2 Success Stories
Hi Guys,
It is great to be back from my "30 day" punishment...Which I do apologize 
...It was probably a blessing in disguise because while I was "banned" I actually stepped on faith since I started fulltime as a REI since Nov 2003 and acquired a Subject2 deal which I will be closing here soon. Here is the scenario. Homeowner owns two properties, both are current...homeonwer has been paying on both mortgages for nearly a year. Property A was rented out shortly which is now vacant.
Since I did not know what my interest of the property would be, I did a 90dy option agreement with the homeowner in hopes to either sell it or rent. I was able to find a buyer in less than 2wks; thanks to my soulmate for putting the word out amongst his friends.
We will put the property in a trust and do a wrap closing.
My second achievement this month, well actually for June but just got the great news today...I was able to "save" a homeowner from losing her home. She was paying $1900 from another workout plan that was done towards the latter part of last year. Her original payment was $1035. After diligently working with loss mitigation they have agreed to do a loan modification on top of reducing the interest rate back to 7%.
I didn't make a $100,000 profit on my "first" deal...Thats coming!
However, I'm just relieved that I have broke the ice and got out of my seat and away from the computer and reading and posting...But just stepped out on faith and said, "I'm going to this NOW, not tomorrow, not a year from now, not even three years from now; but NOW!"
So for all of you "newbies" who are like me, just get out and get your feet wet.
Most importantly, use the tools thats provided here from TCI. If you have a potential deal and you are not sure about it "post" your questions and you will receive some good advice. And just with everything else, you still have to weed out what is "good" or "bad" information.
And it is TRUE, you can buy realestate with NO MONEY DOWN!!! I am living proof.
I thank all of you who have been so kind and patient to take the time out to read my posts even if the questions may have been vagued or even "dumb" to ask...You still took the time to advice me and it is greatly appreciated.
Thank you, thank you, thank you TCI members.
Please excuse some of the misspellings...I was quite excited and did not proof read before submitting...FYI to TCI I tried to "edit" and the system would not allow me. Maybe you guys are aware of the technical issues.
Hello Millionaire,
It's good to meet you. How did you find this motivated seller? Would you share your marketing strategy? How did you get banned?
Arb!
Hi arborlis,
It's a pleasure to meet you and thanks for replying. I actually found out about the motivated seller through another "investor".
I called to be of service to them and through our conversation is how I found out about the lead...It was actually a "God send". I contacted the homeowner met up with her and she was definately "motivated".
Initially, I posted the property on a few RE websites as a lease option deal and was in the process of creating flyers. I also contacted Section 8 which they faxed me an application...this would have been my last resort.
As stated above, my soulmate also was passing the word around to friends and then one of them showed great interest...We took him out to see the place and agreed to the terms.
I actually got banned by "spamming" :(
I had come across a business opportunity I thought would be beneficial to others and from my excitement....Well...
And hours after posting my success stories, a realtor friend stopped by and i told him how my day went and from that I've just received more preforeclosure leads. So, I'll see how these goes...I'll definately keep you guys posted.
Good fortunes to you...
God is so AWESOME!
I must give him praise because it is through prayers and diligence that has gotten me this far.
Quote:
On 2004-07-01 19:12, arborlis wrote:
Hello Millionaire,
It's good to meet you. How did you find this motivated seller? Would you share your marketing strategy? How did you get banned?
Arb!
millionaireinthemaking,
, I thought maybe you would have some good input on the details.
It's great to see you back. This post has been truly inspirational, especially to a newbie such as myself.
I just have a question. I've gathered that you tried to, or are planning to purchase pre-foreclosures using lease options. Am I correct? I'm asking because that is something I am interested in doing, and I'm curious about how that would work with no money down.
What I would do is set up the deal contingent upon finding a tenant buyer, then getting enough option consideration from that person to bring the loan current. But now that you're an experienced investor
WAY TO GO JO!!!!!!
<BR>
<BR>C-
_________________
Curt Pifer
President, iCoreCapital Consultants, Inc. DBA
www.ushomesavers.com and www.ushomesavers.net
[ Edited by cpifer on Date 08/01/2006 ]
Hi newcreation,
, I thought maybe you would have some good input on the details.
Thanks for your reply...I appreciate your comments...However, I'm by far an "expert" yet...But, I am working very diligently in that area.
Yes initially, my husband tried this with a couple of investors; back then, I was just a shadow...He was successful in orchestrating the deal, however made inappropriate decisions, or better yet too "trusting" and not "cha" in the deal...Therefore, I have learned from his mistakes.
Newcreation, most investors prefer to move the homeowner(s) out of the home and allow them to start anew...Me on the other hand look at it from another approach. Just like with any deal you must do your due diligence...and the same for the homeowners you are trying to help...This can be a win-win situation for the investor and the homeowner.
If you are planning on paying up the arrears and leasing the property back to the homeowner, then you must make sure they are in a much "better" financial position to do so...You must sit down with these homeowners and look at their overall finances (monthly expenditures/total income). And if the numbers work, then why not help this homeowner stay in their home and make money at that same time.
Everyone has fallen into hard times a time or two...and boy, I'm sure some of us who have the "knowledge" we have now surely would have done somethings differently way back when.
So newcreation, this is what REI is all about..."Being CREATIVE", being a "blessing" to others, enjoying what we do and making a little or lots of $$$$ at the same time.
My thing is, as long as I am doing the right thing and not "taking advantage" of others, then I'm not worried about the $$$$ because God knows my heart. I can go to sleep at night knowing that I just helped another person or family when another "investor" just looked the other way because of "greed".
I will be a "multimillionaire" and so will you "newcreation" if you keep it simple and be honest with yourself and others.
I hope I was able to clarify some things for you...If not, just PM.
God bless and I wish you extreme fortune!
Quote:
On 2004-07-22 12:58, newcreation wrote:
millionaireinthemaking,
It's great to see you back. This post has been truly inspirational, especially to a newbie such as myself.
I just have a question. I've gathered that you tried to, or are planning to purchase pre-foreclosures using lease options. Am I correct? I'm asking because that is something I am interested in doing, and I'm curious about how that would work with no money down.
What I would do is set up the deal contingent upon finding a tenant buyer, then getting enough option consideration from that person to bring the loan current. But now that you're an experienced investor
Thanks cpifer...
Quote:
On 2004-07-22 18:40, cpifer wrote:
WAY TO GO JO!!!!!!
C- :-o
Congrats!!! Way to go! I know you must feel wonderful!
I did want to comment on this quote:
why not help this homeowner stay in their home and make money at that same time.
from the seminars I've been attending they don't recommend letting the owner stay in the property after you've taken possession. Am I confusing this with foreclosures maybe? Something about letting them stay makes it easier for them to have redemption rights or something like that? PLease share what you are doing and how you are protecting yourself, I'd love to learn!
Congrat's again!
Ginnie
way to go. just keep on keepin' on......kenmax