KEB'S later years

Well this week has been short. I put in four offers on homes that have been on the market for some time and two of them sold before the offers hit the agents desk. The other two we are in the hold pattern on. I also, placed a bid today on a 2/1 that no one know has two homes on it. I noticed that one house faced one street and the other faced another BUT they are both on the same APN. This is a common thing in Taft and that is what happened to my two homes. If I can slip this one in I will pay full price and take the deal. They rent for $600 each and the price is 23k. I think that's a good deal.

Update on Ohio: The six plex will be mine on Jan 1st. Looking forward to getting this thing cleaned up and in turn key shape.

The FSBO fell apart in the 11th hour. Owner changed her mine about carrying the paper and the house is over priced without that.

The short sale is a go and the BBO has been complete.
The (i don't know what to call it) is still floating in the air. Trying to get the deed and talk to the bank. Owner is talking to his mortgage company. We will see on that one..

We have had a crew working on one of our duplexes in Taft for the last few weeks. The roof and two porches got signed off this morning so now we can start work on the inside. I was hoping to have been done by the new year but that's not going to happen.
Trying to get the six plex closed by the 2nd so that I can get the rents and start work on those as well.

Finished the final edit on the send me away video because the one I was going to send was formatted wrong and nothing can up on my last check before I mailed it (always double check). Anyway, it is going out this morning overnight to make the deadline of the 20th. More offers this week so wish me luck...

Well here we go. Got a text from a wholeseller in Bakersfield on a tri-plex that needs about 20k in repairs and he is selling for 57k. Found a cash partner to put up the funds of 85k (repairs, purchase and closing cost) at 6% interest. All units are empty (reo) and they are 2/1 that rent for $650 per month. It should take us no more than 6/8 weekends to get this done and flipped for 100k to an end buyer. First deal with a cash partner so I will make this a home run for her. Made five offers on other properties as well today and got my send me away video turned into the home office. What a day...Make the offers people

Well here we go. Got a text from a wholeseller in Bakersfield on a tri-plex that needs about 20k in repairs that he is selling for 57k. Found a cash partner to put up the funds of 85k (repairs, purchase and closing cost) at 6% interest. All units are empty (reo) and they are 2/1 that rent for $650 per month. It should take us no more than 6/8 weekends to get this done and flipped for 100k to an end buyer. First deal with a cash partner so I will make this a home run for her. Made five offers on other properties as well today and got my send me away video turned into the home office. What a day...Make the offers people

Always do you homework. Found out that the triplex has only one meter which means it is not permited by the city and could cause BIG problems for me and the investor. Passed on the deal. We are still making a trip of it on Saturday to see five properties and check out taft work.

I have an agent working with me in Bako that understands what I do but is a little if'y on the 25/1 thing. I ask her to pull a list of cash closings in the last 90 days in my zipcode. She ask me what was my reason for this. I told her that I am building a buyers list from the list because there will be several people on that list that buy over and over again for cash. I will know from the list what they buy,for what price, the type of property and so on. I think the light came on because she understood what I was saying.
Once you find that agent fine tune them to what you want them to do for you. I have three great agents in three different areas that get it gone for me. Have a great Xmas DGer's

WWent to Bako on Saturday morning to meet agent and look at three properties in the oildale area. All were buys at the right price for rent to own or as an investment to hold. The area is a C from a A-D. So, flipping these would be something of a problem. I will make the offers anyway on Tuesday. The other homes we looked at in Taft were all nice properties that (on a few) can be flipped in just a few weeks of work. There were several duplexes in the mix that were really nice and are rented out. They have been on the market for some time (why I can't figure other than they have them over priced). Make offers people even if you have to go look at them on xmas eve...hoo,hoo, hooo....

I summited 17 offers with my agent last night so now I just have to wait and see what the banks and other owners do. End of the year so maybe they need money back in their pockets that they spent for xmas junk....Make the offers..

I put in 21 offers Saturday with my agent in Bako. I am hoping that one or two hit so I can get her some money for her work. I know it is a lot of paperwork for her to fill out and summit just to get 500 to 1k in commission. She has learned how to pull and send me the old listing (90 days or more) the need work, have a price reduction and are below 120k. The last list was 25 properties how funny is that Matt.....Make the offers..

Iv'e read all of your stories loved every one of it,keep going & good luck gets me exited to do some deals P.M me for more of your stories I'd like to hear from you again.

THANKS MERRY X-MAS & A HAPPY NEW YEAR

I am happy that you are here learning. Make this your year to get it done..

Keb,
wow-21 offers! that's great!
I thought that agents can create a template and just change the address and price; also, you can sign electronically too; that way it isn't that much work for them...

keep us posted on your outcome!
Val

Hi Val
We just set it up that way. We did a blank signed, but with no dat on it, contract. She started the electronic document signing back up now that the market is starting to show some life (REO's,Short Sales). Way to go on #4...

Ok, I found a house that was sitting empty since 08..Looked bad on the outside and the city even cut the powerlines to the house. Taxes are 3k in the hole and the owner moved to Tx. Wrote a yellow letter and the owner called and said that Beneficial had the loan and that it was waay under water (400k) and that I can call him.
Note here: I looked up the house online and it showed no notices had been filled by the big B.
I called and asked the owner what the story was on the house. He told me that he had gotten behind on payments and filed a BK. Then he said the magic words (The house was not in the BK) but beneficial thought it was and never filed the notices. The owner's attorney had told them this but it got missed some how. The bank went to court to get the house released and the judge told them this as well. So, I had to ask for help from a mentor on this one and here is what happened.
I had the owner sign a paper so that I could talk to the bank about the loan. Then I had the owner sign over the deed to me and we had it notarized but NOT recorded. I will call the bank and show them the release form and the deed to me. I will then work a deal for the purchase of the house at a good discount. Some will ask why deed the property to you with all that debt on it..I know I did, when my mentor said it to me...But it makes sense..
The bank now can get the deed from me which saves them 20k plus in costing cost because they don't have to do a forclosure on the house..and the owner are out (i have the keys). I will ask the bank to take 75k on a note at 6% for 5 years or 75k cash. The ARV (15k in repairs) is 140-150k. Has a pool and hugh deck on the back. This will be a homerun....If the bank buys the deed I win, sell me the house..i win, sell me the house and carry the loan...I really WIN...
This was some work but I stand to clear 50k if all plays out...Make offers..

The six plex I have written about finally closed and I made the first payment. Have four rented and will work on the other two next week so that they can be rented to sec 8 as well.

on closing on your sixplex and your new win/win deal; keep us posted...

Val

Well I have a sugar mama ..lol I had a lady that I use to work with at the prison hit me up about what I have been doing with real estate. She told me that she had heard that I was buying homes in taft (helps to talk it up boys and girls) and that I was doing well. She told me that she had some money in the bank (really) making about 1% on a good year. I ask her if I could get her 6% safely would she be willing to do that.
Well we just bought a 3/1 in Maricopa for 45k (5k was money we had to pay as an assignment fee to another wholeseller). It will take a week to do the cleaning and painting and then we will flip with owner carry. It will sell fast because the last one I did sold in 1.5 hours...No really 1.5 hours. I will clear 6.5k on the deal and she will make 6% up front and a boat loan of gravy over the two year carry (win/win). Found another but I want to finish this one with no problems first so she doesn't get scared on me...Once it's done look out because it's ON...Make offers people

Keith,
that is really great! are you handling all the owner finance docs or do you have an attorney doing that for you?
I guess you'll find a tenant/buyer for the property; do you help them get pre-approved for a loan down the road as well?

very nice!

I will send a pic of the house. The docs are easy because they are note secured with the property. It will not be put in their name until they close because the last time I did this I had to do a DIL to get the property back. I will hold the open house on a weekend and it will be all over the web before them. Great way to build a buyers list as well. With 15k down they will only need a loan if it is less than 5.8 years. The owner is thinking about carry it the whole time.

Just found and caught up on your journal - very exciting! You are really doing some out of the box deals and I love that! Thanks for posting and sharing your deals with us all! And I will following your bank deal to see how that turns out

I have been watching you for awhile and have seen how you have help others as well as yourself in this crazy world of real estate. Any lady that is willing to move as many times as you have in the last few years just to get closer to the deals and her team..Wow
Are you going to the edge this year? If so, Val and I have the first round....Thanks again for what you do for others because that's what it is all about.

Talked with the bank today about the house in lompoc that has been empty since 08. At first they were alittle stand offish but when I told them I had the keys, grant deed and a release to talk on the owner behalf things changed. I was ask to summit a hud 1 (what the #$#$% do they want a closing statement for) with my offer. That was crazy....I will make the offer and summit pics to support what I am saying. ARV is 160k to 175k and the house needs about 25k in upgrades and repairs so I will offer about 75k. I am saving them about 20-30 in cost because I have the deed and they keys. Worst case they pay me for the deed.

I sent the offer in this morning on the house in lompoc. We will see if they like it or it gives them a heart attack. I have been running an add for the house in Maricopa that has not closed yet to see what I can get rolling before we even start here. I have a vet with a VA loan and 7k down that wants it really bad. If i can make the numbers work and the loan is not a pain I would like to see him in it. They all should be helped when they get back..Booya

it's a good feeling when everything you do helps others along the way...

good luck!
Val

Cant wait to hear what the bank says! This is a very interesting story Its a little late now, but what Indiana Joe always says when dealing with banks popped into my head....remember to give them more than one offer...like one price if they cover all closing costs and fund rehab, and another price if they dont - that kind of thing. That wasnt the best explanation but hope you get the idea. Anyway - hope this deal works out for everyone!

I gave them three winning offers for them to think about.
1. 75k with 10k down and they carry for 10 at 8%
2. 75k cash
3. They buy the deed and key from me for 15k

The paperwork (the 414 poso street trust)is signed and in escrow. That's good news but even better is that I thing I have it sold before we even get it closed. Lady called and ask for the address, told her that the house is in escrow and is not ready yet. Gave her the address and she called me back two hours later and stated she wanted it. Told her that the price was 60k for out right purchase and 62k with 15k down and carry for two years. She said I have the 15k...Wow that was easy...New house was posted this morning in Taft (built in 03) for 35k on a short sale. Called and offered full price all cash and a quick close. I will do the same thing with this one...Booyaaa

that is crazy!!! you are on fire!
Val

I got a call from the short sale queen (lady that owns the short sale company I work with)and she told me that the condo would close in about two weeks. I helped a friend buy this for 30k and it is rented for 800 per month..I will get 1500 for putting the two together. Win-win-win-win No one lost on this deal. This is my third short sale with this company and she wants alot more...Got to love that..

I went to dean's event today with a friend. Travis was the host and told his story about how he almost died in a truck wreck. He was a very good host. They showed how other students have done using dean's books and information. All in all it was good. I used the event to build my buyers list by handing out cards and talking to the members.