In Search of Financial Freedom....I want to buy at least one Property Per Month....Dean, "We are Coming With You!"...Here we go!

That is great! That has been our goal also in the next year. We have 3 now which we think we got good deals on. I would love to get at least 8-10 more. But now, we are unsure how to go on financing them with little money down. My main question is--How do you plan to finance all of them? Do you have money down, etc.?
Thanks,

I'm right there with you. I just recently sat down and went over my personal goals. Where I want to be 3 to 6 to 12 months from now. I believe that if you don't know where you are going, how are you going to get there? This is such a great experience in my life now. It has been a while, years, since I have felt this motivated about anything. I see a great life changing experience about to take place for me now. The right connection is Dean's program. I'm going too! With the right tools. Working towards the Acadamey training this week. I want to be the biggest success story. I've had many, many challenges in life. This is my time! Yes I can and Yes I will......See you there Joe! Much Success to you and your family.
Sincereley,
Lubertha

Congratulations on acquiring your 3 properties. Thank you for also sharing your goals. My goal is to find 3-5 real "gems of a deal". I believe we have found 3 thus far. I will then do some general clean-up and cosmetic fix-up as Dean has discussed. I will then refinance them to get cash at closing. I want to then use that cash to buy another and try to do the same thing over and over. We also want to use more of Dean's concepts. I wish there were more than 24 hours in a day. Good luck on all your deals! Believe and Achieve! Indiana-Joe

Thanks for sharing your goals with all of us. I know you can do it, Lubertha! Believe and Achieve! I once read "what the mind is willing to conceive the heart and soul is willing to achieve." Good luck on all your real estate deals and we look forward to hearing about each one in the future! Believe and Achieve! Indiana-Joe

Mind if I ask you whether you're investing in Chicagoland? What's the ballpark number(ratio) for your offer to the asking price?

I just made my first offer today. It's a REO 2-flat-property. The 1st floor needs complete rehab with MOLD and water leak, crooked hardwood floror. I made 50% offer, haven't heard from my realtor who suggested 67% of asking price. I came down this price by calculating the break-even with rental income with 7K profit if got lucky (not worse condition).

I am still skeptical about this 50% strategy. I want to give offer depending on condition between 30 to 50%.

Gurus, any comments/suggestions?

I look in the Chicagoland area, but it is very competitive and different areas may have local ordinances you may need to be familair with. I believe each property is different and the offer is usually made at 50% or less of the asking price (and fair market value). I want to ensure there is more then enough profit potential and I believe if you make 100 offers and get at least 2 properties that is a nice return. I usually have about 25 to 50 properties (on my radar) that I watch for price changes etc. Good luck on all your deals. Believe and Achieve! Indiana-Joe

I have 2 of mine and am waiting for the seasoning period of 6 months before I can refinance them. Are you able to refinance them so quickly? I didn't think that was possible with the current economic climate? Are you doing business loans or conventional?

Thanks for the reply. I had to shop around and went to several banks and found a small local bank that does not have a seasoning requirement. Yes, there were many banks I approached that wanted you to own the property at least for one year. Thus, it pays to keep looking until you find the right bank. I am doing mine by conventional mortgage based on appraised value not on purchase price. Good luck on your deals. Believe and Achieve! Indiana-Joe

Thanks for the reply. One more question, is this bank going to let you do the 12 that you want to do with a conventional mortgage?

I have not discussed how many deals the bank is willing to do. Therefore, I do not know if they will do all 12 that we desire to do. However, they did share with me their internal policy of loans to one person which the bank stated can not exceed $1 million. Thus, if they loan 70% loan to value based on appraised value, I hopefully will be able to re-finance, through a conventional mortgage, at least 12 homes valued at $100,000 or less. Good luck on all your deals! Believe and Achieve! Indiana-Joe

I am pretty new here and I will be purchasing Dean's books/materials. I have never attended any semiars wheter Dean's or anyone elses. I just read, research, and study. I will closing on a short sale next month(June) I offered 25K, the bank sent out their BPO agent and he sent his report back to the bank and they accepted. The as-is value is 55K, the fix up cost are 15K and my appraiser went out took picks did their report and came back with an ARV of 190K. I sold it for 55K with a double closing. This deal is a 3brm 2.5bth 3lv home. I also picked up a 2brm 1bth condo for 21K the owner(private)wanted 29K, the fix up cost are 9K the ARV is 86K and I sold it yesterday for 33K, after 5 days of marketing it. The other deal is a 3brm 2bth condo, the owner(bank)asked for 124K My offer of 83K was excepted, the ARV is 135K, the fix up cost are 11K and the ARV is 160K. I'm currently working on several other deals, one of which is a home I want to purchase for me. I already got 60k knocked off. This is just one of many deals that you guys can do on a daily basis. Its not hard, and I did not put down on red cent!!!!

Congratulations! This is what it's all about. Nothing is more powerful than the mind already made up! It seems as though your determined. Continued success.......
Sincereley,
Lubertha

Thanks for taking the time to share all your comments. It is very inspiring to hear what others are doing in today's market. It gives the rest of us encourgaement and motivation to keep searching for those great deals. Thank you for the inspiration. Good luck on all your deals. Believe and Achieve! Indiana-Joe

Thank you Lubertha and Indiana-Joe. I do appreciate your comments. I know there are those who are skeptical, but it can't work if you don't apply it. Like my uncle use to say who was an advid lottery player, "You can't win if you don't play". And Dean's book for 20 bucks is less then what people pay for a night out to dinner, hell even a movie. Just keep the faith read, research, and study Dean's materials. Believe me you can't loose.

We looked at several properties this weekend and made several more offers. They are low offers but I would be very happy if one got accepted. June 1 is a few hours away, so we hope to keep moving forward. I will update everyone on our progress. Thanks again for all the support and great comments. Good luck on all your deals. Believe and Achieve! - Joe

Just the thought I had, June first. I gotta make it happen! I spent the late afternoon making calls. I am determined not to let there be a day spent that I am not doing something pertaining to "MyDestiny". I wll move forth! Continued success..............Lubertha

You can do it to! Make the plan and work the plan. Each day make calls on properties, review the numbers to each deal and make it happen, then make a lot of offers. It is your destiny and you will make it happen. Believe and Achieve! - Joe

We were able to get Deal #5 in early June 2009 so we are keeping our eyes and ears open for the next deal. We have several offers pending, with a few that may be promising, so we are continuing our journey in pursuit of financial freedom! Good luck to everyone on your deals. Believe and Achieve! - Joe

I have no doubts now. I know with this support system and Dean's strategy I will. I make sure that I am doing something towards my goal everyday. Even with the losses in my family this past week. I must keep stepping foward. It only takes a second for negativity to step in and try to change your direction! So a constant flow of positivity action on my part is important. Much success...........Lubertha

Keep the faith and keep moving foward. As you have stated a positive attitude and Dean's techiniques and strategies will get you there. I always enjoy going back to review Dean's books because there are always more concepts, tips or techniques that give me ideas on what else we can do or be trying next week. Half the battle is having the confidence, courage, and desire to make a difference and the other half is taking action to make it happen. I know you are there and success is soon to follow. Best wishes. Believe and Achieve! - Joe

Thanks for the vote of confidence. Just a few hurdles to get over this week. But still moving forth! Looking forward to what Den has to say this week. Hope to have a good response from the real estate club meeting next week. Continued success to you. Thanks again!.......Lubertha

Dear Joe and Others

I am curious to know if you are finding it more difficult after locking up an REO property with a bank, finding investors or retail buyers before your time is up with the bank?

We currently have three deals accepted with banks for REO prop's, but are having a bit of difficulty getting an end buyer to finalize the deals. It seems that there is a lot of inventory out there and investors are being selective. Are you seeing this?

One deal we have, the prop is a fixer upper, but there is close to 100k in equity after repairs. I thought this house would be my first sale for sure, but it looks like i am going to loose it back to the bank since my time runs out this week.

I thought the tough part was going to be getting banks to accept our 50 to 60% off offers difficult, but it seems that I am averaging one out of every 13 offers accepted at this point.

I feel like the wind is taken out of my sails since I am putting so much time into marketing, research, attorney fees (to review offers and contracts) & offers, when we read others putting only two hours, three hours and closing deals .. I'm not giving up, but is anyone out there from the NE area having the same issues?

Congratulations on taking action with these REO offers. Every situation is a learning experience and you may learn a lot more about your local area and REOs each day. You are taking action and good things should begin to happen based on the knowledge you are gaining.

In regards to the current REOs you have, look at running ads in free places such as Craigslist, try to find some equity partners, or attend and approach REI club meetings. I went to a REI club last week and they started the meeting with anyone that may have a deal available to share with the group.

Do not lose faith and just make necessary adjustments to your plan as you move forward. Another approach to consider when making offers is to try to have an exit strategy with a "Plan B" and a "Plan C". In the event the plan does not work, you may have these back-up plans.

The one offer that you have with the bank expiring this week, see if they will extend your time. You do not know if you do not ask. Also, is there any chance these banks would finance your REO? Ask and see what happens. Some of the small local banks may consider this.

Also, see if you can find a partner if the property is a great deal with around the $100k in equity. Once a partner makes a good return they may be pressing you for more deals. Good luck. Believe and Achieve! -Joe