OfflineWell.......we finally made it on this one. We are due to close tomorrow at Noon. 
This one is the 5 bd / 2 bath with the addition of the 1 bd/ 1 bath APT. It will be a break even until the refi.
I will work on getting the refi right away, but have to deal with the HM Loan for 3 months minimum, as per agreement. After that we should cashflow around $500 per month.
This first one has been kinda surreal...I don't think I will realize what I've done until it's actually MINE.
I see houses ALL the time that look like great deals.......I am concentrating on getting my first Assignment at this time....I need some $$$$$.
Good luck to all and thanks for the wisdom that all contribute.
Sam
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
Sunshine, if you have an attorney, have him/her do the leg work for you like a title search, check if there's any liens, etc, etc, and probably even submit your offer for you. However, i suggest the best thing you do first is find out what bank owns the property, and then call them and ask to direct you to someone who handles the REO properties department. Once you have that info in hand, it would be to your advantage to negotiagte the prices with that person than trying to go through a realtor. In my case, i had my attorney called the bank and submitted my offer for the property that i purchased. The realtors are trying to sell the property high for bigger commission, but if you deal directly with the bank, they are only concerns about getting rid of the propertires for a reasonable price, and plus they want to get rid of these properties out of their inventory.
Note: My attorney knows the lady in charge of REO properties. It was to my advantage that i've asked him to negotiate the price with her than to do it myself, because i didn't know her. After i closed on the deal, i called her and thanked her personally for given me the opportunity to get that property. I told her that i was a RE investor and if she has any more properties available then by all means contact me. Not only she thanked me for getting the property out of her inventory, but she took my number and told me that if there's more REO becomes available, i would be the first to call. Cool huh! Looking forward to her call, lol.
Lloyd
Oops, sorry Angela! I didn't mean to get side tracked or ruins Sam's thread, and for that, i'm sorry to you 2 Sam. I thought this fourm was for all Dean's students to shares ideas and info on deals, but i'm deeply sorry if i offended you Angela. Know that my intention was shared valueable info that might or could help someone in their RE investing regardless of who's thread is it. So, having said, I'm sorry to you Sam and Angela!
LL
Oops, sorry about that Sam!
Just got a Check for $2800 at close on my first property......
I pick up the Keys tomorrow on the house. Now it's time to focus on the second property....I am hoping to get the financing done on time. If not...I may Assign it....I already have some prospects.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
Congratulation Sam! It must be really nice to have $$ back in your pocket when closing on a property. I'm proud of you and wish you more success!
LL
Just getting started. I'm on chapter 3 of Dean's book at the moment and it's good to hear that real people are actually doing this. I'm another one of those 'kick the tires a few more times' people. Time to start driving huh?
Nate
I find myself holding my breath for EVERYBODY'S deals as though they were my own. darn it. Anyway, it's nice to breath a sigh of relief with you Sam (you probably weren't sweating it at all! lol). I have one like your second one hanging in the wind right now, too (not you, Laura.
). So I'll be rooting for you on that. Thanks for putting yourself out there to share with everyone day by day. You have brought a lot of people a good ways ahead by doing so. 
God bless,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
That is totally awesome!!!
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Sam you are on a roll!! I love the part about you catching the clause in your contract so you didn't have to pay extra!
Lloyd thanks for answering my questions!
I am just dying to have my first deal go through!
You both are such an inspiration!!!
good job, congrats! Keep us up to date on your refi-ing experience on this house.
Thanks,
D
Don't Wish the Past, Create the Future! - DH
Keys in hand.........I own it. Getting ready to have a new tenant fill out an application for the apt. Cash flow covers it all.
Now working on minor rehab prior to refi.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
I'm so excited for you - cant wait to close on my current deal with Rina and get tenants in too! Yahoo!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Hello all,
Just finish reading Dean's book.
Talking to a co-worker and friend and got a deal.
She has a condo just sitting in Florida. I checked the area and found the property to be worth at lease $300,000. She does not have a mortgage. It is free and clear.
She is hoping to get at lease $65,000.00 cash. She want to give each of her 3 brothers $10,000. each, and pay off her bills. She owns a house here in Brooklyn, NY. Her mother left her the property in Florida.
At this point she is waiting for pictures so I can post an ad.
The property has 2bth, 2bd. Large living space. Walkin closets, I am told a bout 3 large walkin closets and a Terr. (I need the floor plans and layout)
So, I have been doing so far is pulling up the forms on Deans site.
I will get her to sign agreement on Monday.
Also, In talking to her, I found out she has a empty house next door to her house. It has been that way for at lease two years. The owner died and the son lives out of town. I will be making a offer on that house. If it is anything like her house it is pretty large inside.
The house is the ugly house that has the overgrown grass and all. It doesn't look like it need any major work.
Any ideas on Condos. Any advise is welcome.
Wish me luck guys.
Dess
All of you are inspirations.