OfflineBought a REO for 67K in early January from Bank of America. It was a 3/2/2 split level in a great location.
We removed the overgrown landscaping and mulched the beds. Gutted one bath, ceramic around new tub, vanity, etc. Other bath kept shower but new everything else.
Kitchen removed partial wall for more open layout. Updated wiring in house, carpet, new hardwood main floor, refinished existing hardwood upstairs. Drywall repair, paint, doors, etc.
Listed house in early March with my realtor for $136,500. Had multiple offers on first day on market.
I was excited as all the other deals!! Accepted offer of $133K and we closed in 30 days.
After repairs, closing costs, commissions and holding costs ended up with 23K profit! I am having the time of my life doing this. Enjoy it every day now that I am a fulltime real estate investor. About completed with next one we are working on now and I will keep you guys posted. Also have two more on the way!!
Ryan
Congrats on your deal Ryan! Is this one you also worked on with your DG partner? (I think Gary and Jill? I remember seeing where you were working with someone but couldn't remember if it was them)
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
This one I did myself here in Ohio. Yes, you are correct that Gary, Jill and I have partnered on three deals in Florida. They are terrific and work as hard as anyone I know. We actually met through Dean's website here. We have become good friends and we actually have multiple offers out now waiting to hear on our next project together in Florida!
Ryan
Ryan
Did you use cash, hard money, private money?
congrats!!!
looking forward to hearing about your next deals that you have in the pipeline!!! Just like Ali says, you should know what your next deals are... what he calls "pipeline management"
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Very Nice Job! The property came out great & a very nice profit. I guess you don't miss the landscape business???? (lol)
Now I see what Matt Larson talks about having deals coming down the pipe line. Before I never made offers on short sales but now I see how you can have deals come through when your still looking for deals through bandit signs and the 25/1 strategy.
Good job
Reynold Orozco
sounds like you worked a great deal! Congrats! Thanks for the inspiration heading into the holiday weekend
Cheers
Kristin
TIME = WEALTH = FREEDOM
Live STONG & Live with PASSION
Awesome!!!
On to the next deal
I just received a call from my realtor. He has a house that is short sale. Has been approved at 200 K. He says after it has been fixed it could go for 399K . It has water damage. I know I need o get it under contract. I am brain dead right now. Do I call my realtor and tell him I want to put it under contract. Then call my buyers? How much do I put down as earnest money? Do I say $100 or less?
Thank you
Thomas,
It was a cash transaction with this property.
Ryan
Thank you so much Valerie! Just about finished with a Fannie property now that we been working on since mid March. Have a HUD home under contract and a short sale under contract since January. Always looking ahead!
Ryan
Awesome Job Ryan, Is good to hear this stories. I cant wait to do my first flip. Need to get going.
Thanks Gary and Jill for the nice comments. It sure was nice having an interested buyer before the property was even done which was through my realtor. Then once listed got another offer also!
You have me laughing about the landscaping. You sure are right, I don't miss the days of landscaping! Nice to wake up in the morning not having a sore back and elbows anymore!
Talk to you soon,
Ryan
Just wait another 20 years!
Thanks Reynold for the nice comments. I always keep looking forward and like to have deals lined up down the pipeline. The short sales take some time. I have had one under contract for almost six months. Suppose to close soon.
Ryan
Thanks so much Kristin! It was a very nice deal. Everything worked out well from beginning to end. I have a really great realtor that often brings in buyers before we even list the property. Thanks again.
Ryan
Thanks for sharing this deal. It's a great deal with many good take-aways. What I took from it is how life really changes when you're doing what you want to be doing. When you can go to work and you want to be there your world is a much better place to be.
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
hey renold, i wanted to ask you more about the 25/1 strategy, i have a realtor that i can work with but i want to be sure that i have everything correct to approach her with this. first of all how would she make money? i tell her to first,look up a hot spot, then pull up as-is, vacant, price reduced proeprties, and then from there is where i get a little lost. i would appreciate any type of info you can share on this subject. im new to this site and this forum is incredible. thanks and ill talk to you soon