Val's Journal

I've been keeping myself pretty busy researching some properties, both in person and online. It really takes a lot of hours... I have to be very dilligent, because even REO deals are not always good deals. Everytime I see a property that could be a possible deal, the first thing that comes to my mind is: what is wrong with that property? Has no one seen it yet, or does it require too many repairs? Then I imagine making it sparkle again and somebody wanting to live there.

Also trying to continue with the lessons from the Academy, currently on Contracts and Offers chapter-I had put those on hold for a while because I can easily get consumed with reading the material and not taking any action, but then I think that if I don't read and learn the lessons, how can I go out and know what to do? So now, I'm doing both, but my hours of sleep are being reduced to about 5 or 6 hours per day ;(

It seems that the more I do, the more motivated I get...

5 or 6 hours of sleep why are you wasting so much sleeping,just make another pot of coffee and I'll be over.

Jim,

yes-I'll make a pot of coffee if you come over and keep me company while I look at properties- heck- I thought I was the only one awake at this late hour!
even my dog has gone to sleep!

valerie

Val, I'm still up! And am regularly up at this time, though I don't recommend it! And, I type lying down lol. I enjoyed your journal. Keep up the good work!

how nice to see your post here!
well, sometimes when everyone sleeps, and all is quiet, one can do a lot of research without distractions

I've read some of your posts too- if we don't make it to the Edge this year, then definitely next year!

wishing you great success,

valerie

Friday finally!
today I heard from the realtor who is doing the short sale..things are moving very slowly...all week I've been reading my manual on foreclosure investing strategies that I got at the Insider's Edge workshop.
Apparently, the Broker's Price Opinion (BPO)is the single most influential component that the lender considers when deciding how much they are willing to accept for a short sale offer- Bingo! I know what the BPO is, so maybe the lender won't be playing the counteroffer game, but I won't hold my breadth on it... only time will tell.
While I'm waiting on this short sale, I'm looking at some properties out of state; it turns out that a good friend of mine lives only 40 minutes away from the town that I'm looking to invest in.. coincidence? of course, I'm thinking- future business trip expense deduction!
I have to apply for a foreign LLC now; I am getting a private loan from my brother- I told him that I would pay him a fee plus interest for 3 months-I hope that's all the time it will take me to purchase, rehab, and refinance!

Keeping at it...

Valerie Keep me posted on that progress.

Wow, Valerie I just read your journal and it seems as though I could picture myself right there with you by your side. It was truly amazing to read through your journal. Your heading in the right direction, and you mentioned about putting your pieces to your puzzle together, well your putting them together for sure. And your brother being a lending source is HUGE!! That's like half the battle right there. Finding a source of money to be able to invest in real estate is GREAT! Now all you have top do is find a great property to invest in and make it cash flow or buy, fix and flip it off to another investor. Your doing amazing, and don't beat yourself up too much when you feel your job or time is not letting you do as much as you want. As long as God wakes you to a new day, you have all the time in the world, but like J. Kendrick said, don't spend it sleeping when you have it, put on another pot of coffee and keep it MOVING!!

(Keep writing in your journal it helps me)

You GO GIRL!

what a wonderful post you left here in my journal! I will keep coming back to re-read it- it's very inspiring!

I started this journal without really knowing where it would take me, and I still don't see that light at the end of the tunnel, but everyone on this site keeps me motivated. I remember the first time I was reading some of the posts here, and I did not understand half of what they were talking about, but I liked that everyone was so positive! I do feel blessed, although I've had my share of hardships in my life, but I guess those experiences are what make me want to excel and to be grateful.

and yes...this GIRL is going!

valerie

Hi. I hope this new venture goes zoom zoom with out any hick-ups. All the best to you!!

for your well wishes; I'm trying to avoid any hickups by doing my due diligence; believe me, I am doing a lot of research, and spending a lot of time looking for the right properties for me.

Only time will tell... so for the time being I'm looking for more possible deals...

valerie

I am creating a new forum that I hope will take some stress of that do diligence creating a straighter path in each state. But it WILL require INPUT from the members here. Would you like that kind of information?

Michael stop asking questions and get it done.

Yes sometimes, but Young Gun Chase called and that was at 12, at 2am I told him he can call back tomorrow.

It is the picture of Wilie E. from the roadrunner show.

I'm trying no to scream on this site about how exciting this journey is!
I am so looking forward to getting the deal done... and then some more!

thanks...

val

I look forward to getting my first deal done and sharing with everyone here, and I really hope that some day soon I will be able to guide someone through the steps that I have taken to do this!

val

well, today was a pretty busy day...

I applied for a DUNS number for my LLC about a week ago...well today I finally got it! now I can start applying for credit for my business! tomorrow I'll be applying for credit cards

On Saturday I applied for a line of credit for my little rental house that I own in Texas; I had to fax all the docs today... so now I have to wait a couple of days 'til I hear back from the bank... keeping my fingers crossed!

I was also researching several different hosting sites for my website; I already have a domain, but I haven't set up the website-so I wan't to get that taken care of...

Tomorrow I will know if a couple of REO properties that I have been researching are worth putting an offer in...will find out how much rehab they need...

little by little, it's all coming together

Where is the little house in Texas? I didn't pick up on that. Went back and looked. Missed something.
Good going though.

Good work! I still haven't gotten my first deal yet, so congrats I'm still going through the learning process. Take care!

Smurfy and Mike,
no, the house in Texas is not a deal-I wish! I bought that little house 3 years ago (in a tiny little town about an hour south of Corpus Christi), and it's rented, but I have my money tied up in it, and didn't know how to get some of it out so I can use to invest in other properties... so I applied for a line of credit... I'm trying to find $$ anywhere I can...

I think that I will be going through the learning process forevermore too! It's very exciting learning it all though.

So, what did I do today?

-applied for a Staples credit card for my LLC with my DUNS # - check
-sent application to file for foreign business in Ohio - check
-had two properties walked-through - check
-studying SA lesson - in progress

getting closer....

Just had a couple thoughts. If it was in the panhandle...,well see my PM.

no....it's actually south of Corpus Christi; I have very nice tenants in it - a teacher and a policeman; but now that I' ve learned about Lease to Own with DG, maybe I'll put something together for my tenants to buy it from me...

Thanks for the thoughts though Michael... that's what it's all about... thinking creatively.

Good morning Valerie Just stopped to see how it's going see you later.

you're up early!
it's going, it's going...
have a couple of things progressing slowly... had a property given an estimate to rehab; doesn't seem to need a whole lot, so left a message with my realtor today to put in an offer; will find out more tomorrow...
My other gig, a short sale I've put in an offer; apparently the bank has 'agreed' on a price, so will be meeting with the realtor tomorrow...

Today it was raining cats and dogs over here! got totally soaked walking from the train station to the office!

I'll go check out your journal to say hi too...

yesterday I met with the realtor for the short sale and signed the purchase agreement, so the offer is in! now, just waiting...

For the out of state property, I mailed out a check for my earnest deposit yesterday, but because Monday is a holiday, my realtor won't receive it until Tuesday-bummer!
The house is a HUD, so I was told that they have their own special purchase agreements and rules. As soon as my realtor has the check, she will put in my offer... I hope nobody else puts in an offer while my check is in the mail...
Still need to email POF-will do that tomorrow.
I called the SOS (Secretary of State) about the foreign file- they said it takes 4-5 business days for them to register the foreign LLC. That's good... will mail in everything on Tuesday.

I got a call from the bank about the line of credit for my rental in Texas, seems like they are just waiting for the appraisal and title search...only a few more days to find out the outcome-it would be nice to have a line of credit available.

Still have to work on my website!!

Completed another lesson for the SA

Valerie looks like everything is moving along over here, I hope you get that out of state deal.

I thought you already got that website up and running,if you would like any help let me know I'd be glad to help anyway I can.

I don't know why I haven't posted on your journal before so I bookmarked it today so I can visit more often. If you need to talk things through any of your situations, please feel free to PM me. Take care.

Keb,
a million thanks!!!
I am a nervous wreck, waiting for everything to come together, and juggling 3 things at a time... actually, it's more than 3 if you count my job, my dogs, my family... oh boy!

Anyway, I signed all docs and emailed back to realtor on Monday; she received my earnest money check ($500) yesterday, and put in my offer for 12.5K! now I'm just waiting to hear back from them.
This morning I asked my brother to wire the funds to my account (he's my private lender for this first deal-love him!).

The short sale... I need to show that I have funds for the down payment, so working on that...

The line of credit in Texas... they just need to do an appraisal of the house; apparently they're having a difficult time finding any comps in the area, so they'll probably go out to the house and do a walk-through appraisal...waiting...waiting...