Deal #1 in process

www.oldschooltitle.com Talk to Marc and he can walk you through the closing process. He can even do a double closing for you. Good luck on your deal.

Definitely start talking to the title company right now. They will let you know exactly what they need, etc. They can also answer some of your questions or concerns.

As for your buyers list. Start talking to them now too...I know you want to get it locked up first, but feel out your buyers with the generalities right away. If they think it is a go then you are set.

Best of luck and Keep us posted!

I think you pretty much got all the advice that you need. But the good thing is when you get this one under you belt, The others will get easy.

Randy

Thanks everyone I appreciate it that all of you experienced REI step in to help.I am also working on a lease option this weekend too!! I will call the title company tomorrow.

Ok I have a few more questions.When writing contracts with the seller do we sign just one contract?Or do we sign one for me one for seller and one for title company?What are your opinions about the contracts..staple them or not staple them?And lastly what would be a good fee for assigning a deal?Thanks everyone has been great and I would not be at this point without all of you!!!

How do i write in in the purchase agreement to not give earnest money?

On your assignment fee, all I can say is don't be too greedy. You might meet up with this buyer again, and he will remember you. There will be more deals out there in your area and word of mouth spreads fast. Make it a win win for both of you...Jan

Hello everyone,just an update.On the house I mentioned I am signing the contract tomorrow.I have also negotiated a second deal which I am signing the contract on Tuesday so this will be a busy week.Well it fells good to know that all my doubts from 2 months ago when I bought the books have been proven unnecessary.All the things I thought I could not do I have done except closing a deal.So that's the plan now.Find buyers for these two homes,keep looking for the next deal and trying to keep in the front of my mind that it is getting easier.For the new investors...I thought if you told a home owner that you want to put their home under contract for a month and you have no money or buyer already lined up that they would be mad at you for wasting their time.Quite the opposite is true.These two homeowners were happy to sign knowing that they have a good chance of selling their house in a month with no effort on their part and no money out of their pocket.Also both were happy to sell at payoff just to get out of the home,even tho they were asking thousands more originally.So let me tell you from experience,I am still new but the fear is something we make up or are conditioned to feel and is self destructive.It helps us in no way,educate yourself and use common sense,ask questions but take action and each step gets easier and more exciting at the same time.I'll keep you posted and best of luck to everyone on your deals!!!

Well i'm off to sign contract #1!! Happy hunting everyone.

Mike, sounds like you are on a roll, have you thought about doing what Greg Murphy and Randy 428 are doing? Lease optioning the property or getting the property subject to? sounds like both could work if you don't get them sold.

Great going Mike! Way to get out there and do it! I can't WAIT until I get my opportunity to do a post like this one! Thanks for keeping the hope alive and awesome work! I've looked at so many houses now myself, but I don't know which ones I should bid on and reading your post gave me chills to think I will be doing it too soon! Please keep us posted on the process!

Well everyone deal #1 didn't go as planned.I had gotten a purchase agreement from another DG member and didn't thoroughly read it,it was good except it stated the property was in another county and state.Which I had emailed the homeowner to review.Luckily I read it today before going to sign and quickly printed the one from this site...unfortunately LOL when IO met them to sign it had a clause stating that the seller has to pay for all inspections,she didn't like that.Fortunately I have been honest and transparent with the seller and she works for remax and is going to send me a standard MI purchase agreement tomorrow,so I can use that for my deal tomorrow and then sign with her Wednesday.So all in all lesson learned and deal is still rolling.I am so glad I was able to learn that lesson and not loose the deal.Well I will keep you all posted,keep pushing forward,and best of luck to everyone!!!

Thanks for stopping by the post Cathy.I intend to do lease options at some point.this lady it going to list if I don't sell it in 30 days.She said she will consider it if it doesn't sell fast.She just wants to have the home out of her name and doesn't want to deal with it anymore.

Hey Tammy it seems to get better everyday so we just have to keep pushing,exciting stuff this new REI world...lovin it!!!

Hows it going. i just read about your deal.I can feel my first deal coming on anytime now.I was just going to ask how you built your buyers list.And after you close maybe you could give me a heads up on how the closing process works.

Congratulations on taking action. Keep up the good work.

So I got my first house under contract!On top of that the homeowner works at a real estate agency so she said she can hook me up with any paperwork, I may need,also connections at a title company.$49,701 for a house worth $85,00

The second house.Went there yesterday to sign the contract and take pictures.
His son wasn't home and he didn't have keys so couldn't take pic's.Then he says he called the title company and closing costs will be a few hundred cheaper good right...Then he says he called about his taxes and owes $2500 more than he thought so he has to raise price back to $25,000 but would meet me this morning to sign everything.Well he called 15 minutes before we were supposed to meet and said he couldn't make it then never called or answered his phone today.So on this one ,if we don't get the deal done tomorrow I will move on.The time wasted on this good deal can be better spent finding a great deal.

As long as you keep thinking this way and keep taking action great things will happen. GOOD LUCK

Randy

Plenty of stuff out there. Move on to the next. Glad to here all went well with the first deal

Chad

Thanks Randy and Chad "im workin it" all day every day!!!Best of luck to you two!!

Now it's time to see what my buyer's list is made of.Wish me luck.

There was a movie made a few years back, and here is a revamped line from that movie as it pertains to your buyers list.

POST IT AND THEY WILL COME

Good luck on the next deal...Jan

Great progress. I can't wait till I have some progress like yours. What are your plans for the properties when you get them? Will you assign them, rent them, or flip them?

Assignments at this point.My only problem is one of my buyers called and said everyone likes 3 beds and more than 1 bath,but we will see how it goes.The second house I let go.The guy Isnt contacting me so I am moving on.

Hi everyone,well the situation has gone good and bad.The property I made this post about has gotten no serious interest.I have posted on every online recourse I can find and replaced the tiny sign at the house with a large one with my number on it.Also I have sent full details to all my buyers with no responses,so obviously my buyers list wasn't as strong as I thought.

I have since partnered with a hedge fund out of California with a property in my area that will split profits with me on a house with three units for $15,000 with $3,000 for me if I find a buyer.

Today I got my hair cut and the girl who cuts my hair said she has a 2 unit house she just wants out of so tomorrow I will research it and see what I can do.

If you see something I am missing let me know...I can smell victory but at the same time it seems so far away!

You are on the cusp of great things. It is so exciting to read your posts.

I think you were right walking away from that second house. When people start bringing up expenses that weren't mentioned before and then don't return your calls, something is up. Best to steer clear of it. It could be he has a tax lien against the property. Sounds like you have enough on your plate so that you don't need to be concerned with an iffy prop.

Let us know how everything turns out on your other deals.

How did you get hooked up with the Hedge Fund group in Cailf??...Jan

Thank you for the motivating words Cathy.

Jan I called on a house on craigs list for $12,000 and the guy sells their properties in Detroit and this was a loose property they had in my town they just want to get rid of.We have talked allot and he said he has properties allover the country.So once this deal is done I will pursue some buyers in states he has properties

Mike, When you talk with him again, see what he holds in upstate NY. I am curious to find what he might have up here. I would appreciate it Mike, thanks...Jan

No problem I will see what he has got.

Mike, check out what he has in Florida also please....Thank you Petra