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Everything posted by Dustin

  1. mhmi, What did you end up doing and how did it turn out?
  2. 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.
  3. Dustin

    Back Again!

    Hi Lynn, I understand and agree... many do look without posting. I am guilty of the same at times.
  4. 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!
  5. 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.
  6. 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.
  7. 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.
  8. 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!
  9. Dustin

    Back Again!

    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!
  10. Hi all! How has everyone been doing lately? I am back again. Ahh, I miss REI!
  11. 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!
  12. 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!
  13. 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?
  14. Dustin

    Mobile Home

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

    Mobile Home

    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.
  16. Maybe he wants the contract to expire for some reason and hes not telling you. This is the kind of guy that I would call up and ask to meet me in person somewhere comfortable and populated so I can look him in the eye and ask him "Sir, I know you have issues with all these applicants credit but I am getting the uncomfortable feeling that its REALLY something else...is this true?" Then I don't say a word. Truth comes out. I either quit working with him or make an adjustment. After all that effort... I would really want to know the truth (for my own experience). Is it sentimentality? lack of trust, or what?
  17. Craig...can you explain the trust some more and what thats all about? I would like to know and it seems interesting especially when you mention double layers of protection.
  18. So no new homes being sold and the work force is getting back on its feet? hehehe. So, the opportunity is with existing homes and lots of T/Bs will be coming our way!!!! WOOOHOOOO!!!
  19. Hey np, Hilton and thanks. I'm just passionate about ethics because when we start working in grey areas, man, it can get scary! You will love income from being in "control" versus doing everything for others' companies for sure. You also seem very busy doing many things....so try to keep your focus as well =). God knows I am too! Lastly....Ill take one of those wines in that pic!!!!!!!!!!!!!
  20. Hilton, just understand that what your doing with real estate now is where the real money is at. You have the "control" and your on the right track, however, when bringing your business to your job where there are brokers, agents, and the likes... you will get some conflict of interest and folks that say "no" and "not permissible" quite often. I would focus on operating under your LLC banner so you never lose your focus and keep a mission statement as well. The one agent who is "open" to what you are trying to accomplish is probably the only one I would even consider even slightly educating on the subject matter. It would be a networking relationship that may pay off down the road. You are in a position where you can easily break some laws though so you need to be very careful at this point on. When you start mixing brokers and agents and all these "Real Estate players" chasing that dollar on a single deal... things can get weird real quick and because of all the middlemen and knowledge at the table... the rules start bending and someone, usually the seller, gets screwed and you end up in court and everyone gets a "go to jail free" card. I have seen this in Texas and heard of it a couple other times and lastly, I had a friend who I almost had to smack him to get him to realize what he was doing was illegal...its that easy when so many parties have their hands in the cookie jar. DO NOT operate your deals under the banner of your brokerage, if I am understanding what you say correctly. Your probably just going to make less money but work harder. I admire how outgoing you are and the strong networking you do as well (I do it myself ALOT). Those are virtues that are better practiced while protected by your corporate structure (LLC). If any broker or agent is bringing nothing to the table... then they should receive nothing. If they are bringing "leads" then the payout for a lead can be figured without all the hurdles you appear to be jumping. Im sorry if my post is real long or if I seem to be speaking on the wrong subject with no correlation to your post. It just seems like your going to them for "permissions" that you should really never have to overcome. It worries me even more when you mention commission splits and referral fees. If your L/O transaction turns into you getting a commission split then I hope you have your licensing up to date and your clients are aware that you are a broker among all the other things. Now, its up to you to give full disclosure from the get go and can you see how things can get really hairy really fast? If your telling us you are "allowed" one broker commission free deal per year then, to me, it just seems like you got your eggs in too many baskets. Please dont be upset because Im really trying to understand and help from some of my past experiences and perspective. This topic may go a bit longer.
  21. I agree Tony, I also see SUVs from investors I work with and large 4X4s as well with their business ads plastered all over their vehicles,lol.. These guys usually do the buy and hold and work with banks though. I hate banks, lol. Speaking of banks, I have this phrase I have used for a long time, concerning their rules... and just about anything in life. Those who make the rules have a strong tendency to "win" and come out ahead. If you play by others' rules then you are bound to lose... so you make your own rules (not illegal I hope) that you may succeed. Banks have too many rules.... we make our own rules (via contract) when we use lease purchasing. Anyway, I digress.
  22. Hey Hilton... I hope you don't mind but I sort of Copied and pasted your ad in my local area to also test it and see if would bring some results. I had to edit it a little bit because I dont have my LLC yet. If you are not ok with this then let me know and I will delete it. I just don't have much time to set down and write one right now.... but I can later if you don't want me to use yours in my home town. Let me know... and your ad is good in my eyes. (hence the copy , paste). Later I will make one with graphics using photo shop like BEV does ! P.S. I have already had a reply within 4 hrs of the copy and paste from a potential T/B.
  23. I have someone who emailed me about his mobile he locked under a L/o. I have flipped them in the past but they were tied down according to FHA standards on acreage and appreciated just like stick built homes. His home is in a park and is more of a cash machine. He asked me about how taxes are paid on it and if its just like a car. No big deal but I thought I would ask someone here if they knew how taxes are paid on a L/O of a mobile that not classified with stick built homes? I told the guy its something he might need to research and possibly call specialists in that field. He wanted to know if taxes are paid on the rent and then on the sell or what? It seems Im ending up "consulting" my way to my next deal, lol. Thanks in advance.
  24. Happy B-DAY! Drink some wine for me!
  25. Its descriptive and seems like it would get the phone ringing. I especially like the last part where it mentions no obligation consulting. It really changes the mindset. I only hope its not too descriptive. Time will tell.
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