Anita's REI JOURNAL

I looked up tax accessors records and called part of my team that works for title company and had informal search done early yesterday. No - no one was at work but she did it for me anyway. never owed a dime on it and grand daughter just wanted out. She truly is not the property owner type. She figures a tenant should be satisfied until the roof falls in on them.

I will tell you this. Get online with your local MLS and do searches like I also do. But never search for n=more than 100K. I come across all knds of deals for 49K, 54K, 39K and such. This coming from an area where housing prces are still well above 175K. Mostly vandalism and abandonments where vagrants have taken over but clean it up and put a few dollars into it and it competes with comps in same are. Dont discount the MLS.

so any ole title co would be used to find out what is owed on a prop...do they charge for that info?

D I can usually get my realtr to do it. But I know that he uses Chicago Title - So I am looking into subscribing to them online myself. But this girl was a part of my team and even though it was a holiday she knew what I was trying to do so she pulled it up for me. But to answer - yes any ole title company can do it. Wether locally or elsewhere but pretty soon I will be doing it myself

then I can call the Anita tilte co. soon....

also how do you find out what it can rent for?

CLOSED
____________
5 SFR (Single Family Residences)
1 SFR (jointly owned with sister) in Scottsdale, AZ
2 4-units Quad plexes

PENDING
____________
12 Unit apartment complex
4.5 Acres of vacant land
1 - SFR on 1.5 acres

I am calculating my net worth right now but this is a summary. Take not that all of this was acquired in last month and a half and mostly with NMD (NO MONEY DOWN) but through some VERY creative thinking and a great push of inspiration from you guys.

So for all of the nay-sayers out there on the NMD concept - again I count you wrong and again I will tell you that if it had nt been for Dean's book I would still own nothing and would still be sitting here wondering how I was going to make ends meet next month.

Right now I have an active cash flow of a little over 5K a month but a few of the properties like 2 of the house, I am rehabbing right now and the apartments (quads) are empty but will be lease in next 60 days.

Anita... This is RIDICULOUS!!! (And I mean that in the best possible way.)

You are almost motivating me... and that is like impossible.

Please.. PLEASE post more details.

1) How are you finding these deals? (From what I have read realtors were involved in at least a few of them.)

2) How are you structuring them so that they are NMD.

TIA,

Mark

And again I refer to Dean for this one. He is big in his book about finding out what makes the owner tick. What is their magic button or need. Find that out and it will be a great start to a great end. I also have no problem just coming straight out and ASKING for them to carry it and I als have no problem pointing out the problems or issues with the property in exchange for the requested down payment. Doing that also gives me instant equity in the property or rather sweat equity.

Mark and everyone else if there is one thing that I learned from Dean and that book BARM - is that if you dont ask you will never receive. So I ask and what is the worst they can so? NO? then I ask someone else.

And again I refer to Dean for this one. He is big in his book about finding out what makes the owner tick. What is their magic button or need. Find that out and it will be a great start to a great end. I also have no problem just coming straight out and ASKING for them to carry it and I als have no problem pointing out the problems or issues with the property in exchange for the requested down payment. Doing that also gives me instant equity in the property or rather sweat equity.

Mark and everyone else if there is one thing that I learned from Dean and that book BARM - is that if you dont ask you will never receive. So I ask and what is the worst they can so? NO? then I ask someone else.

nice Anita, 5k a month income would put me at ease from me loosing my Job in Aug.

I also would like to know marks question...
(2) How are you structuring them so that they are NMD

I ask for it. Either I trade out the down payment for work on the property or I have gotten them to write it back into purchase price and do an all inclusive. But mostly the work exchange because the properties that I did this with were very distressed visually but sound structurally. The owner knew they could get more but did not want to put the money into it to fix it up, but wanted money down. So I exchanged DP for the work in property which was specifically outlined in agreement to purchase and with a promissory note and quit claim attached or rather left with escrow company. So if I did not fulfill my obligations per the purchase agreement as far as making the repairs in a timely manner then the property reverted back to the owner. So to them it was a win win situation. They were going to profit either way. One one of the others I asked that the down payment be wrapped back into the purchase amount and I pay it along with note.

question...why would the owner care if you fixed it up AFTER you bought it? They sold it...

It's security for them if they are carrying paper on the property ie they foreclose on a property that is in BETTER shape than when the sold it.

thanks mark...ok....did Anita have to point that out to them or did they know this. I mean the average seller wouldn't understand that...right

also how do you talk an average seller into carring the note...I know I wouldn't want to do carry it

See thats where we differ

I dont really look for REO's or foreclosures, my thing is FSBO and those properties that have not for sale signs up but are distressed.

And yes I pointed this out because this is how I WANTED IT. Again if you dont ask you wont received so I ask and then I explain why I asked them. I make good points in explaining that if they want to sell it they are going to have a hard time unless that want to fix it up some more and sometimes a lot more. More than likely they dont want to put a dime into it and will take my offer hands down once this becomes clear.

And I am sure you would not be the average home owner that I look for. Again I look for the owners that have reasons to sell not just selling because they want to. With the proper motivation and incentives you can make deals work that you only dreamed about.

Well last night was great and I enjoyed it very much.

I have been up since 4am so I have been really busy. I prepared 8 REO offers for my realtor to submit today. I talked my mom into partnering with me and getting a conventional oan approval (just for the purpose of locking up the deals) and I put my offers in.

I low balled almost all of them awaiting a counter back from the bank.

I will pst the updates on those and all of the info on them as I get the respnses back. My neighbors across the street wanted to move to San Diego and I offered to do a lease option on ther home, they turned me down then he comes to the door this morning around 7:30am and ask if I would be interested in doing it now. I look out the door and there is a movingvan across the street - they are moving today. Apparently he did not sell the home like his aganet promised she would do.

So I asked what he had in mind. We talked for a while and came up with a 1yr lease with option at 12 months at purchase price of 265K (its currently appraised as of 5/15/08 at 304K. I told him that because of the short notice I had nothing to put down on it. He told me he would forego the deposit for the lease if I put a tenant in it that would take care of it. They did a lot of great work on the yards and inside the home. The home is 2640 sq/ft and 5br/ 3 bath and built in 2005 just like mine. BTW I had him in on the conference call last night so that may have pushed him a little.

Anyway we agreed on a note of 1500.0 monthly with 350 month going toward DP for 1 yr, then I would finance it out at years end, but I have additional 1 year option if needed. He will be back in town on tomorrow and we will sign all of the paper work then.

Well thats been my morning and its only 8:50 am here.

Ok guys somewhere in here I told you about the 8 offers I put in earlier this week well 2 have been accepted so far. I requested the 90 day escrow and got it, neither offer was countered and the offers I gave were pretty low:

Asked Offered FMV (now) ARV
----------- ------------- ------------ ----------------
89,900 54,800 74,600 175,000
154,000 99,000 120,000 225,000

There were all REO's and comps support ARV. Now that I have them locked up I am looking to assign them for 30K over what I offered on each, that would still bring both in under value and give new owner a heck of a lot to work with. All are located in Southern California

Ok I already had two accepted and my realtor just caled and said that 2 more were pending - so I will wait and see how they go. Not pending on me but prior offers.

Bank countered on 3/2 1205 sq/ft I bid 49K they countered at 79K..lol.. original price was 79,900...wow big diff. So I countered back at 56K final. Considering it had been on market for over 6 months they should be glad to sell. No other offers because garage roof collapsed. So, I wanted it. won't be too big of a job and when I flip it I can sell for 170K at minimum.

The others are all awaiting bank response so I will update you when I hear something.

Great job Anita. I had the book for 2 mon. but now I will go out there and start moving my butt. Thanks for the inspiration. I hope you can help with my deals. Keep posting yous success. Thanks again.

Standing ovation for you... YEAY, GO GIRL!!!

That is awesome, I wish my mom would loan me 100k or someone would LOL, maybe one day someone will. I have a finance question. My credit is great but i am on a fixed income, need some capital to start. Now hard money i am alittle leary of them because it is only for very short term correct? Plus finding one in wva would probably be hard. Thanks Anita

That is fantastic. congratulations.

Submitted 16 offers

4 Accepted
5 Dropped (already in escrow on another offer)
2 I am in backup position
Waiting on banks to respond.

I ran a new ad on CL with my website listed and the leads have been pouring in from all across the country not just from my area.

I have been really busy lately trying to tie down some deals to re-assign but I am still working on the vacant land and the 12 unit complex. I talked with the lender on that and they finally decided to stat renting out the rental units so that someone could get financing for it. No other lenders wanted to touch it one they found out it was vacant.

I am meeting with two sellers tommorow on some FSBO's. Both look got heres the numbers on one.

89K asking
6K repairs
5% down
NMD
Wraparound mortgage - need loan to stay in heir name as long as possible, they are trying to buy another home and want no effects on credit right now.

BUY AND HOLD ON MONTHLY RENTAL
note = 634.12 month
potential rent - 1350.00 monthly
CASHFLOW - $716.00 monthly
INSTANT EQUITY = 118k
CURRENT APPRAISED VALUE 5/08 = $91,000.00
arv = $217,000.00

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THATS ABOUT IT FOR ME RIGHT NOW

Will post more later

16 offers? You wear me out just listening to you! lol
4 accepted! Congratulations, girl!

Rina

Which website the one from Dean or the one you got from Jason? Would you care to share the ad you used? Inquiring minds want to know... LOL!
(As if you don't share enough with us... Ha!)
Elena ;D

IT WAS YOUR AD!

The one that said I NEED HELP... INVENTORY NEEDED

No kidding? I told you that sucker works, good for you girl! I'm so happy to hear you have 4 deals, by the way, do you ever get any sleep? LOL! Well, I'll be heading back to Arizona in a few hours, I gotta pack and get ready for that 6 1/2 hour drive... YUK! But I'm sooo excited to get going with Real Estate!
Thanks to you Anita, and of coure Dean!
I'll talk to you all tomorrow from home.... YEAY!!
Elena

nice going!

i just read quite a bit of your journal, and it's truely amazing, it's really hard to believe that just from dean's book your life is like this, i mean, i would really love to talk with you again some time, have you made ANY BAD descions?, it's really insane how busy your days are, with just RE, your living my dream, i hope that i soon can do what you do, i would be a very happy man, SULLY.