OfflineI am so excited. I am about to purchase a 3bed 1/1 bath house with 1600sq ft for $34,000. It is a HUD house and it is a forclosure. This house sold for $102000 in 2006 here in alabama. The market out here is doing pretty good. I used the stradegies in dean's books. I've been reading them over and over. I had to do a home equity loan. I went to three banks before anyone would look at me for a loan because my highest credit score was 598 which I am fixing right now. I have a high interest rate for now but I am not worried about it because I am going to try to flip it and If I can't flip it I will rent it out and the renters will be paying the loan and then I will refinance it to a lower interest rate. I am going to put between 5k and 10k in the property to fix it up. I truly did not use any of my own money so this is a no money down deal. The only money that came out of my pocket was $300 for the appraisel on my house i have now. Other than that I am using the banks money for everything else.
My first deal almost done
Posted on: Thu, 12/03/2009 - 17:35
Awesome job!! Hope all goes well and congrats on that. Keep up the good work.
Great deal, great job. This proves that Dean's strategy really works! Best of luck to you in REI. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Thanks people for your kind words. Yes I can do it and I am doing it. I'm so anxious I can't stand it. I am suppose to here back from hud probable tommorrow. The next step is I am getting an inspecter to look at the house to tell me what needs to be fixed besides carpet, paint, ect. That way when I find a buyer and he/she gets an inspection everything will be fixed. After the inspection I will be closing. I'm going crazy. Days seem like weeks.
So how has it gone so far? Good or not so good? Hopefully all is well so far, let us know how the process is going for you. Remember without action, knowledge is nothing.. I should listen to myself sometimes. Good luck!!
Can someone please tell me how they would handle a deal with an offer on the table; seller transfer title to me (without cash). What would be your next step?
Nice job! Keep up the great work.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Great job on your first deal...how is it going? Feel free to share the details with us. Much success to you!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Congrats Warren! I am also in the middle of rehabbing my first deal. I am looking forward to putting it on the market in a couple of weeks and see what happens. I believe I followed the right steps to purchasing and making the decisions of what to do to get the max out of the sales price. Keep plugging and your prop will be on the market soon too!
Now your own your way to financial freedom!
I'm very excited for you and keep pushing forward. I also am very close to getting that first deal, just got one under contract and looking to find my buyer!!
Luck favors the prepared