Here we go! - Allison's Journal

OK So I freaked out a little bit and lost my confidence and almost quit this dream of RE investing. But I'm back. I WILL NOT GIVE UP!!! I decided to take some time off last month to keep the peace in my house and family. And now I'm back doing my lessons and developing my business. I just set up my 800# and am ordering my business cards today. And I have to update my web sites. But I'm moving along now. I'm proud of myself! And my husband seems to be on board now, more than he was. So lets get this done!

Also, Richie, thank you for always bein a positive influence! You're awesome!

Hello Allison, I saw your pm and will get back to you with the info. I think its a great move attending the REI meetings. If you are able to attend regularly people will start to realize your serious. Speak to the person running it and ask for a little guidence.Ask him who are the buyers at the meetings and it doesnt hurt to network with other wholesalers who have buyers either.
I will give you a little more idea's before you go.

Never EVER give up!!

Richie.

Thanks so much Richie! I appreciate it.

So I am eagerly awaiting my business cards and Post cards in the mail. I should get them in about 2 more days. I can't wait! I've been setting up my 800# and updating my websites. I feel ready, kind of. Still very nervous. I've been calling the academy at least 3 times a week. I'm organizing my "business model" and marketing strategies. My goal right now is to do a deal by the end of February and pay down some of my debts. Then I need to do another one so I can go to the EDGE seminar! I really want to go! I think the reality of meeting some of you and Dean will hit home and finally get those little pesky voices out of my head!

Good luck to all! I'll be back soon. Off to do some work while my boys are napping! Yay!

Allison,

I believe perseverance is the key quality in Real Estate investing. You have to continue toward your goal in spite of all the obstacles that will surely come up. When I did my first deal, I made nearly 100 phone calls to motivated sellers inquiring about their properties, running comps of the neighborhoods, determining rental rates, etc... Just make sure the numbers work for you in doing a deal. It's a good idea to try and focus on a certain strategy that you would like to pursue. With all the information being thrown at you, it can make one's head spin at times trying to decide what to do.

Best of luck to you in your investing !

I know you can do it - believe in yourself.

Tom

I am so excited! I have had a heck of a busy week. I went to my first REI club meeting Tuesday and met a few good people there. I may have met a good realtor, but I still have to feel her out and see if she really understands what I'm looking for. I also may have gotten hooked up with a rehaber! He took my business card and said he'd email me, but nothing yet. I also met another wholesaler from out of state who has a really great business set up with his whole family. They do the wholesaling, rehab, and property management. He is going to help me find a property for one of my investor friends who wants property near colleges. AND TO TOP IT ALL OFF one of the doctors I work with whom I haven't seen in a while said she would partner with me and we could use her credit! Yay! I feel like doors are finally opening for me!

All I can say is Bravo
Keep up the momentum, you are really making progress.

Never EVER give up!!
Richie

Knew the doors would open for you. I love your perserverance! Great job and keep up the good work! You would be amazed how busy this will get for you in just a few short weeks! I remember where I was just three weeks ago and it is nothing compared to now and I am on the verge of a 70k deal with no money down!! This can and will happen for those you have what it takes and you Allison have what it takes!

Thought I'd finally say Hi. I've seen some of your posts. Like your journal. It tells a good story of progression.

Like the personal phrase you have it is so true if we like to admit it or not.

I first wanted to say thank you to both of you for your kind words. I appreciate it very much! You both seem to have a lot going for you and I hope to reach your ranks sooner than later.

I'm keeping it positive!

Okay I haven't posted in a month. Bad me! Especially after the new developments, I should have written more. Anyway, it's still going good but not great yet. The partner I now have has become a little bit picky about what she wants to put her money into so I'm looking to meet her criteria and haven't had much luck with that yet. Every time I find something she might like it's already under contract. BUT I did meet a real estate broker at the last REI club meeting I went to so I think I'm going to see if she'd like to get involved finding me a house for my flip partner. ALSO at that meeting I got hooked up with a rehabber in my area who likes me and told me I am a "smart lady" after overhearing me talk to some other investors. Woohoo for me! That was nice to hear and it was very unexpected. For some reason it's different having someone be that upfront and honest in person. Ya know? Well, needless to say I liked him immediately and we're scheduled to have a conference call this Thursday to discuss how I can work with him.

So now I'm in a position where things are getting a little bit busy and I'm so excited! I can't tell you how badly I need this! Oh to add to my financial stress we just did our taxes and we owe the govt $4000!!!!! Holy S___! That's what I get for working a side job and getting 1099'd. But hey I had to do it. And now looking forward I can't imagine what it will be like next year doing taxes after this stuff pans out. I really have to find a good business accountant, but I have no idea how to find a good one. I don't know anyone else who owns their own business. Oh well, I'll worry about it after start bringing in some money I guess.

Okay, that's it for now.
Keep on moving forward!

Good for you, Girl, for hanging in there!

One suggestion. You have NY on your bio, but if you put where you are in NY that could help. If we know where you are, when you need things like a CPA, someone in your area might be able to recommend one.

I love the fact that you have found the doctor wanting to invest with you. That says a lot for you-that she respects you and wants to work with you.

I know it is very difficult to do this with kids. You girls who do that are amazing! I admire you all very much.

Keep it up. You can do it. You ARE doing it.

Karen

Thank you for taking the time to leave a comment on my journal Just wanted to let you know how much it means to me.
Warmest Regards

Thanks to both of you for commenting on my page. Daryl it's the least I could do to help support another DGer. And Karen, I appreciate the suggestion. I didn't think of that. Great point!

So I am hooked up with a big time investor who does flips and wholesales and short sales and everything in between. I feel blessed to have met him and am hoping this goes well. He's given me a task to find him a deal I can wholesale him and I'm getting such a headache! He gave me a list of expired listings in my area and it's making me crazy trying to track down the owners. I'm planning on trying the yellow letters to see if they work. I'll let you know what happens.

Good luck Allison, I love the progress you have made, dont stop!
I was out in Mastic this w/e and saw some properties that I know are not on the MLS. I thought of you but dont know what area your looking for. Ask your buyer if he is interested in that area. One house is a tear down and has a for sale sign nailed to the wall. aonther looks run down and possibly vacant but is surrounded by nice homes.
Never EVER give up!
Richie

Wow what a roller coaster ride. I can't take it sometimes. The expired listings haven't yielded any results for me. Not a phone call. But I'm going to send out a follow up letter this week. The investor hasn't contacted me since we last spoke, but that's ok b/c I don't have anything for him yet. I now owe the IRS $ that I don't have. The electric company is going to shut my power off if I can't come up with $ to pay them. My husband's birthday is today and he's freaking out b/c of where we're at in life (it's not what he wants). And we're almost out of oil and I don't know how to pay for that either! I am so stressed its ridiculous! How in the heck am I going to get this to work SOON! My head is such mess, I don't know where to start ro what to do first. Ugh! I can't think.

Well, here I go.... hope I end up somewhere better than this.

you should find a way to do lease options in your area. They're quicker to do , and bring pretty good income. From the few posts of yours that I've read, you seem to have that drive and you are determined to get something done. It's like they say, where there's a will, there's a way. $4k payment to the irs? wow. I owe federal $180 and i get back $12 from Idaho, thanks to an ex who didn't wait for my taxes to file hers. I'm kinda messed up on that one, but it coulda been worse.

Keep us posted, and let us know how you're doing. And, never give up on your dreams.

Allison, give me a call, preferably around 9am-12 I am the least busy at that time.

Dallas, thanks for the suggestion. Funny, that's just what I'm starting to look into... lease options.

I had a very nice conversation with another DGer last week and am considering lease options. I just have to educate myself a bit more on them now. I'm sending a letter to a prospective seller just to see what kind of response I get. I already know for a fact that the property I'm interested in is vacant and has been for some time and doesn't have a for sale, or rent sign. I'm hoping the owner just wants to be rid of it. We'll see.

Also, a friend of mine just hooked me up with a "kick ass" realtor this week. He's done assignments in NY and has no problem putting in low-ball offfers. And he seems to be a workaholic. I love it. He sounds like exactly what I want. Hopefully he lives up to his talk. So yay me! Oh, and he's referred me to a "great" attorney he works with. I'm not so sure how to tell if a lawyer's good or not because I have a serious lack of legal knowledge in real estate. So , any suggestions would be welcome.

That's it for now.
Something's gotta happen soon for me!

Oh and Richie, so sorry I haven't called you yet. I haven't been on my journal for a while. I will call you soon. Thank you.

just found your journal and have bookmarked it for future reading. By owing the IRS $4,000 you have the right to say Holy S__t!! Even if you don't have the money, file your return on time. Failure to file has heftier penalties than failure to pay. (Just a little insight) Anyway, just remember that moving forward inch by inch is a cinch, but moving forward yard by yard is really hard. You'll do fine, just keep focused.

I've noticed that I get overwhelmed with so many properties I find and not knowing what to do with them. So my new approach is to focus on 4-5 at a time. I figure because I'm new and don't really know what I'm doing with contracts yet, I can up that number in the future. I also have to follow through better. And I need to continue to build my buyers list.

I'm also wondering about REO's. Are they worth my time? I thought they would be good for assigning because of the low prices, but since my buyers have ccess to the same info is it worth bidding agaist them and then trying to sell them the same property? I only say this because I've run across this scenario with my rehab investor. It seems that very property I've approached him with he's already known about, so it's gone nowhere with him. But should I be bold and not back down even if I know he's going for the property too? I'm not sure what to do here. So again, any advice would be great.

That's it for now.

I got in contact with the Jen you recommended, but not by finding her here. By a strange twist of fate, she contacted me through the realtor I just hooked up with! Isn't that wild?!? I am so excited! I am a firm believer that everything happens for a reason. Just wanted to let you know.

Hey Allison,

Saw you on a few other post and dropping by your journal to see how things are going. Keep that forward progression, you're on your way. Sounds like you have a great attitude, passion and continually taking action!

Keep up the great work!

Be Blessed,
Jen

If you have questions on L/Os I will be more than happy to help you out. That is my area that I am specializing in.

You are just SO multi faceted! I poet on top of everything else.

REOs are not usually able to be assigned. You would have to do double close.

Allison, your buyers are not going to want to buy mls properties from you. As you stated they see the same properties on the listings so why would they pay a fee to you. Concentrate on non mls listings. Buy the Fri paper and look for the forclosure listings section. Look at the amount owed and determine if its a good deal or not. If you think its good you can send a letter to the people to see if they just want out for what they owe or a little more if you have room to give them something to start over with. if you get a bite you can then get it under contract and turn it over to your investor. not alot of detail but i think youy know what i mean. Sometimes you come across people that owe half of what the home is worth,that fell behind for one reason or another and just want out to save their credit and get a fresh start. I would personally offer to help them pay for their move if I made enough on the deal. But that is up to you.
Like I said I did find vacant homes out in mastic by you and 2 big signs from investors saying we buy houses. one on a truck and the other on a billboard.
good luck
Richie
call me if you want, you have my number.

Allison,

It is great to see you starting a journal and keeping the "family" in touch! I can tell you, being a "newbie" myself, that the people on this site have a great amount of experience, knowledge and are always willing to help. I have my first deal almost wrapped up and none of it would have been possible without the help and knowledge on this site. I enjoy posting because I think it helps others and I like making myself "accountable" to the DG family.

Either way...good luck and let me know if I can ever help (I have quite a bit of construction knowledge)...also, it is always a good idea to have an L.L.C. (you don't have to...but it's a good idea) so that you are protected, have a professional outward appearance and you have an "entity" come tax time to utilize the tax benefits...you have to claim it at some point.

Go Get Em!

Jon

Wow, there are so many of you offering help and encouragement. Thank you Jen, Karen, Richie, and Jon. It always helps me so much when I know others are out there that understand what I'm going through and trying to accomplish. I can say with certainty that I would not have made it this far without this site! Once again THANK YOU DEAN!

I so wish I could go to the EDGE this year but since I haven't got my butt in gear, I haven't done a deal, and can't afford it. It's my goal to go next year!!!!!!! I really want to meet as many peole on here as I can, not only to exchange stories and gain knowledge, but to say thank you whole heartedly. It just means so much more in person.

Well, I can say I am committed forever. I have made the conscious choice to NEVER GIVE UP on my dream of being a REI Success story. Someday I will look back and read this journal and say "remember when". I feel it in my veins. I will do this. It's funny i's not even a thought in my head anymore about giving up and not doing this because it's become such a big part of my every day routine. I just want it to start paying off.

Anyway, I am about to post my fist HELP forum topic. I have a potential deal that I know can make me a lot of money but there are a lot of loose ends and things I don't know. So let's do this DG family! Help me out please!