KEB'S later years

Ok so I made the offer on this house in lompoc several days back and I offered them three great options for them to take. The bank called and told me that option #1 and #3 were out and that they would look at selling me (#2) the property. They ask me for a hud and someother paper that I have not heard of and she let me know that someone would be out to do a BPO. Great.... So this guy shows up today in shorts and sandles. He starts taking pics around the house and then the inside. I let him know that the house was a done deal and that I don't know why they are asking for a bpo...Told him that I had the deed and keys and that the bank had said yes to 60k (not really but I want him to come in low or around that #).So, he stays a few more minutes and says he is done. I ask for a card (which he says is in the car) so as he is getting it I tell him what I do. I gave him a card and told him there is $500 in it if I buy the house...His eyes got big and he said great and drove off...2 minutes later he calls and ask if the homes need to be listed or unlisted....GOT A GOOD ONE because he does 100+ per month.....Always talk it up people ALWAYS..

So the short sale lady called me and said the the bank didn't give the owner walking money (3k) like we thought they would. She ask if I would take less and inturn she would so the lady could have something out of this. I gave half of my fee and she matched it. I still made $550 on the deal. This owner has had the worst luck,lost her job, husband loss his job, dad died last week, mom's in nursing home and the renter moved out of the condo...Good news is we gave her a grand and she can now go home to see her husband. The bank also gave 3% closing cost credit to Ron the guy that bought it. So, he got it for 29,100 and it rents for $800. Always help people when you can because it's the right thing to do and it comes back 10 fold..

giving your card to the bpo agent, and offering him a birddog fee-that is unheard of! very clever!

I like that idea

you need to put a link to your video on your jounal
Val

Keith, you on fire baby!!

shirley

Got a few things done this week like meet with two investors about a great return on their money (CL). Met with handyman who they say is the man when it come to rehab work. Walked though the house in lompoc and he gave me a price of 1000 per week for a six day week.. Sold.....I think we can flip it in 10 weeks.
One of the investors said he would do the deal at 75k plus repairs (25-30k).

This house has a 170 arv,,If all goes well I will put it on the market at 142k and clear 30k...I will have a few hours in this and $30 bucks. Yea that's right $30..Learn this one from my mentor...

Still on hold for the rest until they close. I am hoping not to have three rehabs going at the same time but I think it might fall that way but i hope not. Will work my buyers list the rest of next week so that I can get ready for more..

We are FINALLY closing on the first house in Maricopa. Man this thing took forever..... will start work next week...
Started a new short sale with the company in Bakersfield which should be a nice fee because of the loan amount.
Discovered that the second house in Maricopa has a drop in the floor in the garage area of about 2-3". This could be a deal killer for me because I don't want to jack up the house and repour the garage to level. Other than that not much going on. REIC meeting on the 14th so we will see what comes up..

My investor (sugar mama) came up with the wired funds today and we will close in the morning. Escrow company that the bank wanted to use SUCKED. They screwed up the paperwork 3 times and then even on the final docs as well. Called me at 3:15 pm and said they needed one more doc signed by five so that they can close. Ran home after (four calls) dental appointment (4:45) and pulled up the email. The doc was a Statement of facts which ask your old jobs, wifes name and a bunch of other crap. Called them back and told them that a TRUST which this is, should not need this since I am the trustee...They said I was right and they would close in the morning.
Sold all my ohio homes to another Dger for a nice profit and a owner carry for him. Win/Win there. At the same time my agent called me about another deal in ohio for 12k on a great house...Good day

I am going to taft with the crew to bang out the house in Maricopa. We have four days to get this ready for the open house on Saturday. Have two more that are going into escrow as well. I have the first one sold for a great profit to me as well as my investor..Win/Win

The house in Maricopa will be an in and out deal. Have subbed a few outside jobs so that we can get the inside done by Saturday. My agent will come and show me another house that just came on the market for 42.5k and I know that I can sell it for 62k all day long with a two year carry. It ties up investor funds but they end up getting more money which they seem to love...

Keith,

how do you keep up with all the houses!?! is it 3 days now that you got to have Maricopa ready??!!

I need to come down to Taft to check things out there when I get back
Val

Hi Val
I don't know they are are starting to talk to me..lol
I will have to say that it can sometimes be too much to keep up with and I have to slow down...

Just got back (still recovering) from the work week on the house in Maricopa. Man did we get stuff done: new carpet, new paint, new lighting in bathroom, new trim in kitchen area, rebuilt front and back steps, repainted all white on the house, put in new sod and rock..and so on.. House looks great...Now to sell it with an owner carry with 15k down...

The bank called on the house in lompoc today. They wanted me to increase my offer to 115k. I ask what the BPO came in at and she said that she was not allowed to say. I explained to her that I knew that the bpo came in around my offer and that I could not see paying more for that house because of the repairs and holding cost. I went on to explain to her that the house needs 50k in repairs and the back taxes and selling agent fees will be high. Told her that I had the deed/keys and that i am the one that told them about the house (empty since 08). If we can not work this out then they will have to go to court and fight me on a stop order and evict my renters (more cost). So, we can wait six months for the courts or they can take my offer plus 8% and be done with it. I bet they call me back....

Ok...the house in maricopa sold in 30 minutes of the open house. A lady showed up from my craigslist add and bought the house. We had just gotten to the house and opened the doors and it was sold. Here are the details: My mentor bought the house for $38,100 and assigned the trust to me for 45k of which I recieved 2k for putting the buyer and him together. I found a money partner to put up 52k to cover the cost of repairs and the purchase. She had 200k in the bank at .087% so i offered her 6%. Sold the house to the above for 62k with 15k down and monthly payments of $900 (600 prin, 300 interest) for 5.3 years and then it is paid in full. Great deal for all. She only was able to come up with 12k so we worked it this way...1,150 per month for 1 year and then back to 900. I will make 6,450 on this flip and the money lady will make 13%(3,120 plus 300 per month)the first year and 6% (300 per month)for the remainer.

Look out world they gave me wings and gold ring? and the bean looking thing too..Ok that's cool but let me teach and then we will be talking.....

Well the bank called me back again today..These people are just out there sometimes. they stated that my offer was still too low and the they were just doing a follow up. I told her that my renters will be moving in after the 15th which just made their cost go up a few grand. She is just a person passing on the numbers I know but come on. They are going to loose their butts if they have to go into court to get this house (40k) plus the repairs and holding cost (50k). So, 90k plus the 380k first loan plus the two other lines on credit (50k w/same bank) all of that and the arv is 175k. We will see on this one. You would think that (me) a person with the deed and the keys would be someone you would want to talk too but...noooooo. I will not loose sleep over this, if it happens it happens...

How is the weight loss contest going? For all those not in the know...Tammy stepped up and stated that she will lose more weight than me before the edge event.. Two power 90 workout per day and a good diet to boot...Your in trouble lady. I will wear a hat (since I am still balding) to see if you can find me...I will be the thin guy talking about real estate..lol See you there..

dont stand sideways, all she'll see is a stick with a hat! LOL

Exercise is a GOOD thing,it keeps your mind and body healthy and creates energy-stay on a routine

Keb,

you are too funny!!! I guess we're all in the know now... want to make a good impression at the Edge, huh?

regarding the lompoc house... the banks are stupid! they don't know how to sell houses!

oh, I almost forgot, about your wings... you've always had wings, they were just invisible for a while...Val

I always had horns which turned into wings as I got older..lol

I have typed three different entries and lost them because of this. Oh they need to work on this one..

I had my suv windows(back three) made up in bright yellow to say we buy and sell houses (and more). Let me tell you it was worth the money because you can see me coming from a mile away. I got flagged down before I even got it home...I used some of the profit from the maricopa home sale to do this. On to the next house which is in escrow now...

Keith,Thank you,you are one great DG family member.In one of your post's you talked about doing a deal for a vet.Good one on you!Sure would be nice to hear more from other DG'ers that are giving a hand up to vet's.Great video also.Hope to read more of your journal/life as it unfolds.
All The Best
Chuck0349

Hi and thanks. I did put the deal out there for that vet but they never stepped up to get it done. Horse to water but what do you do?? I will always take a vet over a regular joe if the deal is the same...They served so why wouldn't I give back. I served, my dad served and my step brothers served as well. It's just the right thing to do...

Well I found (it was in the local paper) my next big project. Along with the help of my mentor and Ron the older guy that helped me on the last flip we went to city hall to ask a few questions. I found out that a local non profit org. went belly up and they were the proud owners of all the sec 8 housing in the city of lompoc. I ask the lady at the counter (who I knew) for the right person to talk too. After a few minute sue came out and I ask her what I could do to help the city out of their problem! And it is a big problem. After talking for a few minutes i was given a list of the properties and there address to include the loan amount, interest rate and terms.
Took a look see: Several buildings had been rehabbed but the were several that needed work now (broken windows/kids playing). Had notices on the doors to get out in 60 days because of forclosure (city is in forclosure). Some of these building we could not even find on the county tax rolls. SOUND LIKE A DEAL YET.
So, now I met with my mentor to lay out a plan to get 40 of these units from the city and stop the forclosure or have the city sign over the deed and have the owner of the note work with us to get his money. They are all to be sold on 5 april so I have a timeline here. We (ron) has the money backer and knows one of the owners of the note who stated he would sell us this problem (he is 84 and wants no part of an apartment building). The other owners are older as well. If these come though it will put me half way (Almost)to my end goal of 50k per month. If we were to get them all (oh my god) it would be 75k in monthly gross rents. It would take us a full year to get them turned around but wow. We would also have to open a full time property management office with repair crew but oh yea I would... I know we will get 16 for sure but the rest have to be worked out. Dean, if I win this is the one buddy!!!!!

I think that the deals are starting to find you!

I also think that you would make a great partner for DG

wishing you the best, always!
Val

Always great to hear from you partner..Ready for the edge..

Keith

The scale of the deals you are starting to do are really phenomenal. I love your journal, looking forward to the next interesting facts.

Judi

you rock, I enjoy keeping up with your posts along with the others I do read here as well and thanks for all the great advice you have given me as well along the way. I have come up with several ideas and new things to try out, I hope things do work out with them and if not then at least I can say well I tried. If I did not try them then how would I know that they would not work out.

Shawn

Keith, you are on a roll!! Keep us posted!

shirley