Okay, I had the meeting with the mortgage lady and it was kind of a waste of time. Well it wasn't really a waste of time as much as we could have done it ALL over the phone. It ended up that she gave me a loan application to fill out and she was going to talk to one of her commercial loan officers this week. I'm pretty confident that isn't going to happen unless I constantly harrass her. It was also apparent that there was not going to be any zero downpayment loans coming my way. However, she did stress the no payments for 6 months which I liked. The commercial loan officer she is going to talk to is the same guy I worked with last year on a simo flip. My buyer used him and he is the reason I called this bank. The reason I did not call this guy in particular is b/c his branch is so far away from where I buy. In hindsight I should have called him anyway, he is the guy I should have been talking to. Well, at least I got in to see her and I will fill out the loan app and see what happens. It never hurts to build more relationships in this business.
I have not been listing my weekly goals b/c... well, I'm not sure? I feel kind of "lost" and overwhelmed now. I have 4 books at home I want to read but I only get through about 5 pages a night in 1 book. The first is my real estate license book which is HUGE and I just can't seem to get through it. The second is the Dave Ramsey book I was given (which I NEED to read!). The third and fourth books are the new landlording books I ordered last week. Since I have no freakin' clue what I am doing in this area I thought I should read up on it.
I am also "lost" because that 2/1 in Lake Geneva is still not sold. In fact, I'm having a hard time finding someone interested in renting the damn thing. I have totally lost faith in myself. I must say it's a pretty crappy feeling! I'm seriously thinking about lowering the price another $10k and taking a loss just to be rid of it. I would lose about $3k, I think.
I'm pretty close to finding a 2nd renter for my condos. There is a 2nd showing today and they seem like a nice family so... cross your fingers. The issue with this property though is that I've got my 20% downpayment tied up (which equals about $28k). I use a unsecured LOC so my payments are almost $650/month ALONE. I need to get this property refinanced so I can get my money out.
With all this said I am still putting offers on on various properties. However I am nervous about each and every one - "will I find a buyer", "will I be able to close w/o a buyer", "are my numbers right", etc., etc... As I said above I've lost faith in myself. I have NOT lost faith in the business and know that people make bad decisions at times but it still sucks. I know I will learn from this but I just want to move forward. I feel stagnant right now, you know, like I'm spinning my wheels. I need those wheels to hit the pavement again. It will just take time.
I've got to go back to work... hope everyone is having a good week.
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5 comments:
Try not to get too discouraged, Eileen. There are always peaks and valleys in this business. I'm still not totally used to the valleys, but I'm getting better at dealing with the dry spells,the unexpected things that go wrong, and the stress that accompanies it.
Keep your chin up, and keep moving forward. It will get better.
Steph
Thanks Steph! It certainly isn't getting my discouraged enough to quit. I'm just more annoyed/frustrated/stressed at myself than anything else. I just want to be done with it so I can move on to the next "project".
And I agree, there are SOOO many peaks and valleys it's unbelievable! I'm still not used to the valleys AT ALL but I LOVE the peaks!! ha, ha!
I'll keep pluggin' away!
Hey Eileen, you can only really read one book at a time (and one chapter at a time) and none of the books are going anywhere so just tackle the most important one first and don't worry about the others ;-)
I know you're frustrated but I'm really glad to hear that you're committed to not quit. I think that's half the battle right there...choosing not to quit.
Everything is going to work out one way or the other. Just keep truckin' and try your hardest to speak your desired outcome every morning when you wake up. Kick the negative thoughts to the curb every time they creep up (and they inevitably creep up particularly when things aren't going exactly as you've planned -- I know this for sure!)
You're doing awesome!
Hey Shae,
I will never quit the RE game. Unfortunately stress comes along with the game and I just need to figure that part out. It's very therapeutic for me to write it all out in my blog.
Thanks for the encouragement, it really means a lot!
Eileen
Eileen, blogging has been therapeutic for me as well :-)
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