Frogman LD's blog

Hey Deano..Thank you for the push to get back in the game!!!!

I have been working this deal for over 1 year and we finally closed today!!! It is a package deal from a living trust. Two houses on two lots in Rockland County NY.
The houses were listed two years ago for 429K. I started my offers 2 years ago at 120K. Well to get to the quick because I am gong out to celebrate...I purchased both for 150K today with my own cash as a cash deal..(could not qualify it for your insiders cash deal...even though I thought it should qualify). Each house was appraised for over 200K. I am going into the bank in the morning to HELOC the properties and pull out the cash!! I should double my money tax free and collect rents for the next 5 years here>..Ready for the next deal... and by the way... I have lease options in discussions for both properties!!!

Today's New Deals in Nyack, NY

Hello everyone in DG land,

Today I made 12 offers and have appointments to see 2 that have been accepted in Nyack, NY.

The properties are in a great area and the offers are at approx 52% of the values that are on Dean's Total View Tool. (I have my first call into the experts to discuss exactly what this tool represents in the real world and to discuss the Insider's Cash programs)

These are different than the the first two in the package deal. I believe these might need some work. That is why we are viewing them Friday at noon.

The question is, should I renegotiate if there is to much work or should I try to wholesale the properties!!

Two House Package Deal !! My first one...

Today I met with my attorney to clean up our contracts on a two house package deal that I have put together. They are two houses next to each other on two separate lots.

I have a contract for both houses to close simultaneously with an assignment clause.

I am forming two LLC's to put the units into at closing.

I used Dean's real estate evaluation tool to determine that I am purchasing each property at 72% below the estimated market value on the evaluation tool.

I am trying to purchase these with a cash partner who will hold a percentage of the corporations for a fee until I can cash out the properties with a fixed rate mortgage.

They will turn a positive cash flow as soon as the tenants move in!!!

I am looking for a partner to do this with in the DG family as well.

Back in Action

Hello all you DG folks in DG Land...

I am excited to be back in the mix of real estate entrepreneurs and like minded people. Here is a little history on me. I completed my first dry wholesale deal in 1985 at 25 years old and made 32K. I have flipped raw land, developed land, built modular houses and bought my first Lotus Esprit when I was 28. It was bright red!!!

I continued to buy and flip units and land until 1992 when my first daughter was born. I was sidelined for the next 20 year period while raising my three beautiful children with my wife who is a Nurse Practitioner and running my Architectural Practice here in Rockland/Orange County NY.

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