December 20th, 2012 | posted by ogaines
I have been a member for a few years and always came away from this site a little hungry for the success but also a little down.

I would read of the success everyone was getting and couldn't figure out why it wasn't happening for me. I did a deal in 2009 for 4k and NOTHING since! Was I applying the techniques wrong? No I would almost get a deal to settlement many times, but one thing or another would happen and the deal would cave in.

Not this time baby! I was approached by someone who knew I was an investor about a property they had inherited and didn't want. There was about 3600 in back taxes owed; 3 heirs(two of which had dreams of making millions with this house) but it was owned free and clear.

This was a deal that we locked up almost a year ago from sending absentee letters out. The owner was immediately interested, as he was about to lose the home due to back taxes (at the time which were $5800). We locked it up for a little more than what was owed. The house had been vandalized and was in pretty bad shape, but located in an area that is being revitalized. Over the duration of the contract (we had to re-negotiate about 4 times)I showed the home to approximately 20 people. We almost gave up. I kept updating the CL post, in hopes that someone would call and buy it. Finally, it happened. I had a realtor who is also an investor call me. I told her to go look at it and make us an offer.

So today I sold my second deal. My first was just before Thanksgiving.

That's not bad considering that I'm effectively brand new to this. The Co-Wholesaling model is really working for me!

On this deal, I've made about $7k. Once the foreclosure is redeemed I'll know the exact amount.

I found this seller via a bandit sign. Actually both my sellers thus far came in on bandit signs and both were co-wholesale deals. This is a nice rambler in a good neighborhood, we had it for $105k but it was too high for most rehab buyers, so I started looking for buy and hold buyers. I talked about this property at the MN REIA meeting and had some interest, and one of my colleagues from there is the buyer.

She's also a fellow DGer! Such awesome folks we are!

On the Monday before Thanksgiving, I met with a seller at house she is selling for her mother. She had called me about this house way back in 2011 after getting a yellow letter from me. I would call her every couple of months and leave a message saying I am still interested in buying when she is ready to sell. I also told her if she no longer wanted to sell it to let me know and I would stop calling. The last time I left a message for her was back in April of 2012. She called me in November and said they were ready to sell.

this was not a no money down deal, but a good deal none the less.
this one was purchased from a wholesaler who was a friend of a friend.
i negotiated and paid the wholesale fee and paid 1k down to the owner with him taking back the financing.
it's a 2 unit that has tenants in place in one and needs light rehab on the second. what i liked about it was that with the one unit it cash flows the property $250. per month and the other unit will rent for $650. per month
this real estate stuff is starting to pick up speed,lol.
keep moving forward, rob

Earlier this month we completed our first deal and we finally closed after 60 days we thought we couldn't be more excited. Today we realized we were wrong! We got two emails -one from the homeowner and one from her daughter. These notes exactly WHY we started this business and the money is just a great bonus. We wanted to share them to encourage people to hang in there even if it seems hard, is taking a long time, or if the home owner is having a tough time with the transition.