There's Just No Excuse For Not Getting Started!
O.K. kids check this out ! Last february I bought a REI course and stuck to the plan. I bought my personal home (with 40k equity) in june. So after the wife and I celebrated we settled in for awhile as we couldn't take posession until Aug 1st. ( In case you need to know it was my grand fathers house we bought and since he gave us such a deal we let him stay till he found a place to go.)touching ain't it?)
Now here's where my story gets to the point. Happily I went to work every day waiting for my chance to refy the house so I could put my REI learnings to use. But then, in July I fell off of a scaffolding at work and broke my right leg. Now certainly my REI dreams would have to be put on hold right? Wrong!!!!
The first thing I had brought to my bedside was the computer. where I soon found this web site and began to ask every question I could think of. And I thank everybody for helping in my education.
Then I began to search for deals via the internet. Where I could perform my due diligance before I even presented my offer. Sending the wife out to inspect the properties with a video camera in one hand and a pad of paper in the other.
I'm still not able to get around so well but as long as I have the internet I'm good to go!
I know this may not be the greatest article but I just wanted to show everybody that there is just no excuse. If I can find deals from my house surely there's no excuse for someone who isn't crippled.
Peace out and keep the wheels turnin.
Thanks for the motivational article - Check back in and let us know when you close your first deal, I am sure it is not far behind!
Mike
I AM JUST GETTING STARTED. I HAVE HAD IN MY POSSESSION FOR 5 YEARS THE FAMOUS INFOMERCIAL REI COURSE AND AM TRYING TO GET OUT OF THE BOX. HAVING A LITTLE DIFFICULTY FINDING "DEALS" IN THE PAPER OR DRIVING NEIGHBORHOODS. WHERE ELSE DO LOOK? ALSO, WOULD RATHER FOCUS ON MULTY UNIT PROPERTIES FOR GREATER CASH FLOW POTENTIAL.
For the beginner you are to "loud" using caps. Look at me how nice I am, warring and telling you this
Solo use of CAPS is called shouting and no one here use it ... it's against the site rules.
Creipap is absolutely correct you should never never SHOUT.
It is considered a sin. Of course holding a gun to a Householders Head while he signs a Grant Deed is merely called bad tecknique.
Interesting.Holding Property in your Dogs name is frowned on. But putting it into a Blind Trust is considered good business. But lets get down to the skinny. Have you ever seen a Blind Trust "Fall off the leash'" A street saying for loss of control. Yes I have. But a dog, never. Besides a dog on the governing board makes sense. More sense then the CLL whose board of directors have skinned every dime and cannot even pay the utility bills this month. I wonder if I could bring a dog to that meeting. His excuses I much prefer. He just did not know any better. This Board of Directors did. They borrowed on a private second due in three years and used the money to buy big SUV's for all five members. Automatic shifts of course they are all a bit challenged.
This meeting should be kicky. the solution, very simple, they loose. Sell off the properties one by one. The Management Company, newly appointed advances the necessary funds or credit to keep the Utilities flowing. You spin down to a weekly rental collection cause they all slid backwards in exchange for a mordito to the resident manager. Heads will fall, mostly unshaven. The new crew will be about 90% female and composed mostly of those now in residence who have been the brunt of the bad management. Remember while on Assistance, Mothers day comes twice a month. the First and the Fifteenth. Check day.
Starting tomorrow the Latino Female will be taking over, they are the real foundations of the cultural. They are straight!!
Cheers Lucius then Fri. back to containers
For the beginner you are to "loud" using caps. Look at me how nice I am, warring and telling you this
Solo use of CAPS is called shouting and no one here use it ... it's against the site rules.
Thanks for the input, however I find disappointing and mildly offensive that this is all you had to offer.
Dear Remyzazu.
Yes I remember her well. Loved her much her secondary leads were legend. Zazu Pitts.
One of the pillars upon which were built the framework that supports modern comedy.
Now do not freak out just because you have had a piece of information for five years and have not sprung into action.
Do you know how long it took for me to be weened? Had a hell of a time getting a proper substitute.
But that is yesterdays news. Besides why follow old paths, strike out into the land-for-sale/land/forest">forest and make your own path.
I have an acquaintance that follows a most interesting procedure every time he is ready for a new work opportunity. He is a Roofer.
He merely goes into the local bar or his favorite the bar in a good restaurant and in the course of the evenings entertainment. Stops, clinks his gl***** with a fork and Announces loudly, " Have I everybodys attention? I am going to make an announcement. This is my 35th birthday and tonight only I am going to give away a new roof job to anybody here that needs a roof repair. No not one damn dime. I want to do it. You have all been good to me and as I am the best roofer in the world, I am going to give you something cause I sure as hell cannot afford to buy fat Lucius over there another drink. Ok Step Up gimmy your roofs!"
Dumb, stupid, foolish. It works. He usualy had about three jobs lined up. Yeah he actualy did a few small roof repairs. Mostly full replacements of roofs.
Study up on how to obtain mortgages, work with some of the on line companies like Loan Works. Com Get really comfortable with the terms and definitions and know the existing market rates.
You now bang on the door at 5:30 in the early evening. This person you know is in foreclosure and has been so for at least three weeks. Lots of letters, postcards and a few REI's. You are now going to do something totaly different.
"Good evening sir. I am prepared to replace the mortgage that has put you into foreclosure. I have obtained before coming here an offer to replace your mortgage with a brand new one at 4.75 percent. No points, I am doing this for free. Now do not try to offer me a commission for saving you. I do not want one, I will not accept one. No No commission. May I explain this? Thank you yes it is a cold and dreary evening, but let me bring a ray of hope." You are in, go to work. You review everything that can be done. Deed to his rich Mother, sell to his Father out of State. etc. etc. etc. I bet you that you will make money, somewhere in the transaction. No not a commission. Dirty word, usualy only spoken by slimy greasy Brokers such as me.
Do you get it? Is this not fun?
Also there is a game called Doubles. This is played with two people at the door. You introduce the other person as, "Tthis is Daisy Mae
McCoy, she is an appraiser." She should have a clip board with a form attached and a large 100 foot tape in her hand. "She's going to do you a new appraisal. No No Charge, My gift to you. You been charged enough. Hell I bet half the things you paid for you never got."
Daisy Mae measures the house and you ask questions. By the time you get thru you have all the information and should know what can and cannot be done for the Householder. You do it.
Now these are non standard approaches. All that is required is to drop your normal inhibitions about making a fool of yourself. Load up with knowledge and know what you can and cannot do and go do it.
It really is a lot of fun and in the process you do a Win/Win. Where else can you do this? Almost all transactions end up with a loss and a win. This is one of the few that truly creates the perfect transaction. Win/Win. Well maybe in the perfect marriage. Hmmm how many of those do you see these days??
Lucius
My advice is to stop looking solely in the newspaper for deals. What you need to do is go to www.foreclosureworld.com and pull up the foreclosures in your state/area. They have some really good deals. My husband and I found a foreclosure last October in Cincinnati, Ohio that we paid $22,000 cash. The tax assessed value of the property is $72,900. We have spend about $10,000 to rehab it and it is now ready to rent out. It is a multi unit (4 family). We are putting a mortgage on this property and use the money to purchase our next multi unit and rehab it. Keep looking! Don't give up! Use your REI course booklets as reference or refreshers and get out there and make it happen.
Keep reading. Baby steps.
Yes, Creipap and Lufos are absolutely correct; you should never never SHOUT while on board. Do whatever once you get off. Gulp. Didn't want to hurt your XXX fealings.
WHAT'S ALL THIS BABBLE ABOUT????
OOPS, I'M SHOUTING AGAIN!!!!
Hello raymo28,
Thanks for the article! It was good, in that it was very encouraging. Hope you feel better!
God bless!
EstherConnection