Closed on 5th house deal with Dean's help. SOLD 1st flip.

Closed on 5th house deal with Dean's help. SOLD 1st flip.

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


AWESOME!!!

WAY TO GO STEVE AND VERONICA!!!! great to hear your driving the deals down.It is addicting now huh?? ....FOR SURE!!! ...you guys r VERY PERSISTENT on turning more deals and learning more and sharing what u learn.....CONGRATULATIONS!!!!
JAY

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Hey Steve

All I can say is AWESOME DEAL. That is using your head my friend. It does pay to know short Italians, doesn't it???!!!!!. If I didn't know him, I wouldn't have said it. Very happy for you and the Mrs.......Jan


Jay

Thanks Jay for the response and the kind words. This REI stuff is very addicting. We are trying to catch up with you and your wife Jay but you are doing 4 deals or more at a time you rock.

Steve.


Keith

You are right the hard part is getting the funds. What I have found is you have to share deals some times at first to get deals funded. Thanks to Dean he hooked us up with a good HML that helped us out big time. We have had used a personal loan before to purchase properties then used money from that deal to buy others. Our money was tide up in a rehab not finished yet but we did not want to pass up on this great deal.

Thanks for responding Keith

Steve.


Jan

Thanks for the kind words and yes I know you know Dean I have seen your video with Dean and read about you in Dean's books. Your a REI rock star Jan.

Thanks for stopping by Jan take care my friend.

Steve.


Steve

Congratulations on a job well done!

You can never know "enough" people or travel "enough" roads to get to the FINAL destination! That's the way to use your resources and FIND A WAY!!!

I'm sure your sister will be grinning like a chesire cat with her 30% ROI.

You guys are ROCKIN' and such an insipration to us all!!!

Here's to many, many more to come.............

__________________

John

Quitters NEVER win - Winners NEVER quit!

"P.U.S.H. = Persevere Until Something Happens" Dean

“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
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www.windfall-properties.com


Nice

Hey Steve, thats good stuff. Its nice to know you can make a call and BAM you have it right there for you. We have found a great deal and are deciding if we want to do more then one at a time, this one would take us getting a PML or HML. We'll see. Keep up the good work Jarhead!

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SEMPER FI
GET SOME!


Steve and Veronica

How FABULOUS! I am thrilled for you guys!

You are working hard and it is paying off. It is great that Dean was able to hook you up. He knows that you are working hard, also.

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John

Yes my sister is happy with getting a good ROI. We have to fix and flip this so we can all get paid of do a refi and rent the place out and get paid.

Thanks for stopping by John

Steve


Devil Dog

Hey Jack. It is a little crazy working two houses at the same time but the big players do more deal than that at a time. I hope you get the next deal soon.

Thanks for stopping by Jack.
Semper Fi

Steve


Karen

Thank you for the kind words. Yes Dean did help a lot with this deal. Before I was having a hard time getting a HML to work with us and then with Dean's help this new HML worked out great.

Thanks for stopping by Karen.

Steve


Great to hear this one closed!

I am so glad you just keep on going, slow and steady, but each deal you do, the next deal will come quicker and quicker!! Proud of you! Now let's do a wholesale deal together! Sticking out tongue

BTW, if anyone wants to use this private money lender, I can vouch for them. I posted about them on another thread here, and they actually will lend up to 100% of purchase price, nationwide, depending upon the deal. (http://www.deangraziosi.com/real-estate-forums/financing-and-credit/9293... for full details on it so as not to steal the thread Smiling )

You can learn more here http://www.privatemoneybank.com/tammyr . I'm an affiliate (have been for over 5 months) and will give you a % of the small amount I earn if you use the funding through my link. Smiling Sometimes 80-100% of purchase price turns out to be more than 65% of ARV in states like CA where HMLers add so many fees to justify and put 'skin in the game'.

Again, Steve and Veronica, you rock! Smiling


Tammy

Thanks for the kind words. We do want to move a lot faster.

If anyone wants to use the HML we used click on Tammy's link above on post #13.

I hope we can do a wholesale together soon Tammy you keep on rocking also.

Steve.


Great Job

Steve and Veronica~Your persistence is inspiring, and it is paying off!

Way to think outside the box and get the deal closed...
Woot Woot!

Julie

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John and Julie Wakefield
JCW Properties, LLC


Thomas

How the heck are you. How are things going in the Blue Grass State? I am sorry Thomas when did I say PMB would not work for me. I tried a lot of HML before and they would only loan 65% of purchase price. Any how Dean was in contact with PMB and I got a call right away and they worked with me like if I was someone important.

It is good to hear from you Thomas I still remember our dinner together at the 2011 Edge.

Steve.


Julie

Thanks for the kind words. We need to stay persistent with REI and this deal we just could not pass on. Plus it is helping my sister get her foot in the REI door.

Thanks for stopping by. Tell John we said hi and we hope to see you both at the 2012 Edge event. Keep your deals rolling also.

Steve and Veronica


Way to go guys!

Proud of you both! We just have to keep on pushing and not get discouraged. I'm so happy you were able to go to the brainstorming event with Dean and Matt. Can't wait to see you next year at the Edge. Maybe on stage?? Ya!

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Gena

Hi Gena. Thank you for the kind words. I hope to have so many deals done that Dean will want us up on stage. We would like to get two more properties before the end of the year. Plus some wholesale deals.

Thanks for stopping by Gena.
Take care.

Steve


Have you started the rehab yet?

Just wondering how its going. Smiling


tammy

It starts on the 19th. It should be a quick rehab less than a month I am planing on.

Thanks for stopping by Tammy.

Steve.


Great Job!

Everyone here is so inspiring, I hope to be nose deep in all this Real Estate pretty soon! Just like you guys. Good Luck on all future ventures & congrats once again!

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Israel

thank you for the kind words and stopping by. You will soon be making a lot of deals just keep at it.
Take care Israel.

Steve


01/06/12 Update

Well payday is coming on this one. I was just talking to the bank that is doing our refi and the appraisal came in at 80k. I was hoping for 90k but 80k works. I will be taking out a loan for 80% and that will give us 64k we paid 35k for the house and my sister has put 14k into it for repairs. we will have 15k to split. Then we are trying to sell this house for the 80k and we will split the rest of the money then.

Thanks to Dean hooking us up with a HML we have less than 1k in the deal on our end.

Steve


Great Job!

Hard work and persistence, along with some DG friends and sprinkle in some family...and you have a great deal!

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Chris

Chris what you said is so true. With out the help of my sister or us helping her and Dean's help this deal came together.

Thanks for stopping by Chris.

Steve


We accepted an offer.

We were going to get a refi loan on this one and maybe rent the house out if it did not sell. My sister held an open house two weeks ago. The person that was going to buy the property before us was one of the persons that looked at the property during the open house. She did not buy it due to the mold issue in the basement and it needed a new furnace. After all of the repairs and paint the place was looking good. The person that back out of the deal before us just offered us 72k for the house. So in 30 days or less we will have this one sold. I talked to the bank that we were going to do the refi with telling them to put the refi on hold. The banker asked me if I knew the name of the person how put the offer in on the house. It turns out that he just aproved the buyer for the loan. So my banker will still get to sell a loan on the same house.

Steve.


GREAT JOB

Hope things are going well.

Randy

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Randy

Things are getting better Randy. I hope things are going good for you and your family.

Steve.


Awesome flip Steve!

Great going! You are really doing great!!!


Tammy

Thank you for the kind words Tammy. We are doing OK still not going as fast as we would like. This property so far has been the best deal as far as a turn around. Every day we learn more about what not to do next time. The best part is my sister is making good money on this deal. She has been doing most of the leg work to get this deal done.

Tammy take care and tell the family I said hi.

Steve.


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