FINALLY, my deal is closed. There were many things that went haywire in this transaction. Being my first HML, I switched from one lender to another because terms were better and it backfired. Good thing I bought it with enough equity to be able to absorb the cost.

Its a 1751 square foot SFR, 3/2 on a 7200 square foot lot in a nice neighborhood with good schools. Needs $11K in repairs. Appraised for $315K. Bought for $199.5K. Total holding costs will be $47K for 3 months. Its a Fannie Mae, so it records on the deed it can't be sold for more than 20% until after 90 days.

So, profit potential of $57K minus any buyer's closing costs and seller's closing costs we'll pay.

Hello everyone,
I closed my latest deal on 11/15 and I wanted to spell out the details. I am building a rental farm in Atlanta Ga compromising of single family homes in blue collar areas. The house that I closed on this month makes three in the area so far. My goal is to purchase ten of these homes, have them all rented, package them up and sell them to another investor.

First of all I just want to thank each and everyone of you for all the nice things you say to me. I truly don't deserve it. I'm just a regular guy. I also want to apolagize for not responding to PM's. It is a full time job and I can't keep up. I hope you understand.

My question to you is this:

What will people be saying about you in 5 years? Just imagine the possibilities. Stop and dream for a minute. Will they say "wow I never thought he would make it, but he did" or "Wow how did he afford that car and that house?" or "How is it possible that he owns 50 houses, I know his parents?"

I was actually surprised my partner didn't make a post about this! Haha, it's been 2 days since we FINALLY closed on our first deal!

Just a note that I don't remember the numbers EXACTLY, but she does so she will probably post them below

I will use rough estimates for ARV and Repair costs.

Anyways, my partner investorinmissouri found the property down in Kansas City, and the owner was asking about 13k if I remember correctly. It needed about 10k repairs and was worth about 30k ARV.

We ended up offering 4k, that got accepted pretty fast so we ended up buying it with cash in full. We put it on the market for 12k and found a buyer in 10 days. The only problem was that the buyer we found wanted to borrow against her 401k to purchase the property.

Wishing you ALL have a safe and HAPPY THANKSGIVING

After 2 years of being a member here at DG.com I can finally proudly say that I DID IT! Here in Southern California. It was an REO purchased for 200K little bit of TLC, just sold for 260K(after the first buyer fell out of escrow, 2nd buyer w/ VA loan) recorded, closed, and collected the net proceeds which was $39,228 and some change(Im gonna push myself to finally get that real estate license because I could have saved so much more from fees:) I GOTTA SAY THAT WAS ONE OF THE BEST FEELINGS IN THE WORLD, to walk out of escrow and to see that check for that amount and it's REAL. To all my DG family that has been grinding it out for a long time and not made a deal yet DON'T EVER GIVE UP!!! I promise to myself the next one will be so much faster now that I got some ammo...