Hello everyone. My name is Joe and I live in Ohio. I just recently completed my 1st wholesale deal and just wanted to share with everyone, especially the new investors who haven't done their 1st deal yet.

We know that you rental property investors get upset when you hear about rising prices, but when rents are rising, it’s great news. In an article at msnbc.msn.com titled “Office and home rent will keep rising and rising,” it’s fun to read that both residential and office rents are rising. They are expected to continue rising into the future.

Home ownership has sunk to historic lows, and demand for rental properties continues to rise. Rent for a primary residence increased 2.5 percent in December 2011 compared to the same period a year earlier. One research report states that rents are at their highest level since 2007. They reached an average of $1,009 per month last year. At the same time, the vacancy rate dropped from 6.6 percent to 5.2 percent last year.

I really don't care about this type of information anyway!!. I am just going to make 4 to 6 offers today. Got two accepted over the weekend.

1. I got an REO under contract this weekend. Great numbers with a 6 month turn around.

It is a 950 Sq. Ft. Brick 2 bed, 1 bath house in the middle of a $750,000 neighborhood. The diamond in the rough for sure.
We are going to pop the top and expand backwards into the large back yard. Going to bring it up to 2400 Sq. Ft 4 bed 2 bath. Top end finish through out.

Bought it for $255,000
Re hab/remodel $175,000
ARV is $625,000 easy!
I am doing a 50/50 equity split with my #1 PM guy (no money costs!) He funds the deal, I run the project.

We should net $125,000.

Well, it has been awhile, but I just closed on my first deal this past Friday. I picked up my $15,000 cashier's check on Saturday morning. I was so excited and just kept looking at the check - saying this stuff really works, this stuff really works and I can do this.

I want to personally thank Jen Gray AKA: Bama Girl for all of her inspiration and support! And who kindly told me to stop organizing and over analying every deal and just jump in with both feet.

The deal:

Deal #1 is now in the books. It was a long time in coming and a lot of lessons were learned. The #1 lesson is that it's not always easy to make a deal.

This deal showed me the importance of networking, having a strong buyers list, not getting down or frustrated and being flexible. I'll explain:

As some of you may know, I took Michael Mangham's challenge to get him 6 houses in the Denver area. Problem #1: I am in Florida (geographically, pretty much across the country)
Problem #2: I know nothing about Denver other than it's in Colorado and people go there to ski.
Solution #1: I reached out to my networks and found an investor with sellers in CO and who would partner with me as co-wholesalers. (Sent out 6 inquiries and got 1 response.)

hey dgers !!! what an awesome saturday!!!
i would like to know who has a to do list ....be it for real estate or ANYTHING that has to be DONE today,or this week ... tell or share with me the ONE thing or two if you want that is a thorn in your side and you r putting the whole list off because of it !!! or what is the one task you FEAR or may do last ??? come on dont be afraid ....i have those too and i will share mine when i get 5 or more to share theirs.....
jay
tell me the task and your WHY for being afraid or hesitating to complete your list !!!