The Quest

Welcome to the Family. You are not alone here. Just hang in there and many good things in REI will come along the way. Your story is well written and it shows how particular you are in details. Best of luck always. Blessings to all. LA

you have a great attitude and i believe it will all work out for you. you are headed in the right direction and you have what it takes. i just joined the academy and i'm very impressed right now. i hope you get the opportunity to join soon. believe me, i had to do it by faith and i'm still holding onto that. things may not look or feel good right now, but we are not moved by what we see or feel. if you would like to follow my journal, it is "Linda's (from Indiana) Journal". this is just the beginning for you.

Thanks Ira and Pdq for your encouragement. I have a lot to accomplish in very little time.....I just received word this morning that the bank is giving me a six month extension and at the end of that time, I am to have financing, have it paid off, or they will foreclose. I'll begin to look once again for financing....but, I prefer to PAY IT OFF......

you just got one miracle and more to come!

What a story, you will make it! You are taking action instead of letting yourself stay a victim of the market, and that attitude will make you successful! Keep on going! There is so much info here and so many helpful people, that when you're ready for that 1st deal you can be rest assured that people are here on this site to help you. I will be reading your journal regularly!

Hello all! I havent written my journal for a while, not because I'm doing nothing, but my computer finally met it's maker and I can't afford another at the moment..... (i'm on the one at the hotel where my wife and I perform weekly)I'm still working various jobs from 7am until 9pm each day except Sunday.....which, in the afternoons after church, I drive looking at the properties.....I usually do my reading from 12am until 1 or 2 each night...reading the Dean book over and over....and yes.....that start is what terrifies me......however, last Saturday....attending an absolute auction, we won a bid for a house for $7000......after premium the total was $7700. The deposit was $770 so I immediately called a couple of buddies and borrowed $300 from one and $400 from the other....(I actually had the $70) and covered the deposit......then, we had 30 days to acquire financing......well, this morning, Monday, we got a call from the agent we've started working with, and a lady attending the auction had thought over the weekend and decided to offer us $9500......after some thought, we figured, this was a super fixer upper which we still had to find money for, and still had to find financing...and put a LOT of work into......(don't get me wrong.....we really enjoy fixing up houses and making them a home)but, we could make an immediate $1800 with about a couple of hours time.....and signing some papers......so, we took the offer.
So, we have our first deal....maybe not exactly like we had planned.....but, pretty much like an assignment deal. We're just doing a double closing and making a quick $1800. We're going to put that back in toward the next deal, which we are already searching for. We're still looking for 2nd mortgage financing to save our home......but, I feel good about it all.....I think the Lord is blessing us and will continue to......
Hopefully, I'll have my own computer soon and be on here more regular......I'll try and get to the library more and keep you posted in my journal......just my work hours usually make it hard to do.
Thank you all for support.

I'm sure the next 5 deals you do won't be as detailed

This week I've found an unfinished house.....that's been sitting for 3 years....It is HUGE! I havent gotten into it yet but it looks to be 4 or 5 bedroom....2-story.....drive in 3 car garage.....I would say finished, worth 350,000 or more.....I'll have to research it......the outside shell is finished, roof done....have gotten the wrap on the outside.....inside is all studded out from what I can see......and wired.....the builder was sent to prison for drug dealing......bank has it......is asking $40,000.....was thinking offering $20,000.....but, would still need to find financing for that and materials......will have to dig into it......does anyone think there would be a buyer for this type house, as it is .....unfinished? Could this be a diamond in the rough?

good to see you're posting again. great first deal! if you need funding, you might look into peer-to-peer funding. PM me and i'll give you 2 i know about.

Go to the bank directly and see if you can get them to finance it. If not see what they have as well and work it from there. Might want to see about opening an account with the bank; could help to get you inside. If people there know you do RE and are a customer, they might be more apt to work with you. A lunch or afterwork drink never hurt too to boost contacts.

It shouldn't be hard to find a buyer for the property however.

I'm glad I clicked on this post, good owner financing lesson. Never thought about what would happen if the financer died. The lesson learned for
me is: nothing wrong with owner financing but all the more importance of knowing the market, knowing the area and having at least 30% equity in the property.

Grant, don't know if you have found finacing yet, but your deal looks promising. Interested in what area of the country the deal is in. I would be interested in financing for a % of the deal, depending on what stratergy you're going to use.

If you would be interested, please PM me.

Joe

Hello all; Well we closed today on the small deal I told you about earlier....of course, actually closing and holding the money in your hand is totally different feeling than just saying you got your first deal! What a rush....we made $1800 for signing papers a couple of times and spending 30 minutes at an auction! And, we actually used the assignment paperwork I downloaded from Dean's website and all went smoothly. Our agent didn't even know about the assignment option....and is excited about it. He seems very openminded about making sales and new ideas....I think we may have found a winner.

congratulations! how exciting. well done.

What a wonderful 1st deal! Simple and easy! Good for you! Congrats!

Well, have found a second house that we're going to try and buy. We've found a neighborhood which is more of a lower income area, but kept up nice...but, there are about a third of the houses that are abandoned.....apparently from mortgage rates jumping and the folks just walking.....It's right off of the main drag where there are plenty of restarants, Walgreens, quick marts....nice area....The old fellow that owns the property has rented it since the 80's but is now too old to handle it anymore, along with some other rentals. His son is trying to sell it for him....been for sell since last fall....has had no luck....we're friends with the chief of police and he said the area was not bad....no drug dealing problems or violence, robberies.,etc...just a lower income area....
The house is 2 and a half stories....kinda shotgun style....4 bdrm, 1 and a half bath....big back yard....the plumbing has been stolen since it was copper....(I can replumb myself)....in fact, there is nothing needed to the house that I cannot do myself....I'm going to offer $6,000 to $7,800 for the place....I know that sounds ridicously low....but, he had asked only $20,000 at one point and was talking about coming down....His son has nothing to do with the properties and I think he just considers them a headache...so....if anyone is interested in maybe finacing this for me....(if I get it), let me know....I'll keep you informed of the progress.

Does the area have any plans of improving??? Are there plans of expansion of businesses or improvements to the downtown area??? Are there colleges in the area???

If there is more than one house that is available, I would think about purchasing them as well; find out the owners, while at the same time looking for buyers. If the owner owns several in the area, offer him/her a lower than average price in a package deal with the provision that you close in less than 45 days; if you offer 30, they'd be fools not to accept

The area I talked of in the last posting is pretty much established...the businesses have been there for years....theres no room for expansion....as far as the neighborhood improving....I'd like to be the one improving it....would like to buy all the empty houses down the street and upgrade the area myself......there are a couple of colleges around, one major one....they're not real close.....but maybe 20 min away.....
Anyway, going up Wednesday evening and doing a thorough inspection of the property and maybe make an offer.......

WAY TO GO!!!

You are doing terrific Grant! Way to find the deals! Keep it up!

Hello all......have been absent from posting for quite a while but not absent from the site! I keep up with everyone's progress and loving it! I'm pretty much working 24/7 18 hr days and still looking for RE in between......have made a couple of offers since last deal but was turned down.....the properties are still sitting however and hoping will eventually receive a call back......After a long hard battle to hold on to our own home, looks like we're going to lose.....2nd mortgage holder is saying their going ot start foreclosure by Oct.....first mortgage holder doesnt want to take on any more debt and so will follow suit.....Putting the property up for quick sale for $150,000 It's a 3 bdrm/1 bath farmhouse on 70 acres....in Frankfort, Ky....if anyone is interested give me a shout....about 40 acres are wooded....good for deer, turkey and squirrel hunting....Just going on the thought that when God closes one door He opens another......this is all for a reason......and I appreciate my DG family's support.....thank you all.
On a RE note.......going to an absolute auction on Sat......maybe we'll have a deal.........

what your address is? You can pm me if you want. Thanks

Hello all......I think I'm going through what Dean talked about in one of his empowering dvds......I'm so stressed and focused on the foreclosure that may happen on my own home......I can't get focused on the deals around me......just asking the DG family to put me in your prayers.......Have resolved to trying to sell the farm to at least not just lose it and get nothing.......but, i feel if i can just get myself focused I may find a hidden treasure that might give me what i need to save my own......but, it's so hard to do......anyway, i thank everyone that's been trying to help with advice and info.......you folks keep me going...!

you are in my prayers. it may not work out the way you think it should, but i believe it will be for the best. (going through that one myself ) if you can concentrate on some deals too, it might really be helpful in many ways, including financially. hang in there!!!

I love it when I see people get together like this for something so positive!!

GRANT--here is my advice... broaden your horizon!!! As I am sure you have read in Deans books, there are plenty of ways to make money in real estate without credit or money. Here is what I do on a daily basis, I birddog, wholesale, and flip, no money out of my pocket, but lots of money in my pocket.

Here take a look at what I do:

Birddog-- I have a list of investors that buy all cash so long as the deals are good. I sometimes will call them and say "here is a great property, take a look, but first sign my NCND. if you like, and you buy, my finders fee is 5k". And if the deal is really good, then I will charge 10k.

Wholesale--I have a ton of agents and brokers that I deal with on a regular basis. I call them and ask them to email all the new listings they get, and then I bid on them at a price that makes sense to me. A price that will allow me to turn around and assign that contract and make a profit. When I have an accepted offer from the seller I have them send everything to my attorney, he adds the "assignment clause" and we are good to go. But the very second I have an accepted offer I start to shop the property around so that before I sign anything I have buyers lined up to take it off my hands.

Flip--sometimes I will find something that is so good that I can hardly believe that it is on the market. This hasnt happened in a while, but... Sometimes you find a property that is so low in price, and needs so little work that you know no matter what, there is cash investors that will buy this thing for sure. So then I will get "hard-money" to buy it and fix it up and sell it for a nice price.

The flipping part might confuse you, only because this is what got you stuck in the first place, so allow me to elaborate witha story. There is a town in NY State that is up and coming. It is a really old town with a really ghetto city at the end of it. Now this city is shoot to hell, drugs, and crime is out of control, however... The city has been slowing working to change all of this, they have put a lot of time and money into the city to bring it back up. There are a lot of projects under way that will do wonders for the real estate market, and to top it all off, 85% of everything there is brick or bronwstone, and some of the most remarkable I've seen, a lot like Harlem USA.

Best part of all this is that, even though there are investors in there picking things up slowly, the city is still off the radar for the most part, and properties are being sold for as little as 2,000 for 4 family brownstones.

Mind you these properites need gut reno's, but that is just fine. I have found some outside investors that are willing to invest in this area. So what I do is line up a buyer/s with a property/ies, and then go out, get Hard Money, buy, fix (but not fully renovate, just a partial so that it looks more attractive) and sell. I then get my cash back to pay my debt and make my profit. Keep in mind that the only way this is working for me and not you is:

1. My market
2. My buyers (they're cash investors)
3. Non of my own money

BTW, did I mention I'm a 25 year old kid? Trust me when I say, if I can do it you can do it!!!!!

All you need is time, and an email, thats it. You can still work your 16 hr days and accomplish this. Oh and it doesnt matter where you live, I can and will shortly start to tap into Californias market, and btw did I mention I live in NYC? It doesnt matter where you live.

Look I am a good christian man, I want nothing from you what so ever, I would only like to help you. If you would like PM me and I will give my contact info I will be more than happy to show you my game.

Hey everyone.....it's been quite a while since I have posted on here....I do read everyone I can nightly, however and keep up with whats going on and constantly study and learn....i'm still working 16 hour days and spending late late nights toward my
REI...but, Im ready to get to it! I've gotten YTYREP and read and reread......i'm working hard at trying to raise funds to join the Success Academy...I'm making up bandit signs and getting ready to put some adds on
Craigslist to start on my buyers list....and this is really odd, but i'm nearly 58 yrs old and scared to death at this step forward....that's why I need the SA to help me get through this.....I'm not a great talker and afraid of stumbling but.....I'm at the point where my back is against the wall.....the Lord has saw fit to have the bank give me a 6 month extension on foreclosing on my home....so I feel He's given me this extra opportunity and I need to take advantage of it....I know in my heart I can make enough to just pay off the dang 2nd mortgage in 6 months if I truly go at it......so.......here goes........

i truly believe you can do it!!! you have this extension and it's a God-send. age shouldn't matter and really, what have you got to lose at this point?? that is the question that keeps ringing in my head. WHAT HAVE YOU GOT TO LOSE??? best wishes!

You CAN do this! You WILL do this! I will pray for you and know I had to overcome the same fears of not being a great talker. But, I LOVE RE, and talking about it turns out to be very simple. PRACTICE makes perfect. Start calling FSBO ads, whether you are interested in the properties or not to get used to talking to people. I have a sheet I made up that guides me through the whole interview I can share with you if you're interested. Have it in front of you as you talk and it helps to guide you through your questions. Your first call will be awkward, but after doing it 3 or 4 times, it starts to get MUCH easier!

Each day, do something new, and you WILL SUCCEED! The only way you won't succeed is if you don't apply the knowledge you've gained. You can do it! Go for it!

God BLESS!

today I'm heading to an open house to start working on getting a grasp on the worth of the houses in my town.......I've started driving the neighborhoods and noting on my map each house fsbo and realty company.....will ultimately keep tabs and eventually note what they sell for.....I hope to start contacting fsbo this week and work on getting comfortable just talking to folks......(my weak point)

Hi Grant

Just talk to people like you are talking to the members of your DG family, their inspiration is behind you, you can do this,if you can open up to your feeling on this site you already got the strength you need. Good Luck I;ll be checking to see how you are doing.

Jim Kendrick

thank you all for the encouragement.....I went to the open house....walked thru and feel like i got a good feel of the place......theyre asking 170,000....its not a house to buy but I at least got my feet wet by going and talking to the re agent and got a flyer and started my file of properties in my town.....I also drove the area and wrote down 18 for sale by owner addresses and phone numbers.....and I found two abaondoned properties......one needing a whole lot of work......it's a 3 bdrm 2 bath with den and unfinished basement......been empty for 3 or 4 yrs.....weeds and bramble taller than me around it....looks like the inside was stripped.....I see no paperwork or notices......was told i may be able to get it ridicously cheap.....will try to find if there is a bank that holds the note.....the other house is a ranch style brick 2 bdrm i bath.....and basement.....its in a rural area.....weeds and bushes also grown up all around....been emptey since last spring....no notices or postings......doestn need much more than cosmetic fixing.....will try to run this one down also......plus, I only need $150 more to have enough to join the success academy.......won't be long......
On the down side......lost our regular muic gig on Thursday nights because the hotel is cutting back....there goes $1000 a month off the budget....and....going through a divorce after 25 years of marriage.......but.....there has to be a reason for all this.....that's all i have to hold on to.....so....diving deep into this rei will be a great escape for me...anyway.....thank you all and put me in your prayers.....