OfflineHi. I thought it would help me with my success to have a journal. I am single mom to a beautiful 16 year old daughter who is going to Germany for rotary foreign exchange program. She is my why for this REI adventure that will lead to my financial success and freedom. The only thing I'm fighting is myself. I am wealthy. I am free. I am a real estate tycoon.
Cathy L.
__________________
I'm glad you're back. I feel the same but if we do something each day to make a difference in our business; it will work out!!
Blessings to you,
Cathy
I looked at put in offer on duplex and after counter is when I physically went and looked at property; needs work but it's been almost a week and I haven't put in my counter; all they can say is no. I just want to put in a 'perfect' offer with a 'perfect' explanation. Get over it Cathy and do it now. Yes that's what i must do now and not worry that it's taking me this long to counter. I have to get quicker about doing everything.
Cathy
What a great video this past week. I needed to hear and see how goals are written and I knew some of it but I liked how Dean had you say why is it important and your emotions that go with it when you don't achieve it. I've been there. I saw an old goal I wrote (but did very little to make it happen) and that was to be a millionaire by Jan, 2011 however I wrote it in 2009. Well it didn't happen and I'm miserable so I don't need to say much more about that.
I will write some new goals and from another source, Dani Johnson quote: "Nothing becomes Dynamic until it becomes Specific" and she was referring to goals and making your desires goals and be specific so goes right along with Dean. Also another lesson from Dani is this, 'if you help other people get what they want then you will get what you want' so basically don't fret about getting things you desire if it makes you uneasy but focus on helping others which is what this whole site is all about. And last one, (I need to hear these for myself), 'Find out more about people then you will be unusually successful'.
I like Dean's first goal as that will be reasonable for me and the needs of my family. The second one is good too. My daughter without making me feel guilty said, 'You're not home enough'. Hard to bite and she wasn't rude about it; we were discussing the process of college applications so maybe we need to set some goals there. I could beat myself up about not doing more when she was in Germany but I can't look back now. I have to be optimistic and keep focused on the present and future.
I will get there if it takes me a lifetime.
Blessings to all,
Cathy L
Love you girl!
Proverbs 31 Woman is my lifetime goal!
Some exciting things on the horizon. I'm working on a deal right now. The asking price was $46k and had dropped from $65k when I found this gem (hopefully). Long story short the offer stands now at $30k which is very tempting to accept. However I prayed and prayed all day about it just trying to decipher what to do. My realtor gave me some input and thought it was a very good price which I can't deny that it is a good price. I just know though that I would always wonder 'what if' with accepting the offer. So I did counter just tonight at $28k and I feel very uncomfortable about it. My initial offer which I hadn't budged on was $25,900. My mentor told me to stay and if they didn't accept I could walk away but that's hard to do when it's still a great price. I do want to assign this one so we'll see. I have a couple buyers in mind but don't want to push the cart before the horse.
Then it's amazing what happens when you start taking action even small steps. God opened another door for me with another property that my niece referred me to it. I called the gentleman right away and it's very close to my rehab house. I hope this one I may be able to purchase myself or with hard money lender or use the bank that's wanting to 'unload' it without a realtor. Maybe this one will be another Joe & Stacey deal.
Then I really have to market my buy/hold property that I'm rehabbing to find tenant. I need one in there by end of this month. I just have basement floor to finish, a broken glass in window needs replaced, garage door repaired (challenging to find out if I can just replace the broken panel), some cement work outside to fix all tripping hazards (I had someone go look at it today and he's going to start soon to fix it, yeah!), and last but not least the 2 bedrooms have hardwood floors that I want refinished so that's not too bad I don't think.
I went to my local real estate club and found out who purchased the 6 plex and parking lot I had bid on and he bid the same price and it was accepted. I found out it took only 20 minutes for the seller to respond and accepted his offer; mine was just days before. I jokingly told him I softened the seller's mind for him. So in retrospect I can actually report I know how Matt feels because I had done the same to him. You have to love this game. I actually had a peace about it and realized again my numbers are on. I still doubt myself.
But it's learning in action now which is more exciting than just reading. I do regret that I didn't follow up more with the success academy and wish I could start all over but I still have access to it. I have to move forward now. Just believe in God and in yourself, Cathy and you can do it!!
Blessings,
Cathy
Hello again.
Great news, I countered at $28,000 and it was accepted so now I did an email to someone to see if they are interested otherwise it's going public tomorrow afternoon. It's a duplex on market for over 380 days I think when I found it. We'll see what happens. Get this one assigned is my goal for tomorrow.
Cathy
Well I did get it under contract and I'm trying to assign but running into a bit of trouble. I had a couple buyers in mind but one wasn't able and the other isn't sure as I have to check the floors. It's a great deal I thought. If anyone else is interested send me a pm. Here's the details:
Up/Down duplex in quad cities, built 1888, sq ft 1494, current rent bottom tenant is $420 (they mow as well and have been there 6-7 years), upper unit vacant more than a year but was at $395. I'm asking $31,200, tax assessed value is $65,200. Approx repair costs with bottom unit is $16-$17K. Tenants pay own utilities including water, elec, gas. Seperate utilities and newer roof (2 yrs), and furnaces newer, 2009. I have a spread sheet of current rents and if increase to $450, etc. I think I'm going to check with some private lenders as I have a couple of contacts for that too.
Thurs I'm going to look at some bank foreclosures that aren't listed and I'm excited but not sure how I will buy them; I think my credit score is actually worse. My finances lately have been a whirlwind with more than I'd like to share with late fees. I'm so frustrated but I know this is temporary. I just have to focus and do more deals.
Cathy L
Cathy L
If this was easy everyone would do it! That's what a local mentor told me this past week. I'm working on assigning a deal and will find out soon if it's a go or a flop. Either way it's good for me; the experience, the success or failure! It can go either way. My goal was to get $3,000 assignment fee this month and 1 in October, November, December, and just keep going and never quit or give up. That's the thing I run into a snag or something else comes up and tries to get in my way. I just have to focus and be committed to the end goal, the end reward of it all. I once was younger, grade school I believe, and my favorite car was the lamborghini. How ironic that's what Matt has. I so admire him and I know he gave up so much for the success he has now. I just have to figure out what I'm willing to give up or what I can do to keep moving forward and do more, go faster, etc.
Cathy L
great idea , cathy..
Thank you very much Kettleman! I appreciate the encouragement! Go for it!
Cathy L
It's definitely a roller coaster! I just found out the end buyer is taking it; "It's a deal" and I am so excited. The critical part now is getting the inspections done as tomorrow is my deadline. But the buyer said he can do them quickly. We just have to give tenants 24 hour notice, that's the ringer. Closing is scheduled for Sept 26 on the contract and I just hope it's still okay too. So I need to follow up with the buyer and make sure. I'm going into his lawyer's office today to do the assignment contract, etc.
Here's the deal if you didn't see earlier posts.
up/down duplex that had been on market for 380+ days when I found it and just recently dropped in price to $46K from $65K. My initial offer was $25,900 but when the seller countered to $30K, I fudged and went to $28K not thinking they would accept it but did. I have an AWESOME GOD! The building is old, 1888, if I remember correctly. There were concerns about the floors sloping and such which they do but it was sturdy and all when we looked in basement. Also there was this space above the upper unit, an attic so to speak but you walk in it and had another open room and then the sides were slanted from roof. You almost thought a studio apt but not cost effective to put in the plumbing, etc. Anyway my suggestion was to let upper tenants have it as another bedroom so from 2 BR to 3 Br. I was proud of myself for thinking of that. I have to go now!
Yahoooo!
Cathy L
Well I close on 18th of October for my 4th deal and it will be $3,000 profit. I sent in an offer on an unlisted property but have to wait and see on that one. I'm having a hard time finding tenant for my rental home now. I did have my realtor send me some listings and I am very excited about many of them. I really need to get some offers in on them by tomorrow if not this evening. I just keep moving forward and that's all I can do right now.
Cathy L
Closing date scheduled for Oct 18 so I'm very excited about that. I don't have much time but just an update with everything. I'm looking at some properties/listings tonight and doing more research on them. The hardest part is comps especially with the investment properties. I have some internet connection problems with my 'ancient' desktop and I no longer have a laptop at the moment. I need to do more deals to buy those things I so desire. I'm done with PC and going to Mac computer.
I can use my Ipod touch though so there's a way. Currently I try to 'borrow' my daughter's notebook when she's not home or isn't using it which isn't too often.
I use this more as a personal journal and my mind wanders to non REI things. It's nice to have my daughter home from Germany. She's a senior this year at high school and got nominated to the homecoming court. They had a choir concert tonight and it was wonderful. The best part was talking to her friend's dad as he had sent me message on fb congratulating me on my deal and asked about it. So it was nice to talk to him about it and I hope to talk to him more as maybe he can be a buyer or something. I need to get more info.
You know Greg Murphy says his 'credit was in the crapper' well my finances are in the crapper, haha! I really got to get a hold of everything and have more control and not let things control me if you know what I mean.
Off to do some digging into some gems I found. I probably won't be able to put offers in until Thurs or Fri. I have a showing tomorrow for my rental home. Very stressful trying to find the 'right' tenant!
1 deal per month!
I have $3,000.00 assignment fee for October deal!
(The one I'm closing on is my Sept. deal)
Way to go Girl!
Cathy L
Closing date scheduled for Oct 18 so I'm very excited about that. I don't have much time but just an update with everything. I'm looking at some properties/listings tonight and doing more research on them. The hardest part is comps especially with the investment properties. I have some internet connection problems with my 'ancient' desktop and I no longer have a laptop at the moment. I need to do more deals to buy those things I so desire. I'm done with PC and going to Mac computer.
I can use my Ipod touch though so there's a way. Currently I try to 'borrow' my daughter's notebook when she's not home or isn't using it which isn't too often.
I use this more as a personal journal and my mind wanders to non REI things. It's nice to have my daughter home from Germany. She's a senior this year at high school and got nominated to the homecoming court. They had a choir concert tonight and it was wonderful. The best part was talking to her friend's dad as he had sent me message on fb congratulating me on my deal and asked about it. So it was nice to talk to him about it and I hope to talk to him more as maybe he can be a buyer or something. I need to get more info.
You know Greg Murphy says his 'credit was in the crapper' well my finances are in the crapper, haha! I really got to get a hold of everything and have more control and not let things control me if you know what I mean.
Off to do some digging into some gems I found. I probably won't be able to put offers in until Thurs or Fri. I have a showing tomorrow for my rental home. Very stressful trying to find the 'right' tenant!
1 deal per month!
I have $3,000.00 assignment fee for October deal!
(The one I'm closing on is my Sept. deal)
Way to go Girl!
Cathy L
Well I've been busy. I don't quite make the 25 offers in a week but hopefully I will work my way up to it. It's the only way to get out of the trap I'm in currently. The closing on my most recent deal had to be extended another 2 weeks; a bit disappointed but I know it will close and my end buyer gave the seller an additional $500 because of the delay so that was something to keep in mind when I'm at the end and being the buyer. I think it's all going to work out.
I talked to a gentleman that had a FSBO sign that I drove by and I forget to use my phone camera so then I can call later; that's what Joe Jurek told us to do so this time I didn't just drive by for the millionth time but turned around and went back and took a picture of the sign so I could call later. I did indeed call another accomplishment for me. Come to find out he's retiring as an investor basically but I was so nervous that I didn't ask him all of my questions and wasn't sure what to ask at times either. I sure would like to ask if he'd be the banker for a short time until I can get financing, etc. I do need to ask more questions and build a rapport.
On one of my offers my realtor called me after she submitted them as one of them had an earlier offer for the exact same amount (this is happening frequently with me; it's eerie). Of course the seller's flat out rejected the first one but my realtor talked to the agent and said don't reject it just have them counter it so we'll see. I did go look at this one and the family did some work like painting, etc but carpeting is outdated but would only need to be cleaned really if renting it; it was good condition and needs appliances and I would redo the bathroom a bit. I told my realtor I would look at my numbers and rethink it now that I looked at it.
I really need to stay focused and know that this is my way out of the rat race.
You Go Girl don't ever stop!
Cathy
Yes the time does fly by. Well my deal 4 is taking longer to close but it will close and I'll make $3k profit, Yeah! I have put in more offers but nothing too much yet. I had to walk away from one just wouldn't come down enough for me to assign; it still was a 'good' price just not great if you know what I mean.
I also did find tenant for my rehab home so that's great too. I found an owner of a FSBO sign and called about a week ago and I need to call him back. He actually is an older gentleman and had it for a rental and has some other properties too. I let that 'F' thing get in my way but my plan is to call in the morning to follow up. Why do I care so much what people think? I have to get over this crap.
I really need to put in more offers and find more properties and continue to build buyer's list. I have to get out of debt and replace my current income so I can retire.
Blessings and you can do it Cathy!