All Forum Posts by: Davetta Johnson-Ajavon

Okay, so I'm ready to take the jump... or am I?  While still stuck in my own way and contemplating my next move; my first opportunity may have just landed right in my lap.  

I'm suddenly being forced to react, instead of watching from the side lines for a change.

A neighbor phoned me out of the blue and said, "I'm not sure what to do... I'm dying over here".

She lost her hubby 10 years ago in a car accident and she was almost paralyzed in the same accident.  She raised her daughter alone, daughter graduated, and has moved on.

Hubby was DOD, she was left with the home, and has been injured again in a second accident.  She is currently awaiting a settlement and wants out of the home NOW. Just found out the settlement will be less than her doctor bills.  Home is paid up.

The home is in a fantastic area (military bases), great neighborhood, built in 1994, 3bd 2 bth, 2680 sq ft,  Comps are 256,000 - 261,000, assessed 236,837...  I'm suddenly blank...

I want to help her first and foremost.  She wants to move to a 1 bedroom or even a studio, she totally wants cash now, and she has spoke with others who have all said she is unrealistic of her asking price...

At the end of the day I want to flip and then flip and hold...  Her property would make an awesome rental... for the right price... 

I'm wondering do I attempt to approach her with the idea of assuming the loan after doing the numbers with a cash payout on the side?  or... take the role as a wholesaler to get home under contract for a buyer?  I'm now a floundering fish out of water at the foot of four year old...  Somebody slap me, than offer suggestions...  I was so confident with the calculators before...  The gate has open, and I'm still standing here... like a deer in headlights...LOL!

Wow! It has been awhile...

Third time is a charm,  unfortunately for my personal health, I had to come to realize that my abilities alone were not the best for my mother's deteriorating state of Alzheimer's. 

Now she can get the best treatment for her advance stages, and I can pull myself back into establishing forward progress in reaching my goals.

My goals are adjusted a bit, now as I wish to have guest houses and rentals, and for the experience do a couple of flips.  While in the role of care giver/provider, I took on various projects in order to maintain my house.  I loved it, and damn proud of myself of the results.  

My ultimate goal is to take the experience to the continent of Africa, and hopefully use my investments in the US to help fund continued endeavors. 

Thank you Mark,  I sure will...

Hello everyone,

I initially came to BP in hopes of getting started... Family circumstances plus the reality of realizing that getting started will cost me gave me a jolt... The REI groups were even a bit costly, so.... I backed off... Did some soul searching, and although it was suggested that I started in wholesaling... That is just not what I want to do, well neither is a nine to five job... Especially if I hate what I'm doing degreed or not...

While attempting to figure it out, I have since, demolished and build my deck, installed crown molding, installed carpets, refinished my kitchen cabinets, remodeled my bathroom, installed my irrigation system, built two window seats, installed windows, build a kitchen island, and designed and built a day bed out of a bunk bed...

I had no clue on how to do any of those things, I got books, watched videos, and asked a lot of questions...  Now, I've come to the conclusion that I can do this... So, I'm back!   Time to get to work!

And this...  is the very reason I want in...

Wow! I had to take my notepad out on that one.  I had a similar question and Mike's answer had me dumbfounded until I took notes and researched some of the details he covered.    After doing more reading and even walking into a couple of financial institutions, Mike's Wah wah wah (Charlie Brown's teacher) actually began to make since TO ME!  Heck!  I left and came back several times...  Each time I left, meant there was more to learn...

Came back and was happy to see that you were as blown out of the water with eye brows raised as I was...  But...  I bet I now know what a "Heloc" is and can now partake in a conversation regarding one or it...   I love BP, you search hard enough someone has or had the same question as you...  

Still unsure of the options I would use, but the second seems best for me and slow will be my starting pace...  Thank you Amy for asking and thank you Mike for that answer, ensuing further research...

Best to the both of you,

Davetta (Dee)

It's amazing how slack some people really think everyone else is, especially if you went so far as to let him know how much you really knew what you were doing in regards to the actual transaction...   Yet he continued to attempt to lead you astray...    I'm quite new, and it's unfortunate in my quest to learn, it's situations like this which make me hesitant.   I know however, I can't let situations like this stop me or I'll never make my first deal.  Wow! But the fact that I did buy my own primary home keeps me motivated in realizing that I can do this.

Thank-you for sharing,

Great way to pull through obstacles...  Also helps to define a real partnership. 

Thank you for sharing...

Wow! Very very nice job for your first flip.  

Possible Diamond in The Rough

As a new investor still learning, I set out every day checking out possible properties.

Once home, I do a bit of research on each home. I came across a property, which was vacant. Upon asking several neighbors, the property had been sitting for six years. 

Upon inspecting the paperwork on the door, the notice was basically fines due to vacancy (after looking into the fines, they only totaled aprox: $400. No known address for the owners, who purchased as a foreclosure. 

The new owners put $8,200 in updates (HVAC, electrical, etc.). Deeper searching showed that the couple was military (VA loan) , used a military financial institution. Taxes are current, and being paid for by a totally different mortgage company.

Upon phoning this institution, they say…. The loan is paid in full… Wait! So, why are they paying the taxes on it? Hummm, I’m thinking they are using a tax certificate or something… Not sure how that works, but, if I understand correctly, they pay the taxes for around 7 years and the deed goes to them? They claim however not to have knowledge of the property. 

My search is at a road block. Should I continue my due diligence, since I’m just learning and I can gain a wealth of experience in the process or do I let this one go?

Vacant in its current state it’s valued at $153,000