OfflineOkay I have been on the site for sometime now and I have gained so much knowledge just from reading others post and posting some of my own. I am still in the starting postion......I am ready to go but, I got a problem no money and fair credit.
Okay I live in OKC and I have been researching our market. One thing that is big here now is Owner Financing. It seems like this is a great place to start in my situation. I think this will be my first project.
I have been looking at single family homes 2/1 and 3/2/2; along with mobile homes. I am very interested in buy and hold; and property flips although with this market it does not seem like flipping is a good option.
I have to get out of the starting block and move forward. My first step is to establish my business structure, and from what I can tell I need to get a DB#, and open some accounts to start establishing some business credit. The credit at Lowe's and Home Depot will help with repairs. I have been in search of small local companies that offer in store credit (not many around at this time).
I thought about working with partners for the first 2 or 3 years to establish some ground before getting out there by myself....that is maybe my security blanket...really playing it safe.......
I need some advise...should I go through the academy?
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Ok we looked at 3 properties and they are all Owner Finance. But I am stuck. No decision made at this point. Just want to make the best decision. Working on running the numbers.
Well I had to post for accountablity.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Stuck b/c of fear....that is the way I see what I have been doing or maybe I am still right there right now. Just stuck b/c of fear. I still don't have the money to start that success school but that is not an excuse b/c several people on this site have done it w/o the school just the support of this forum. So what is my problem.....just stuck on stupid so I have decided today that I am going to read the latest information Dean had provided and I am going to do exactly what it says and I am going to put one foot in front of the other and see what it gets me. I have got to move forward d/t my current situation is not changing fast enough...It is up to me at this point God has povided me with the information and the support to make it happen it is me now that has to do something with that knowledge.
Action Plan:Today day 1
Read the newsletter and chapter 1
Tomorrow Day 2
do whatever actions for the first chapter and post outcome.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Okay I started reading the Newsletter 24 out of 46 pages down, off to bed but will wrap the newsletter up tomorrow. I also found 2 house we will check out on tomorrow also. One turned into 3 under the same owner and he seems to be behind on taxes on all 3, thought to wholesale 2 out of 3 and with profit purchase one for taxes or deal between us and owner. Work to done.
Action Plan for tomorrow
Complete reading assignment of pages 24 to 46
Drive by houses, take pics, and call county accessors office for detials
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Okay well today so far I have continued my research on the house one turned out to be two properties and he is 4 years behind on his taxes close to 11k. he also owns 3 other properties one is land it is 4 years behind on taxes also. He has one that is listed for sale and it is only behind 2 years. So right now I am stuck don't know what to do or say but I am not going to give up. I want to see what I can do with this situation. Not a bad placed to start if I do say so myself.
Oh yeah I also started working on the completion aspects of my team, I landed an RE Agent that is open to creative Finance she has Mortgage broker on her team(now on mine) that is creative in his area. She is currently running a MLS list for me with some specifics I laid out waiting on the email.
Action plan for today,
Continue reading the newsletter and chapter 1,2 and 3
Partner to drive by properties and take pics assess needs out outside & inside if possible.
Continue progress on developing my team
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
I know I am maybe posting too much now, but I doing this for me this time, to increase my level of accountability. I have finished the newsletter and I actually completed the last page - you see normally I don't I just read and answear in my head well, I have decided to do things a little different so her are my answears.
1. Lease option, bird-doging, and wholesaling.
2. Bad Credit and No money. So this is a good way to enter under these circumstances.
3. Cover my current income so that I can return to school to complete my degree, self employment so I can live out other dreams
4. 3-5 yrs, I hope that is not too long. I thought a good time frame to be solid
5. Greg Murphy sounds like we have the same situation
6. Build my team (already started), tell everyone(in action now) and read the information on lease option here on the site and in both of Dean's books
Ok now everyone else knows too.
I am off to complete my task
Next Action Plan
Continue my reading on lease option, and the new Chapters that Dean sent out
Wait on my list for agent
25 offers in the next week - wow that is scary
discover approp advertising method
And the journey continues
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Okay well yesterday I found to be a very productive, just a brief wrap up, I added a Real Estate Agent and Mortgage brocker to my team. I also made contact with a local realtor that has some properties that are right up my alley and that we can do a lease option deal on, that excites me.
I am home ill from my f/t job so this is allowing me sometime to get somethings done, this excites me b/c I can do work for them and myself all in the same time. Not a bad deal.
I am waiting for an email now from the other realtor, his team is suppose to email me a list of properties that I am going to take a look at after I do my research.
Action Steps for Today
Read Chapter 1 of Success Harvest
Read Chapter 15 of BARM
Make contact with Realtor regarding list of house if I don't have it by
1:00
Drop by and look at 2 - 3 houses
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Congratulations on adding RE Agent & Mortgage broker to your team!
Plus another RE Agent to help with LO. I'm happy for you. Looking forward to hearing about the properties the agent sends you.
I just finished reading your journal - thanks for sharing your REI journey. I wish you the very best.
Hope you are feeling better soon.
Lea
SPR Property Solutions LLC
Thanks for the words of encouragement, I always wonder if anyone ever reads my journal. It is so random and non-focused times are changing though. I noticed you already have your LLC do you have properties yet?
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Ok so today I got the change to scout out 4 properties, they are group as far as location and that is not a bad deal. 2 I found yesterday and 2 I ran across today on a site that Dean suggested.
All of them are good for a lease options and all of them need work. Problem is I have not money for repairs, so I don't want to move too fast but, I also don't want to miss an opportunity.(HELP)
Okay so one is going into foreclosure next week the 29th and it seems to be behind not much maybe $2000 for what I can gather the man was all over the place he acted like this one he just wanted to through up his hands with d/t time and the last tenants really wreck it, I am going to view them this weekend. Now this other one he mentioned when he returned my call it is close to the other and they are both in the same name, the pymts need to be caught and that does not total much around $1300 to $1500 with pymts of $355 and rent of $650 under housing authority.
Well he is going to call me back and I have to get focused so that I am asking all the correct questions. And I don't end up with a really bad deal
Okay the realator has not contacted me back yet, I called and they said he was to call me so i'm still waiting on him.
Well I will keep you up-to-date. I am ready to get moving and if this is not it, I am ready to keep going no matter what
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
I know an investor in my real estate club who does nothing but mobile parks and notes. According to him the best way to rent out the mobilehomes is lease options. People will tend to take better care of a rental if they have pride of ownership. Also a lot of people will end up moving before the end of the option. So you can lease option it again. It can be a virtual cash cow. Success be with you!
Hello Erika , You encourage me.I have been tryin to get started for months .It has been one trial after the other.Seems like I have been under an alvalanche of situations that arise everyday . Iwas feeling confused and alone here in FLORIDA NAPLES as I havent been able to find a REI GROUP HERE and I dont kNOW HOW TO BEGIN one.But I am no way discouraged.I am reading DEANS BOOKS again and putting the organizational structure together. Little money PLUS MESSED UP CREDIT DUE TO job cut back which slowed me down but didnt destroy me.So I will be checking out your posts from time to time .to see how you are doing.
sO GLAD THAT THERE ARE ANGELS LIKE CATCUSBOB AND RINA WHO ARE COMPASSIONATE AND WILLING TO SHARE THEIR OPINIONS AND KNOWEDGE HONESTLY WITH US.THATS SUCH A BLESSING.LETS PRAY FOR THEIR SUCCESS AS WELL. JEREMIAH CHAPTER 32. CHECK THIS OUT AND YOU WILL REALIZE THAT THIS IS AN ENDTIME MANDATE FOR THOSE TO WHOM THIS PASSION WAS GIVEN.MAY GOD CONTINUE TO BLESS DEAN AND THE ENTIRE TEAM.
LESNEMB
leslinenembhard
We haven't done our 1st deal yet. When we do you will hear me all the way up north
Hope you hear back from the RE Agent soon.
I'll be following your journal and am cheering you on!
Take care,
Lea
SPR Property Solutions, LLC
Ok I have not yest heard back from the agent with all the listings, but I did hear back from the guy today, so we will be looking at both house tomorrow he says they are like 2 blks apart, he also said we can have them if we catch them up. I plan on running the numbers tomorrow and se what can be done. I don't have any money of my own right now so it looks like I will be wholesaling these house and I am nervous but I'm not going to let that stop me I am going to step out of the boat just like Peter on Faith.......So tonight I am doing some update reading on Wholesaling so I can be equipt for my first deal. Ok cross your fingers now.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
I don't know how hard it would be to start a REI club just gathering a group of like minded people. Start by going to meetup.com and start a group there to see if there is any interest, find a location that does cost anything and it has some coffee, set a time and see what happens. Keep me posted, you never know you might end up with some partners at off the deal.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Okay I think I have moved to slow or got overwhelmed when it came down to it, One of the houses goes up for foreclosure on tomorrow but, the other I am working hard to pull it together. It is going to take no money to get in problem is I have no money. I AM GOING TO FIND IT THOUGH, even if I have to pull in a partner. I have to do this to get started. OMG I listening to Dean's Call now and I am about to scream.......not having money and bad credit really screw you.
Got to make a change and start making money to change my families life. I must...I am like the little engine that could....with the I think I can, I think I can.....I know I can.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Ok so we were looking at some lots in a small town in Oklahoma and the owner has them for sale for $4995, we called the County Accessors office and the FMV is $1100. I guess I should walk away from this deal. It does not add up on paper. Or in my mind.
Tomorrow Action Step
REI club mtg
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Today has been a good day, and I am so excited for the progress that has been made. No deal excepted or submitted at this time. But increase is taking place. Going to Sherriff auction next with not to purchase to check the flow of things and how the process works. I think it is good to not just jump in but, be educated in the areas to which we are proceeding in, meet an investor today that focuses on buy and hold, he is interested in having us do some bird-dogging and is interested in take advantage of some wholesale deals. So I was able to add him to my buyers list that excitees.
Action step for the weekend -
Relax and enjoy time with family and friends
Work on goals
Brainstorm with advisory team
Sunday I will check out the classifieds and continue to buid buyers list, and call on a few FSBO.
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round
Just wanted to pop in & say hi. Congrats on your new investor
I'm looking forward to hearing about the auction - hope you make some good contacts with investors there too.
Take care,
Lea
SPR Property Solutions, LLC
I just hope I don't get myself in trouble at the Auction. You know being anxious and wanting to do something I am not ready to do, I am really wondering if they let you sign w/ the assign option....and then do a wholesale deal now that would be crazy great. I am going to diffantly find out all of the info, we are having auctions every week right now.
Action plan before auction
review the list of properties.
cont to work on buyers list
call on properties in Sunday paper
Walking In My Authority in Christ.
Erika, REI
P-O-W-E-R
Prepare, Overcome, Win, Ever, Round