25 club Tom and Debby Journal

Debby and Tom, Congrats on all of your projects "in the works"! It will be exciting to follow your success, which I know is gonna come fast and furious. I don't think you leave it any choice!

God bless,

Rina

Good luck on your recent projects. The condo conversion sounds very exciting and will probably be a lot of fun, great learning experience and an opportunity to make a very nice profit. Please keep us updated on the project and what you learn along the way. Good luck on all your future deals! Believe and Achieve!

Well we spent all yesterday talking to title companies and accountants. We asked our local account if they would be able to do the self directed IRA instead of going with the ones that I had found on the web. They are checking into it. One very interesting thing they pointed out was that they thought the 401k plan was over kill and way too expensive for a small company like ours. They felt that this was how companies like Guidant and Benetran make their money. We'll keep you posted on what we find out

Can anyone help me with this. I know that you can put your IRA money in a self directed IRA and use it to buy houses but my understanding is that then all the profits from the sale has to go back into your IRA and that you can't draw a salary from it or you will be penalized as an early withdrawal. We talked with Guidant and Benetran and they said they could use our IRA money but they had to start up a 401K plan in our C-corp. This is the most expensive retirement vehicle and it has annual fees of $800 to $1200. Has anyone done this? Who did you use. Any info would be appreciated.

thanks

Debby and Tom

well our first project just hit a glitch. We were hoping that we would be able to tie up 2 properties at no cost. now it seems like one of the properties in un-buildable. We will have to come up with some creative solutions to lock them both up now. Just put one offer out today and 2 more will go tomorrow. somethings gotta strike right. we have lots of other stuff in the works. Did anyone have their lawyer advise them that lease to own was not a good road to take. Ours said their were issues with them having ownership and if they quit paying you have to foreclose on them. Any thoughts?

I'm so happy to see you are posting in a journal now! It was great to talk to you! Sounds like you're moving right along! I was never told lease was not a good way to go. I would think if you check out your future buyer closely it wouldn't be as big a risk. Do you use WCCA? (Wisconsin Circut Court Access)
You can find out LOTS of stuff about them there!

Keep us posted K?

Dawn

Nice to talk to you too. We are negotiating with a guy to buy 4 properties but they would all be rentals. We want to find a property manager for that so we can concentrate on making more money while still having a cash flow. We leave for China next week so we will only be available for 2 weeks via email.

Love Debby and Tom

Read this statement! Taking risks are what sets us apart... Success is knowing, You were right!---ME
Does Tom know that he may be in...Trouble! Somebody has ?
Good post on The box is my friend, As you have heard...Think outside the box.
I said this before and it is not my saying(You will never catch me in copyright ?)My BLEEP are for business and my heart is for my family! While i am on a roll i would like to say...Time heals all wounds,I know you have no idea to what i just typed...I wanted to type it. Forgive me for going personal. Great account of your RE Investing.

randster
1stone--2birds

Thanks guys for sharing your experience in real estate. New investors like me and the rest of the newbies will appreciate it very much. I am also in the process of applying what I have learned from Dean's book. I have already a client friend of mine with pre-approved loan and I am so excited to look for a unit that will match their pre-approvd loan. Thanks Dom

We're excited too. we are working on lots of deals so somethings gonna work.. that's the key.. don't be afraid.. just put lots of offers out and something will happen

Debby & Tom

I can help you with more info on buying property using your 401K / IRA accounts. That is actually one of the topics of my meeting next month.

Hello Debby and Tom,

I hope you have a great trip to China and share some of your travel guide with us. Also, I hope you were able to work out a deal on the 4 rentals. The buy and hold investment tsrategy should pay off in a few years when the market rebounds. Good luck on all your deals. Believe and Achieve! - Joe

or should I say Ni Hai!!. Our trip in China was fantastic. I want to go back next year for the World Expo. It has gotten me fired up more than ever to kick myself in the butt and get moving!!!. We are really excited. We got the drawings back from the Architect on the condos. It looks so cool. The property dropped in price so it is going to be the least amount of our expense. These are going to be really nice condo's with each one having a deck with a view of the river.. I am so excited. Once we get the cost I will start looking for investors but I like the condos so much I wouldn't mind living there myself!!

Welcome back to the USA!!
I'm glad you had a good trip. Will you post some pictures? Just curious how did you find your architect?

we were lucky. we had one that works right in the next town with a good reputation. I'm not sure how to post pictures on here. If someone can tell me I will post a few.

Debby

It's good to have you back! I don't know how to add the pictures either, but I would love to see your trip!

I'm really excited about your "condo" project too! Now that the price has dropped, it's even a better deal!! Definetly keep us up to speed okay?

Dawn

what an awesome call Dean had. I got right off the phone and started updating my buyer list. It is time to beat the drums guys and make it happen. This market is not going to stay this way forever. We gotta do it NOW!!!

Good luck with you and your family. Go get your work done !!

warm regards,

Paul T. LaMoy

I know this is a REAL problem for some of you out there but I have 2 buyers that want a house by next month. The issue for one is the price.. I am still having problems finding her a house in her price range. The second one is the guy wants a duplex in a particular area. There aren't any for sale right now so I will have to find a killer deal on a house and sell that to him. Can't wait to do this!!!!

well I just sort of went off on the Dean's a women thing.. what the heck.. is that all the competition has to offer? I wouldn't care if he was! He is one of the people out their trying to help the little guy ( or Gal to be politically correct) Because of his webcast I went out and put 25 offers out. I also updated my list and put another ad out there. Still working on more things but come on guys.. this is a great opportunity.. just buy stuff.. in 2 or 3 years it is going to be worth much more than you pay for it now. My biggest question is since the prices are so deflated in the housting market does it make sense to pay full price?????

In Dean's book Star mentions that she is going to post the agent script for what to say to potential buyers so that it does not sound insulting to give a low offer. Can anyone help me find that script? I finally found a realtor that looks really promising and she would like to see it. Also the book says that there is something that Star posted to tell potential realtors that this can really work... anyone know where that is.. or how I can get ahold of Star and have talk to my realtor???

Debby

Well we put 25 offers in on Saturday. I have 4-6 more that I'm looking at but have to do the numbers. Just got what looks like it may be a good cashflow deal thrown in our lap ( yeah I know you're crying purple peanut butter tears for us right!) but hey that's what happens when the word is out there. I want to get as many properties as I can so when the economy turns ( and it will be soon) I am poised to let homeowners once again enjoy the peace of mind that comes with owning your own home.. We are working on another deal that is a really neat Victorian house that would be perfect for offices. the RE has been calling us every week and really wants to put the deal together so we'll see what he has to offer.

Love Debby and Tom

So good to hear from you. We still don't have all the numbers in on the condo project but we will see. The least it has done is it taught us a lot and has give us some great contacts for the future.

Love Debby & Tom

Hey hello out there. Where is our 25 club??? you guys have been way too quite.. I feel like I am the only one making noise here. Remember we gave the pinky swear that we would work on something every week. Come on guys what is up????

Debby and Tom

Don't feel bad and most of the people dont make any comments on my personal journals as well. Maybe they think ours is too boring for them. I see some of them get lots of actions.

Warm regards,

Paul

We have a property out east that we may be able to snag for a great discount. Are you in the area?

Yes i am in NY and not far from the city

Paul

anyone have a good outlet for a free fax #. I don't want to give out my home number and efax has a monthly cost.

or one of the other VOIP service providers. Or get a cell phone (w/inexpensive service plan) use strictly for business purposes.

Well we have tons of offers out. Waiting for answers back. Seems like RE is turning a little though. I have noticed that more people are putting offers in. Anyone notice this in their area?