I am back!!
I have neglected this blog long enough. I am still developing multiple streams of income. I am still involved with the MLM, mostly as a customer I like their products. I am involved with, what I feel, is a much better biz op, more on that in a later post. As for my real estate investments well....
I received an email from the organization which I though had prepared me for my RE investment biz, [they did just not completely]. They had wanted success stories for their marketing, I replied "what about non success stories. They replied that I was off to a great start what happened...
I thought I was off to a great star also…
I had found a 3 family house in Bloomfield NJ [my home town] that seemed to be a great deal at the time. While I was in the process of getting financing for that one I found a 7 family in Irvington NJ, fully occupied, well below market value, in need of some repairs so I purchased that one with the intention of either rehabbing and flipping it, or tearing it down doing a joint venture with a person who was trying to purchase the property next door.
I had received an estimate as to what my mortgage payments would be for the Bloomfield property, @$100 more then the income.
I closed on the Irvington property 1st, next day one tenant was gone, another gave 1 month notice, another refused to pay rent and I had to evict.
I then closed on Bloomfield, one tenant was being evict, I knew this, it took + 3.5 months to have her removed, which cost me a new tenant in the process.
The JV, in Irvington fell through so I went the rehab route, I had money held in the mortgage for the repairs, but I was not aware NO contractors would do repairs in Irvington, unless you put at least 50% up front most wanted 100%!, I did not have $15,000 for the 50% down!
I received my 1st bill [mortgage payment request] for Bloomfield @$1200 more then was estimated! When I contacted the mortgage company I was told numerous reasons why, [credit score changed by closing on Irvington, rates went up, it was only an estimate and not official, etc…]
The replacement tenant for Bloomfield was to move in Sept. 1st 2006, had a motorcycle accident and was in a come on August 29th.. I also found the price I was told I’d be able to get for the vacant apartment [ by Realtors and market checks] was off by @$300, mainly due to the way it was laid out made it unattractive
Numerous unforseen repairs need to be done and expenses with Irvington [new floors, sewer pipes, non-payment of rent, and a fire…
Both properties were put on the market @8/06 neither one got sold the Irvington property had a buyer, 3 Mortgage companies she had deals with went under!
I lost +$16,000 of my own money in 2006 alone, and was finally foreclosed on 10/07. I had to file bankruptcy to protect myself, now I owe a lawyer $$$$$
Perhaps you can direct you to some help? I am not sure I have no money, after spending money on the protégé course, then more with Mxx Fxxxxx { name withheld}[ a total of over $12,000!!!!], plus the above story, I have nothing to pay for some more help thanks anyway.
No response back yet...hmmmm
Have I given up on real estate? Not by a long shot, will just take a break for now.
Want an easier way to meditate? Get Your Free Centerpoint CD!
Money Beyond Belief Click Here!
Burn water in your car!!! Click Here!
I received an email from the organization which I though had prepared me for my RE investment biz, [they did just not completely]. They had wanted success stories for their marketing, I replied "what about non success stories. They replied that I was off to a great start what happened...
I thought I was off to a great star also…
I had found a 3 family house in Bloomfield NJ [my home town] that seemed to be a great deal at the time. While I was in the process of getting financing for that one I found a 7 family in Irvington NJ, fully occupied, well below market value, in need of some repairs so I purchased that one with the intention of either rehabbing and flipping it, or tearing it down doing a joint venture with a person who was trying to purchase the property next door.
I had received an estimate as to what my mortgage payments would be for the Bloomfield property, @$100 more then the income.
I closed on the Irvington property 1st, next day one tenant was gone, another gave 1 month notice, another refused to pay rent and I had to evict.
I then closed on Bloomfield, one tenant was being evict, I knew this, it took + 3.5 months to have her removed, which cost me a new tenant in the process.
The JV, in Irvington fell through so I went the rehab route, I had money held in the mortgage for the repairs, but I was not aware NO contractors would do repairs in Irvington, unless you put at least 50% up front most wanted 100%!, I did not have $15,000 for the 50% down!
I received my 1st bill [mortgage payment request] for Bloomfield @$1200 more then was estimated! When I contacted the mortgage company I was told numerous reasons why, [credit score changed by closing on Irvington, rates went up, it was only an estimate and not official, etc…]
The replacement tenant for Bloomfield was to move in Sept. 1st 2006, had a motorcycle accident and was in a come on August 29th.. I also found the price I was told I’d be able to get for the vacant apartment [ by Realtors and market checks] was off by @$300, mainly due to the way it was laid out made it unattractive
Numerous unforseen repairs need to be done and expenses with Irvington [new floors, sewer pipes, non-payment of rent, and a fire…
Both properties were put on the market @8/06 neither one got sold the Irvington property had a buyer, 3 Mortgage companies she had deals with went under!
I lost +$16,000 of my own money in 2006 alone, and was finally foreclosed on 10/07. I had to file bankruptcy to protect myself, now I owe a lawyer $$$$$
Perhaps you can direct you to some help? I am not sure I have no money, after spending money on the protégé course, then more with Mxx Fxxxxx { name withheld}[ a total of over $12,000!!!!], plus the above story, I have nothing to pay for some more help thanks anyway.
No response back yet...hmmmm
Have I given up on real estate? Not by a long shot, will just take a break for now.
Want an easier way to meditate? Get Your Free Centerpoint CD!
Money Beyond Belief Click Here!
Burn water in your car!!! Click Here!
Labels: realestate investing, work at home
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