25 club Tom and Debby Journal

Put in more offers today.. got one that looks pretty good.. Really hyped!!

I know the feeling. Keep us posted!

OK guys. We are trying to do everything right and not let emotions play into our first deal. We got a counter to our offer but are hanging stuff and resubmitting. I sent pix to our contractor and hope he can take a look at it tomorrow so I can get all the figures together and make sure that this is the right one. My strategy is

find the comps for the area
deduct repair cost
deduct my profit
deduct my holding costs

this is my offer.. This is the formula I followed.. lets see if this is the one!!

Debby and Tom

Hey Rina,

we are so close to our first.. we have over 40 offers out but Tom is being stubborn on sticking to the 50% of cost rule (that's the accountant in him!!) that I think it is costing us properties now since they are are really dropped in price. I think I am getting to your point of view where I make the deal and then tell him how much I made!!.

lol. Hang in there! You guys are an awesome team. It's gonna work.
Of course, if you find an awesome deal on the side, along with a buyer, would Tom boot you out the door? I don't know what to tell you, but I know you're in it for the long haul, and it's just making you wring your hands in anticipation, you're SO ready for that first deal! Well, keep it up. You're probably closer than you think. And it will be a sweet reward for all your efforts!

God bless,
and hoping it will be SOON ,

Rina

There is a web site called www.packetel.com they only charge 4.00 a month and provide a number. Hope this helps. Continued success........Lubertha

Thanks for the information and its great to have that for the future when we are ready.

Paul T. La Moy

we are so excited!! we got our first offer accepted. We are preparing everything so we are ready to sell once we sign. I am so excited... we have increased our net worth by $70K with one deal!! Yahooooooooooo Come on 25 club .. where are you??????

Debby and Tom

Hey Guys,

Good job on the call. You have inspired me even more to kick it up a notch. I have one accepted offer and have more in the works. Very exciting to hear how you did. I was trying to remember who you where to see if we had talked to you at the event. We were pretty pumped up and this got us going again@@

Well guys.. I feel like we finally got over the hump. The first offer was accepted. I have had some great feed back on the property and the best part is I bought it for $20K!!! Yipeeee.. I am excited and now that we have started getting the team set and we just add a few more pieces to the puzzle.

Rina,

If you get a chance please call us. We are really pumped. We have an opportunity that may blow our socks Off!!..

Hey Guys,

When Dean tells you that you gotta be in the game to win he means you gotta play. That means getting the courage to go out and put offers on. Trust me.. it's just like your first kiss.. very scary but once you got one under your belt it gets much easier. I found that it really does make your life easier if you have a good Real Estate agent that gets what you are doing. I struggled once we got back from the event trying to find one and trying to put in my own offers but now that I have one agent that really understands what I do my life is much easier, the deals are much easier to find and make and she is calling me with opportunities instead of me doing all the work..

Got going... your life will change for the better and don't let the nay sayers tell you different. I can't tell you how many so called real estate investors told us what we were doing wouldn't work... well they were WRONG!!!

Congratulations, guys!! I am so excited for you! Give us some more details!I know you have been giving it your all since you got home from the EDGE. Sounds like all your hard work is paying off!

Rina

P.S. Not sure if I still have your number. Could you PM it to me? I'll be away for the weekend, but would love to chat with you on Monday!

I'm researching Self Directed IRA's and came across this thread. I talked to my financial advisor today and asked him to email me some info on them but he said I could only use my IRA to purchase other stocks, mutual funds, etc. From what I am reading on DG.com I can buy real estate. Is it true the real estate profits have to go back into the IRA? This would be a huge help to kicking off my REI career. Any info you or anyone else could send me would be awesome! You can PM me.

Thanks for you time

Ryan

I was refering to Anita's thread.

I just visited penscotrust.com and learned I cannot use IRA money for a business purchase, only a personal one. Kind of defeats my purpose.

Hi everyone,

well we closed on our first deal and have been ripping a tearing the insides of the house. it was a duplex and we are turning it back into a single family home. I am really excited since this will bring a better level of family into the area. the neighbors have all stopped by and they are also glad that we are converting this back to a single family dwelling. the best part is we are also having some of our friends that are retired do the remodeling work and they are loving it. they have been laid off for about a year and this is the first project they can sink their teeth into. sometimes I have to hold them back a little because they get too enthusiastic but I don't mind!! It is so great to see them working on something that they feel is worth while!! It is a win-win for both of us.. we also got an accepted offer on an old school house that we want to convert into condos so I am getting lots of quotes back on that.. it overlooks a river so the view is great.. just trying to tie up buyers for this. Also working on a bird dog for a friend.. found a really cute house that will give him 40% equity. another win-win if we get it.. it is so cool to help people and make money at the same time!! I just love it!!

You most certainly can use your IRA money in a self directed IRA to buy real estate. You can't take the profits out and use them ( this is considered regular income ) but you can use your IRA to build your retirement funds.

Hope that hopes.. if not post again and I'm sure we can get you the answer.

PS Rina, we are in Dallas this weekend.. will call you Monday.

well here is our weekly update. We have our first house almost ripped apart and are ready to start putting it back together. I decided to be the GC on this one so it is going a little slower than I would have liked since I have to get a bunch of quotes. I have had a hard time getting things done because everytime I go over there the neighbors want to talk to me. Yesterday one of the neighbors made a turkey on the grill and I had to go inside and do work there because they kept trying to feed me ( trust me I don't need it!!) Any way they are very happy that we are turning a duplex back into a single family home. It has really been fun figuring out how to solve some of the problems. I can't wait until it's done. Now we are also working on turning an old school house into condos. We were going to hire contractors but they make as much putting it together as I used working for a whole year. I think I will end up be the GC on this one too

Hey Dawn,

It is really fun putting down what we are doing. Some days it doesn't seem like I get a thing done but when post them I see I did a bunch of things.

Does anyone out there have a 1099 contract form I wanted to make sure that my 1099 contractors are responsible for having their own insurance and can't sue if something happens while they are working on my houses. Anything out there?

You may want to ask your contractors to provide you a copy of their "Certificate of Insurance" which summarizes the insurance coverages they carry and their expiration oftheir policies. I hope this helps. Believe and Achieve! - Joe

But I have some contractors that are just doing this until the economy picks up and then they are going back to thier regular jobs.

Wow - I just submitted our picture to Dean on his latest blog. Unbelievable that he may come to our house!!! We would love to get his ideas on a school that we have an accepted offer on. Whoever wins this is so lucky. Good luck to everyone!!

Debby and Tom

Sounds like things are going great! I'm so excited for you!

Rina mentioned you are conducting a seminar this fall, can you tell me more about it? We might have to drive up there to see you! How cool would that be?

Keep in touch busy bees!!!

Dawn

Dawn,

HI yes we haven't set a date yet but we will be having 2 seminars. One will be for people that want to invest with us and the other will be offering seller financing. I will post something on our journal when we get the date set.

Debby

Well we just did all the purchases and future analysis on our first property and with came up with a projection of between $15K and $30K (depending on how fast we want to get rid of it) not bad for a few weeks work!! We have 1 problem we want to throw out to our DG family. We bought a school house with great potential. Unfortunately it will cost us to get the building upgraded. Any suggestions on what we can do to stay afloat on this one?

Hi everyone,

I haven't posted for a while but that is because I have been really busy. I have my first rehab almost done. Estimates on profits for that one are between 420 & $30k Just on the sale. Since I'm offering seller financing the profits could go even higher!!!. Just got my first bird dog deal and with that the guy doesn't have time to rehab it so since I have the experience I am doing that also and making even more profit. I also just got an accepted offer on another bird dog deal so I am doing through it with the potential buyer today and hope to have that sown up soon. That will be my third deal and if I do the seller finance on two of them then it will be deal 4 and 5.. Also have offers out on a four plex and a duplex..sweet and the best thing is I don't have to punch a clock... yippeee... Dean I am going to be in your next book!!! That is my goal!!!

lovin" every minute of it

Debby