The Journey to Freedom

Well today, 2/16/10, realtor called one of the properties isn't going to work out right at this time. So I am planning on looking at a couple different properties. Just keep going Cathy
Love ya girl!

Well found out both properties have offers but I am still putting in my own offers as the bank is holding them. The bank insured the properties and now collecting insurance payments on them so sounds to me like they're not that much of a rush in selling them. But who knows. My offer has to be my best and final, a challenge, but heck it's an action step. Well got to go figure out what those offers should be. Had a REI meeting tonight, very good.

Cathy

Cathy,

I enjoyed talking to you at the meeting tonight. I know I get longwinded at times and I appreciate that no one tells me to Shut it. I must be saying something worth listening to!

I am really stoked that you and Student Scott are going to the EDGE 2010! I think it awesome how you both networked to do that. The flights have gone down about $25 in price including taxes, so I already have my room and edge tickets, just need the flights. I am going to make a new thread on "EVRYTHING ELSE" about the thursday night dinner. I am looking to network with as many as possible edge attendees.

I have no idea about where, how many, or what time for a dinner party, but it will be great anyway!

Later

Jake

Well I'm at work and I just sent email to a partner about offer price on two REOs I looked at last night. Not sure about amount to offer and listing price is 79900, comps are between 68000-78000 (median ranges). I work in a nursing home and said I need to go get those 'properties' when I meant to say 'patients'. It was funny to me. I am seeing why so many successful ones on here say they eat, breathe, sleep about REI. Goal: I will have my first deal by Feb 28th.
Cathy

I'm at a REI seminar in FL with a local partner. But I was talking with realtor about the REO offers. Also I asked her to talk with selling agent of a 4 plex about owner financing thanks to my good friend, Jake, and his newest owner financing deal. Monday I have 6pm appt ot look at my friend's mother-in-laws rental house that she wants to unload; highly motivated and she told me already the current mortgage and that she'd only like a little bit more like 2-3000 so we'll see. I think I already mentioned it but it keeps me on track where my mind is taking me. I did find some other properties to look into when I get back and asked my realtor about sometimes we can go look at them. I have to work on getting my team together: talk to more realtors, property mgmt, rehabber/contractor, RE lawyer, accountant, and talk with my current tax preparer. I hope I'm not missing anything. I also partner with my friend that's with me on changing her mom's mind about a house they looked at and that the 2 of us would get the job/work done on the house so she agreed to putting in an offer. I'm finally doing it; taking action.

Goal: I will have my first deal by Feb 28th.

YOu are doing it, Cathy
Keep at it! You are special.
Love ya

Until I can take care of what i've been given how can I expect more. I will get there. My plan is to set up a budget and really do some serious looking into my spending. I spend beyond my means or paycheck to paycheck. I'm tired of it and will get out. I know I will. It's just another bump on the journey of REI. One property I was looking at and then pushed aside and then reconsidered now dropped in price again.

When I get back I will talk with my realtor about asking owner financing on some income properties I'm interested in. I also need to look into borrowing against my 401k to use with rei or rehab my own home. I'm in such a dilemma about that.

I liked what JGREER (Jake) is doing with his credit score journal. I will follow in his footsteps to fix my own. Recently 2 credit card companies decreased my credit limit making both cards maxed out which is bad for your credit score. So I have my own to fix as well. I too saw the empowering series with Jeremy.

I will let none of this stop me. I can do this. You will do it Cathy. Keep taking those steps forward with action steps.

I love you girl.
Cathy

At this training we are going on a bus tour to look at some 'ugly' houses, 3 of them. This is very exciting and I can't wait. It's to help us estimate rehab costs and such. We went over it some last night as the form he uses and what to look for. Of course fees will be different depending on where you live.

Also just sent my cousin in London an email. One of my goals after I get my first 5 deals is to buy a property in England and have it rented and then have it available for the olympics. That's a long but short term goal too.

Also I read one of the coach's posts about how he got a team together in like a week or less. That has me motivated to do the same. I want to buy properties in other states besides where I'm living now and also I have since started talking to people and I have a couple of retail buyers but in cities I wasn't looking.

So onward I go.
Cathy

I'm in FL and today we looked at 3 REOs and estimated repair costs. Very interesting here in FL. One house could be 2 different school districts and that one thing made about $25000 difference in ARV. Unbelievable. So another thing to look at is schools which I knew but didn't if that makes sense. It was very good and interesting to see what people would fix and what you wouldn't.

Cathy

I have 5 days to meet my one goal: I will have a deal by Feb 28.

Where I'm at on this goal:
looked at house Mon night, mtg is 58000, pmnt is 671.00 for owner, collects only 675.00 for rent just to make pmnt not really investor; house was for a family member that's no longer living in house. It's a 4BR, 1BA with cement slab for parking, no garage, midwest region. Not exactly sure of rents in this neighborhood; will check on that probably 700 and at top 850. My thought is to do a sandwich lease option. It doesn't really work to do a seller finance and rent out as cash flow isn't there. There are some minor repairs needed and down the road a furnace but not immediate need. I think the owner would be open to any suggestions and would like to make a small profit; she mentioned 62000 but I might only offer 60000. And I'd give her a down payment and such.

Next offer: I looked at 2 properties last week. Just found out 1 is SS and the other foreclosure. The SS realtor writing up offer and putting in tonight I think. Realtor is asking questions on the Foreclosure as an offer is in on it and not sure if it was accepted; will follow up for sure tomorrow on that one.

Next: On MLS saw a number of properties to look into.

I really need to work on that buyer's list thing. That's my weakness but most important piece of the puzzle I know. I will work on that this week. How Cathy? What action are you going to take to do it?

I will make flyers (50) and post in different business' and locations in the area. Some I will focus on the lease option mentioned above to see if anyone bites even if I don't get it locked up beforehand. I can post ad on Craiglist even though I have no idea how to do this but it works.

Positive happenings:
I usualy have been quiet about my entrepreneural spirit; I guess afraid of what other's will think and/or say. I've tried different things over years and nothing really worked. Truly it's me that didn't make it work. Again I'm the only one stopping me; I can hear Matt and Scott both telling me this. They are so right that it hurts to know this is true. Well so here I am in REI finally speaking/talking about it. I went out of town and people asked where I was going and why; answer: FL for wholesaling RE training a friend invited me too. Oh so you're a realtor (I love that question) and then I explain and lo and behold a coworker is looking for a 4 BR house in a certain school district, etc but I was leaving so I told her we'll talk when I get back. Next a friend in a different state, MN, wants to buy a house in the near future. I told her what I'm doing and not to buy until she talks with me. I have to call her back as well. Another coworker talked with me after I got home and she has a rental and owns free and clear; I mentioned HELOC and explained there are many avenues you can take with RE. She found it to be interesting and I gave her a business card and wrote dean's website on back. So I am working; I am taking action; I am speaking to people; it's been slow but nonetheless I am taking ACTION! I'm terrified about not meeting the goal but am excited with the steps I have taken.

I had alot to say today to keep me focuseed. I did meet with a dear REI from my club and we'll be meeting weekly to keep me on track. He's not charging for it either. I'll pay it forward I'm sure.

Thank you to the DG family. It's a great blessing to be here.

I love you Cathy. You're Amazing! This is your year for REI!
Cathy

Saw your kind post in myjournal, and realized I had not been following yours! Just enjoyed reading and catching up from beginning to end. You are doing so great, and working so hard....you will have your first deal before you know it! That is one thing that is so great about keeping this journal....when you feel you havent accomplished anything go back and read from the start and you'll suprise yourself at all you've actually done!! Great work and congrats on keeping focused and not giving up

Thank you Laura for stopping by my journal. Thank you for the encouragement and advice. It will be nice to look back and see where I was in the beginning.

I have been sick beginning Wed afternoon, all day Thurs, and I am at work now but not feeling great. I am only going to see the people I have to see and head home to bed. As far as my goal; I doubt I will reach it. I have to call back the owner about the house I looked at Mon to come up with a lease options plan. Anyway I have to go for now. My home internet is not connecting either so trying to get that fixed as well.

I do keep talking real estate and just sent an invite to this site to a coworker.

Blessings,
Cathy you are wonderful and you will get there.

Your goal may just need a slight adjustment. If one of the deals you are currently working on comes to fruition, then it was started before February 28th...

You are your own best cheerleader and keep those pom-poms high! Yay for Cathy!

P.S. Hope you feel better soon. I have also been sick the past week, but at least still keeping in the game and researching and reading.

Kristin

Just catching up on your journal. I hope you are feeling better soon. You have a lot going on! Good for you. I'm looking forward to the day you are posting about your 1st Deal.

I had to laugh at your post about calling one of the 'patients' a 'property', that is funny.

Take care,
Lea
SPR Property Solutions, LLC

Hope you have a restful and peaceful weekend! You deserve it. I think sometimes when we get sick its our bodies way of saying SLOW DOWN - both mentally and physically. You have been working so hard on all levels....dont beat yourself up about your first deal deadline my friend...there is no shame in moving it forward when you've been working as hard as you have. Its all a learning curve as you go. I had many goals I didnt reach at first, because I wrote them before i realized all it took to find a deal and then do something with it. So treat yourself kindly and keep on keeping on

Kristin: Thank you so much for the cheerleading Rah! Rah! I did do some reading.

Lea: Thank you for checking in on me. I can't wait to share about my first deal either. I will get there because I'm not giving up.

Laura: Thank you for the post. I agree with you that when you get sick it's a sign that you need to slow down and rest. It was needed I won't deny that.

Well even though I didn't feel well. Another REI friend in my local area (not a member here yet but I sent her an invite) and I went over some properties that we are going to look at Sunday like 8-10 properties. She's the one I went to this wholesaling course in FL a week ago with as well. She sent them to the realtor because my internet wasn't working. Hopefully offers will be put in this week on some of those. There's 2 i'm especially interested in.

I'm very thankful for this site and all who are a part of it. I'm thankful that my internet was fixed today (Saturday); I'm thankful that I'm getting better. I'm thankful for my beautiful, loving daughter that's been blessed with an abundance of talent and intelligence (Who would'nt say that about their dauther but I'm very proud of her and who she's becoming even though we have are differences).

Yes finally warmer weather around the corner. It's March 1, 2010. Sunday was the first day I woke up without aching since Wed night; felt great. Hectic day looked at 7 properties with realtor and another investor friend. We did put in an offer on a HUD property and the 3 others looked good as well to put in offers. I just have to sit down here and figure it all out the numbers and such.

Also I called the seller of the house I looked at a week ago and I am planning on meeting her tomorrow night to see if she would be willing to seller financing and basically it would be a sandwich lease plan.

And I need to figure out my own finances and such and business plan and goals and the list never ends. But I have heard many times to really get your plan working and work your plan.

I also had a conference call about a book: GOALS! by Brian Tracy on Sunday as well. It was very good and I missed some of it.

Off to work for now.
Love you Cathy,
You Are So Worth It!

Oh I forgot. During a very quiet moment I decided the best goal for myself. It's in between long and short goal. Here goes:
Well I'm 42 so for my 45th Birthday I am Retiring from my J O B!

I am a Real Estate Investor!

How's that for a goal!

I'm an investor who needs help from wholesalers & bird dogs who have property under contract in Los Angeles county.

I buy cash and require a quick close.

3/1+ SFH - Condo/Townehouse. Any condition, fixer OK.

Please PM if you have any deals in the area.

Last night went to the REI meeting. Very interesting we had another investor that has been in it for 12 years and Dec 2009 and shortly after he had to evict 2 families which was his first time in 12 years! Not too bad. It was good to hear about that. I did have to leave early by 1/2 hour so my dtr could use the car.

I don't have alot of time to be on here tonight so I can read and work on offers on a couple other properties I looked at on Sun. I was trying to partner with someone to do a flip; the house was a hud home and we put in an offer but I knew it was too low and that the least they would accept would be about 90% of asking price. AP: $41500 and so that meant %37350. And HUD did counter offer and said $37,050 would be the lowest they would accept. I was okay with that but the other person wasn't okay with it because of the repair costs that we estimated so we didn't counter offer right away. Also I was fine with painting and the other person wanted to do siding. For the most part we agreed on alot. However we consulted with another investor and looked at the property and the costs were alot less and so we called the realtor to put in another offer but realtor called and HUD accepted another offer. I know it wasn't meant to be but it's frustrating at times and I am disappointed; I won't deny that. At least I'm in the game making offers. I'm realizing you have to be quick but smart on your offers and it's a skill set that requires practice and I'm sure some mistakes along the way. Again at least I'm in the game.

Well I have to do the numbers on this sandwich lease option I'm trying to figure out. Another skill set: learning the numbers and computations. There's so many different calculators on this site that it's confusing to me so I will have to mess around with that as well. I have to make sure I don't lose money on this but yet want to help the current owner.

I'm still reading Your Town as well as another good book called 'Rich God Poor God' very interesting to say the least. Love the bible and what it says about money and everything else.

Well off to learn how to use my calculation, dishes, figure out offers on 3 properties.

You Go Cathy!!!!

Well. Let's see; I hate being at my regular job. I'd rather just do this all day long or least partially. Work is tough and I just don't enjoy it anymore much. I love real estate and know this is the solution. I

I drove by an REO that I just received in my email inbox; I looked in the windows to see what I could. Floors tore out; nothing. Anyway I emailed realtor to put in an offer.

Next continue working on business plan and such. There's so much to do. Oh I did drive to another town not too far away to find an apt complex that I heard was foreclosed on. Without an address I stopped at this plaza area hoping to find a gas station but instead a local bank was present so thought that would be a great place to ask questions. I did find the building(s) but the teller thought they already were sold. I did drive by it though; it was a 6 plex. Anyway good experience; don't have anymore info on the place.

I keep looking for the deals but also need to work on building my team and my plan.

Well off to do some more REI things. Hopefully they're things to get me to go where I need to go.

Blessings to you Cathy.
I love you. You are beautifully and wonderfully made!
Don't you ever forget that.
Cathy

Well. I really don't know what to do with this. AP was $49900 and then dropped to $44900. I looked at the house and such and placed offer of $34000 (oh it's an estate listing). It did have new carpeting and such but needs more work including furnace. I forgot to really look closely at garage but my realtor told me the garage was in bad shape from what listing agent told her I guess. Anyway the counter offer was... $44500. Only $400 off the AP. Uggh. I think the FMV though is around $70000. Another plus is both houses on each side were in good shape and well taken care of. Not sure to let go and wait. It's hard when you are real hungry for that first deal. Don't know what to do.

You're taking ACTION. Yeah for YOu.
Cathy

I think I will drive by and look at garage. The neighbor boy was quite helpful. I really can't get him off my mind. I really want to be able to help the younger generation not even get in the rat race. I think I will give him a book if it's okay with his parents. I can't give him the Dean books; I'm still using mine but I have others. He seemed like a smart boy anyway. Sometimes all you need to do is plant the seed.
Good Going Cathy

Dropping in to catch up and say hi! Glad you are feeling better, and WOW- you are really taking action and keeping busy. Congrats on getting counter offers back on several....thats really great! You must be close on target - so many of us put in TONS of offers with no response at all...so good going And your intent to help the neighborhood boy - love it! You are already reaching out to help and change others lives before your first deal Sweet!

Well. Here goes. Talked with Greg Murphy for some assistance on sandwich lease. This is the house I have been trying to figure out for like a month that's a friend. Well I am buying it from her under owner financing for $62,000 and I will be responsible for mtge payments, taxes, and insurance. So now I'm going to market for tenant buyer for $5,000 down and sell for 75,000 to 80,000 (I don't have everything figured out yet). I will ask for a minimum of $1,000/month and some if not all will go toward the down payment at end of 12 month period. It does need some patch and paint, and some cleaning; possibly carpeting but might wait to see what tenant buyer wants and just offer so much and have them pay difference if want more expensive flooring.

Well I have alot to do yet. I talked with people at this cafe that's in our local library and asked if I could post a flyer; I will call tomorrow to talk with owner about it. I think she likes them neat and typed so will work on one tonight for that as well. Maybe I can place one for the tenant buyer and one like, we buy houses or something.

I had another idea about finding tenant buyer is to call multiple mortgage/bank companies to see if they have anyone already in mind that maybe didn't qualify right now but in 12 months will and also to find one to be part of my team as well; kill 2 birds with 1 stone.

Also realtor called about the house I offered $34,000 but owner came down only $400 to $44,500. Wondered if I would meet halfway. So I'm going to take a second look at it on Wed when realtor gets back in town and get comps as well. So I'm talking to the boss upstairs to see what His plan/desire is for me. That one I thought about a lease option but owner out of country and doesn't speak much English so I may flip that one or assignment if I can find a buyer.

I'm just ecstatic right now. Oh I need to call the success team to see what documentation they need and work on my contract for the sandwich lease. Oh boy, Oh boy. This just has to work out. I will keep up to date on this one. I have quite a few listings to look at tonight. I need to do some laundry but I love real estate. I think that will be one of the first things I do is to outsource my housework to cleaning/organizing lady to help me in that arena so I can spend my time doing what I love---REI.
Way to go Cathy. You are on the right track now, finally.
Good for you! You are Loved!
Cathy

This is wonderful news! How exciting. I'm happy for you and looking forward to hearing about how this goes.

Take care,
Lea
SPR Property Solutions, LLC

Thanks so much Lea. I was just catching up on some journals. I am excited. Thank you so much for stopping by. Can't wait to share more about it as it works out.

03/09/2010
I talked with owner today and tried to write the contract up as best I could and have to call a lawyer tomorrow to set up time for them to look it over and make any changes necessary. Seller agreed to do the lease option and understood that I am getting another tenant buyer in the house. I'm frightened but I know God is in control. The current tenant is in there until end of April and then I will make May's payment so I have to market for tenant buyer and hopefully in the house right away in May; we'll see.

Also tomorrow looking at house that I offered $34000 to take second look and get a better hold of repair costs. I'm hoping this one will come to a good deal in the end. I'd like to assign this one possibly or fix it up and sell.

I really need to get a hold of hard money lenders to finance so I can put in more cash offers with pre-qual/approval letter even though I'm trying to assign some properties.

I'm only sharing this last part for those that might have the same feelings/emotions and for myself to look back on. I know you have to fight through fear/obstacles/negativity/anything really that's stopping you but I almost felt sick to my stomach about this first deal and I almost just wanted to stop but I'm not and it was just split second. It's almost like I'm telling myself I don't deserve it like the devil speaking to me. I know that's foolish and all. God wants us to prosper in ALL our plans and in ALL things. Thanks goodness I just read a chapter in a book and it was talking about the Best Businessman in the Bible. Hmm maybe I should do another topic on this one possibly to see response. I think I will. Well off I go. Thank goodness for this journal and site because I can get my emotions out of my system and move on to action.
Love you Cathy; You are Worth it!
Cathy

Hi. You will get through this and be all the much stronger for it! Sometimes new things are scary but if you think about it a lot of the things we do regularly were new to us once. You have what it takes to be a success and I'm looking forward to hearing about your 1st deal (and 2nd, 3rd, 4th, etc. ) Go get em!

Lea
SPR Property Solutions, LLC

I thank you from the depths of my soul for your words of encouragement and you are so right. I know you have to go through it. The second I posted that message I felt so much better. Sometimes you just have to get it out of your head in writing (typing here).

I am excited. Also a duplex offer that I'm partnering with someone on had a counter offer so we will counter that one. Truly Action is what gets you past the fears.

Again thanks Lea.
Cathy

See, those seeds you planted throughout the past few months are definitely taking root just in time for SPRING. Keep up your fantastic progress and keep us posted.

Another thought - perhaps try private money lenders instead of hard money lenders to avoid the high interest costs and points up front and the short terms. Just a thought from my experience in chatting with one. I am investigating how to go about attracting private lenders so it is a win/win for both of us. I get cash financing and they get the opportunity to earn higher interest than stocks or CDs and the investment is backed by real estate.

Kristin