Barnes Investment Properties Journal

I am a self employed Information Technology consultant that recently got effected due to the economy. My Contract was cut short which has left me without a job for the last month and a half. ON the bright side, this is the first vacation I have had in about three years.
While searching for another project(job) and studying to bring some of my certifications up to date I happened to get up early one morning and saw the infomercial. I was skeptical at the time and busy with my other studies so I kinda blew it off. A week or so later I caught the last half of the infomercial but was still a little hesitant, but started thinking about it. I decided if I caught the infomercial again that I take down the number and would order the book. This time, however, when the infomercial came on I not only ordered the book but I DVR'd the infomercial so I could share it with my wife and adult kids.

My credit is pretty wacked, I don't have a lot of money to invest due to no work and no pay but reading both of Dean's books BARM and PFRERN, I am hoping to at least atain some passive income. I plan on using the IEE for the first few deals to get some seed money and then buying some rental properties to atain the passive income.

It is 4:12am on 5/11/2009 and since I was unable to sleep thinking about starting my new journey, I decided to start work a little early. Today is the day that I take charge of my life and start building a brighter future. OH, and yes I am still looking for a job so I at least have a documentable income until this takes off.

I will be working on the Robotic marketing system and building my team this week.

Wish me luck!

Status from yesterday and today:

Yesterday, Set up COAPhone Robotic marketing system, created some forms and did a little research. Also reached out to a couple of my contacts to get some information. Accountant and current landlord who is also an investor.

Today, Did some more work on the COAPhone, created some more forms, Posted some ads on craigslist. I also created some more letters and sent out some agent letters to all of the real estate agents in towne. Sent some mortgage broker letters to about five companies(seems there are few of these left around here) and found another realtor investor site.

I found a deal in another town just down the road. 3b/1b ranch. FMV is 50k, sold for 60k in 2007. needs light rehab(Roof, etc) of approximately $7500 and price is $14,750. I would like to lock this one up as my starter but do not know the neighborhood. will have to do a little footwork first.

Any thoughts?

If FMV is 50K after repairs I would think I could get 80% financing of $40k, Have a contractor do the rehab for $7500 I should be able to walk away with 17,750 in my pocket.

Option B would be to lock it up for the 14,750 and sell it for 19,750 and let someone else do the rehab! and I walk away with 5k.

Does this sound right?

I think I have accomplished a lot this week.

I got 3 buyers, 1 Seller and an RE agent to represent me. I have also done a little Bird dogging to practice up on some internet skills.

I started posting flyers yesterday and will do some more this morning after I take another nap!

Sleep seems to be hard to come buy right now due to the excitement. I just hope I can keep staying this pumped and not get deflated.

Wish me luck!

Got a mortgage broker yesterday and put out some more fliers today. I am really struggling with the fliers finding places that actually have bulliten boards to post on.

I got a list from the realtor of about 19 properties to look at. Will try to get a round to them tomorrow and see if I want to put an offer on one.

Tony you are starting off great. Keep it up and you can exceed your goals of 1-2 years even. Don't give up

Stephen from MA

Had an IT assignment today that lasted half the day. The other half, I started driving around local neighborhoods trying to find some distressed houses. I stumbled upon a company from the next town up that seems to be buying everything in sight, rehabbing and then charging an arm and a leg. They currently have about 12 houses in my town for sale doing the rent to own method. From what I have seen they have been holding the houses quite a while since they are priced so high!
Hopefully I will be able to find some properties before they snatch them all up. Hopefully they will have to slow down a little until they can sell some of their houses.

I found one house that was built by a builder. wanted $135k for a 2bed 1 bath house with 2car garage in a neighborhood that typically goes for about 40-70k.
Found a couple for rents and a couple fsbo's but did not have any luck contacting them yet. I also found about 3 houses that were overgrown, checked and saw taxes were up to date and found the owners names, but I have not found the contact info yet.

That seems to take a lot of time. Got to figure a way to make it faster!
Not sure where to go from here, need some guidance. I also had the next installment of my CCNA book come in and need to start studying that so I can get my IT job back on target.

So much to do, so little time.

Very well said, thanks for sharing.
You have done an great job.

Florida Closing Cost

I have been pretty busy. I don't have any deals going yet but have been looking very hard!

I attended a Personal Money Lender webinar on Wednesday, I ordered the book "How To Get All The Money You'll Ever Need" by Alan Gowgill.

Yes, I am still looking for a regular job as well and may have a couple interviews next week.

It looks like I have quite a bit of compitition in my area so finding the deals may be a bit difficult. I think I may need to rely on the local newspaper and get some advertising to bring the people to me.

Thanks for the votes of confidence.

This seminar covered the different things to look for when looking at a house such as the electrical panel, the roof, etc.

The seminar was pretty informative. They also had tips on how to fix some of the problems. I took three pages of notes.

Over the weekend since it was a long holiday weekend.

I looked at about three houses on Saturday and volunteered at a church doing some video cabling.

Sunday I went out riding the scooters with my wife and we spied a house that was all grown up but did not get the address.

Yesterday I vegitated all day long due to the overload of all the stuff I have been reading lately.

Today, I drove back out to the house we found on sunday to get some information and left a card on the door. It looks empty so it might be a shot.

Also had a lunch meeting with another area investor(My Landlord)and discussed some of the things I was looking into. He may be able to help me get in contact with some private money lenders. It seemed like the lunch went pretty well and he seems really interested in helping me find contacts.

I guess I need to come up with a new theme song. In my IT world, my nickname is ITMAN and the theme song was Here I come to save the day! You know that ITMan is on his way! LOL

Congratulations on taking action with your real estate investing efforts. Each day can be a challenge but you learn more each day that better prepares you for the next day's challenge. Best of luck on all your real estate deals! Believe and Achieve! Indiana-Joe

Have not made much progress this week but I still keep spinning the wheels.

I looked at a house in Dayton but now the person is not returning my calls. I think I am going to birddog it to an investor down there.

I have looked at three houses that are all listed for 89k, I think they all need about 24k in repairs. Would like to offer on the but don't have any private money to do the repairs. I would probably offer $40k for each one.
Two are bank owned and one is an estate sell.

I am going to look at a house in trotwood today, Seller wants to move and not leave the house. He bought it for $35k and says he has finished the basement and did some other remodeling. Wants $60k but haven't asked what he will take yet.

I almost had the deal in trotwood locked up for 60k. Nice 3 bedroom house with full partially finished basement. Had loads of potential. I had inadvertantly left my contracts in my other vehicle when I went to talk to the person so I couldn't lock on the spot(Lesson Learned). When I went back with the contracts, the guy changed the price up 5k and did not want to sign a contract. I think he owed back taxes and did not want to admit it.
He mentioned he wanted the buyer to pay all taxes. The auditors website showed $2500 Due.

Well, I think this is one to walk away from and get the next better deal!!!

Offered 37,5 for two of them with 24k for repairs and 37,5 for the third one with 16k for repairs. Seller financing on all of them with no money down.

I doubt any of them will fly, but you never know unless you ask right?

I may offer on two apartment buildings. See this thread for details.
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

I didn't get the three houses that I bid on last week. I am only getting a few new houses a day from the realtor. I have expanded my onliny advertising to some more free web based ads.
I have a few bandit signs out now and am getting ready to do some advertising with the local paper.
But, What I am really excited about, is I got my Private Money Lending course in and have went through it this week. I have picked a date for my Seminar and plan on holding it within the next month. If everything goes well, this will give me some money to work with the realtor on the REO property thast the banks are not wanting to finance with me being off work.
I also may be getting another IT contract next week to help tie me over until I can pull this all together.

Working for success soon.

I got a new I.T. Contact last week and it took me to Ny/PA area for work so I didn't get too much accomplished. I am still working on my Private Lending seminar which will be held on july 9th.
I Still have not been able to find a deal that I can make work but that is not keeping me from trying. Hoping it all starts comming together soon so I can switch over to this job full time.

lately. The J.O.B. has been taking an immense amount of my time. Been traveling to pennsylvania and then working double shifts.

I have a free private mortgage lending seminar this week so I am only working two days at the I.T. Job. I hope to secure some funds and get the program off the ground. I got a We Buy Houses ad starting Wednesday in three local papers, Got the COAPhone all set up to sift and sort and if I don't get any funding through the seminar I will be using the other techniques that Dean has taught us to aquire properties.

Wish me luck cause I need all the help I can get to get this going!

The out of town job came to a screeching halt last week when I threw my back out and was unable to work. I was down for a week just barely able to walk.
This week is going better. Trying to get the REI career kickstarted with the downtime from losing my JOB.

Frustration:
It appears that every time I find some properties that I want to make an offer on my realtor drags her feet until I lose the deal. Could she be stealing them out from under me? or is it just because I am new she doesn't think I have anything to offer?

I am determined to make something work but have ran into a slump where I am unable to get the phone to ring with any leads. I have spent numerous dollars on advertising. I have only found about ten places that would let me post flyers. What else is there to do?

My realtor who said she would work with new investors will not even submit any deal that is not 100% funded up front.
So here is what I plan to do. I still have my houses ad and signs out. I will try to generate leads that way. I still have my poortal with the realtor but instead of just looking for deals that I know she won't submit, I will be sending postcards to all of the expired listings in hopes to generate some leads that way.

Any other suggestions on how to get leads would be appreciated.

The deals that I do find through my realtor, I will drive by and get the listing agent and see if they will work with me for the double commission.
That way, I don't waste my realtor's time as she put it!!!

Sounds like you need a new realtor imo.

I think I will be on the lookout for another realtor.

How did your private money seminar go?

It went pretty well. Met a few people, had a wonderful dinner. Got a few prospects for later on down the road but nothing for now. Rhe big thing is I learned a lot what not to do the next time.

I am using the Alan Cowgill Private Lending Made easy program.

Trying to find one that will be open to creative deals.

I have contacted one today that said he works with investors and sent him a questionairre. Time will telll if he fits the bill or not.

I got my first property locked up on contract. Now I just have to figure out how to get it sold within the next two weeks.

It is a great positive cashflow property for someone.
It is a 2/1 home in Troy, Ohio. It is currently rented for $500 per month and it is listed at $27,300. Taxes are about $570 per year. It is assessed at $39,000. Homes in the area are going for $57k and up The zillow estimate on this house is 57k.
I currently have it listed on all the free websites as an investor special and also on my webbsite.

Congratulations for taking that step it looks like a great deal!

Thats great news! Keep us updated on your selling of the property!