MY FIRST DEAL!!! Doing the DEAL dance! Deal # 1 almost done!

Go ahead and dance . That is a good deal.

Steve

i would do both after creating that deal cause it is only adding fuel to the fire you have built in you to keep making deals when it looked like you were down and out.way to go tammy !! you should be proud!! keep striving for the next one,great job !!
jay

Its an awesome feeling, and boy, I learned so much with this experience! Doing it is a whole lot different than reading or learning about it! That's why its so important to get out there and just do it as Nike would say! I thank God for putting Dean and all his info, and this site out there so anyone can do this, no matter what constraints are present!

Thanks Jay and Steve! Getting to this point was not easy!

I'm now getting some estimates on the lawn. If you would believe it , the property manager he was using managed to not only lower the rent for the tenant by $200/month for the entire lease term last year, but my seller used her to list the property for a year. She did not inform him that the yard looking in shambles would make a poor impression, and did not put any interior photos on her MLS listing, just the exterior with the dead grass and weeds. Its very disheartening, the realtor/property manager did not take the extra efforts for him so the house wouldn't look like a shambles from the outside. First impressions with retail buyers make all the difference in the world!

Rents have now been put up by $300 so the losses aren't as any where near as bad (lease term as well as MLS listing ended at the end of August), which is why the tenant gave 60 days notice. (They couldn't afford the rent to begin with, I still don't know why the property manager chose someone who wasn't able to pay the going rent) Which was the ultimate plan so I can lease option it. Much better than me having to give notice!

Only 4 are still in business. Should know next week how much getting the property's first impression up to par will cost. It should not be more than $1000. (And that will be coming out of the tenants' security deposit).

when a property is in trust is quite the challenge. If I have to explain to them what a trust is and all the particulars, I have found that it is best to just call another company.

I'm still trying to figure out who to put as the responsible party in my SS4 so my trust has its own TIN# (Trustee, Director, Beneficiary, Grantor?) Stumped the academy with that one! I found a resource to call on it, though. Doing that now!

Tam ~

Great testimonial ...

I particularly liked the part about how you safeguarded against the bank calling the loan due -- because 10% works to keep the 'original note holder' on the books. I didn't know that ... great strategy, and keeps your cousin in the mix (to his benefit) as well.

Clicked on your website. Love it. Slogans, statements, and the music too.
Good job! (Not long before your little helper is doing deals too!)

Blessings to you for sharing,

~ Sherri

Best of luck finding tenant/buyer for prop. Who is going to show prop for you? I love the whole lease option deal, with getting money up front, in middle and at end IF they buy. Only 25% do, and if they don't? Well you get to do it again. Yeah!! Great job. I am also putting my properties in trusts, to get my name off the records!!!

Stories like these are so encouraging, especially for a newbie like myself. Thank You for sharing in such detail!! Congratulations, Very well done!!!

You said your cousin found someone to make up the back payments and bring the loan current. What did they get in return for that and how do they fit into the puzzle?

his mom (my aunt). She actually cosigned for my cousin, so she got the relief of knowing her credit isn't going down the tube. (And, if you knew my aunt, that's no small task in of itself!- that would be the equivalent of pulling teeth out of a tiger...)

So, it just goes to show, tell EVERYONE about what you do! You may have a deal right in your very own family!

We're looking at a whopping $215. Not too shabby in the repair department, (that will come out of the security deposit of the tenant who didn't take care of the lawn in violation of his lease anyhow!)

with another DGer in the area to help find a buyer for a finder's fee. I am trying to find the video where Randy showed how he does his signs to send to her, but I can't find it for the life of me! Does anyone know where the video of Randy or Greg is on this site showing how to do the cheap bandit signs? I watched it a very long time ago when I first started on the site here!

Here you go on Randy's video. http://www.deansmedia.com/play.php?vid=160

Steve

Appreciate it so much!

awesome and way to go!!! you knew you could/would do it and you did. that's what it takes. now it should get easier with every deal you do.

Go on with your bad self, girl!!

CONGRATULATIONS!! Your hard work and perseverence is paying off. I know there are many more deals/dances for you

Lea

This has been the most casual deal I've ever done as far as time. My cousin understands I have the kids all day, so he is really lenient on when it closes.

Congratulations on your first deal! and many more to come!

Now I'm going to call my local contact to see about putting up signs for lease option and get her ready to find many more properties to answer the calls to where my house doesn't fit criteria of buyers. I already have 1. But I know the power of the signs. I can't get them up fast enough. If she's not able to put the signs up, I have a few other alternatives to put signs up for me.

so I can get signatures and record it next week. Haven't had much interest in the property, can't get SFL Sellpoint to put it on the big sites. Working with tech support on that. Getting the key put in a lockbox on the property.

PRAYING for that Lease Option buyer that I know is out there somewhere! It isn't for lack of marketing efforts. Anyone that can find me a L/O buyer will receive 1/2 of the option fee the buyer puts forth! Hope its a DGer!

Ok, I can not execute the trust and fund it until I can get insurance. I've gotten several quotes in the $400s. HOWEVER, once I tell them I will be putting the property into the trust, they either can't or won't write it to the trust or its over $2000 to do so. Does anyone have any insurance companies that realize putting a property in a trust is not an extra hazard to them. Oh BROTHER! Who would think getting insurance for a property in trust would be so hard! I know other people on here have done this. Any advice would be appreciated.

There also seems to be an issue because I'm in CA and the property is in GA. Some of them are saying the property is just outside the official city borders so that would increase the insurance by ANOTHER $1000. (WHATTT???)

Any insurance advice would be appreciated! If I don't get response here, I'll post a separate thread.

Tammy,

Does the homeowner still have insurance on the house? if so, have him write a letter to his insurance co. and place Your Name as trustee on the insurance policy as the loss payee and additional insured.

About the Trust; The trust should be the homeowner's trust with you as trustee.

Valerie

You go girl!!! Glad to hear you got some deal clicking!

Try this insurance company, they deal with investors and may have something that will work for you.

http://www.wrennins.com/

Yes, he does, but it isn't the right policy. He's had it as a rental for about 2 years but still has his original homeowner's insurance.

I have the trust with my company and the original owner as the beneficiaries, me as the director, another person as the trustee and a designation by the trustee that my company manages the property. I suppose it would be much easier if I was the trustee, but that actually can nullify the trust because of the conflict of interest between the trustee and beneficiary. I may have to rework it a little, but I know from my trust class that it isn't the best thing to be the trustee when you also are the beneficiary; even if its a company I have vested interested in.

I also have another under contract Fannie just accepted on the 1st right here in CA. Doing a PML and a HML for that one!

Thank you so much for the reference! I'll definately see if they can help me!

keep pushing !! you WILL find a solution.wow another deal in the works AWESOME !! way to go !!
jay

Ok, making it official. Even though I've had control of the property now since the beginning of September, its time to record it on the deed. I called RESA and they said I could do an Option without a lease. But, I decided to just leave the insurance as is, and just transfer into the trust and take it from there. This property is in an overbuilt area, and for now has a tenant, seller is covering any overages for my property management and marketing, and I'm not taking any loss on the property due to that. So, I've got a bird dogger set up and am trying to network it in other ways as well.

My first step is to get the seller to refinance to better terms. Because he has all sorts of circumstances and the lender (Wells Fargo) will redo the loan for free) it doesn't hurt to try. My second step is that the impound account is taking $54 more out per month than needed; sending them a letter to readjust so the monthly outflow isn't as high. If the refi won't go through, I'm not sure if a loan mod would work; he had his mom cosign, and she doesn't have financial hardship. SO, Lets hope we can get the refi to a nice adjustable low rate and get those impound fees reduced!

My next target is to do an assignment! My second was to purchase a rehab. Did that, and will post about it in a few days when I sign the HML documents.