Carol Stinson's Journal... From Rags To Riches! Well almost...

Carol, you and so many others did the same for me. And look how many more lives have been touched by your story!
It is an honor to walk with you and build others up together as they start the journey. (we'll keep lots of stepping-stones on-hand. )

I love the thought of stepping stones being laid beneath each step. It is like there is a bunch of mud and goo that is in the way of each person trying to succeed. There are obstacles of fear, negativity and life in general that can be like sinkholes in the ground that can make you slip. Sometimes those walking cannot see what they are getting ready to step into because this is a new traveling road to them. But we do because we have already walked down that muddy road so we can lay a stepping stone (our knowledge and experience) under their feet so they can continue to walk towards success.

That Rina is what you did for me!

After accepting an offer that I could not refuse from another DG member I agreed to try to wholesale 2 properties that were not in my market area. One was not even in my state...lol!

Where was I going to find the buyers? I have buyers in my area but where do I find buyers in North Jersey? Nearly 2 hours from me? I felt like I was just starting out all over again building my buyer's list. So I began doing what I knew how to do. I posted on craigslist etc... then a new member from DG that I have been mentoring had an idea! He began searching the Real Estate Services section of craigslist and found all of the ads that say "I buy houses". He emailed them the property info and WALLA! We had buyers calling in no time. It was awesome.

Then we did the same for the property in NY and again WALLA!! We had buyers calling us. Needless to say that the property in NJ now has a buyer and we are waiting for him to return the signed assignment contract. The property in NY well that one is more of a challenge but we have allot of buyer activity and hope to have an offer by Monday.

This challenge has led me to believe that I can wholesale properties any where in the Country with internet marketing. I never really thought about flipping houses out side of my area but I am now considering making this a habit

Check the Real Estate Service section of craigslist you may just hit the jackpot!!!

I am now where you once stood just trying to figure out the crazy business of real estate investing. I am slowly understanding the landscape of my surrounding too. It's awsome to read what others are saying also. I do still find myself asking myself question in my mine but I know I can come on to the DG site and find someone either talking about something I am thinking about or Just touch on a topic which lights a spark. God Bless you. Thanks ED

I've read through your journal and visited your sites. It's truly amazing how far you made it. This journal not only inspire us, especially newbies, but also documents your techniques and approach. Thanks!

Recently, I've finishing reading Dean's book and start to search and do some homework myself staring from my surrounding.

Here comes my questions:
1. How do you approach the owner for their ugly home? Any sample letter can PM me.
2. What info you have provide to your buyers from craigslist? and what to say?

I've bookmarked this post and will visit regularly.

Again, thanks for the wonderful journal.

-Kathy

For those with decent credit, 2 years' worth of decent income taxes, and want 100% financing, I came across these people. I have no connection at all to them, but they appear legit:

USDA is one of the only 100% financing Programs still available today. This is one loan, not and 80/20 or silent second and you do not have to be a First Time Buyer or Veteran to use it.

Over 90% of California is eligible for this Rural Program. This is not a “Farm” Loan or for agricultural properties. USDA is available in almost every county in California. New Homes, Bank Owned, and Short Sales. SFR’s, Condos and Town Homes, almost any property is eligible.

With a low 30 year fixed rate and no mortgage insurance, USDA offers a lower monthly payment than FHA or Conventional Financing.

There is no maximum sales price or loan amount. Family size and location of the home will determine how high they can go. Income limits are as high as $200,000 in some areas.

Minimum credit score is 620. There are no add-ons or increased rates for low scores. Credit qualifying is similar to FHA.

There is no limit to how much the Seller can contribute towards Buyers closing costs. FHA is lowering the maximum Seller Credit to 3%, depending upon the sales price 3% may not be enough. With USDA you can move into a new home without any money at all!

American Financial Network is a Direct Lender of USDA, so a 30 – 45 day Escrow is plenty of time. As a Direct Lender they Underwrite, Draw Docs, and Fund in house.

Visit their website for more information: www.usdaprogram.com

Remember, I have no connection to USDA, but as a Realtor, I have heard about these 100% financing for "rurals".

It is useful to read the journal of a rei from step one (getting started), to the stages of making their 1st deal and beyond. This journal is going to be a key player in my individual success. The blog page is packed with a lot of information as well. Thanks Mrs. Stinson for posting this great tool. And congratulations on all of your success then, now, and in the future.

P.S
I think I will start my journal today!

Post new comment
Your name:
realty2009
Subject:

Comment: *

Hi everyone. My name is Toni and I would like to take this opportunity to thank Dean for all that he is doing to help us and for the learning materials he has provided for us on this site. When I first logged on I had no idea how extensive the information was and the friendly correspondonce of everyone on the site. Sometimes I'm still amazed.

I have 4 boys, 3 at home, 2 teens and an 8 year old. After working in a nursing home for 12 years, in August 2008, I lost my job. For many months I was devastated and would actually breakdown and cry still in disbelief. I've had the desire for years to invest in real estate but I always felt like it was bigger than me.

I have finally accepted the fact that it was God's will for me to no longer be employed where I was working. I was definitely not happy. When I awoke in the morning I thought about real estate, during the day and even when going to bed, real estate was on my mind! As I submit this today for my DG Family to
read, I have committed myself to creating this dream that I have had for so long into reality! With my Lord leading the way I shall overcome any fears, any obstacles that my stand in my way.

I look forward to corresponding with you all, until next time. God Bless!

Toni

There is tons and tons of great info here on this site. Not to mention, there is great support from users and staff here as well. Make this site a daily adventure. Godspeed my friend.

Hi Carol,
You have done some amazing stuff and I love reading your journal.
Could you take the time please to tell me how you conversations go with landlords when you call on Fro Rent Ads?

I finally purchased my first rehab property. Settlement was on April 8th and my rehab starts Monday. I am so excited that I have finally taken the step to the next level. Though I have been wholesaling for months now I was afraid to take the next step. However I did it in spite of my fear... I Did it Afraid!

I am so glad I did!! This property is a great deal that I purchased for 78k, will put in 30k in rehab and put it back on the market for 179k. I could not have done this deal without Dean's help. I want to thank him for helping me through this one...

Great job. haven't seen you around much lately, But like you said fear is hardest part but you did the next best thing, You took action. Wish you the best of luck. i will try to call you next week.

Randy

Hey Carol that is awsome! I wish you the best on your rehab and resale.
Richie.

p.s. If you know anyone looking for a light rehab in Queens NY let me or Lea know. We have a SS that we partnered up on.

Congratulations on taking the next step in your journey. Continue to do it afraid.

Regina

Keep pushing forward.

Excellent! Even been afraid. Congats!

That is great that you have over came your fear and have taken the next step. You will do great on the rehab, you already have a good member of your team in place with your husbands construction company, This will be a great project for both of you. The best part is this network of DGer's who are at your disposal if you run into any problems. Everyone out here wants to hear about your progress on the house, and help you in any way if you need it. I am confident that you will be very successful at rehabbing, after all you have already mastered wholessaling. It is time to get your feet wet in rehabbing. Looking forward to reading the updates on your project, it will be fun and you will have a great sense of accomplishment and satisfaction when you get done with it.
Good luck
Kolby

As many of you know I have purchased my first rehab in Philly. The property is gutted and the new sheet rock is up. I am biting my lip anxiously awaiting the finish. I am going to list it in 2 weeks right before it's finished. Hope to get an immediate response, we'll see

I am already scouting my next Philly rehab project. Hope to get another great deal!

How exciting! You're moving along really well. We'll pray for a quick sale.

Carol,

Thank you. That's it, just thank you so much.

Your Welcome!

That is so awsome Carol!!! I hope it sells fast. It has got to be such a great feeling to be doing a flip on your own, would you have ever dreamed you would be in this position a year ago. congrats on all the hard work and accomplishments.
Richie.

I've got some Philly properties that are saying "Carol buy me" and I should be getting my hands on some Jersey City properties by end of biz today.

I'll give you first dibs

Freeindeed, I decided to start with you from the beginning your journal. Its amazing to see the rapid progress once you started to take action. I noticed you were mentioning a lot of people early in your journals (your realtor, broker, et) how did you find the right ones? Also, what kind of letter were you sending to property owners when you couldn't find a phone #?

Hi Carol,
I noticed you outsource your Tweets on your Twitter page. Can you tell me what virtual assistant you use to write your Tweets?? I know a few of the more popular Real Estate guru's also do this.

-James

I basically send them a letter that I buy houses in their area and I was interested in buying theirs.

Keep it simple and personal.

I am my own virtual assistant...LOL!~

I have just finished reading your journal and I want to say "thank you" for sharing your deepest moments and your bright successes. I have recently begun to read Dean's books and I was struggling with whether RE was for me at this time in my life. I am in my late 50's, widowed, an empty nester and I have certainly had my share of life's ups and downs, but...Jesus!! When I count my blessings, I think of my 3 wonderful adult children, married and on their own and 8 healthy grandchildren, with one on the way. I certainly have much to be thankful for and to look forward to. I want to leave them a legacy, ... "as a good (wo)man leaves an inheritance for (her)his children's children"...Proverbs 13:22. I want them to experience real and continued prosperity in their lives. I want my children to learn to create wealth by means other than the status quo 9-5. I know if they see me succeed at a business like this, they will be encouraged to step out of their comfort zones, too. I believe this is in God's plan for my life, as it fits in perfectly with the other aspects of my destiny. I know I didn't just come across your journal by accident, my steps were ordered. Carol, as I was reading your journal, it stirred up such a passion inside of me--WOW! I believe I can do this! I know within myself that I should be a REI and that I should start to do it now! Thank you again so much for sharing. I am very HAPPY for you and your success and I am just so EXCITED for me! May God continue to richly bless you and your family and may this decree be upon you -

"wealth and riches shall be in your house!"...Psalm 112:3
And you shall live like the days of heaven upon the earth...Deut 11:21

well i guess you're getting ready for the edge event,i so wished i could be there to hear you all speak and get the info first hand.unfotunately i haven't been able to close a deal to fund my trip fast enough.
well no sense worrying over it,i feel like if God needed me there i'd be there so the big man must feel i don't need it or i'm not ready but i'm just gonna trust in him.that being said you and yours have a wonderful trip and God bless.keep moving forward,rob

The Edge was an awesome experience! I learned amazing new ways to profit from real estate with NO MONEY down. All of my life I struggled to get by, living pay check to pay check and barely making it. I wish I would have knew about Real Estate years ago. But I guess all that matters is that I know it now.

I am not saying that money is everything in life, however the freedom and peace of mind of being able to pay your bills, buy things that you need and not have to feel stressed about how your going to make it tomorrow is priceless.

Both you and I now have the ability and the tools to make it tomorrow. I plan on trying every tool in my tool shed to see if they work. Everything that we learn will not be for us, but if we take one technique, one strategy and perfect it we will begin to see results. The Edge was overwhelming with information but someone said to me " There will be one thing that clicks and makes sense to you, run with that one"!

I want to encourage everyone to find that one thing that makes sense to you and study it to perfection and you will begin to see results. Don't try to take it all in at one time. Just perfect the one thing that makes sense to you whether it be wholesaling, lease options, subject to... whatever and make it your life's goal to perfect that one thing.

Tata for now!!!!

This journal is great.