Dustin

mhmi, What did you end up doing and how did it turn out?

Did that picture come from the producers in that movie "Cast Away" with Tom Hanks? That is what it reminds me of! Remember the end of the movie where he chooses a road? HEHE. The picture is interesting because, really, REI often places roads and choices in front of us. We must make decisions and choose the direction we will go.

Hi Lynn, I understand and agree... many do look without posting. I am guilty of the same at times.

Thank you MC, for your feedback! You have always been so helpful for so many people! I understand and agree about the tax assessors. Sometimes it can be as untrustworthy as Zillow!

I take that back, I did have a T/B but I ended up evicting (or at least threatening to) him for non-payment. The T/B part still scares me.

Hi MC, I am under the impression thus far that FMV might be around 220K. I need to really confirm it still. The tax assessor is showing market value at 219K for 2013 which is only giving me a ball park number to work with. I was reviewing other homes for sale in that area and the numbers are all over the place so I need to investigate further. My last lease option I did was to secure the property up front and my end-buyer ended up being a retail buyer with A+ credit so I have never had to put tenant/buyers in a property, lol. Heh. Regardless, this is making for good practice so far with more L/O deals. I can PM you as I gather more info.

Hi MC, The Oklahoma assessor is reflecting 219K from 2013 so I suppose that is a low end ball park figure. Exact figures will require me to do a bit more research at this time. I believe the 220K is about FMV, though. I am awaiting an email about PITI. In her email she dropped down to 200K for a quick close. I am still debating her motivation and if enough exists for a lease option but I will keep plugging away and see. Here is what she emailed me a few days ago: ----------------------------------- 3 Bed, 2 Bath, 2 Car Garage -2089 sq ft The inside is updated and there is a master suite that was added on in approx. 2003. The add on has vaulted ceilings, walk in closet and a large bathroom with a garden tub. It has a large backyard which is beautiful during the spring/summer/fall. The flooring is all tile, stained concrete and hardwood. It doesn't have a laundry room, the washer and dryer are in a little nook outside of the master suite. It is a quiet neighborhood, with a mixture of young families and older couples. It is located in the coveted Nichols hills elementary school district. Utilities: OGE electric, ONG gas, OKC water and the village trash No home owners association I'm attaching a picture of the front and a sketch that was pulled off the assessor's website. I still owe somewhere around $196,000, so my bottom line is probably going to be around $200,000 (for a quick close) -----------------------------Dangit, I sent her an email and forgot to ask if her payments are current and about any liens, lol. I will let you know. MC, if we move forward I might need to talk more in private. Let me know.

Hi folks, So... I was listening to some REI audio on Sunday afternoon. I overheard talk about craigslist leads and decided to pause my audio and go cold call. HAHA! So I found someone selling a home @ 220k in my area. I took action and called. In two minutes or so she dropped the sales price to 210K (Thats like making 10K in 2 minutes if you ask me). I believe she is looking to sell for what she owes-ish. I checked the records and she bought about a year ago for 220K. So 210K makes sense. Obviously little equity exists so I threw out a pure option strategy on a quick flip. This deal looks like a L/O deal or CA deal. I figure I will offer to do a cooperative assignment (CA). The house is in good condition and in an area that is upper-class. Average homes in my neck of the woods are like 80 or 90k. Mid range homes are like 100k to 150k. So 220k is up there. I am in Oklahoma. She just bought a new house recently in a different location so she faces two mortgage payments (I feel bleeding coming on!). I plan to offer what I can do and then let the house season a bit while she thinks about it. Afterwards, I believe the seller will contact me again if and when her efforts fail while trying to FSBO the house. She is not working with an agent because she does not want to pay 12k commissions (that would eat her marginal equity, right!). Worst case scenario is that the home will sell for the 210K minimal she is asking. At this point, I am testing her motivation. Oh, and, Michael... if you would like to do a long range deal then I am up for it and I think it would be FUN! Everyone let me know what they feel would be their next step if they were me! I need to return this lady's call in two days. She is under the impression that I am researching the property. I researched it in, like, 15 minutes. HEHE let the advice roll!

Oh, haha. I disappeared for a long time, have not posted, and was busy with other things. I enjoyed following up on the forums and seeing how folks are doing in REI these days. I am looking to make another push in REI this summer so I wanted to get back into REI chit chat! Glad you are doing well too!

Hi all! How has everyone been doing lately? I am back again. Ahh, I miss REI!

Salsadunes.... I would like to recommend a book to you. Its called "Think and Grow Rich" by Napolean Hill. You cannot always be on the forums but it is extremely important to stay focused and keep your mind on a positive level and even "fake it till you make it" if you have to! This book will help you with maintaining the kind of mindset and attitude it takes to make it through slumps and times in our lives when our vision of our future starts getting placed on the back burner because of daily struggles! GO READ IT! You can google it and most likely find a free Ecopy(Ebook) online somewhere. Start looking at this business like you would a job when it comes to daily routine... and look at it like a business when it comes to negotiating and "choosing" your income. In other words... work it like a slave daily but always be looking for opportunity and a chance to grow. I go through phases of learn... burn... learn... burn and so I basically work it and then self educate and repeat. Your attitude and mindset is everything right now! So go check out that book, stay plugged in to this community or local investors or something that keeps your mind on the proper level. Just remember... there are so many people out there doing this and there is no reason why you cant! NO REASON! Stop telling yourself "You will get a deal soon" and start telling yourself... "You will get a deal"! Dont think about the "time" just think about the "action". Do this and then when it happens... do it again =). It gets easier! I have flipped houses, lease optioned, Multi Investor-invested (burnt down house), and when your busy doing it... its an adventure! Stay plugged in though.... one way or another.... and in your down time... "LEARN". Hope this helps and even I have hurdles too after learning so much so don't get discouraged!

Hi MichaelC, I have been good... I took a break from REI for a while but always find myself back in the game because nothing can replace the adventure and, well, the freedom it brings when deals come through! I am currently working on more ways to get sellers contacting me because I hate putting out too much energy to find them, lol! Simplify, Simplify!

Hmm, I usually try to avoid messing with agents because they always put up road blocks but that is just me. Many of the deals that land in my lap, though, I can thank a realtor for it because the property had been setting a long time and the realtor didnt really do anything to move it. I flipped a home... one I mentioned here before, and it was on the market with an agent for about a year. I flipped it in 2 weeks to an A+ credit buyer. The deal was completed in 30 days total. If you are targeting a certain neighborhood for deals... its much easier to track homes that are with agents. If you let them become "seasoned" as in watch them and let the agent fail (not all will though)... after about 3 to 6 months you can start probing for the owner to respond to your creative offer. Personally, I start knocking on doors =). I have not been on here in a long while... how is everyone?

Thats not a bad way to go about it.....you do this even with a lease option?

Thats ok, I am assuming , though, the taxes would be paid and kept with the owner just like a regular stick built at least until the option is exercised. No need to make things more complex.