Posted by JT-IN on February 15, 2002 at 07:20:27:
Kristine:
Well, I’m not into hunting or guns or bow and arrows either, but I acquired this vocabulary of “targets” and “kills” and “no-joy”, etc. via the USAF, back in the days of forward air control radar, and directing fighter pilots to their “bogey” (target)…
Hope RE investing is treating you well…
JT-IN
I DID IT!! I DID IT!! I DID IT!! - Posted by Tim
Posted by Tim on February 13, 2002 at 19:30:56:
Yeeees! I finally did it, all my hard work payed off today. I drove by an abandoned house that had boards up (condemned) but that looked like it was in good shape.So I called the city and inspector who boarded the place up and asked him if I could inspect the house inside. I already researched prior to calling that the house was foreclosed but not advertised with a realtor. Other people were anxious in finding out who the mortgage lender was, but to no avail. I went to inspect the house and determined it only needed minor cosemtic repairs, maybe totalling 5-8k. Then contacted the lawyers representing the bank and sent a letter of approval for all cash offer from my banker( I have a line of credit). the next day the lawyers office called me and said I could purchase the house before Feb.20th for 53k. the house will appraise at 90k!! according to my friend and buyers agent. I didn’t use his services in this deal though, all on my own. Now just have to get deed and fix up to rent out. I have made at least 20 offers on REO’s in the past 2-3 months and finally I got a deal! I thank God! So if I can do it you newbies out there can do it, preserverance, persistence, make your contacts and build relationships with people that can help you, and a little luck, of course due diligence, you can do it too. This feeling is great, now I can really appreciate it. Good Investing!!
Re: I DID IT!! I DID IT!! I DID IT!! - Posted by LUCKY
Posted by LUCKY on February 14, 2002 at 10:18:40:
GREAT JOB TIM!
You persevered and you won, and you “DID IT ON YOUR OWN”
INCH BY INCH ITS A CINCH!
I WILL TURN DOWN A GLASS TO YOUR SUCCESS,AND WISH YOU MANY MORE DEALS TO COME.
LUCKY IN KY.
Great Job… - Posted by JT-IN
Posted by JT-IN on February 14, 2002 at 08:26:50:
Tim:
Good going, and congratulations on this deal. Be certain to immediately follow through to get the deed, so that a savvy investor or greedy banker doesn’t ace you out of this deal.
What I would suggest that you do, once the adrenelin stops flowing at warp speed through your veils, is to analyse “why” this deal worked, and the others didn’t. See if you can spot the characteristics that existed in many of the others, vs. this one.
One of the major differences between a Pro and a Rookie in this business, is that the Pro can spot a deal a mile away, and more importantly, can spot a loser 10 miles away. Why is it more important to be able to spot losers? Well, you do so immediately and do not spend time chasing situations that have no earthly possibility of working out for you. If you can master the ability to disect what is a doable deal upfront, and eliminate the waste of time of chasing undoable deals, that is when the “cream starts to rise to the top”. The largest difference with the Pro is, he/she is shooting at live targets, almost all the time; hence netting more kills…
So take some time to do some self-analysis, as it could pay some large dividends, if you can hone in on what causes the “why” of these deals.
Just the way that I view things…
JT-IN
Re: I DID IT!! I DID IT!! I DID IT!! - Posted by Phamtastic
Posted by Phamtastic on February 14, 2002 at 24:48:48:
Congradulations!!! Way to go!
Also, I know you spend some good monies in the past couple of months and of course time. How much time and money did it cost you to do this? (Good info for those wanting to know how to gauge the amount of effort needed.)
Congrats again and good luck in the future!
Phamtastic
Re: I DID IT!! I DID IT!! I DID IT!! - Posted by JohnP SFL
Posted by JohnP SFL on February 13, 2002 at 20:12:42:
Tim
Congratulations. The first one is great. good luck on your first deal and many more.
JohnP SFL
Re: I DID IT!! I DID IT!! I DID IT!! - Posted by Michael
Posted by Michael on February 13, 2002 at 20:00:39:
Congrat’s!
The feeling from the first is the BEST!
Keep it going.
Michael, KY.
Re: Great Job… - Posted by Kristine-CA
Posted by Kristine-CA on February 14, 2002 at 10:58:08:
JT: I am a collector of metaphors for living, but you get the prize with : the pro is shooting at live targets, almost all the time, hence netting more kills.
I’m a vegetarian and not into hunting or guns or bows and arrows but I love this phrase anyway. It says it like it is and is very graphic. And memorable. Thanks for the good advice about analyzing the deals that work and don’t work.
Netting more kills. I like it. Sincerely, Kristine
Great Advice! - Posted by J.P. Vaughan
Posted by J.P. Vaughan on February 14, 2002 at 09:00:06:
Thanks, JT.