New Deal for Steve and Veronica, house #5

Congratulations Steve and Veronica. You're absolutely right stick to your guns and don't waiver. Very happy for you guys. Keep moving foward.

Great job Steve & Veronica!! Way to make it happen!

Jen

Thank You for the congrats.

I hope your REI adventure is going well.

Steve.

Great Job.!!! Keep up the great work.Keep us posted once you close.

Take care

Curtis Fillers
(Charlotte,NC)

We knew about this house for a while and when I seen it come back on the market I knew we needed to make an offer. Now we are getting it.

You take care Jen I enjoy reading your posts.

Steve.

We will keep everyone updated I feel it helps keep the DG spirit up when students talk about their deals.

Steve.

All the the paper work is signed ordered the home inspection. So far this is the quickest HUD deal we have had. This is going to be a great deal.

Steve

congratulations on another deal and way to stick to your original offer. isn't that fun?

How did you handle the finances?

Yes it is fun. I was kind of shocked they accepted the offer this time with a counter offer. Hey we will take it.

Take care Linda and I hope your REI is going well.

Steve.

We are using privet money or at least other peoples money. That is the great thing about REI you do not have to use your own money but you do have to have a great deal.

Have a great day Thomas.

Steve.

Steve and Veronica,

nice job!
You're ordering an inspection now; can you still get your earnest money back on a HUD if your inspection comes back with something you were not aware of?

thanks for sharing your success with us,

Learning and progressing every day,
Valerie

patience is a virtual; hanging in there paid off ... Congrats!

Yes you can get your EMD back on a HUD deal if the property does not pass our inspection.

Take care Valerie.

Steve.

Thank you for the congrats. We are still trying to keep up with the Ceriani's. That is what they need to make a show about.

Take care

Steve

Again, on another property bought at the right price. Negotiating with the banks can be a pain sometime and you have to stick to your offer. You make money when you buy right. I agree. Good luck again

Big congrats on another well planned deal. As Gary said, "Patience is a virtue", but sticking to your orignal offer is PRICELESS. Well done my friend, no go get a renter and on to the next one.....Jan

That is what it makes REIs successful like you guys! We had a similar deal earlier this week on a HUD property as well in Oklahoma. They had it listed for $89,900, then reduced to mid $60s, and suddently, they reduced it to $50K, we offered $44,300 and offer got accepted today. We received the email from HUD that all paperwork were accepted. The ARV is $120K-$130K. Congratulations again!

Many of us aspire to be just like you,yet still get stuck in a rut. Thanks for the inspiration, so that I may strive to be better. Good Luck!

That is right you do make the money at the buy.

I hope your REI is going well. One of these days you will have to get together with Veronica and I.

Steve.

Hi Jan I do hope that this one will be a quick turn around. So far It needs the least amount of work to get ready for a renter.

Take care Jan always good to here from you.

Steve.

It sounds like your HUD deal is a real good one. Keep up the good work. Looking forward to seeing you both at the Edge in 2012.

Steve.

We all get stuck in a rut. We just have to keep moving forword until we get out of that rut. Even after you have some success. Just never give up. I do hope things turn around for you here real soon.

Steve.

HUD deals can be a pain but they have been good deals for us. This is the 3rd HUD home for us so I think they are working with us better now. Plus the Illinois and Indiana HUD offices may be better.

Steve

Hopefully everything will go good on closing. It is the first time we are using a hard money lender. This is the one my sister is partnering with us. Dean hooked us up with a HML that will loan up to 80% of purchase price. My sister is coming in with the other 20% cash. For her it will be a good ROI for her money. Plus she is paying for the repairs. For us the only out of poket money was the house inspection and payment for the power to be turned on. I think we are going to fix and flip this one.

Steve

Hi Steve an Veronica, your on the road to success an keep looking at the signs along the way an keep your eyes on the prize, happy investing, Jim

Thanks for stopping by Jim. We will be happy the day after closing. We never used a HML before so still a little unsure how it is all going to play out.

I see you are from Petoskey. My brother Rex is a preacher and had a church there for about 10 years. We still have some Petoskey stones from our visit there.

Take care Jim

Steve.

We are closing on this deal on the 13th of Oct. We are very excited about this deal because my sister and her husband are going in on this deal with us.

Steve.

My sister signed all the closing papers today but we are still waiting on the funding from our HML. Hopefully they will fund by tomorrow.

Steve.

We closed on our 5th house deal since we bought one of Dean's books. At the time this deal came to our attention we knew we did not have the money to swing this deal and not being one to pass on a good deal I used OPM to close this deal. My sister Alison and her husband helped us doing leg work on a past deal and they wanted to get in the REI adventure also. I asked Alison if she wanted to get in on this deal and she said yes. She had the cash to pay her half of the deal.

We needed to come up with our half some how. While we were at the Edge 2011 event we signed up for some advanced training. We really wanted to spend two days brainstorming with Dean and Matt. If you signed up for the advanced training you received Dean's direct e-mail (do not ask me for it) Veronica being the smarter business person told me to just ask Dean for a PML or HML so I sent Dean an e-mail telling him about our deal and that we needed money. The next thing that happened was I got a call from Private Money Bank and they told me that Dean Graziosi told them to call me. All right it does pay to know people that know how to get things done. Thanks to Dean.

We were able to get a HML for 80% of the purchase price and my sister was paying the down payment closing cost and repairs. My sister will still make over 30% on her money invested in this deal so it is good for her also. There are people you know that have some money in the bank getting .05% ROI and when you show them they can get 30% they will want in on your deal.

Now the rehab begins and on to the next one.

Just to clarify that this is our 5th purchase of a house not our 5th deal. Renting a house out for positive cash flow is also a deal.

I want to thank Dean Graziosi, Alison, Bob and Patricia at Private Money Bank and of course my partner for life Veronica for making this deal happen.

God bless the DG Family

Steve