Millionaire Walking

Michele,

In my humble opinion you're half way there. You've got the desire, you know you can do it because you've already bought and sold some property even though it wasn't no money down, YOU DID IT! Now that you have that momentuum, just constantly add to it. Don't allow it to deminish. And before you know it you will be running into deals from different places. Stay active in forums, on the phones, asking questions and you'll see. One thing I've come to learn is you just never know who you'll meet or where your next deal will come from. If you like I can recommend some more free resources in conjuction to the outstanding ones offered here. Just send me a PM and I'll be more tahn happy to get in touch. Heck let's get in touch anyways and network. I feel it is important to talk to folks on the phone because you can get a good feel if that person is for or real and if they can really help you or if they are just a tire kicker. Know what I mean. I want to hear the voice behind the words. See if theyw ill follow up with me and what not. Let's chat.

Randy

Great job! You are in the right place. Spend some time here and meet some of the people and do the work and you will succeed!

Michele,

Loved the post! MillionaireWalking is a awsome tag! Thanks for posting and I will most certainly read everything you post...

Kevin

you have all ready shown that you have what it takes to get out there and get the deals done. you have real estate in your blood and you're never gonna get away from it, so you might as well just give in and become a millionaire.

Thank you... it just seemed to fit and encapsulates my innate right and outward desire to become a millionaire!

Whoa... what a busy last couple of weeks! Remember the property I had under contract that I thought was such an awesome deal?? Well evidently no one else did because of the high-end price tag... so I lost that deal... bummer... couldn't get the financing...so on to the next right?

So I have determined, at the loss of 1K...that I am going to have to take action in a different way to obtain the money needed to get my business off the ground. There are 4 different condos - perfect rentals - in my area near the beach ranging from 10K to 35K!!! Man would I like to get a hold of those properties for rental purposes! They are 2/1... but without any money... I am dead in the water. But it is ok. I am still learning and will get to my goal evenutally! Anyone out there that would like to get their hands on those deals, I will gladly pass them on to you for a small wholesale fee so I can start accumulating some cash!

So its onward and upward.

What are the hoa dues on the condo's...we might be interested despite being on the opposite side of the state. Send me a PM with some details.

Thanks for your interest! I have sent the information via email to you. Let me know if you would like to proceed....

There are incredible deals in my area for those in a position to buy and hold... it makes me sick that I don't have the funds to purchase of few of these deals myself... but I have to crawl before I run.... a hard lesson I am learning.

In any event, I look forward to hearing from you.

are any of these properties you might be able to do sandwich lease/options on? maybe with some FSBO's???

These properties are vacant, but... I just ran across an amazing deal (or so it appears) on a duplex (3/1 single carport) on each side and two additional vacant lots attached to the property in a great area for under 200K FSBO....BUT... I don't have any cash to offer and no clue how to structure a deal for that.... suggestions? I hate to see this property go....

I am sitting here looking at all the information I have:
~ Real Estate Revolution Training
~ Dean's books
~ Foreclosure Finder
~ Real Estate Property Pro
~ Online Success Academy

I have spent all of my savings between other programs and Dean's (which is what I should have bought first...hindsight is 20/20)... and lost money in a deal...and now I just have to laugh... WHAT THE HECK DO I DO??? Where do I start over???

It is amazing how much information is out there and I literally had to put it down for a few days because it began to consume me. I am so driven to succeed, but I think I am doing myself more harm than good. I hit the ground running before I ever crawled and then crashed (the loss of escrow)... so now I really need to re-evaluate my next steps and ensure I do it right, and successfully.... I don't have any more money to lose... but now my confidence is shaken in doing any type of flip until I have my own money to put into the deal...

So... I placed a few ads to find buyers today to try and work a different angle. I took Dean's directionand have an 800 number set up... I have the website and my own website connected for the 24 hour foreclosure stuff...but am not sure how to get the most out of them... this is why I say it is all so overwhelming.

The hardest part for me is that I learn best by watching... meaning I need to see someone go through the steps, talk to people... etc... so I can mimic their actions. I have all this stuff to read but it confuses me more than helps me. I am a DOER... Anyone have any suggestions????

I have a goal to pay off my credit cards and my motorcycle by December... help me get there! I am GREAT at following steps when I know what they are and understand the reason.... Am I making any sense at all to anyone but myself???LOL.... I have a higher than average positive can-do attitude...

I FEEL THE SAME WAY. I WISH I COULD GO OUT AND WORK WITH SOME ONE. BUT I LIVE IN A SMALL TOWN AND THERE ARE NO INVESTORS HERE. NO "I BUY HOUSES" SIGNS...SO I HAVE NO ONE TO FOLLOW. HANG IN THERE MICHELLE WE WILL MAKE IT. THOSE ARE NOT JUST WORDS I MEAN I WILL MAKE IT, I HAVE ALWAYS WANTED TO BE A REAL ESTATE INVESTOR SINCE I WAS LITTLE KID. SO IM NOT GONNA GET THIS CLOSE AND QUIT.....I'M TOTALLY CONVINCED THAT IT WORKS AND IIII CAN DO IT I CAN...AND I WILL !!!!!!!!!!!!!

CHECK OUT MY WEBSITE. ITS DEANS FREE ONE I LIKE IT BUT I NEED TO TWEAK IT A BIT. YOU CAN ADD YOUTUBE VIDEOS AND PHOTOGRAPHS TO IT AS WELL. REALLY JAZZ IT UP.

I just read your journal and am impressed with what you are doing and your openess. You say your confidence is shaken and in the next paragraph describe what you are DOING to find buyers and try a different angle. You are determined and I sense a strength in you

Is their an REI group in your area? You could benefit by meeting other investors, REA's, etc. Continue to come to this site and ask questions. There are so many people here with a lot of knowledge that they are willing to share with you and they want to see you become a success

Welcome to the DG family and I wish you great success!

Lea

I'm envious that there no no other investors where you live, I wish it was like that here, we would buy half the town. That should be your best asset, No Completion ... get in the game, if there are no signs, put up yours, don't worry about selling to another investor, do a sandwich lease. Copy Greg Murphy, find the distressed people, worked the numbers, & re-rent the properties & make a few bucks in the middle. After you build up some cash, then you can always buy & hold, or buy & flip.

Thanks for the support and you are absolutely right...WE CAN DO THIS! I was sooooo close with the flip I had under contract and was ready to have the GC start work when 24 hours before closing, I was told I couldn't fund it... oh that was heartbreaking. But... I got that far once.. I know I can do it again.

Is there an REI Group in your area? I just attended my first meeting last week and met a few great people to network with. I still don't have a hands on mentor that can be here with me so I can see how it's done in person, but I did connect with a buyer. Tomorrow, I am traveling an hour and a half south to attend another meeting (three counties away) to see what happens. I realize I have to keep spreading my wings in order to fly, although they might get clipped from time to time.

Failure is not the falling down... it is the staying down.

Let's stay in touch!

HI Lea and thank you. There is an REI in my county and a main HUB in Orlando that I am going to check out at their next meeting. As I stated to Walt, I am also travelling south tomorrow to see what happens at the REI meeting down there.

I am finding the honesty and straightforwardness of the people on this site to be refreshing and helpful.

Sometimes I find investors don't always want to teach you or show anything because they feel you are the competition... but you know what I am seeing??? There are so many properties that not one person could EVER invest in all at the same time. I look forward to the day when I can teach someone else how to do this... I will just keep plugging along until I get a deal.

When I mentioned my confidence is shaken, it is because my first 30 offers and first deal was through the MLS using an agent - where I am EXTREMELY comfortable, rather than individuals. I have the website and phone number set up as mentioned, but ads on Craigslist bring nothing, so I am not sure how to go get the business from individuals. This is where a hands-on mentor would really come in handy - although I don't have the cash to pay for that either...LOL>.. so I just have to keep pushing forward. I have 4 months to bring in 9K....

Here is my website...

www.4thdayprojects.com

Please check it out and provide any feedback or suggestions - that goes for ANYONE reading this. I appreciate it!

I am still a Millionaire Walking... just a little slower than anticipated

I attended an investment meeting about an hour and half away from me because I am open to all areas and will network every way I can to help build my business.

The meeting was small, but the speaker was discussing short sales... they call her the Bank Slayer!! LOL...and she is a little pistol for sure! I got so excited about the things she is able to do with short sales... we are now negotiating for me to be thier contact in my county... making money per deal on both front and back ends... couldn't have done that if I tried!!!

One step closer to saying goodbye to the corporate world. I am still working the other angles although the ads I placed have not brought me anything. So I am going to change one thing in each one and see what happens over the next few days... wish me luck.

I have four months to reach my goal of 9K....

you could offer a sandwich lease/option where the seller L/O's to you and in your contract you have seller's permission to sublet. then you find a tenant/buyer and L/O to him, but he doesn't have permission to sublet. my suggestion for a no money down deal is to allow seller to keep property on the market and you have his written permission (in contract) to also market the property. if he finds a buyer first, you will tear up your contract and part friends. if you find a T/B first, then you do the sandwich L/O and collect a non-refundable option consideration from your T/B. if the seller wants some upfront money, i would say that either you don't do that because he is still marketing for a buyer or...work out a deal for a small part of the option consideration that the T/B will give you, but no money for seller until you have the T/B in place, etc. just my thoughts. i'm sure you can do a search on here and in the books for L/O information. hope it works out for you.

Michele, are you using Dean's free website??? i would like to know more about how to use it and name it. i am thinking of using it for my REI website and then taking my own REI website and changing it to something else. any input would be greatly appreciated. thanks.

Thanks for the info on the sandwich lease option. I am actually going to do something similar for my dad's place in Oregon... he finally is going to let me handle it for him -- stubborn he is!

As for the sight... yes I am using it.. It is up and running and I have it embedded into my own site... check it out and see what you think:
www.4thdayprojects.com

It is easy to set up but I prefer a simple "dot com" address to give out, that is why I embedded it into my current site. I am going to makes some changes and include short sale info for people interested in doing a short sale.

What a great tool... it is so nice to have everything in one place. And the videos are awesome because as a visual learner... it is great to look at someone and listen to how they are doing things. For me it just clicks better.

I love Carol Stinson and her methods for finding deals. I am already excited about the whole thing but videos have actually helped me funnel my focus on the areas I want to concentrate. As I stated previously, it is all so overwhelming and can easily consume you... and being like a kid with ADD... it is hard to focus on just one thing. So much opportunity it out there and I don't want to miss a beat.

So I am still working my ads, but am going to take Carols advice on expired listings, vacant properties without lock-boxes, and start a direct mail campaign of my own.

I placed 13 offers yesterday through MLS listings. My goal is to place 5 more through personal people (FSBO) by Friday.

My goal is 9K by December 31...Failure is not an option...!!!

So here it goes... I have my second property under contract... yeah...I think. I am a little gun shy since my first property was a loss because it did not close.

It is a 3/2/2 with an ARV of 80K - 85K. It needs about 15K in rehab and is in a great neighborhood, great schools, corner lot.

I would love to rehab and flip it as there is more profit... but on this first one I think I would really like to assign it. I have 7 days for inspection and 30 days to close. I don't want to lose my earnest money again so how do I get this sold in 7 days or less???

Bandit signs??

If you have it under contract for around $35,000 advertise it on craigs list for $40,000 and any other website you can think of for cash buyers. Market it any way you can, bandit signs, fliers, signs in yard of house etc etc,
Investor buy price $40,000 plus rehab $15,000 gross profit for investor $25,000.
That will cover their expenses, closing costs, commissions cost overruns etc. Leaving the investor with a net profit around $18,000. That deal will sell!
You said $80,000 ARV
$15,000 re hab
That makes $65,000 max sale price for end buyers.
Minus your fee, say $5000
So if you sell to an end buyer instead of an investor, must have under contract for max of $60,000. Assign to end buyer for $65,000
You did not say what you purchased the property for, but if you are with in these numbers it should sell, if not you may be under contract for to much money and you can try and move it and if not use your inspection period and then get out of it after 7 days!

Good luck,
Michael Mangham
MD Home Acquisitions LLC

OMG... THANK YOU THANK YOU THANK YOU!!!!

Yes I am within those numbers! I have put an ad on Craigslist at 40K and Bigger Pockets, DG, and all the online ads I can think of. I will get some bandit signs tomorrow from somewhere and put them out as well.

The only part I don't understand is the end buyer...under contract max $60 then assign at $65... wouldn't that have to be part of the contract? I am unclear.

Thank you again for your help. Finally I feel I have a winner!

I didn't know if you planned on assigning to an investor or an end buyer. That is why I had 2 different prices.

Way to go!
Michael

My exit is to an investor... that is how I am marketing it. I never even thought about an end buyer that might want the property for their home... LOL. But thanks. I will have to keep that in mind.

Michele

So I took placed ads on Craigslist, ebay, Real Estate Classifieds and a few others. Today I went out and placed bandit signs. OMG what a response!

I have had 6 calls - all cash buyers!!!! Most are investors, one is private individual looking to buy a place themselves for cash. I have two appointments to show it this afternoon - assuming that is the right thing to do..... I am so excited a little nervous.

I can't get a hold of anyone to speak to regarding how to do this....do I take a contract with me? Do I get a deposit? That the heck do I do?????????????????

Take a copy of your contract with the seller with you and your contract for assigning your original contract to your buyer(2 copies). Be ready to write it up and get a earnest money check from your buyer. Take the 2 contracts and the earnest money check to the title company and set a closing date.
So here is what you need:
Copies of the sellers contract with you. (The contract you are going to assign)
1 for you and 1 for your buyer.
An assignment of contract contract. 2 copies, 1 for you and 1 for your buyer.

Good luck!
Michael MAngham
MD Home Acquisitions LLC

Thanks again for the information. I got this after my showings but one seemed fairly interested. He wanted to run his own numbers and then contact me on Monday. The other couple wanted a block house -- this one is frame.

BUT.... I have 7 more messages. This is the first ad that has had this kind of response. I will keep chugging along until my inspection period is over... but I will keep the signs up and the ad out to get a buyers list.

Wow... what a whirlwind few days. Ok.. so I had a property with an accepted contract. I decided to wholesale it so I placed ads on Craigslist, Ebay, and Free Real Estate Classifieds. I also put out 5 bandit signs. I spent the weekend showing the property and built a buyers list 20 people strong!!!!

I had one solid offer on the property... I got him into a contract and set up the double close through a Hard Money lender I have been building a relationship with that included his title company and atty for $75.

I am flying high although I misunderstood how to properly market the price, but I would have made about 1K on the deal. At 1:30 I got a call from my agent who stated the bank rejected my contract as they received a higher cash offer!!!! After I already had an accepted contract! What a blow... that really SUCKED!!!!

So now I am back to square one and I was sooooo close! So this makes deal #2 that went sour.... so I chalk it up to education as I did learn a few new things... but boy do I need to make that money!!!! So I realize there must be something I am doing wrong or my agent is not the one for me... not sure at this point, but something has got to give!

I am on the conference call for the Set for Life System and hope this will be the ticket. One AWESOME extract is the buyers list.

For anyone wondering if bandit signs work....THEY WORK!!!!!! Not only do I have a cash buyer's list, but I also have about 5 retail buyers as well. So I am starting again tomorrow to find properties to fit the buyers. I just want to learn what I need to do to streamline this process and help me start making money!

Ok... so that's it for now!

I am still a Millionaire Walking... LOL... just walking a little slower today than I was a few days ago! I have 2.00 in the bank until payday so I have got to take off somehow.... it will come.. I am confident. Any feedback is welcome!

Thanks for reading!