The Journal of the Daily Adventures of Indiana-Joe

The Journal of the Daily Adventures of Indiana-Joe

Hello All DG Members,

I am very excited to be starting my journal today, 05-14-2009. It was only a few weeks ago, my wife and I got extremely motivated attending Dean's live event in Phoenix. I am still motivated beyond belief, weeks later. We have met so many wonderul investors at Dean's Live Gain the Edge Event and on the DG website. I want to thank eveyone for their positive comments and support. I look forward to learning and hearing about everyone's insight and deals and we look forward to sharing our daily journal of activities, as well. Have a great day! Believe and Achieve! Smiling

__________________

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Jamie and Bob

Hi there,

What part of Florida are you at ? Right now I am in Orange County, NY and I do have a house in Pensacola, Fl and will be back there this fall and no I am not a snowbird lol. I am here for business for the last few months and I am still young.

Have the greatest day as ever ! Smiling

Paul T. La Moy


Vern,

Thanks so much for the nice comments, we really appreciate it. Currently, we are desiring to purchase and hold these properties as rental units. When the market starts to get hot again in the future we may sell some of the properties, as Dean has suggested in his program.

If we are lucky enough to find 10 to 15 deals within a year that all cash flow themselves, say in 3 to 5 years when the market may be warming up (or hopefully hot) and we can sell half of them and pay-off the remaining properties and other debt we may have. Smiling At least that is the plan for now.

In the near future, we also hope to assign and flip some properties when the time and the deals are right. Thanks again and good luck with your real estate investing. Believe and Achieve! Smiling - Joe

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Hoosierman,

Thanks for the comments. I am mowing my lawn every 5 days, with no relief in sight. Smiling I hope you find time to get your lawn done too. You can mow your lawn and then create a frenzy on your block as each neighbor then must mow their lawn too. This will keep the HOA happy.

I like the title for the REO Adventure and the music would give it that little extra touch! Smiling Indiana Jones is always looking for the unique find and when he finds it or a gem (of a deal), he always does the right thing (the good guys always win).

In my area there are a wide range of ages of homes. Certain areas have homes built in the early 1900's or 1940's-1950, 1970's-1990's and even the 2000's. Thus, there are a lot of homes to choose from. Older homes can be good deals, but you need to be aware of the usually suspects such as lead paint, leaky basements, old roofs, old windows, old furnaces (or boiler radiator heat) and central air where applicable. Calculating the cost of repairs and the after repaired value (ARV) of the property is a must when trying to determine an initial offer.

The electrical service is another snake that can bite your profit line and bite hard in some cases. The electrical service in some older homes are still 60 amp service with fuses rather than 100 amp service with circuit breakers. Thus, these items should all be part of your ARV checklist calculations.

Now with that being said, I do look at homes in all age ranges, I just estimate high on repairs to older homes because once you start a project there may be some surprises you were not budgeting for. Thus, I would take the approach of looking at various age homes as long as the numbers and the deals make sense, but give yourself an extra cushion by offering a little lower on older homes to give you a little more budget to work with. The better the deal, the more options you may have to keep it, assign it or even flip it. I hope this helps. Good luck on all yoru deals. Believe and Achieve! Smiling - Joe

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Jamie and Bob,

Thanks for the comments and congratulations on reading Dean's books. Dean's books are packed with ideas, tips, techniques, and information that can provide you a road map for success. Florida currently has an abundance of available homes on the market with a good number of REOs, short sales, foreclosures, 2nd homes, vacation homes, etc.

I would recommend using Dean's techniques and you should be able to find several deals with no money down. Also, approach as many small local banks in your area and inquire about their REOs. They may be willing to finance 100% to get it off their books. Good luck with REI. Believe and Achieve! Smiling - Joe

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Wednesday, 06-17-2009

Hello DG Members,

I hope eveyone is finding some good deals and learning even more about REI. I received Dean's newletter today and we are eager for the conference call on Thursday night. I feel the excitement just bubbling over. Almost like the feeling of when I was young and went to sleep on Christams Eve and were thinking in anticipation of the big day! I can't wait to hear what is coming our way. It is better than the express train to financial freedom so be sure to register to be on the train! All aboard.....Next stop......financial freedom!

I heard back from the broker with the REO with the bad leaky roof. I offered under $5k and the bank stated they have multiple offers and would like best and highest. I decided to not make a best and highest because the home will need a lot of work and I am finding othe potential deals that need much less work.

An important tip to always remember is to factor in your carrying cost while doing a rehab. You need to still pay for insurance, mortgage, taxes, utilities, etc. with no rent coming in. So be sure to factor in the right amount of work and time when consdiering buying, fixing and holding a proeprty for rental.

Today, was also a great day because I was waiting on a UPS package to arrive from a friend. Through-out the day, I would check to see if it had arrived. My wife called when it arrived and I was happy because, sometimes great things come in small packages. I am going to look on-line for more deals, read a few more key pages in Dean's book, and look forward to a Terrific Thursday! Good luck with your REI and lets find some deals! Believe and Achieve! Smiling - Joe

P.S. Do not forget to save the date for Dean's conference call on Thursday, June 18th at 9 PM (e.s.t.)

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Hey Joe, Yes having enough

Hey Joe,

Yes having enough money to carry during a rehab is an important one. Don't know if you remember a show on TLC called Flip This House but a person would buy a house and rehab it and try to flip it before it got the better of them. People would run into all sorts of problems and they did low end to high end homes. I remember one home that was over a million and they redid some items and turned around and uped the price even more. But that was before the crash but I do miss that show.

I guess flipping isn't what it used to be but always enjoy coming here to read or listen to Dean's blog's and calls. Take care and enjoy to bad the weather has turned humid and what do I hear more rain? lol Smiling

__________________

Quote:
"In the middle of difficulty lies opportunity. Albert Einstein


Hoosierman,

Thanks for the comments. Yes, I do remember the show "flip this house" and I also watched another on a different network called "flip that house". The thing that amazed me about the show was how quickly they could bring everything together, sell the home and always make a good profit. Sometimes, I like to see the entire story even the struggles because you can learn from both.

I once heard the saying "you make money when you buy a house rather than when you sell it". I now better understand that saying. The better deal you get on a home will allow you to do more options. I believe there can be money made flipping a property like an average starter home, but I believe the greater opportunity is what Dean has discussed about trying to buy and hold properties, then selling when the real estate market goes up. But in the beginning, as investors are trying to build a portfolio, assigning, flipping or taking partners on homes is still a great approach. Good luck with your REI. Believe and Achieve! Smiling - Joe

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Thursday, 06-18-2009

The week is almost over and the fun part of thw weekend is near. I am planning on doing some fun things this weekend and want to have a fun Father's Day on Sunday. On Mother's Day the restaurants are all very crowded and on Father's Day the BBQs in the backyards across America are packed with family, food, and friends. So, I want to wish all Father's a very Happy Father's Day.

I am tracking a few other properties on my radar this week. I hope to hear word on one or two other offers that I submitted. I want to drive another neighborhood on Saturday and look at 4 to 5 other homes that I found on-line. I have notcied that homes in the midwest are selling a little better and I am not sure if it is because of the Spring-Summer weather, etc. Thus, I want to find a few more deals before the market warms up.

The bank financed REO deal that I have been working on is coming together. I expect to have the deal closed in a few weeks per a recent conversation with the Bank President. Good luck on all your real estate deals. Believe and Achieve! Smiling - Joe

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Thanks for posting

Joe, thanks for posting on my journal - your encouragement is much welcomed. Could you give us some advice on how to communicate with the Bank Pres. or the REO dept.? How do start off conversation and what do you tell them. I know Dean mentions this in his book, however I have heard of these "back pocket deals" elsewhere. Though the deals seem very lucrative, I have heard that you need to know how to talk with the banks' officials. If you would be so kind for your insight. Have a fun-fillied weekend, happy hunting.
Shawn


investorb,

The best banks to deal with REOs are the local small banks. When you contact the bank ask to speak to whom handles their REOs. Be sure to be nice and write down each person's name that you speak to. Once you get the REO Bank Asset Manager they may ask, how did you come into contact with me? Then you can state, well "Tom" suggested that I contact you. Names of other bank staff members that you speak to are sometimes key to "getting your foot into the door". Often a REO Asset Manager may handle the REOs but a Bank President will usually make the final decision on the final sale. Thus, find out whom the decision makers are by making as many calls as necesary.

Most banks list their REOs with real estate agents and then you will be able to find out the top agents in your area that list REOs and get on their email distribution list. Also, when you approach other real estate agents they can run a listing of all REOs in your local area of interest, just ask them to generate a report of REOs for each area you are working. The listings usually have the word "REO" or "Bank Owned" in the notes section of the listings. Sometimes you may be able to see the notes listing on-line and sometimes the notes are listed in the Realtor notes section which you do not see on-line. I hope this helps. Good luck with REI. Believe and Acheive! Smiling - Joe

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Friday 06-19-09 - Rain, Rain go away come back another day.

The midwest continues to get hammered by down pouring rain. Today we had high winds, down pours of rain and even hail. I can't believe how much rain we continue to get. The weather was so bad I did not even have time to drive by a few new listings. Thus, on Saturday I will need to get up a little early for a quick drive by a few new listings. I am working on a few new deals and had some additional tax deeds come in. Thus, I will be postings a few more stories in the next few days. Have a great weekend and good luck on all your deals. Believe and Achieve! Smiling - Joe

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Saturday, 06-20-2009

Had a great Saturday. The rain finally went away and the sound of lawn mowing through-out the neighborhood was the sound of the day. Had some time to drive a new and view a new potential investing neighborhood and look at some homes from the curbside that were FSBOs. I am tracking a few homes on my radar and still looking for the next great gem of a deal. I had time to stop at Lowe's and Home Depot today. I needed to pick-up a few odds and ends.

I also saw some good contractor trucks in the parking lot. Thus, the tip of the day, is you can meet and see a lot of various contractors right at the home improvement centers. Thus, you should always have a small notebook available to write down numbers and names of potential people to contact in the future to expand your professional contractor selection for futre projects.

Have a great evening and Happy Father's Day to all Dads! Believe and Achieve! Smiling - Joe

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Sunday, 06-21-09

We had more rain in the morning, but it turned out to be a nice day. It was overcast but nice. We had fun going out to lunch and then driving various communities. Since it was Father's Day, I was able to drive and have a great time with the family. We worked on a project this weekend that was a lot of fun and we all enjoyed. We are ready to hit it hard this week and keep the search going for the next great deal. I hope everyone has a terrific week. Good luck with your real estate investing! Believe and Achieve! Smiling - Joe

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Joe

Glad the rain stopped for Fathers Day afternoon and glad u had a good one too ! Good luck on your next deal !

Have the greatest day as ever !

Warm regards,

Paul


Paul,

Thanks for the comments and the good luck. I feel sometimes I need as much good luck as I can get because during the past wek we have had some bad luck that is tipping the scale. Thanks again and good luck on all your deals! Believe and Achieve! Smiling - Joe

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Joe

You are welcome !

Paul


Monday, 06-22-2009

Today is the day that summer traffic delays begin in downtown Chicago. The start of the setup for the "Taste of Chicago". This is a great food and entertainment event in downtown Chicago with tremendous Fireworks on July 3rd over Lake Michigan. The setup takes more than a week in the Grant Park area. The city closes a numberr of streets and Lake Shore Drive is like a parking lot in the morning. Thus, my commute took an extra 45 minutes today and the event does not even start until Friday. The food and entertainment are great, but as they say try to take public transportation.

I had a great weekend and we looked at a few new listings. There has not been a lot of new homes on the market during the last few weeks and I believe a big lot is going to hit soon. Thus, I am gathering more information on neighborhoods in preparation of the new homes soon to be on the market. Good luck with Real Estate Investing. Believe and Achieve! Smiling - Joe

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Old adds character

I like older houses; they're some best build compared to recent construction (Newer houses).

Hoosierman wrote:
Your busy it looks like Joe and I can understand trying to keep up with the grass growing here. The rain just hardly ever stops and I got a note from my HOA about being behind alittle on that. This Indiana weather is always changing.

You have a great journal going but for some reason I always in the background hear that Indiana Jones music when reading it. Smiling

Indiana Joe and the Raiders of the Lost REO's or something like that.

But what is your take on age with the house?

My first house was a 1927 2 bedroom I bath bungalow with a full basement unfinished. Which cost me some to update which I am now selling to my brother. But this has put me on a don't buy anything old as you could get caught in a moneypit. My other houses are built in the 1990's but still wonder if the deal is good am I missing something?

Take care and keep up the great house buying!

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Atlcamel,

Thanks for the comments and insight. I think there is money to be made in any age of home. The older homes do have unque features cus has built in book cases china cabinets, etc. They have a little more charm, at times and it can make you think about another perior of time. The quality materials used say on an original wood floor sometimes is great. Thus, there are gems in every age of homes. Good luck with investing. Believe and Achieve! Smiling - Joe

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Tuesday, 06-23-09

Well, Tuesday was a busy day doingsome follow-up on recent offers and organizing a clsoign for the REO deal. I made a list of some things I will need to start on the cosmetic improvements of the home and I look forward to renting it. I had to contact several other folks such as our insurance agent to provide proof of insurance etc. I really enjoy doing the real estate activities and when ever you close a deal it feels like a great sense of accomplishment. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Wednesday, 06-24-2009

The day started out very hot and humid. The temperatures were in the mid 90's with a near 100% humidty. I do not know how some people in Florida or Arizona can deal with the heat. I know come January I would be wishing for whethr above freezing and be tired of the cold and snow. The day had heavy air and it wasn't even fun being outside. As I drove into the loop for work, there were more street closures for the upcoming Taste of Chicago event. I can't believe the traffic back-up caused and the added 30 to 45 mintues to get through the downtown area. Work went well and I was off and running to get home from the city. The drive home added about 1 hour because of the street closures, but I still had time to look at a few other properties. I am looking forward to next week because of the short work week and I can't wait for the 4th of July. It is a great holiday with parades, fireworks and BBQ gatherings. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Dealing with weather in Florida

we Floridians beat the heat by staying inside or near A/C (while out shopping), head to beach, natural springs or whichever body of water in near us!

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Atlcamel,

Thanks for the tips on beating the hot weather. Lake Michigan is lloking really good for after work plans. Believe and Achieve! Smiling - Joe

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Thursday, 06-25-2009

Well summer is here with a heat wave! It was another 95 degree day, hot and humid. A good day to get an ice cold lemonade and sit on the front porch and wait for the ice cream truck to go by! Unfortunately, I had to go to work so the only truck I saw were semi-trucks as I drove into the Loop. The Taste of Chicago opens on Friday, so I want to leave work a little early to beat the rush. We will be rushing out of the city as people rush in. I hope traffic is not as bad as the past few days. I may take off a few days next week because the traffic and crowds will be unreal during the Taste event.

I always try to look at least at one property per day either with a broker or a FSBO, or even a drive by and exterior walk around view. Today was no different. I went to look at a commerical building today. It has an assessed value over $600,000 and it has been on the market for over 1 year. This screams deal to me! The unfortunate thing is the property taxes....are you ready for this?...they are nearly $30,000. Yes, I said $30,000 (ouch).

Tip of the day always determine expenses associated with a property including property taxes. This is the primary reason the property has been on the market for over 1 year. The list price is under $300k and the broker feels a strong cash offer in the $150k range may get the seller's attention. Thus, I am going to discuss this with a friend to see if he has any interest. It appeals to me that a commerical building with an assessed value of over $600k may sell for 20 to 25% of its assessed value. This could be a great deal if the taxes can be appealed.

This evening we found a great surprise in our mailbox. An out of town friend sent us a very nice hand written note and it really made our day. It is so nice to hear from this friend whom we greatly admire. It is great how they can take the time to drop you a note and it brightens your day. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Joe you are the man

Indy, great work - oustanding. Getting a REO with 100% financing and at a price you wanted truly amazing. Thank you for sharing and inspiring all of us, especially me. Good luck with the commercial prop., if there is a way to make this deal profitable I know you will find it!


investorb

Thanks for the nice comments, congrats and support. It is great when persistence and hard work pays off. There at times you make offers and nothing happens and you just keep moving forward. When you get an offer accepted such as this 100% Financed REO, it motivates me to find a few more. Good luck with all your deals. Believe and Achieve! Smiling - Joe

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Friday, 06-26-09

It is great the weekend is here. As I left the Chicago Loop, the Taste of Chicago Festival was in full swing. You could smell the foods, hear the music and see all the people as they went to the fest. I have a busy weekend planned.

I want to look at a few more properties and look into some other financing for a few deals on the radar. At times you can find good deals that will cash flow and make a good rental but the financing can still be a hurdle to overcome. I have my eye on a real nice duplex in a vey good rental area. The rents are low and the unit has what most tenants want such as appliances, central air, yard, and a 2 car garage for each unit.

Thus, this duplex would more than cash flow itself, with a down payment, and the rents could even be raised to get closer to the market. I spoke to the owner about holding a second but he really needs to get totally cashed out for his own financial issues. Thus, I spoke to a very good friend that wants to get into real estate investing. I informed him that we could do this because he has the down payment available. It would be a win-win because we could acquire another building and I can teach him a few things about real estate. He needs to overcome his fear and we are to meet over the weekend to look at this duplex. I hope everyone finds some great deals this weekend. Believe and Achieve! Smiling - Joe

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06-27-2009 Saturday

The weather was in the low 90's today with a slight chance of rain. The grass needed to be mowed today with the rian earlier in the week. I went to the local Hoem Depot to pick up a new address plate and numbers for one of the propertys. I believe a nice address palte that can be sen from the street is needed especially when you have a home for rent. I was amazed at Hoem Depot because they only have one lane open with a cashier and they had 8 to 10 lanes open as "self service checkout". It is sometimes hard to belive how automated some of these stores are becoming.

I took another path home this afternnon to go down a few different streets and I was glad I did. I saw a home with a "For Sale" sign and a "For rent" sign next to it. This screamed "motivated seller" to me. Thus, I called the seller and inquired about the home.

I inquired why she was selling this beautiful home and she indicated that she was transferred to another state by her job and now she wants to sell or rent the home because she purchased another home in the state she relocated to (motivated seller....as my mind went a mile a minute). I inquried if she would consider a rent to own agreement. She stated yes I would be happy to discuss a rent to own arrangemnt and encouraged me to view the home.

It is a large home with 4 bedrooms and 2 full baths in a very nice area. She was asking $225,000 if she sold it but only $1,500 for renting it. I know in this area homes of that size can rent between $1,800 an $2,200 a month.

Thus, I have scheduled an appointment to view the home on Sunday. Tip of the day look for those for rent and for sale signs because there could be a motivated seller at the end of that phone! Smiling Good luck with all your deals. Believe and Achieve! Smiling - Joe

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Joe

You are just an amazing man and always take a different routes home and always catch houses. That is good the lady was very friendly on the phone and she is willing to work out a deal with you. So good luck touring the house on Sunday. Let us know how you make out and also have the greatest day tomorrow.

Your friend,

Paul T. La Moy


Paul,

Thanks for the comments. I contacted the gentleman that is the caretaker for the home and I left a message yesterday evening. I called again this morning and did not receive a call back. Thus, I thought persistance shoudl pay off so I called the owner to let her know I had not heard back from her caretaker. IShe told me that she would contact him and then call me back later in the day if she reached him. She did not call me on Sunday, so I have both her caretaker and her on my "to Do" list for tomorrow. I did a little research on the home and I found out the sq ft of the home, year built, etc. I also drove by again today to take a walk around and it is a nice home that should rent fairly quickly. Good luck on all your deals. Belieev and Achieve! Smiling - Joe

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