Monday, April 6, 2009

Ogden

So this should be my last post EVER about Ogden. Here is a little recap of our experience with the millionaire inverstor group(TMIG), who helped us purchase the house in Ogden. If you still don't know the story of why we bought our that house here goes. A few years ago we were living in West jordan and I was interested in investing in Real Estate. I saw my friend Chad Bawden at a wedding. I asked him what he was up to for small talk and he told me about TMIG. They were a company that used peoples credit scores to purchase houses at 75% of market value. They would then resell it to me at full market price and use the difference of the money to fix up the house and have an emergency fund if we needed to get renters into. Then split all the profits. Sounded good,

Dan Debenham
(Click here) was the guy in charge, a nice lds guy you could trust. I gave them power of attorney to buy house for me. I had fairly poor credit so they were only able to purchase this house. They bought it for $40,000 and sold it to me for $75,000. After like a year of owning the house I started getting notices from the banks saying the payments were late. I took matters into my own hands went to Dan's house on the hill probably worth 6 million dollars or so.
A little surprised at the size of the house and the hummer in the driveway i took the key and made the trek out to Ogden to see my investment for the first time. The roof had 5 layers of shingles on it. Which is illegal. The Plumbing was completley done wrong, some windows were replaced but done very wrong. The roof had completely caved in from the rain in one bedroom. The porch was sagging so much, the insurance company would not cover it.
So we tried to fix it up and sell it. We were unable to do so. We rented it out to two different tenants, both we had to evict for not paying. The second even took us to court for renting a house that was not in liveable conditions when he was the one who contacted me and wanted to rent it when I wasn't even listing it for rent. So finally with no end to the debt cycle we were in, we decided to sell our home in West jordan and use the equity money to fix up the house, live in it for a while and try to sell it (inspired by Dave Ramsey to get out of debt). Ogden was a very interesting place to say the least. We finally sold the house cut our losses and have moved on. We survived though with only a few small items being stolen from us. We are happy to say that today we are living essentially debt free exept for the house, which we love and will be living here for a long time. The video below is some clips i took while documenting the remodel experience. So If anybody out there is thinking of flipping houses or getting into real estate. Maybe this can help a little with the decision.



The house originally.








Before and after's of the kitchen.







video

8 comments:

sheri amor said...

I like what they did to the kitchen..

James said...

Wow. That is quite the journey. That is a lot of work. Good job. You guys deserve the house you are in now.

Joe said...

What an experience you had! but in the long run, you and April learned a lot about a lot of things, no great loss with out some small gains, someone once said. You and your children's lives are changed forever, buying and moving next to Doug, and partnering with him, spouses doing photography. It all turned out for the best, in my opinion, in the long run. love, dad

julianne orth said...

thanks so much chad bawden!!!!
I guess you can be grateful for bad credit so he couldn't purchase a more expensive house! I am so glad you guys made it out of that mess though, that really could have ruined your finances for the rest of your life- but you guys made the best decision with the circumstances you were in. I would facebook chad and give him a big thank you for all the help though... he probably got taken too though :)

Davey said...

yeah he's my friend on facebook.
the funny thing is, is I invited Dan debenham to be my friend and he accepted. Then I asked him if 924 rushton street rings a bell and then he blocked me. Ha ha

Rochelle said...

I am glad that is over too!! TOO far to drive for haircuts, and now we have someone to hang out with every day!!! We love Dave Ramsey!

Josh, Heather, and Matthew said...

You guys did an awesome job remodeling! You did some serious overhauling of that place. I loved the kitchen and the new garage/office. Thanks for the video too, it was fun to see the work in progress.

The Whitmer's said...

I am so sorry that you had to suffer through that experience. We feel you pain with all the remodel stuff but the financial stuff is really disheartening. Glad you came out of it OK. Hope things are settled and more fun now. NO MORE PRISON!!