it is right next to the train tracks"

*********************

So that's all I could think of that would help me really evaluate a house. If anyone has any input or feedback to their "current best system" with a bird dog, I would love it!

So his latest lead he shot over today:

Let's call it...
PROPERTY # 7 (from my running list in my journal)
Great 3 bd / 2 ba house
1735 sq. ft
TotalView: $258K
Register of Deeds says last purchased for $91K in 2003

Hot neighborhood, great investment!! He says it looks to be in good shape and just recently vacated and needs some minor exterior cosmetic work.

On a target street of mine actually that I'm constantly looking at! Nice surprise out of everywhere this first lead could come from!

So I looked it up on the Register of Deeds, found the owners name.

Spent some time looking up info and it looks like she owns a hair salon nearby. And posted a recent post in October of this year looking for a stylist for her salon. GREAT! Will give a call or even stop by on Tuesday (I know most are closed on MOnday, and I know how busy salons can be, so I'll try not to be intrusive if I stop in....basically, it is around the corner from a coffee shop I frequent when I'm doing real estate work and calls because it is quiet). PERFECT!

Have set up sheet to track these properties he sends and track their progress and my action on each one!

Can't wait!

I think that is a great start. Your questions seem perfect and as you get more and more familiar with this stuff, you will be able to weed out what is most important to know and what can be tossed away.

Seems like everything is all starting to fall right where you need it to be. We are all extremelly happy / proud of you!

I would recommend stating an excel workbook that has a new sheet for each property he sends to you. You could then color code the tabs based on progress, likeability, cost, etc. I'm not sure exactly at this point, but some sort of excel worksheet would probably work well.

Keep it up!!

Robert ---Thank you so much for the post and support! Yes, I LOVE excel!! That is a great idea! I will definitely be tracking them there so I can easily track and share the info as far as "where the properties are in the loop" for the inspector too. Thanks!!

So my update is that I have too much I'm taking action on to report here just at the moment....I'll drown in thinking about it instead of doing something. So I'll get these things done and report later. I have to spend less time reading and more time doing, so I'll leave it at that and when I can come back and make bullets to my action and things accomplished, I will do it and report more later!

My favorite quote of the day: "People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily." - Zig Ziglar

A great post from CBRPower...really got me fired up!! http://www.deangraziosi.com/real-estate-forums/everything-else/33777/mat...

Have a great day!
Louisa

Luisa, just J-U-M-P! For the longest time i have been waiting to do what i wanted to, which was flip & buy and hold and i wouldnt stray from those idea's because i am thick headed when i set my mind to do something and i cant walk away with failure as the result. I didnt want to do Bird Dog or wholesale deals, But i decided to try it recently and am moving along pretty well since i am giving it 100%. I am still working on the other things but have opened up to these methods as well.
So just go and do it, dont hesitate and sit and second guess yourself. You can do it! take a step every day and do it. no looking back, no thinking about what if!
Richie.

Where can I find these deals at?

Richie,

Thank you so much for the encouragement and the post!! I'm just drowning a little bit today, wanting to jump on a deal, but getting some advice not to, and why, and I soak it in and understand it would be a big mistake. I get differing opinions from everyone I talk to on things, so I'm going to have to go with my gut on something for sure! Awesome that you've opened your mind to bird dogging and wholesaling...I think there is a lot of money there too!! I know what you mean about getting one-tracked about only doing "certain" types of deals. Thanks again for your post. Always good to see you!!!

Dicegame78 ---keep reading this site and Dean's books. You can get out and find deals yourself and build your network of buyers and sellers alike to be able to assign and pass off your deals to these people. If you do searches on this site, and search the forums, you'll continue to find a wealth of information. Best of luck to you!

Quick update:
I'm getting calls from the title company on my one deal wanting me to give details from my personal title company to get this thing going for the close on 11/30. I'm attending a networking event for deals tonight, and hopeful that it will end up great! But if I do not pass my deal off there, I'm thinking I'll go ahead with the close myself/rehab myself with hard money. Don't have everything locked in stone yet.

So my seller's title company is contacting me to "firm up how I want the deed to read" and asking about my title insurance, etc...it's just an awkward place to be since I may still assign this to a buyer. If I don't, I'll still go through with it, but I just feel awkward telling that title company I may be assigning this to someone else, thinking that there may be alarm on their end (which they express to the seller) when I just want everything to go smoothly. Anyone with experience here on this? (Pressure from seller's title company to get the deed in your name, exactly how you want it to read, etc...when you are trying to assign it?) These are details that I'm not sure about until you experience them, you know!

A little overwhelmed right now, but made contact with a property manager in another city that is also an investor and former bank asset manager, and I believe will be a great contact in helping me locate great deals through his connections, and then take on the management of those properties, so I can enjoy the cashflow and not the headache. We talked for a good half hour. I specifically targeted the mid-west as I hear right now, it's one of the best places in the nation to invest and think this guy will truly be an asset to me, hands down! I hope to get a deal or two done in this city by the end of December. Gotta keep thinking 5 deals - get it done!

Cheers!
Louisa

Louisa, I may be wrong, but i think kimmy posted something where instead of putting it in your name, you tell them you are putting it in a trust because you are not sure which name you are going to put it under,yours or your partners. I wish i could direct you to it but i am not that good at it.
good luck
Richie.

For future reference you could create an LLC for each property you put an offer on through your state or city. I'm not sure what the charge would be but it would cost less than an attorney or legalzoom.com. Then when you put the offer on the property you put it in the name of the LLC and sell the LLC to the buyer (person you are assigning the property to.) This wouldn't work for this particular situation you are in now but may be helpful down the line.

Congratulations on finding a bird dog!

Lea
SPR Property Solutions, LLC

Louisa
I don't know if you have read Anitas post about title companys...here is a copy and paste of her post...Maybe you can find something in here that will help you....

How To Save 90% on Title Insurance

The Title Insurance Policy

The title insurance policy, unlike most insurance policies, covers past events. For example, the daughter of a previous owner claims that her father conveyed a deed while not mentally competent, the current ownership may be in jeopardy. The title insurance company will defend the claim and pay for any damages (usually the value of the property). The policy does not cover claims based on events that occur after the policy is issued. Furthermore, the policy usually contains numerous exceptions, such as claims based on information undisclosed to the title company. Thus, if you are aware of any potential problems that might lead to a claim, your failure to disclose this information to the title company will lead to a denial of a claim based on those events.

Ask for a "Re-issue" Rate

A title insurance coverage starts from ancient history and ends from the date you transferred title. Since most transfers are insured by a title company, the longer you own the property, the more the policy costs. Consider this: if you buy a property and the transaction is covered by title insurance, then you sell it six months later, what are the chances that something went wrong in the last six months? The answer is that the chances are slim to none, so the risk of a claim against the title are slim to none. For this reason, title companies offer a "re-issue" rate. The re-issue rate is a discounted price (usually about 40%) on the title insurance policy if another policy from a title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy. Thus the new policy really deals with the risk of claims from events that occurred while you owned it.

Try a "Hold-Open" Policy

If you are buying a property with the intent of re-selling it within a year, ask the title insurance company for a "hold-open" policy. For a small fee (usually an additional 10% on the policy), the title company will hold a title commitment open for a year or more. Rather than issue a policy based on the first transfer (from the seller to you), they will issue a policy on the second transfer (from you to the next buyer). Since the seller usually pays for title insurance, you can pay the additional 10% when you buy, saving 90% on title insurance when you sell.

I know how you're feeling.. The pressure can be great when there is uncertainty and "newness" both on your part and the part of the title company (they feel a little nervous too, until they have a couple of these under their belts with you).
In my opinion, just from being in your position before, I would probably go ahead and tell them put your name (or company name). This will set their minds at ease, and if you do end up finding a buyer before closing, you can gently ask them if it is too late to switch the names (which it probably won't be). but even if it IS too late, you can do a double-close. Unless your buyer is using FHA financing (which an investor most likely would NOT be), you don't have to worry about the seasoning issues. The reason I suggest this is because it will settle your mind, it's easy to do, the extra closing costs would not be great if you are purchasing with cash, and it will be so much easier to focus on "getting it done" rather than worrying about the "how"s. That is just my opinion.
If you end up choosing to hold this property, I have a couple more suggestions for things that are working out very well for me right now when it comes to refinancing. Don't want to make this post longer, though.

Here with you and wishing you the best,

Rina

P.S. Louisa, you are doing so, so great!! I think about you so many times a day. Laura and I were both agreeing last weekend (when we were out in Phoenix) that you are such a kind and dedicated person, and we can't wait to see you reach your goals and prove once again what a woman with a good heart and determined mindset can accomplish! Hope you didn't mind me saying that here.

Love reading your Journal Louisa, you have Quite the power team right here. wish there was something I could add! failure is certainly NOT an option here, you have too meny people pushing for you. best of luck. Michael J

Louisa
I believe you'll find a buyer soon, if you haven't already.
Fish

Is it posssible to find out what company this guy works for, and if they do business in other states? This would be an unbelievable asset for someone just starting out, and I have a former builder who may be interested in this as well, he is also an investor...

Thank you so much all of you! Promise my delay has just been getting through the weeds, but I read your comments pretty quickly after you send, so THANK YOU so much for your posts. Timing has been perfect on these!

Richie - thank you! I'll look for Kimmy's post. This trust sounds like an interesting option and one worth looking into....I'm intrigued. Thank you for mentioning it.

Lea - thank you! Yes, this could definitely be helpful down the line. I'll look into it! Thank you for mentioning! Thank you, thank you, my pink panther friend. I appreciate your recent PM too and my apologies for my absent response...I soooo enjoyed your note!

Sissy - This came on the perfect day! I'm finishing my conversation with the title company Monday and I had seen this post, but forgot to find it again in time and then poof! I got your message with it in there, and was reminded how MUCH this will help me RIGHT NOW!! Thank you, thank you!

Rina - Thank you! You have a way with words that eases the mind This came to me at a perfect time. And I ended up doing just that (putting it in my name). And like you said, I can always switch it to a buyer and/or double close if necessary. I DO feel better and not so overwhelmed about it now. Thank you! I so appreciate your kind words and support and your p.s. about Phoenix. That was so nice! Made my day! Thank you. Means the world.

Michael J - Thank you for your well-wishes. So appreciate it. From your recent PM, you have been quite busy too (wow, I'm impressed!)...this is a leap for all of us and yes, you are not alone! Thank you for your post.

Fish - Thank you for your encouragement and post! More from me on this later...I gotta run to work...little Sunday pm duty calls.

Mark - Yes, while that would be nice...I'm afraid I don't even know the name of the company he works for. Nor, at this point, am I willing to ask. That is part of why our business relationship works...he would rather keep this confidential and I understand! His leads on vacancies are a bonus for him, but he doesn't want to compromise his work or his company. So I'd rather not know either (if it puts his mind at ease!) I'm sure there are lots of companies out there that do this and if you or people you know have contacts at banks, in the special asset department...this may be a good place to start to find out about the companies they work with in identifying vacancies. Sorry I couldn't help more!

More update from me when I get home from work!!

Hope everyone had a great weekend! And thank you, thank you for all your input!
Cheers!
Louisa

Just finding time to come online and catch up with the goings on of my DG family! i see you are keeping busy and always moving forward. Your detailed posts really help me to learn alot about taking different steps in different areas of this RE world! Always enjoy reading it. Keep up the good work!

Your post are always very descriptive and educational in nature at this time I do not have any ideas that I can share with you as I am too new in the game and struggling to understand the nuances of REI.

By the way how did you find Conti's book. Hope with your busy schedule you could find some time to read the book.

Wish you sucess in getting your 5 deals by EOY 2009.

Bimal

Hi Laura! Thanks for the comment and for stopping by! Always great to hear from you. I'm glad the detail is good for you (sometimes I get swamped by it! ha!) So great to see you and Rina and CathyB and so many familiar faces in Dean's b-day video! You guys were great!!! I loved Joe and Stacey's birthday banner too and their cake...so cute! Great idea on the scholarship and so exciting! What a fun b-day gift!

Hi Bimal! Yes, thank you!!! I'm half-way through the book and love it. I have had to read it in short segments due to time constraints (it is not long at all I know!), but will write you as soon as I finish it. Conti is excellent. Only the 2nd book I've read of his, but I just love it, love it! Thank you, thank you! Will report back for sure!

The Latest:

Let's see...where to begin? AHhhhhh!! (So much, but good stuff!) Maybe bullets will help me shorten things:

PROPERTY # 6 (Current deal)
-Last Wed night --went to networking event for sharing your deals with local REI Nashville group ---joined for the first time!

-Great event - connected with some good people who gave me great tips on getting the most out of the REI Nashville group and which events to attend, etc...

-Had a couple people who said they may "know" people looking for another rehab

-One specifically said he would go see the property the next day and in fact, got his rehab friend there to make an appt with him so they could go by my property together on Thursday

-I let him know what kind of work it needed and he is an experienced investor who has done a lot of major rehabs and works with a guy who has a large crew (100+) and knocks out MAJOR rehabs quick (it sounded like Extreme Home Makeover where they literally work for a couple weeks solid and wah lah! you have a house!) so he definitely knew what he was in for.

-We talked for awhile and he asked me if I wanted to birddog for him for $5K a piece...I said "sure"

-He was very resourceful...I expected to hear from him last week, but I did not (and didn't want to pressure him by calling about my property)

-I'll call and touch base today/tomorrow not specifically about my property as much as just touching base and thanking him for the conversation, tips, etc... It's always good to touch base with contacts you just met anyway!

-I've posted a lot and gotten the word out there and been to these events, but just haven't heard from anyone else about buying my property and I have sent it out to my few buyers too, all who have been complimentary of the project/area, etc...but most recently have other projects now going (hence why I need to grow my buyers list, and stay on top of which ones are "where" in their rehab process!)

-But all is well! Spoke with my Dad and he is going to be my hard money lender on this for the property and the rehab. I'm excited!

-I'm hopeful to connect with the title company today (I sent over the contract to them on Friday), and hope to iron out details today...have left the necessary voice mails.

*****
WHAT ELSE IS GOING ON:

So, my current deal is Property # 6

Property # 7 ---->Actually, prior to Property # 1, I made that offer on the property that I documented here in the journal that was going to give $25K after the sale of the house...offer not accepted. I'm going to count that as 7, only to get an accurate count of how many properties I have looked at and/or offered since I didn't include that in the count!

SOOOOO....
Property 8 & 9

REOs ----
Joe, Joe and more Joe ---love you man! (Wasn't that banner and cake for Dean from Joe and Stacey in the video the greatest!!?) HOW AWESOME! So nice to see people in the spirit!!! They made me smile for sure!!

So, the reason for kudos to Joe (other than the fact that he is an awesome and inspiring individual on this site of course!!) ----is I finally followed his advice!

Last Thursday and Friday ---I decided I've got to get on the ball and start focusing on other deals to get these things done! I stepped away from my Property #6 after networking on Wed. night and thought "it is no longer in my hands" and I "let go" to move on for the moment to strategies on other deals.

---Picked up the phone and called my first asset manager at a bank:

-I had been looking at 2 properties for 3+ months online (just would search for them occasionally) and after finding in the Register of Deeds that both properties were owned by this one bank, AND seeing the actual name of the asset manager in the documents, I thought, this is the one I'm going to call first!
-So I left a voice mail. Said I was investor and worked with a small group of investors interested in acquiring a few properties this month. Right in the midst of my voice mail, my cell phone connection lost without me having left a phone number. Awesome first impression. So I called back again, and this time left my phone number. It's amazing how your brain tells you "you're stupid, no one is going to call you back!" when little, unavoidable slip ups like that happen. (I've gotta keep the little negative guy in my head quiet!
-Within 5 minutes - HE CALLED ME BACK!!
-We had the quickest conversation. He was happy to work with me. He asked:
-Did I want to pick up the keys to those properties the next morning?
-Did I want a full list of all the properties he has to offer emailed to me?

UM, YES!!!YES!! and more YES!! (And I know I'm lucky on the first try, but seriously, WHY DID I NOT CALL SOONER!! Action, action, action!! It is there for the taking!)

I called my rehab guy immediately and said, do you have time to tour a couple houses tomorrow morning?

He rearranged his schedule and made time, so on Friday ---we were off to see:
Property 8
& Property 9

I also worked in Property #10 - an FSBO I had spoken with and got a call back on.

I've gotta run, so don't have time for details on these at the moment but status:

Property 8 REO--rehab guy working up a budget --I plan to make an offer this week
Property 9 REO --minor cosmetic only - I need to run number and make an offer by Wed if it makes sense

Property 10 ---FSBO house way overpriced. Nice folks. Not sure motivated. More on this later. Running numbers per rehab guy's ballpark budget and will have one sit down conversation as to my offer and "why" with my back up finances and work. Not spending too much time on this. Not expecting them to take this, but expecting them to think hard the next several weeks as they are not presented with offers even near their asking. Hoping they turn to me in the end.

REO Asset Manager - getting the keys on 2 more houses from cleaning guy. I may not have these this week, but next week after Thanksgiving.

I have also received 8 vacant house leads. I've decided I will only number these if I hear back from my contact and/or letter and proceed, so I'll save the details on these from the journal until we get into "next steps". Some people are hard to track down.

Cheers!
Louisa