DC's Journey To 39 Transactions

Hi Terry an thanks your a shining STAR , HAVE AN AWESOME DAY!!!!!!!!!!!!! , SINCERELY , Jim

Thank You Jim!!

Hello Terry,

I see things are moving along for you. Happy to see the progress.

Ty

If you give any tenant, a notice to enter and let them know about it in advance, you can enter the apartment or the house (as long as it's for a reasonable purpose). That would be something like, a "Preventative Maintenance", or if you're gonna change the a/c filter or something legit. The tenant doesn't have to be home for the inspection, either, unless they want to be. You can even to an "Emergency Notice to Enter", and it would work, as long as you have a legit reason. They're leasing the house from you, basically. I used to be a property manager for 2 years - I can tell you from experience.

Tenant is officially gone now with the exception of a van in the yard that will be towed after closing. (if it's still there) Yes, I said closing!! I've decided to move forward with the 1st investor. We've been talking quite a bit, and I like how he does business. I wanted to make more than $5k on this one, but oh well. (a bird in the hand, is worth 2 in the bush) We have a good understanding about how we both do business and what we both want out of it. I'll make it up in volume, because he has access to quite a bit of funds. He likes the fact that I'm direct and up front. So we'll use this to just build a better relationship. I'll be on the phone with the attorney tomorrow setting up the closing. I'll be doing a double closing for this one.

My wife wants to buy and hold some properties for L/O. I'll have to locate more private money to allot for that.

Thank you Ty!!

Dallas, I appreciate the side note!! I'm sure it will come in handy..

Excellent !!

It's like Anthony Robbins says " Progress = Happiness ! "

Every day you are accomplishing something -- You can't help but succeed !

Randy S.
Elkton MD

Thanks Randy, I'm Pushing Forward!!

I started to tie up loose ends today for next week's closing. We'll more than likely close on Wed or Thurs, as is my Buyer's funds will be wired in on Wed. I thought we had another deal down the street, but it has a steep slope in the back. He backed away from that one, because the last home he had like that stayed on the market over 100 days. I'm still thinking of putting in a really low offer on it. If I get it low enough, I'm sure I can turn it quickly, because it will be such a good deal.

I really have alot of work to do, to exceed my goal. I'm really liking the 25:1 theory. I asked for 100 listings a few days ago with my specifics, but have yet to receive them. So Monday, I'll really have to be on my realtor. Actually, I think I'll send her an email tonight. (times a wasting)

I bet you can't wait til next week for the closing. I know I couldn't .

DC - I am looking at going back and implementing the 25: 1 system . It helps on many levels. The numbers work out to be true and also it gives you great market experience. That is very underrated -- you have to know your market .

Keep us updated .

Randy Sherman
Elkton Maryland

I got another offer on the home that we're closing on this week. I received a call from the homebuyer on yesterday. I explained that I'm already closing with an investor on the property, but I'd see what we can work out to keep him in the loop on it. He's agreed to sell them the home and pay me 6% (what he would have paid his realtor) on the deal. So I'm wholesaling it to him on Friday for a nice fee and will make another $7k+, when they close on it.

That gave me another thought, as to the importance of advertising. I think I'll blast the market now to get as many homebuyers as possible looking at my deals. If they don't like what we have, I'll refer them to him. If it's before the property is listed, I'll get what he would have paid a realtor to market it. If it's already listed, it'll be a smaller amount.

Anyone trying this, be sure to make it clear that you are not representing either party, but get your fee in writing....

Sounds like a plan - and one that works -

Excellent work DC !!

Randy Sherman
Elkton MD

Thank you for sharing your experience. You are an inspiration to us - those who are still trying to get the first deal.
Judith

thanks for sharing- so what do you call this transaction? a sandwich assignment??

wishing you great success,

valerie

Randy, Judith & Valerie, thank you for the encouragement.

@ Valerie, I'm not sure what I'd call it, but I am sure that I want to keep doing it..

Okay, agreed to go with one of my wife's friends to a foreclosure hearing, because her husband is out of the country. (yes, I'll lease or shortsale that one also) Anyway, we're waiting for the judge to come in, and the attorney decides to see who's there and go over with them what will take place.(out loud btw) He calls out a gentleman and says, I have 3 for you correct, and he answers,"you should have 4." He steps out for a moment, and I followed him. Told him that I'm an investor. He said that he was also. I asked if he wanted to sell the homes, and he said,"that's what I've been trying to do." He said I have 6 all together that I have to dump before the bank takes them. They are all in foreclosure, and 4 of them are never late, because they are section 8. I asked how much he wants for them, and he said give me an offer an I'll accept anything you offer, anything. I will not turn your offer down." It almost scared me.... I just spoke with him again yesteday and got the addresses of each property. So, I'll be searching these out very quickly!!

No of course I know the bank has the last say on these, but when he told me how much he owes, I was at ease to go very very low. On a shortsale, he can't profit anyway, so it's not low balling him.

I would never have thought of going to these hearings, but guess where I'll now be dropping in from time to time?? Almost everyone there, said they were working on a shortsale.

I hope that helps someone!

DC you just keep coming !! Chances are you can grab up all 6 props that the gentleman has to offer.

I can't wait to hear how that turns out.

Good post !

Randy S.
Elkton MD

Things will continue to grow as long as you keep at it. Nice work

DC great you have done quite a bit since I stopped in before I'm glad to see that, keep it up.

Thanks J, Randy & Jim!!

Randy, I'm working on the numbers now.

Jim, I'm consistently moving forward. Not as fast as I would like to, but I'm trying to maximize the time that I have.

DC I know what you mean I'm not moving like I had hoped either, but with the banks stopping everything that's got me in a holding pattern. I'm trying the get into other areas of investing,and not just the rehabs. But we will all get there, just some of us on different set of tracks.

The closing was nice and quick today. I closed on the property and flipped it to my end buyer, who was sitting at the table. (a nice & smooth wholesale deal)The attorney's office cut my fees in half, so the cost was very small. I had a different attorney today though. He sat down and said,"you must close a lot here." I just smiled. He then said that the girls in back were speaking about you as if you buy a lot of houses. It was only my 2nd time there!! He then proceded to talk about a closing with another cash buyer. He said the name, and I casually jotted the name down. I guess the cash just places you in a different light....

I think next time I'll ask,"besides me, what other cash investors are you currently closing for."

DC good job,know bring that cash over to 5th st, Jim's and join the game. We are waiting for Mabeka to show up with the snacks.Karen always has Capt. Morgan in her purse.

I just found your journal and find it very interesting. You are definitely thinking outside the box.

I have a soft spot for SC as it was my home for many years. My daughter #1 graduated from USC. Since we now live in So CA, she loves to tell the people here that she graduated from the ORIGINAL USC. They don't like that much but she finds it amusing.

I am going to try to get back to SC to visit some of my friends sometime this summer so maybe we can meet for lunch or something.

Keep up the good work and thanks for sharing your ideas.

Karen

Hi Karen,

Thank you for dropping by. I don't believe in the box. Life boxes are self-created. So I'm constantly pushing my self not to think (create) one around me. That really keeps me busy....

I'd love to have lunch with you, just let me know when you'll be here and have time.

Also, thanks for the encouragement!!

I'll be going to Lowes and HD today to start pricing cabinets and getting ideas for up and coming properties.

@ Jim & Gary, Thanks for sharing earlier today. I'll start putting together my standard package for kitchens and bathrooms, to keep things simple.

I'm not a carpet guy, so I'll probably be contracting that out.

My eight year old son is very interested in this. So, I'm now getting him involved also. He can start putting all that math to work at an early age. LOL

Went to Home Depot and got some info on the cabinet styles and colors. They also directed me to a brochure for some that are for contractors. The website is kitchenkompact.com (Nationwide Manufacturer Oak & Maple Cabinetry Since 1937) I'll be looking through their product to see if it compares to what's really hot in the current market.

I've slowed down just a bit to work out some kinks for my future homes. I've decided to do some work to a property instead of just wholesaling it. The front door has an oval shaped glass in it, and the molding around the glass has melted out of shape due to sun exposure. I've checked with Lowes and HD to see if I can just purchase the molding, but they are saying that I will need to purchase the whole glass insert. That's the bulk of the price for the door. So I'm currently checking to see if there's another way to keep from spending $500 for a new door.

DC here we have a couple place that salvage that stuff, you might have one near you. Look in the phone book for home salvage places. We also have a place called Mr.Seconds they get a lot of different things can always pick up odd stuff cheap.

Those cabinets from H/D - Kitchen Kompact, I ordered a kitchen a few months ago to check them out they where Maple all the fronts were miss matched I returned them and went back to Lowe's.