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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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Categories
Kids Short Sale Deals Short Sale Investing

Short sales and kids and hospitals, oh my

Woohoo! GOOD NEWS to report to myself (and you all) today!

First, the property that I was describing that goes to sheriff’s sale tomorrow? Well the first mortgage called me this morning and said that it’s been postponed until January. Her and I chatted a bit and we both don’t understand what the 2nd is thinking at all! But I’ll keep trying to give them some facts to make them listen to reason. Still haven’t had luck getting in touch with a supervisor per Cory’s advice.

On a personal note: Brandon was released from Children’s Hospital of Philadelphia yesterday. He still has an awesome sense of humor…he texted me asking if I was gonna have dinner waiting for at home when he and his mom (Kathy, my significant other) got there. Then he said he was only kidding cuz he knows I’m a horrible cook. (I’m not THAT bad though.)

They still don’t know what his therapy sessions are going to look like yet, but he still is not allowed to go to school yet. Oh and he’s in full force with his texts asking for songs. (Since he’s been in the hospital I’ve been downloading him songs and making cd’s for him.) So, we’re currently working on a new one for him.

Ok so, I have to work on getting in touch with Loss Mit. Supervisor for the Exeter township house. I also REALLLLLLY need to get my sub2 property sold (that I bought on 9/28.) I’ve been getting a lot of headaches lately and Kathy thinks it’s because I don’t have that property sold (I tend to believe her about medical stuff since she’s a registered nurse although now she does drug studies for cancer medications.)

Also, I had a guy that I spoke to months ago call me today for help. I honestly think I may be able to help him KEEP his house, but I’ll know more after I talk to him in greater detail today. I don’t know what has happened over the last couple of months.

And, the deal that I have 1/2 going on in Oxford?? Well I got the agreement of sale signed but nothing else really. The lady had to go back to work so didn’t have time to get docs notarized. I keep calling the husband but he hasn’t called me back. Well he did call me back once to tell me that the key to the house will be in the mailbox waiting for me and all of the docs I need from them (tax returns, etc.) will be in the kitchen. But I told him I still need to meet with the wife to get stuff notarized and I haven’t heard a peep. Maybe it’s cuz of the holidays???

Anyway, gotta get going now as I’m going to watch Andrew today. Andrew is my best friend Donna and her partner, Colleens adopted lil baby boy. They brought him home from Guatemala on October 11th 2007 and ever since I met him I’ve been hopelessly in love with him. Seriously, I would love to spend all of my time with him. He’s awesome. And he’s made me do a lot of soulsearching actually. I REALLY need to get my shit together with this real estate investing because one day when I have a kid I want to be able to be home with him/her every day. I don’t want to have to dread getting up and kissing my kid good bye so I can go to work at my JOB for 8 hours. Nope, I don’t want to do it. And I have to ENSURE that it never happens!

Oh and Andrew, he turned 1 yesterday hehehehe….God I love that kid. I really have never felt this way about a kid before….I mean I get along with ALL kids. Always have, always will. But I’ve never been a big “lil” kid kinda person, if you know what I mean? But I’m definitely a HUGE “lil” kid Andrew kinda person. I’d seriously do anything for that lil guy.

andrew at christmas 2007

Adorable ain’t he? That’s one of his xmas pics for 2007. Sigh…..guess it’s not a good idea to steal the kid of your best friend huh? lmao Btw, I’m just JOKING (well not really…ok ok yes I am, I am.)

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Categories
Random Ramblings Real Estate Investing Short Sale Deals Short Sale Investing

Starting a real estate investing blog

Well I decided to start a blog after checkin out the WI girls blogs and Stephs….and Patricks. I figured this would be good for me to help get things on paper errrr computer for me to see. Ya know? Maybe some lightbulbs will go off when I do some re-reading and also I can keep myself accountable. That’s the plan anyway.

Since I’m sittin at the hospital while Brandon (significant others son) is sleepin and I have nothing else to do so I’m gonna do this for a bit. I may get sleepy shortly cuz it is 1:40am. Btw, I hope I’m doing this right…..can anyone see this?

I’m a lil frustrated by that ss that I posted*. I’ve invested a lot of time and energy in it since August. Grrrrr and now the 2nd won’t even counter cause they are going to the auction! The numbers don’t make sense to me so I don’t see why they are going that route…but what do I know?

Here the numbers:

1st $130k
2nd $ 40k
Back Taxes $14,400

Repairs Needed $10,000 to $15,000
ARV $185k to $199k (it’s been fluctuating with the market, but mid 190’s is probably accurate.)

I only offered 2nd $1k but could do as much as 10k and I have an investor that would pay $160k to 165k…..

The bank didn’t even do an interior bpo! I have no idea what they are thinking. The interior would have come in I’m sure at around $170k to $180k and honestly that’s too much, imo.

Well I’m gonna follow Cory and Shauns advice from the forum and see how that pans out.

I got another deal brewing but I forget the numbers right now cuz well it’s 2:15am and I am sleepyyyyyyyyyy. But boy does it suck sleepin on this uncomfy couch in the hospital.

Oh and for those that inquire: Brandon will be getting out of the hospital on Dec. 5th. Then he’ll have to go to outpatient therapy daily for a month, then he MAY be able to go to outpatient therapy 3 days a week and school 2 days a week. We shall see.

I’ll report back soon and give ya the numbers on the new ss I signed up (half way.) And I gotta talk about my sub2 deal more……….that thing is freaking me out!

*This is referencing a post I made on flippinghomes.com

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