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

Louisa I can see you starting a 7-day auction service! You certainly have the personality and the passion....hmmm...my wheels are turning here too since that section in the book got me so excited. So hats off to you for DOING it with your rehab instead of just thinking about it!!!! As far as feeling deceptive in advertising - I would simply add the phrase (minimum reserve must be met)or start off with "Providing Minimum Reserve is met this house WILL be sold to the highest bidder". My only thought is to start off a bit closer to your minimum reserve than 50% below.....if your minimum reserve is a great deal to start with I think you could do that and still attract bidders, dont you? Wow, I just cant wait to hear how this unfolds! You go girl

Hi Louisa!

I've only had a few minutes to read some of your latest posts and wow, you are on fire! First, congratulations on the soon to be birth of your new baby. I don't believe I knew you were pregnant (though my mind has been hazy lately. Too much swirling around in it!).

Second, the 7 day auction sounds like a great idea. There is a whole book written on the topic-I bought it about 4 years ago when I considered doing it with my home but ended up selling the house before I got the chance to use the technique (and then somehow lost the book in my move). The book is called "How to sell your home in 5 days;" and as I recall it's thorough and should answer all questions. I've seen it at the library so you maybe your library would have it as well (I saw it once at Barnes & Noble too, and on Amazon.com). When I was interested in doing the auction, I saw a guy on Craigslist from Chicago who was doing it. I contacted him, told him it was something I was considering doing myself and would he mind if I checked back with him after the auction to see how it worked. When it was all over, he said it worked just fine and that he did sell it above his minimum price.

Good luck with it and I can't wait to get a chance to catch up on your whole journal and read all the great future entries!!!!

Nancy
P.S. if you do ever make it to Wisconsin to meet others here I'd love the chance to meet you all as well since I'm also in the state.

You will do good at the auction. don,t worry about it. It doesn't matter where the auction starts at but where it ends. Laura is absolutely right about including that the reserve must be met before the house sells. You would hate it if you scheduled an absolute auction and some sort of freak blizzard or something happened and only one person showed up and you had to sell your house at some rediculously low price. I have attended several Real estate auctions and almost all of them have had a reserve. I've only attended one that did not reach the reserve and sell. That house was over priced for the market, It later sold for less than what was bid at the auction. Keep us posted on what you decde and how everything comes out. Thank you again for making sure I am on Track and taking pictures of my house.
Kolby

I was just reading your journal Louisa, I am blown away!!! I am so glad I stopped in to read it again (I kinda fell behind on my reading here). Congratulations on the Rehab and the BABY!!! Too cool! You MUST bring the whole family when we get together with Rina, Laura and Nancy (think this list may grow MUCH LARGER if the word gets out!) We'll have to schedule a bus or something! I have to get supper for the hubby who's been plowing snow since 3 AM but I'll be back! Thanks for sharing yourself with us, it's awesome!

Your DG Sis,
Dawn

Hey Lea, as far as the reserve price question goes, If someone is to ask you if you have one your answer could simply be Yes I do have a reasonable reserve that should be eclipsed by a fair offer. And if they ask you what it is just tell them you can't disclose it to any one person because it wouldn't be fair to other bidders.
Honest answer and it should satisfy their inquiry about it. I also think it would make them think twice about putting in a real low ball offer.
JMO
Good luck!!!!
Richie.

Just stopping in to see how things are going on the rehab and see how you're feeling. I had a 7-day auction dream last night and you were in it! Its kind of fuzzy now but you ROCKED

At this point all I can say is Thanks for your postings. You help me and others realize that no matter what stage of REI you are in, there is still process that you must go through on each deal. Sometimes even the best of us have to scratch our heads. I wish you all the best with the rehab, and I will you whip out something out of your nah of REI tricks of the trade.

Best Regards,
Shane Gore

Louisa
It's been awhile since I stopped by to check out your journal. Congratulations on the baby, the rehab, selling your husband's car, you name it. I think you have your own following. It must be the joy you exude through your posts. I enjoyed your post about the Tortoise and the Hare. Best of luck should you decide to go forward with the auction.
Fish

It's truly inspiring your story. Great to see how once you just decided to do it; you skyrocketed. I also saw that you were in music business some. I can't sing worth a darn but my daughter is good and enjoys being in local musicals in community and school. I just thought I'd stop by and get caught up. So much going on with everyone on here.
Take care and blessings to you,
Cathy

Hey everyone!! Thank you sooo much for your messages. Laura, I cracked up at your dream That made me feel so good. Always good to have people envisioning good things for you...and/or dreaming about them..ha!

I will write each of you over the weekend! THANK YOU SO MUCH FOR YOUR ENCOURAGMENT! You guys really do keep me going!!!

It's been a "slammed" week non-RE work wise, and finishing up rehab work wise.

UPDATE ON HOUSE
So this was the week I was to do the auction ----I was stoked about it! And I still am! Just further delays with the completion. More later...

But looks like we're coming to a close quickly....YAYAYAYAYAY!!!!

Yesterday and today the temperatures got high enough and we saw sunshine for the first time in 4 weeks, and we could FINALLY paint the outside of the house!

They were half done by noon today, so I'm hopeful that the rest is complete today and they can hang shutters tomorrow, because that is almost it!

TOMORROW
11:30am Cleaning of house to prepare for photos
Hanging Shutters & any final paint touch-ups in interior

SUNDAY
Photos taken

MONDAY
Inspection

AUCTION - COMING IN MARCH
So the scoop is....in my original plan, this week was ideal because starting next Wednesday I am going away for 2 weeks ---part of that time for personal trip with my husband, and then part of that time for a real estate conference. So I'm officially back on March 7 and I decided that I'll do the 7-day auction then. Weather will be better than it has been (anything will be better than it has been and I think with the new homeowner tax credit's etc prior to April 30....there won't be a better time to auction off a place!! Lots of great thoughts/advice you guys gave...thank you!!

I will post photos before I leave next week so you can see the final finish out! I'm thrilled!

Can't wait to write you all back!!!!! This weekend for sure!!

Thanks again!
Louisa

Louisa - I just wanted to drop in and say hello - I've been following your journal for quite some time, although don't post too often. We're rehabbers up in Vermont so I know how's it goes (always an adventure!). Just finishing up a place, catching up on reading, and looking for another place. Great to hear on your rehab and that it's almost finished. Wishing you the best!

Tom

Keep up the good work and continue taking action.

Anxiously awaiting those pics....gee - you can put up a live video cam of your auction for us How cool would that be...you could go viral on u-tube and become an instant celebrity!!! Anyway you're already a star in my book! Have a wonderful vacation!!!!

A bit overwhelmed! I only have a sec...still need to respond to everyone ---thank you all!! Laura -- the auction is by phone so can't be video taped which actually makes me a little more at ease Thanks for stopping by!

I'm hoping this link goes through on this site!

Here's a before/after slideshow of the house:
http://s938.photobucket.com/albums/ad226/integrityfirstinvestment/908%20...

Gotta run ----more someday..hopefully soon....may have to run to vacation first..but I'll be back to tell about the inspection, etc...

All is well!
Cheers!
Louisa

Louisa, the house looks awsome!! great job!
That was an unbelievable transformation of a broken down home to a beautiful home. good luck on the sale. I thought I was watching flip that house lol.
Richie.

WOW! Now that my jaw is off the floor I'll finish this note to you You did an AWESOME job on this property. It never ceases to amaze me what a rehabber can do. You absolutely brought up the value of the neighborhood and I bet the neighbors love you.

While viewing the photos I remembered one of our old landlords who did rehab work. A husband and wife team. He was in commercial RE and she in residential. He kept some of the worthwhile 'leftovers' from commercial and residential properties and used them in other rehabs.

Hope you have the BEST vacation - you deserve it.

Lea
SPR Property Solutions, LLC

That is fantastic!! Great job! I bet you'll have buyers in a bidding war over that beauty!
Thanks for sharing such wonderful pictures! (You should start a website showing your work, if you haven't already)

Rina

Great job on the rehab. What a transformation. It looks fantastic!! Good luck with your auction. You shouldn't have any problem selling it.

Bruce

You are a woman after my own heart! What an amazing job you did. I know how great it feels to accomplish what you did.....and here's a warning....its addicting!!!!!!!
Enjoy your vacation - you deserve it girl!

Hi Louisa
Wow! no words to describe such a transformation. Good inspiration to everyone in the DG Family that no matter how ugly the house is, you can really make it new.

Thanks for sharing.

let us know the final numbers once you sell it in March.

Cheers,

Jose

Louisa, that is an awesome transformation. You and your team did a great job. That was definitely a pile, and now it is a castle. By the way, I have that vessel sink with that faucet in my downstairs bathroom,
EVERYBODY thinks its the coolest thing they've ever seen. Your buyers are gonna love it!

Cathy

Amazing transformation Louisa and thanks for sharing that with us. It goes to tell you that anything can be done with the right plan and the right strategies. You will have it sold before you know it. Good luck and best of luck in everything!

Lloyd

Very detailed. Great Rehab. Love it! LA

Hello LOUISA, I just figured I would drop in and se whats going on. hey what time are you arriving at the airport in AZ for the EDGE? I am scheduled to land at 11;30am. If your there at that time maybe we can split a cab if you would like. If not I will see you 2 there.( you and baby)

Your house is beautiful!!

I love what you did. I think you found your niche lady. Your slide show tells the story beautifully. Love it, love it, love it.

Sorry I haven't been around lately. Not enough time in a day. Finding a bank to give me a HELOC and now trying to find my first deal. And, my horse foundered 2 and half months ago. That's been a long and scary process in it's own.

Glad to see you get your first deal to this stage. It's a beauty. You gotta be starting to feel some sense of relief right about now. I hope..

Some time, I would love to see your breakdown on your project. The slide show gives you a great visual to help a person see how far your money might go in a project like that.

I've been looking at homes in disrepair of that magnitude here too. Max my contractor/friend is with me and teaching me how to go through a house and what to look for and pricing a job. I love it.

I'll be dropping bye.

Take care my friend.
Blessings,
Barbara

Louisa,
You did an awesome job on your rehab. The transformation was incredible, I hsve been reading about it for so long and to finally see it, you did a great job, I know you must be very proud of your acomplishment. I can't wait to hear the final numbers when you sell it. I am so glad that you shared this rehab with us and let us all enjoy it with you. I know you will do extremely well on this deal and looking forward to hearing about your next deal.
Your friend Kolby

I went out yesterday with a friend of mine that I grew up with. We looked at possible houses that we might invest in together. He has some money in the bank that is not doing very well {you know, the interest being paid on it amounts to less than 1 percent } so he wants to partner up with me on some real estate deals. I was talking with Rick last month and telling him about my real estate investing, and he was saying he might be interested in doing that. I gave him my copy of Deans book {Be a Real Estate millionaire } and told him to read it and get back with me. Well, yesterday we got together and drove around and looked at possible houses. He is very excited about starting in real estate. I hope we are able to do many deals together. This goes to show everyone out there, you never know what doors might open when you share with people what your goals are and what you are doing.
Kolby

I can't believe I hadn't seen your journal until now. Watch out folks . This lady has set on fire and she not about to be doused.

Louisa ,
I am sorry about posting that about {Investors} on your journal I thought I was in my journal. After I got done and posted it I loooked up and said oops.
Your friend Kolby

WHAT A TRANSFORMATION!!!! i love the pics.what an amazing job!!cant wait to hear more !! GREAT JOB LOUISA !!
jay