B.C.'s journal

that would be pretty sweet to have the end buyer already lined up...good luck with that...

And for a price to drop 180k, that is crazy...Just get in there as quickly as possible, cause if you were watching that place, other investors may have been too...So def don't hesitate just incase...

Just got off the phone with the realtor. unfortunatly this is the one i do not trust. We are going to look at the homes i requested on Monday because he can't make it on the weekend(too busy). One home I was waiting to hear from an end buyer on seems to be gone. its listed not active which means its in contract from my past experiences. hopefully things go well Monday. I will take alot of pictures and post them here.After I put Bids in. I hope to keep coastal busy with POF letters.
BUT then again the wholesaler I have spoken to had told me that some banks are not accepting POF from coastal anymore because they are well known now. I guess I will find out.

Ok my plan back fired on me. Once again after telling this REA which homes I want to visit, He told me they have been pulled off the market. He had changed the visits to 5pm Saturday which i agreed on. Then at 4;30 I called him because he vever got in touch with me to tell me where to go first. He then called me back at 5;20 to tell me about the homes being gone and that he could not make it to show me the other home i had scheduled to visit. So he gave me the lock box number and told me to say i was his asistant if anyone came up to me. So I went by the house and it was on a very poor block. some new homes and some really bad ones. so i didnt even go in. But I did go by another one i have been following that is a 2-family that is a great rental property. It is very big and on a good block. all new homes around it and police station is 2 blocks away as is the beach. That one I am going to find another agent to work with.
So now i think i look like a fool since i offered these homes to end buyers and told the wholesale friend to market them. I am a little deflated over this but I will figure another way to get around this. I give up is not in my vocabulary. Just another learning experience i have to remember and improve upon.

I know all to well bout plans back firing...I have had the same type of problem...Planning on checking out homes, and they go under deposit putting a stop to that...I had that happen to me a few times, and one day in particular, 2 Bank Owned properties that were on the market for forever ended up under deposit the same day was supposed to check them out...After that kind of thing happening a few times, it def deflated me a little bit too...But aw well I figured, just gotta learn, and figure out a better way somehow...

So nice job learning, and creating new experiences that didn't go according to plan, without it deflating you completely...Thats important...

Mark,the funny part is I find great deals even at their asking price. I have 2 REI meetings i am attending the next 2 weeks. The one that kept changing the date finally closed down, Which i cant understand because it had the most people attending. But I am going to these other 2 i joined. I hope to meet some cash investors that will back me for some flips i found as well as some end buyers for wholesaling. I think that is the most frustrating part ( the buyers list ). I originally was going to buy to rent but as you know my partners backed out at the last minute. So I had to change stratedgy to wholesaling. I reached out to another REA I know. Her brothers own the biggest portable toilet biz in NY state. I am going to ask her if they would be interested in financing me and if she knows any Private money lenders. I once wrote them a letter but no response. So lets see how this goes. I am going to talk to another guy I think has invested in the past. He owns the local Pizza shop.
The more I fail the madder I get ,The madder I get, the more determined I become to be succesful. I HATE FAILING!!
Bottom line is the set backs are learning lessons and you gain experience from them.
NEVER GIVE UP.

So true...As long as you keep your eyes and ears open, you can find great deals even at listing price...Just a matter of finding the private money, or assigning, or figuring a way to get it done...

Nice job joining the clubs...Def talk and network as much as you can...Seems like you def don't have a problem as far as that goes, and you seem open to talking to anybody...Ya got that going for ya...

You know as well as I do, you are so close to the deal...And after the first deal, it will only come easier...Especially after all the learning experience getting that first deal...

Going to an RE meeting in manhattan tonight. I don't have any cards to hand out, which It says to bring alot of. I am just winging it. Never been to one of these before so i am nervous about going and looking like a fool. I have no LLC or anything. But I am going non the less because i know this is where i can make connections. I also am going to a different one next week out on long island. I SHOULD HAVE CARDS BY THEN.
Manhattan is tough because i will have to pay an arm and a leg for parking lol and I really dont have the extra $$ right now. But I hope it is worth it.
The bright side of it is maybe i will find a partner with financing and I can go after the 2 homes I have my eye on for a flip.
I will let you know what happens either tonight or tomorrow. stay tooned:)

Don't worry about not having an LLC...I have gone to 3 differnt meetings so far...2 real estate club meetings, and 1 that had to do with a "pre" offer where they try to get ya excited and make it sound easy, then sell ya a 3 day event for 1500...but as for the meetings, they are pretty good...Can def make connections, and pick up tips and all that...I was nervous when i went to my first one, which was with my uncle...Then the 2nd time, I ended up going by myself, but did ok...Talked and met a few people...got 4 business cards, and passed out 4...

So You should be fine if I was...Believe me...And if you don't have business cards, ya just say you are waiting for them, but would be glad to get their card...And just talk...Give them your name, number, and email...And tell them next time you go to the meeting, you should have your cards by then...You will be good...I have faith in you

Thanks for the encouragement Mark. The main reason I am going is i need end buyers, The ones I had contact with seem to not be interested anymore. I sent them the MULTI properties i had found and they never responded. Needless to say those props were gone fast.I guess I waited too long. I should have tried to lock them up but I was waiting on someone to get back to me. They were awsome cash cows at less then 1/2 the price they were sold for 3 yrs ago.
That was a lesson learned.

Well I went to the meeting. It was on a roof top bar & lounge in manahattan. unbelievable! But only 5 people out of the 20 that were to attend showed up. But it was good. I met a guy who does hard money and he said he has people that may be interested in a 10 family i found, so i have to send him the property details. The lady that ran the meeting gave me a lawyer she knows that does dc and has private money connections . I AM CALLING HER ASAP! So I will be attending every other week that they have it.The funny part is I some how did alot of the speaking lol. They want me to take the floor next time ,but i declined. I told them about Dean and this site and some took down his name to look it up. So to sum it up it was definatley worth going. The view alone was awsome. there were all kinds of partys going on,swedish meeting,wine club meeting b-day partys. It was amazin. I forgot how much that city is hopping at night. I will update when I get everything in gear. I arrived home late and tired last night to do anything.

Hey, Richie, you're really movin' and a'shakin'! I am not surprised at all that you ended up doing a lot of the talking and that you were asked to speak! Isn't it amazing how much a person grows withuot even realizing it!! You should reconsider their request. I think you'd have a blast getting up there and sharing what you know. Even if you're quaking in your boots. lol (been there )

It is SO cool reading back over your journal. Thank you for posting and for inspiring others!

your sis,

Rina

Thanks Rina, I have been e-mailing people from CL as always. i got one response this time but it was good. We e-mailed back and forth and I gave my phone#. Well she called me before and asked what i wanted to do .So i told her i am wholesaling to build capital so I can flip some properties for around 50k ARV i have my eyes on. She wants to meet on Monday and talk. appearently she buys apt buildings. She has an office near my job and that is where we will meet. So i am really looking forward to meeting her and laying out my plans. I will have it all typed up by Sunday. So hopefully this will be the person i have been searching for. Continued hard work is paying off. As far as the private money lender and lawyer goes. She is still on vacation until next week. So I will have to call then. But I may not need the PML by then hopefully. Also have been in contact with the commercial lender i met at the meeting. He said he has been think about getting in touch with me and wants to talk. I may want to refi in an LLC with the commercial loan with him with no seasoning if i get this lady to back me on flips and maybe some props i want to hold. So 4 months of up and downs are looking finally. I feel success around the corner. I AM GOING TO FORCE IT TO HAPPEN!

Glad to hear things are moving in the positive direction. Success is right around the corner and the more corners you go past the sooner you will find it. Hard work creates opportunities and these opportunities will create the path to success. Keep working you plan and you will be their in no time. Good luck on all your deals. Believe and Achieve! - Joe

Richie, hopefully that person you were emailing back and forth will be the one who pays off...That would be so awesome...Ill keep my fingers crossed...How is everything else going for you???

Things are going good Mark. Some how the people at the REI club I went to seem to like me. The Commercial lender I met has been chatting with me, I gave him a tip on a 10 family building i saw. He wants to talk Monday also. I am trying to find out if he can refi me without seasoning just in case this lady is a go. This way the homes i want to keep for myself I can use her for funding and refi her out with her pay out asap with a commercial loan in the company name. I think she will be the key. How are things with you? I havent seen you on in a while.

Thanks for the encouragement Joe. You are an inspiration to say the least. good luck on your future deals.
Richie.

Things are going ok...I updated my unofficial journal, so if you get a chance stop by and read it...Things have been slow for me since billys mom got sick and passed...Hoping to pick back up after things settle down a bit...Still doing things though...I went to the "ANSUN" meeting in NY, so got to meet some of the DG members and brainstorm a little bit...3 hour drive, but I think it will be worth it, especially when things get going...So Im still plugging away, just haven't been on here a lot...Ima try getting back on here more often though...I need too

I called the person back on monday as agree'd upon to confirm the meeting. I got a wrong number. I tried e-mailing in order to contact and confirm I would be there,no good.
So I decided I would drive there because I didnt want to leave anyone wondering if I was going to show up. The address wasnt there, there was a cemetary where that address should have been. So I guess I was scammed for what ever reason. I e-mailed the CL add when I returned home and asked why they would do that to someone but of course there was no response . So all in all it was a wasted drive as well as time and fuel. But as mad as i was i went home and contacted the lawyer who has PML connections. I am hoping that I can network with someone there. The funny thing is the lawyer is some how on Anita's friends list. That Anita gets around lol.

Never give up.

I keep on checking to see if there is any new post, and nothing...Where did ya disappear too? I am sure still going at it!!!

Yea Mark, I am still going. I am working on that REO. I am trying to get to the bank before it is listed on the MLS. I am in limbo as far as my agent goes. I am done with him and need to find a good one. I had given him an offer to put in 2 weeks ago, He was to set me up to look at the house with one of his associates but they never called. He got back to me a week later. So my offer was never put in.
So I told him to forget it. I haven't posted because nothing in stone yet. REI clubs are keeping me busy also. I have another one this Tuesday.It is a big club, (greenpearl). But to update you completly, I am working on funding for that REO that is on my block. I have a partner with perfect credit and am waiting to hear back from a fellow DG for DP, if WE get the deal from the bank, I am going to a HML to buy it out right so we have no payments for 6 months,which is all i should need to sell it. It is a good flip that should bring in around 80-100k profit if i get it at the price i want.I plan on doing a light rehab and then flipping it. I have an end buyer in mind that should jump at it. I will list it 50k lower then any other property that is on the market in the town. So it will sell fast. My escape plan is if it doesnt sell within 6 months is to refi it with a commercial loan( no seasoning ) through a guy I have made friends with at my REI club.Then pay out the DP friend so he has his money back and rent it to own. I don't think it will come to that as it should sell fast like i said.The rehab should be around 5-10k. I will do the floor work myself. Luckly I can do plumbing,light electric and carpentry. just need to hire a guy to rehab the kitchen because kitchens are great deal makers if you do them right.
Like I told Rina,I will never quit. Its not in my blood.
Thanks for checking in.
Richie.

awesome news...Nice job...Granted, its not set in stone like you said, but that would be pretty great...

Plus sounds like you found some good people to partner with to get it done...Getting it done is what matters, and you can tell you understand that...

Profit wise, that is cool...

How much is the property?
How much you plan on selling it for if everything goes well rehab wise?
Good part of town or city?

As for the agent, sounds like he was screwing around, and really isn't willing to do the work at all...So I don't blame ya for moving on at all...Not worth wasting your time trying to make something work that isn't...

Good luck with that making that deal happen, and the meetings that you are going to and speaking at...

Mark, the property is worth around 300k, I plan on offering the bank 140k but I really expect to pay around 150-160k. It is in a small secluded town, there is no bad area there, the town is only 20 blocks long. I plan on selling it for 270k but will settle for 250k. But like I said ,the hardest part is getting the difference to gap the HML.
I will figure it out.

Sounds like a good deal and keep plugging it away and let us know what happened with your deal

Warm regards,

Paul

I have all the faith in the world you will figure it out...that would be a pretty amazing first deal...

You think the bank will except that price(140-160) that you offer?it would be cash cause Hard Money, correct?

Def keep us posted...Im excited for ya...

I found out the bank paid 275k for the house at the auction. that is standard procedure for the bank holding the lien, to bid on what is owed in order to protect their interest.
I contacted my friend that does the appraisals and he told me they probably wont deal with me because they have companies that handle the REO'S for them. He was dead on with the names of the people they use, I see their names all the time on all the forclosures in the area. But I gave them a call any way. After a few calls i finally got in touch with the REO dept. no one picked up ,but i left a detailed message of the property the lot and block# and told them i was interested in buying it and would like to send them a faxed bid for the property and gave them my e-mail and cell#. hopefully they call back or e-mail me. If not I will try again.

The bank rep called me back but i missed the call!!
I called back today but no answer, so I apologized for missing the call and asked that she try again. She left her name and number, so I will take that as a posibility that they are interested in hearing my bid. I will call again tomorrow if she doesn't call me.Ill give her til 10am as that is the best time for me.
On to another rei meeting this wednesday.Still waiting for my new cards to come in.

I think that is a good sign the bank called you back. It's gotta mean something. Keep me posted. And that is cool you have business cards coming, I ordered my 1st set 2 weeks ago and they came this weekend. I feel more professional now. Keep up the good work!

Jeremy

Thanks Jeremy, My first set of cards were messed up, they didn't have my e-mail on them. So it was kinda embarrasing writing it in pen for people when we exchanged cards at the REI club meetings.
Hopefully I can get an opportunity to send an offer to them by fax. problem is getting the difference in money for the HML to buy it out right. I ll figure it out as i go. I have a plan and exit strat, just need to get my foot in the door. If This works out the way i think it will I will be off and running. once i have the capital i will be unstoppable. I already have my eye on a second deal where i think i will get the home for less then 50% of FMV. It needs updating work but has potential to bring in 100k in profit once done.
Well tomorrow is my big night at the rei club. I have 15 min on the floor in front of everyone and have to give insight on what I do and how to do it succesfully.
I hope to make dean proud
Anyone in the NY area that wants to attend the REI meeting please feel free to contact me. It cost 15.00 because it is being catered. these meetings are usually free though.
good luck to all
Richie.

OK,I finally was able to speak to the REO dept at the bank. I asked the woman about the house I wanted to buy, she told me since it was an FHA home loan it will be listed as a HUD home . So I was not able to bid on it through them. She said since it is a HUD home i will not be able to bid on it before it is put on the market. she did say it should go up around july 21st. I was hoping to avoid a bidding war on this because i know someone who is buying in the neighborhood and fixing and selling /renting the homes he gets.So for now I decided to make an offer on the home i was looking at as a second deal while i am waiting to see what they list the first home for. This one needs alot of updating but If i get it for the right price it will be worth it. I am going to offer 100k for it which is half of what it was originally listed at. its a 3 bed 1 bath home but is way out of date. from the outside i can see it needs new windows and siding. I sent my contact to the listing agent last night and am hoping to hear from her today. The only good thing about the first home is that I know when it should be put up on the market, So I will try to get it before the other guy is aware that it is on the market.
good luck to all and NEVER give up
Richie.

received my new cards yesterday! Still haven't heard from the agent listing home# 2.
I will have to track her down.
I had to cancel going to the REI club meeting tonight, My shift changed and I now have to be back at work at 3am, sO GETTING HOME 11-11;30 at night won't work for me. I called the woman running it and told her I would give her the fee reguardless since I responded yes to attending. I also told her i would still do the spotlight at the next meeting, especially since I put together a speach on wholesaling strats
I think Dean gave me too much power lol.
I will update when i make progress.