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Court Date and Security Guard Run-in

Well my court date for my eviction is scheduled for Wednesday morning at 11:15am. I’m seriously thinking of selling the place if it’s in decent shape, which I have a feeling it will be. Even though I’m pissed at my tenants for not paying, they always kept the place immaculate and even added “home” touches to it.

Starting October 1st, Kathy and I are going to go through a major shift in our finances…..we are going on a major budget to pay off of debt. Speaking of which, did you read this post by Shae that will help you get out of the rat race? Shae is the one who helped me with the actions that Kathy and I will be taking come October 1st. (P.S. Shae, I hope it was ok to say that lol)

My thinking for selling goes like this: Do I want to have a crap load of debt and collect $300 a month positive cashflow from this place? or Do I want to sell it and get rid of 1 huge debt and possibly another big one? And then work on bigger and better streams of positive cashflow? (Btw, that $300 goes right out the window when you have to evict a tenant 1 time.)

So the jury is still out with the rental property. But funny story, last night Kathy and I went to fill the strip club. Well it was Race Weekend and the place was PACKED. And I mean PACKED! There were guys all over the place and security guards all over the place. Some guy stopped us walking in and asked “Have you been in there?” And I said “Tonight? No. Why?” And he says “two women unattended…it’s probably not safe.” I lol’d and said “we come here all the time, we’ll be fine.” I should have said “I know the owners, all the girls, the manager and the tallest, badest security guard in there.” But I didn’t….

Now this was the first time we went there where there were more security guards there than their normal guy. The first security guard stopped us to try to make us pay, until the BIG GUY that we know pushed him away and said “they’re the atm people, let them go.”

Then we walked right over to the atm, right passed a gigantic security guard (one who was never there before.) We noticed the machine was unplugged (i.e. it was out of money so the owners unplugged it.) Well Kathy leaned down to plug it back in and little did we know but the gigantic security guard was following us and at this point he went for Kathy (it seemed) and said “leave it plugged in.”

Well all I could do was react, thinking this big guy was going to grab her or something, and I stepped in and put my hand around his HUGE arm (ladies and gentlemen I couldn’t even get my entire hand around his arm lol) and I squeezed realllll hard and said “BACK UP…it’s our machine.” Kathy looked at me and looked at him and he just said ok and backed up and went back to his station lol

After that split second I thought to myself “holy shit his arms were huge and he could have crushed me like a bug!” But of course, we don’t think of that stuff when we’re trying to protect our loved ones do we? Anyway, as we walked out the security guard came up to me and said “sorry about that.” I told him no problem.

Then Kathy and I thought and said to each other “hey, at least they are watching our machine!” lmao So I have to say that once again, I’m happy to be alive and so glad that mr. bad ass security guard didn’t crush me like a bug. hehehe

Kathy and I went and saw that 4 unit that I seen already….we will be making an offer on that cock-roach infested place tomorrow. If it gets accepted…the private money hunt will be on. We’re actually going to be making like a $35k offer, I’m thinking…place needs some work tho….plus 3 tenants aren’t paying so we’re going to have to account for evicting them and only getting 1 months rent while we work on the places to get better tenants in. Wish us luck!

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Debt Random Ramblings

Job Opportunities? Ughhhhh

If you’ve read some other blog posts of mine you’ll know that I was coming to the end of my deadline where I needed to get a j-o-b if I didn’t buy a multi-family property soon. Well I’ve pased that deadline, obviously, and I’m not excited about it but I’ve been looking at jobs.

Part of me feels like it’s taking a step backwards but in a sense I know it’s not. Here’s why: I’m in debt. The only way I could literally survive is to go into MORE debt. And that, imo, would be taking an even major step backwards.

So I think I’d rather take a small step backwards and get a j-o-b and get the bills paid again and start getting the debt paid off then go toooo far backwards in the damn hole. Know what I mean?

As a wise man told me and I won’t mention any names (Chris) but I’ll paraphrase..he said something to the effect of: you can’t really expect yourself to go wholeheartedly into finding, negotiating and going through everything involved with buying a multi-family property when you are worried about paying your bills. You have to take care of your immediate need first and then you can proceed with the need of building passive income by buying multi-families.

And you know what? Chris is absolutely right. Seriously, mentally my finances will screw any type of negotiating I’m trying to do. I will appear desperate for a deal and I’ll appear desperate to sellers, etc. I wouldn’t be operating in my best mental state. I know this but it did take a very long phone call with someone to really hash through things and figure them out.

Still I can’t help that a part of me feels really shitty, but not as shitty as the part of me that wouldn’t be able to pay my bills next month would feel 🙂 Btw, I’m not blaming anyone at all for this situation…it’s my fault 100% and therefore I take the full responsibility of getting myself out of this suck-ass situation.

Soooo job opportunities. HA! Well let’s just say there are a lot of minimum wage paying jobs out there. And a lot of jobs that want you to work A LOT for a little bit of money. Work nites, work days, work weekends, work holidays. For someone who hasn’t had a “real” job in a long time this is NOT FUN AT ALL.

I’ve been offered 3 jobs so far:

1) Retail job paying 7.25 an hour plus commission (commission structure sucked btw.)
2) Retail job paying 10.50 an hour plus commission (boss seemed to be a real gung-ho a-hole who would be on my a$$ 24/7. Not really the type of job I’m looking for.)
3) Collection job paying 10.50 an hour plus bonuses and commission (oddly enough I’d be ok with this job because it was a set schedule and I’m not looking to become a millionaire off of a gig. Just pay my bills, pay off my debt, and be able to just come in, do my job and leave. Because of course, you and I know what my real goals are….doing what I need to do to buy a multi-family.) Plus, they have 6 different schedules to choose from. I’d probably opt for the one that works 4 ten hour days. For obvious reasons…to have off friday through sunday to put towards investing. (note: I start this job on June 14th if I want.)

Now….my 2 other job opportunities are with:


Yes, the first one is with BMW. I’d be an internet sales coordinator. This one I’m excited about because it involves the internet and helping advance their internet division. Which if you’ve been reading my blog at all you know I dig the internet, blogs, and all that kind of stuff. Plus, the pay is better than 10 bucks an hour…it’s still not great. Maybe like 40k??

Oh and I like the General Manger of the company a lot. He’s a goal oriented type of guy and now while he’d make me write goals towards the job at BMW, I would definitely piggy back off of that and be doing my own goals for multi-family. Which I already do, but I think having him being a “goal” type of guy would help with that plus just have a friggin job would help with that too because I already know it’s going to be such a different life than I’m use to.

Next job opportunity is with…..

boa short sale neogitator

Yes ladies and gentlemen it is for a short sale negotiator with Bank of America. This one I’m intrigued by for obvious reasons; it’s in real estate, I’ve negotiated successful short sales before for real estate clients and I’ve negotiated short sales (not successfully) for my personal investing purposes and I’ve done 3rd party bpo’s and so on and so forth.

This position is through a temp agency. Get this….BOA is looking for 500 short sale reps! Yep, 500. I’m in the 2nd wave, so hopefully will have an interview next week. This is a straight up Monday through Friday 8 to 5 type of job. I like the mon through friday aspect but the hours leave no room for let’s say going to the court house or things like that?? But that’s ok. I can manage in other ways.

Pay: 17.25/hour. And you get a “case load” of files to work. That’s exactly what they said. This is an 18 mo to 24 mo. gig. If BOA likes you and they still need people in the position then it could be permanent.

I like this one for obvious reasons but I don’t like this one because well I think it will be hectic and stressful and just dealing with folks in this type of situation isn’t always fun. I think they want you to try to keep folks in their homes if at all possible.

Sooo that’s it for now. Tomorrow is my 3rd interview with BMW. Geez…you’d think they were hiring me to do a million dollar a year job, eh?

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A lot happening – networking is king – a job, maybe?

I have a lot happening lately, which is good, of course, but unfortunately I haven’t closed on an apartment building deal yet. Patience I know…and I have found out they may take a wee bit longer then your typical single family deal.

I’m being a tad bit impatient though because I really don’t want to have to get a j-o-b! Know what I mean? I will though if I have to…I mean if it’s necessary to help take care of my family while I do the apartment thing on the side then it’s ok. That’s not the worse position to be in (it may seem like it because I’m not your “normal” type of job person…..but it would only be temporary.)

You might say “well why don’t you wholesale while working on apartments?” And I’d say that’s a fine idea, but realistically to be successful at wholesaling you’re busting your ass and networking and marketing and doing all of the things that I honestly, want to spend my time doing with apartment buildings.

Sometimes I have that conversation with my self and it makes sense and other times it doesn’t. But the big key is, just because you have a deal under contract when wholesaling does NOT mean you’re necessarily going to bring money in (deal could fall through for a number of reasons, etc.) And if that happens, well that doesn’t do the whole family bank account much good 🙂

Trust me, I am not dissing wholesaling in any way shape or form. I made some decent money as a wholesaler but I also remember that to make that decent money I worked my ass off. Not that I’m afraid to work my ass off anymore but I want it to be focused on apartment buildings. The goal: to accumulate enough apartment buildings that throw off enough passive income for me to live off of and for Kathy to live off of and quit her full-time gig (Remember my F R E E D O M post? That’s what it’s all about. ) Passive income does not happen from wholesaling.

So my idea was to get a silly j-o-b that I would just go and do my time (like a prison sentence, right? lol) and have normal set hours so therefore I could manage all of my apartment buildings activities around those set hours. And at least I’ll get a lil bit of money coming in regardless (that is probably until my ass gets fired lol because I spend too much time on real estate hehehe)

If anyone sees a flaw in my thinking please let me know. My debt, folks, is really pissing me off and really determining all of the moves I make. I don’t know if you remember, but I “borrowed” enough money to live off of for 3 months in hopes that we’d get an apartment deal by then……..well I’m tired of paying nearly the minimum on my debt and I’m tired of being broke all of the time. I know a j-o-b is not my end goal, but I think I may be considering it a stepping stone to at least allow me to put a crap-load more money towards paying off my debt while I work towards my passive income goals.

Btw, yes the atm’s are kicking it, even the new one….but still, doesn’t throw off quite enough for me to live off of completely yet.

That’s the bad news, but now for the good news. I’ve been a networking fool lately. At toastmasters, whenever I meet folks and definitely at that tradeshow I went to last week. I think I may have found myself a new private money lender at the tradeshow (we’ll see,) I found an awesome contact who referred me to a property manager and the property manager was fantabulous and she referred me to 2 commercial brokers and told me she’d keep me informed of any properties that she hears coming on the market.

A lady at karate last week saw my WE BUY HOUSES lettering on the back of my car and asked for my card. She called me last night. We spoke. They owe more than their house is worth….I told her I could probably make her an offer and do a shortsale but she’d walk away with nada. She understood and said she’d talk to me in the future when they saved enough money to move out. In the meantime, she tells me about a 12 unit apartment complex near us that she’d like to move back into because the rent was dirt cheap. She tells me that the landlord tried to sell the complex before but the deal fell through. The owner since moved into a retirement community. Of course, I talked to her about that complex and she said she’d get the info for the owner (since her mom still rents from her) and give it to me so I can call her, plus she’d pass my info along to the owner as well. Fingers crossed!

Toastmasters meeting tonite again and I’m bringing Kathy with me aka dragging her kicking and screaming with me! Afterwards, we’re going to drive by 2 properties; a 6 unit and a 12 unit that aren’t far from there. If we have some interest in the neighborhood, which I’m sure we will, we’ll make appointments with the brokers and put in LOI’s.

Friday, we have a 3:30pm appointment at Starbucks with a broker I met at the tradeshow. He knows of a 45 unit property that will be coming on the market sometime soon in our area. And I know, I don’t drink coffee…lol but I like Starbucks’ banana nut bread and their strawberry banana smoothies. Yum.

Saturday, I still have to confirm, but may be seeing a 4 unit property. Monday have an appointment to see a 2 unit property. These are all smaller than I’m really interested, but I don’t think it hurts to practice. These gave from my mailings.

Just got another fax back form from my mailings of a lady that has a 10 unit. We’ve been playing phone tag tho. Sent out 255 pieces, 9 came back undeliverable and we got 5 responses so far; 3 by phone and 2 by fax back form. Just over 2% response rate. Not as good as the last piece we did.

Tomorrow we are going to a Chamber of Commerce mixer to see what we can make happen. It’s $10 for non-members. We still don’t know which chamber to join yet. So we’re just going to the free events and any of the cheaper events for non-members.

And today, I’m going to have Kathy call our next potential private money lenders to set up a lunch appointment with them tomorrow or Friday (those were the folks who were excited to do real estate deals with us but went on vacation.)

Soooo things are definitely moving along, but I don’t foresee an apartment deal by next month, so that’s why I mention the j-o-b thang.

Over and out for now.

P.S. If you haven’t check it out yet, do me a favor and check out my shorter private money pitch and tell me what ya think!

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Debt Random Ramblings

The shit’s hitting the fan now

Well coming home from our Halloween party tonite Kathy and I had a little tiff. I say tiff because we don’t fight and argue and things like that. We actually have a very, very solid relationship and are very big on communication (well let’s just say I am and she never was but she’s doing famously with it after 3 years of being with yours truly lol)

Anyway, she told me that she wanted me to keep doing what I was doing when I wasn’t doing real estate for the past year (which I’m decent at, btw) because she said it’s like guaranteed money for me (it’s not guaranteed it’s 100% commissioned sales) but she feels comfortable with me doing that because she knows that a) I can do it and b) it’s a quicker sale than real estate.

I informed her that I’m getting tired of doing it and that my heart is really in real estate. She (and here’s really where the shit came) let me know “yeah but you stop doing that.” I kinda got pissed off…….to me, and yes I was getting defensive, it made it sound like she was saying that I start and stop real estate and then start and stop. I don’t…..I had a horrible moment, ok a year long moment, where I let my mind get the best of me and I stopped doing real estate, but I’m over it and I’m ready to rock and roll. No bullshit. But I did get pissed at the comment.

She said she didn’t mean it the way that I took it and that she’s just very scared and nervous right now because she’s not going to have a guaranteed pay check anymore and she’s going to actually “TRY” the 100% commissioned sales thang as well (she’s actually pretty good at it too…I got her into it and was leary about if she had the personality for it, but she’s pretty decent.)

Btw, I feel where she’s coming from because she has A LOT more bills then I do (i.e. in way more debt plus 2 kids.)

Anyway, I can definitely feel some stressful moments and some shit hitting the fan moments going on in our household while BOTH of us are self-employed. But hey…ya never get rich working for someone else, right?

Any advice is surely appreciated by the way. I’m off to bed…..she went to bed a half hour ago and I was down here figuring out expenses we could cut, other extra ways we could make money, figuring out the bills and figuring out how much money we’d prefer to have each month (so we could put 20% of it away for certain things plus pay the bills plus have a decent amount left over.) I’m not really a fan too much of working just to pay the bills. Makes no sense, eh?

Then I figured out with the 100% commissioned job what we’d have to do to make that money…….now all I have to do is fill as much real estate in as possible because I promised Kathy that I’d still do the other thing while getting my real estate up and going again, but once I started making consistent money in real estate that other thing was going to end. She felt better with that.

I just don’t want to hold myself back…..but I also don’t want her to get super stressed out because I KNOW that this must be really hard for her….I mean this is a whole new world for her so I want to kinda make the transition as easy as possible………ok I’ve rambled enough sorry……I’ll go to bed. Good night and Happy Halloween everyone!

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Debt Real Estate Investing Wholesaling

Debt- the good, the bad, the ugly.

I’m not a fan of debt. I know you’re probably thinking well who is Carey? The truth is most of the people in the U.S. are….if you want to get technical about it, right? I mean most of us (and them) are in debt, right? So they are fans of debt.

I am not a fan of debt even a lil bit but I’m seriously pissed off at myself BIG TIME and I’ll tell ya why. If you hit the rewind button on my life you can be taken back to a day when I had bad credit and a shitload of debt. Financially, let’s just say times were sucky and stressful. Ever been there? 😉 Now if you fast forward a lil bit passed this time frame I got my proverbial shit together and I was 100% debt-free (except for the mortgage on the house I lived in) and I had a 740 credit score. I was super proud of myself because I worked hard to get out of debt and to build my credit. Problem arose when I was an idiot about my money at the time…here I am, completely debt-free except for a $535 mo. mortgage payment and I was making at least $50k a year but ummmm I had nothing to show for that? Instead of being smart with the money I made I was an idiot and nowwww fast forward to my life now.

I met a wonderful, beautiful, smart woman in Kathy and after 2 yrs. of dating we decide to purchase a house together. It was a bank REO which needed a complete makeover and although we got into our $240k-$250k home with $0 money down well neither one of us had the money that was needed to fix up the entire house (plus moving costs, etc.) Sooooo here comes the friggin debt again for me because I was a dumbass with my money the entire time I was debt-free. Grrrrrr!

Nowwww…..wanna know how much debt I’m in? $34k!!!! Mhm…..yep….and I can’t even tell you want most of it is for, actually I can’t tell you what a lot of it is from but not all of it. I mean included in that $34k is a few atm’s and even tho I’m including them in the overall figure they are actually paying themselves off, if that makes any sense. $34k of fixing up a house, vet bills, trips, etc.

And ya wanna know something? I got no one to blame but MYSELF. Yep, I take full responsibility I was an idiot, I’ve been an idiot and I am still an idiot….but it’s time to put on my Smart Girl hat and quit with the idiot bullshit because I know better.

My goal is to get out of that debt by this time next year. So in order to do that I’m going to have to pay $947/mo on my credit card and then $1886/mo on 2 lines of credit (one business loc that still has real estate shit on it and one home loc that has the biggest chunk of the 34k on it.) I say $947/mo on my credit card because I just got a 0% balance transfer rate on a card until 4/2010. So I want to pay it off by then.

Once that comes then I can add that $947/mo credit card payment to the lines of credit payments. This seems like a daunting task on the surface but if you sit down and think about it logically well that’s just 1 wholesale deal a month!! Right? I just have to work my ass off to ensure that I get one deal a month. Btw, these numbers don’t include my normal living expenses in regards to my home, insurance, food, etc. That’s all extra!

I think I can do it…and I’m going to take action to ensure that I do it…and even if it takes me 1 1/2 yrs. instead of 1, I’ll still be tickled pink. DEBT is my driving motivation right now…..I want out.

Kathy doesn’t understand this burning desire of mine because she’s never been out of debt her entire adult life…..I told her that once she gets there, she’ll never want to go back. It’s a beautiful thing that I miss. Plus, I like to think that I’m a hell of a lot smarter and wiser now, so once I’m out of debt my money will definitely be used in ways that will ensure I don’t ever have to go back there.

I don’t know if you guys (and gals) ever read Secrets of the Millionaire Mind by T. Harv Eker but I do the jar system that he talks about (although I use different bank accounts instead of actual jars. We have actual jars tho for Kathy’s 9 yr. old son and 17 yr. old son tho.)

I’m feeling good about all of this and I wanted to share my story with everyone so you know that yeah, I’ve done deals and I’ve made money in the past in real estate and used the funds stupidly but now I’m going forward to use the funds for a real purpose now and that I am human and I do FUCK UP! (and it’s ok if you do too, just please, please make sure you learn from it.)

Oh and for the record the $34k figure does NOT include my personal residence mortgage or rental property mortgage. I’m not too worried about them at this time, just want to get rid of that big $34k figure and then I’ll tackle the home mortgage (the rental one I’ll let the tenant pay off for me.)

If you guys want to share your motivation for paying off debt or anything like that, please feel free to. I think it’s beneficial to write it down and especially to tell others about it, kinda makes ya more likely to hold yourself accountable, ya know?

Flippin’ Carey

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